ch. 1 - intro to marketing
TRANSCRIPT
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` Marketing seeks (1) to discover the needs and
wants of potential (or current) customers and (2)
to satisfy them
` The idea of exchange
is central to marketing
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` AMA (2004/2007):
Marketing is the activity for creating, communicating,
delivering and exchanging offerings that benefit the
organization, its stakeholders and society at large
` Marketing is a broader activity than advertising or
personal selling
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Customer Needs & Wants
Needs are states of deprivation
Physical Social
Individual
Wantsare the form that needs take as they are shaped by culture and
individual personality
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Market offeringsare some
combination of products, services,
information, or experiences offeredto a market to satisfy a need or
want
Potential consumers make up a
market, which is people with boththe desire and the ability to buy a
specific product
Market OfferingsProduct, Services, and Experiences
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Atarget marketis one or more specific
groups of potential consumers
toward which an organizationdirects its marketing program
Marketing myopia
involvesfocusing only on existing
wants and losing sight ofunderlying consumer needs
Market OfferingsProduct, Services, and Experiences
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Customervalue:x The unique combination (and perception) of benefits
received by buyers at a specific price point
xFocus is on customerretention and loyalty
x Value strategies include offering the best price, best product
or best service
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Best Price
Strategy
Best ProductStrategy
Best Service
Strategy
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The overall process of building and
maintaining profitablecustomer relationships by
delivering superior customer
value and satisfaction
The focus is on linking theorganization to its individual
customers
Customer Relationship Management (CRM)
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Translating customer needs into satisfactory products
` The marketing mix is the set of tools (four Ps) thefirm uses to implement its marketing strategy
x Productx Pricex Promotionx Place
` Marketing mix elements are also calledcontrollable marketing factors.
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` Build a better mousetrap, and the world will beat a
path to your door. Ralph Waldo Emerson (1885 or 1889)
B
ut this is actually a misquotation
Actual Quote:
If a man has good corn or wood, or boards, or pigs, to
sell, or can make better chairs or knives, crucibles or
church organs, than anybody else, you will find a broadhard-beaten road to his house, though it be in the woods
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Marketing Creates Utility
Utility refers to the benefits or customer value
received by users of the product.
Four different types of utility:
Form utility
Place utility
Time utility Possession utility