10/20/2015 what is marketing?. 10/20/2015 marketing planning and executing the conception, pricing,...
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What is Marketing?
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Marketing
Planning and executing the conception, pricing, and promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
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Five Conditions Exchange Must be at least 2 parties Each party must have something the
other values Each party must be able to
communicate with the other party and deliver the G or S
Each party must be able to accept or reject the other’s offer
Each party must want to deal with the other party
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Marketing Management Philosophies
Production Orientation Sales Orientation Market Orientation Societal Orientation
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Production Orientation Focuses on what the business think
they should make. Production orientation looks at internal
abilities of the firm rather than on the desires & needs of the marketplace.
AKA “Field of Dreams” orientation If we build it, they will come.
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Sales Orientation
People will buy more G & S if aggressive sales techniques are used and that high sales result in high profits.
To sales-oriented firms, marketing means selling things and collecting $.
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Societal Orientation Organization exists to satisfy
customers wants and needs and to meeting organization objectives, but also to preserve or enhance individual’s & society’s long-term best interests.
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Market Orientation States that social & economic
justification for an organization’s existence is the satisfaction of customer wants & needs while meeting organizational objectives.
What customers think they are buying—the perceived value—defines a business.
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Ideas that the social & economic justification for an organization’s existence is the satisfaction of customers wants and needs while meeting organizational objectives.
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Marketing Concept Goals Focus on customer wants & needs
so you can distinguish your G &S from the competition
Integrate all business activities (including production) to satisfy these wants
Achieve long- and short-term goals by satisfying customer wants & needs legally & responsibly
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M. C.—Customer Value Give consumers more than they
expect Avoid unrealistic pricing Give the buyer facts
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M. C.
Customer Satisfaction Feeling that a product has met or
exceeded the customer’s expectations
Building Relationships Forging long-term partnerships with
customers**Relationship Marketing
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Internet & M. C. Customer-Oriented Personnel
Role of Training Employee training in customer service is the
basis of relationship marketing Empowerment
Delegation of authority to solve customers’ problems quickly—usually by the 1st person that the customer notifies.
Teamwork Collaborative efforts of people to
accomplish common objectives
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Customer Value
The ratio of benefits to the sacrifice necessary to obtain those benefits
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Customer Value Requirements
Offer products that perform Give consumers more than they
expect Avoid unrealistic pricing Give the buyer facts Offer organization-wide commitment
in service and after-sales support
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The feeling that a product has met or exceeded the customer’s expectations.
Customer Satisfaction33
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Maintaining Customer Satisfaction
Meet or exceed customer’s expectations
Focus on delighting customers Provide solutions to customer’s
problems
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Relationship Marketing
The name of a strategy that entails forging
long-term partnerships with customers, both individuals and firms.
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Relationship Marketing’s Importance
Attracting a new customer may be
TEN TIMES the cost of keeping
an old customer
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Building Long-Term Relationships
Customer-oriented personnel
Effective training programs
Empowered employees
Teamwork
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Empowerment
Delegation of authority
to solve customers’ problems quickly.
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Learning Objective
Describe the marketing process andidentify the variables that make up
the marketing mix
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Marketing Process Activities
Understand the organization’s missionUnderstand the organization’s mission
Set marketing objectivesSet marketing objectives
Gather, analyze, interpret “SWOT” informationGather, analyze, interpret “SWOT” information
Develop a marketing strategyDevelop a marketing strategy
Implement the marketing strategyImplement the marketing strategy
Design performance measuresDesign performance measures
Evaluate marketing efforts--change if neededEvaluate marketing efforts--change if needed
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SWOT Activity Using the SWOT notes distributed,
select one of the products below and identify each “SWOT” letter for the product.
Jordan “Nike” Sneakers New Era Hat Uggs Name brand pocketbook
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Environmental Scanning
Collection and interpretation of information about forces, events and relationships in the external environment
that may affect the future of the organization or the
marketing plan implementation.
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Environmental Scanning Examination of macroenvironmental forces
SocialDemographicEconomicTechnologicalPolitical / LegalCompetitive
Helps identify market opportunities
Provides guidelines for design of marketing strategy
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Environmental Scanning Activity
Social—values of potential customers & the changing roles of families & women working outside the home.
Demographic—ages, birth & death rates, & locations of various groups of people
Economic—Changing incomes, inflation, & recession
Technological—Advanced communications & data retrieval capabilities
Political & legal—changes in laws & regulatory agency activities.
Competitive—Domestic & foreign-based firms
Using the information below create examples of each bullet.
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A unique blend of
product, distribution, promotion, and pricing strategies designed to
produce mutually satisfying exchanges with a target
market.
The Marketing Mix44
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PricePrice
Marketing Mix: The “Four Ps”
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PromotionPromotion
PlacePlace
ProductProduct
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Product Strategies
ProductProduct
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The starting point of the “4 Ps”
Includes physical unit, package, warranty, service, brand, image, and value
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Distribution (Place) Strategies
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PlacePlace
Product availability where and when customers want them.
Involves all activities from raw materials to finished products
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Promotion Strategies44
PromotionPromotion
Role is to bring about exchanges with target markets
Includes integration of 1. personal selling,2. advertising, 3. sales promotion, 4. public relations
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Pricing Strategies44
PricePrice
The most flexible of the “4 Ps”
Price X Units Sold = Total Revenue
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Pricing Strategies Cost-based—Cost to make + what
you want to make Demand-based—find out what your
customers are willing to pay Competition-based—base your
price on your competition.
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Learning Objective
Describe several reasonsfor studying marketing.
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Why Study Marketing? Plays an important role in society
Vital to business survival, profits and growth
Offers career opportunities
Affects your life every day
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Why Study Marketing?
“Marketing is too important to be left to the
marketing department.”
--David Packard Hewlett-Packard
“Marketing is too important to be left to the
marketing department.”
--David Packard Hewlett-Packard
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1/4th to 1/3rd of the entire civilian workforce in the U.S. performs marketing activities
Fastest route up the corporate ladder
• Professional Selling
• Marketing Research
• Advertising
• Retail Buying
• Distribution Management
• Product Management
• Product Development
• Wholesaling
• Professional Selling
• Marketing Research
• Advertising
• Retail Buying
• Distribution Management
• Product Management
• Product Development
• Wholesaling
Why Study Marketing?55
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Half of every dollar spent by consumers pays for marketing costs
Become a better-informed consumer
Why Study Marketing?55