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marketingGREWAL /LEVYM 1
OVERVIEW OFMARKETING
Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin
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L E A R N I N G O B J E C T I V E S
OVERVIEW OF MARKETING
What is the role of marketing inorganizations?
How do marketers create value for a productor service?
Why is marketing important both within and
outside the firm?
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BUILDING VALUE ONLINE
How do these companies
provide value?
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Marketing is an organizational function and a
set of processes for creating, capturing,communicating, and deliveringvaluetocustomers and for managing customerrelationships in ways that benefit the
organization and its stakeholders.
WHAT IS MARKETING?
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WHAT IS MARKETING?
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Stresses Customer Satisfaction
A Philosophy
An Attitude
A Perspective
A Management
Orientation
A Set of Activities
Products
Distribution
Promotion
Pricing
LOI
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WHAT IS MARKETING?
Marketing is the activity, set of institutions,
and processes for creating,communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society
at large.
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LOI
American Marketing Association Definition
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WHAT IS MARKETING?
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LOI
Employeesatisfaction
Greatereffort
Higherquality
Repeatbusiness
Growth andprofits
Stockholder
satisfaction
Moreinvestment
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EXCHANGE
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Exchange
ChapterPHOTO
Here
People giving up something to
receive something they would
rather have.
LOI
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EXCHANGE
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LOI
At Least Two Parties
Something of Value
Communication and Delivery
Freedom to Accept or Reject
Desire to Deal with Other Party
Conditions forExchange
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EXCHANGE
Exchange may not take place evenif conditions are met
An agreement must be reached
Marketing occurs even if exchange does not take place
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LOI
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REVIEW LEARNING OUTCOME
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LOI
ExchangeA B
DeliveringValue
CommunicatingValue
CreatingValue
Customer valueand beneficialrelationships
What Is Marketing?
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MARKETING MANAGEMENT
PHILOSOPHIES
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Describe four marketingmanagement philosophies
LO2
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MARKETING MANAGEMENT
PHILOSOPHIES
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LO2
Sales
Market
Societal
Production internal capabilities of the firm
satisfying customer needs and wants while
meeting objectives
satisfying customer needs andwants while enhancing individual andsocietal well-being
aggressive sales techniques and beliefthat high sales result in high profits
Orientation Focus is on
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MARKET ORIENTATION
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LO2
MarketingConcept
The idea that the social and
economic justification for an
organizations existence is thesatisfaction of customer wants
and needs while meeting
organizational objectives.
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THE MARKETING CONCEPT
Focusing on customer wants andneeds to distinguish products fromcompetitors offerings
Integrating all the organizationsactivities to satisfy these wants
Achieving the organizations long-termgoals by satisfying customer wantsand needs legally and responsibly
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LO2
ACHIEVING A MARKETING
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ACHIEVING A MARKETINGORIENTATION
Obtain information about customers, competitors,and markets
Examine the information from a total business
perspective
Determine how to deliver superiorcustomer value
Implement actions to provide valueto customers
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LO2
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WHAT IS MARKETING?
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MARKETING ENTAILS AN EXCHANGE
Goods/Services
Producers (Sellers)
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MARKETING REQUIRES PRODUCT,
PRICE, PLACE AND PROMOTION DECISIONS
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PRODUCT: CREATING VALUE
The fundamentalpurpose of Marketingis to create value by
developing a variety ofofferings, includinggoods, services, andideas, to satisfy
customer needs.
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PRICE: CAPTURING VALUE
Price is everything a buyer gives up (money,time, energy) in exchange for the product
The key to determining prices is to figure outhow much customers are willing to pay andassess whether a profit can be made at that
point
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PLACE: DELIVERING THE VALUE PROPOSITION
Place, or supply chainmanagement, describesall activities necessary
to get the product to theright customer when thecustomer wants it
Where would you findthis product in the store?
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PROMOTION: COMMUNICATING VALUE
Promotion iscommunication by amarketer that informs,
persuades, andreminds potentialbuyers about a productor service to influence
their opinions or elicit aresponse
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MARKETING CAN BE PERFORMED BY
INDIVIDUALS AND ORGANIZATIONS
ETSY Website
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MARKETING IMPACTS STAKEHOLDERS
SocietyCustomer
s
Employee
s
Supply
Chain
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MARKETING HELPS CREATE VALUE
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VALUE DRIVEN COMPANIES
Share informationacross theirorganization
Balance customersbenefits and costs
Build relationships withcustomers
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WHAT YOU GET FOR WHAT YOU GIVE IS
CALLED:
A. The lowest cost option
B. Brand name surplus
C. Lowballing
D. Everyday low prices
E. Value
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WHY IS MARKETING IS IMPORTANT?
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MARKETING AND SOCIETY
FOCUSING ON MANY FACTORS
Product
Marketing
practices
Communitie
s Environment
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MARKETING ENRICHES SOCIETY
Oprah's Angel Network
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http://www.oprah.com/entity/angelnetworkhttp://www.oprah.com/entity/angelnetworkhttp://www.oprah.com/entity/angelnetwork -
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CHECK YOURSELF
1. List five factors that emphasize the
importance of marketing.
2. A firm doing the right thing emphasizesthe importance of marketing to society
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