mktg 301 mktg 301 principles of marketing developing customer relationships and value through...
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- MKTG 301 MKTG 301 Principles of Marketing
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- DEVELOPING CUSTOMER RELATIONSHIPS AND VALUE THROUGH MARKETING 1 1 C HAPTER
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- Define marketing and explain the importance of (1) discovering and (2) satisfying consumer needs and wants. Distinguish between marketing mix elements and environmental factors. AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO:
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- Understand how organizations build strong customer relationships using current thinking about customer value and relationship marketing. Describe how todays market orientation differs from prior eras oriented to production and selling. AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO:
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- Understand the meaning of ethics and social responsibility and how they relate to the individual, organizations, and society. Know what is required for marketing to occur and how it creates customer value and utilities for customers. AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO:
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- Would you sell more 43-inch Hitachi Big Screen HDTV monitors for $ 1799 or $499 each?
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- Being a Marketing Expert: Good News-Bad News The Good News: You Already Have Marketing Experience The Bad News: Surprises About the Obvious WHAT IS MARKETING?
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- How would you define marketing ?
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- Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing
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- Products and Services Value, satisfaction, and quality Needs, wants, and demands Exchange, transactions, and relationships Markets Core Marketing Concepts Core Marketing Concepts
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- Marketing: Using Exchanges to Satisfy NeedsMarketingExchanges The Diverse Factors Influencing Marketing Activities WHAT IS MARKETING?
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- Exchange is the trade of things of value between buyer and seller so that each is better off after the trade. Exchange
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- Customers Relationships Environmental Forces Shareholders (owners) The Organization Society Suppliers SocialRegulatoryTechnologicalEconomicCompetitive Other Organizations Alliances Partnerships Ownership Human Resources Research and Development Information Systems Manufacturing FinanceMarketing Management FIGURE 1-3 FIGURE 1-3 An organizations marketing department relates to many people, groups, and forces
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- Two or More Parties with Unsatisfied Needs Desire and Ability to Satisfy These Needs A Way for the Parties to Communicate Something to Exchange Requirement for Marketing to Occur
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- Discovering Consumer Needs The Challenge of Launching Winning New Products Consumer Needs and Consumer Wants What a Market Is HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS
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- How many new products are launched each year in US?
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- What percentage succeed in the long run ?
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- 1.Make sure to focus on what the customer benefit is? 2.Learn key lessons from the past
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- Organizations marketing department Discover consumer needs and wants Marketings first task: discovering consumer needs and wants
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- What Motivates a Consumer to Take Action? Needs physical social individualNeeds - states of felt deprivation including physical needs for food, social needs for belonging and individual needs for self-expression. i.e. I am thirsty.
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- What Motivates a Consumer to Take Action? WantsWants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Cola.
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- Wants- Is it enough? Popularity is NOT the objective Dont want virtual consumption- the phenomenon that occurs when consumer love your products but dont feel a need to buy it..
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- What Motivates a Consumer to Take Action? DemandsDemands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola.
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- What is Market ?
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- What is a Market? Potential consumers make up a market, which is: 1.people 2.with the desire and 3.with the ability to buy a specific product.
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- One or more specific groups of potential customers toward which an organization directs its marketing program. Target Market
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- Organizations marketing department Discover consumer needs and wants Information about needs and wants Potential consumers: The market Marketings first task: discovering consumer needs and wants
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- Do you know too much about your consumer? Marketers have always watch consumers asked questions, but what most marketer dont do is watch consumer CLOSELY enough If you ignore a single bit of potentially valuable information about consumers you are wasting money.
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- Who buys our product or service? Who initiates and makes the decision to purchase and who influences the process? How is the purchase decision made? What attributes or criteria are important to customers? What are customers perceptions of and attitudes toward our company, product/service or brands? What factors influence the decision making process? Contact points where customers can be reached? What should you know about your customers.
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- Organizations marketing department Discover consumer needs Information about needs Potential consumers: The market Satisfy consumer needs Find the right combination of: Product Price Promotion Place Goods, services, ideas Marketings second task: Satisfying consumer needs
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- Marketing Mix ProductPlace PricePromotion C
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- Environmental Factors Promotion Competitive forces Regulatory forces Social forces Economic forces Place Price Product Consumer Marketing program Technological forces
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- Satisfying Consumer NeedsNeeds Target market Target market The Four Ps: Controllable Marketing Mix Factors Marketing Mix The Uncontrollable, Environmental Factors Environmental Factors HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS
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- Concept Check 1. What is marketing? A: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
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- 2. Marketing focuses on __________ and ___________ consumer needs Concept Check discovering satisfying
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- Concept Check 3. What four factors are needed for marketing to occur? A: (1) Two or more parties with unsatisfied needs, (2) a desire and ability on their part be satisfied, (3) a way for the parties to communicate, and (4) something to exchange.
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- Customer value is the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-timer delivery and both before-sale and after-sale service. Customer Value
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- Global Competition, Customer Value, and Customer RelationshipsCustomer Value Relationship Marketing and the Marketing Program Relationship Marketing: Easy to UnderstandRelationship Marketing Relationship Marketing: Difficult to Implement The Marketing ProgramMarketing Program THE MARKETING PROGRAM: HOW CUSTOMER RELATIONSHIPS ARE BUILT
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- The hallmark of developing and maintaining effective customer relationships is today called relationship marketing, linking the organization to its individual customers, employees, suppliers, and other partners for their long term benefit. Relationship Marketing
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- The marketing program is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Marketing Program
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- A Marketing Program for Rollerblade Expanding the Market for Rollerblade Skates Exploiting Strengths in Technology THE MARKETING PROGRAM: HOW CUSTOMER RELATIONSHIPS ARE BUILT
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- 1. An organization cant satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its ____________. target markets Concept Check
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- 2. What are the four marketing mix elements that make up the organizations marketing program? A: product, price, promotion, place
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- Concept Check 3. What are uncontrollable variables? A: Environmental factors the organizations marketing department cant control. These include social, economic, technological, competitive, and regulatory forces.
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- FIGURE 1-7 FIGURE 1-7 Four different orientations in the history of American business
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- Production Era Get out production, cut the price. If we can built a be
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