Mc GrawHillIrwin Copyright 2009 by The Mc GrawHill
Mc. Graw-Hill/Irwin Copyright © 2009 by The Mc. Graw-Hill Companies, Inc. All Rights Reserved.
LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 1, YOU SHOULD BE ABLE TO: LO 1 Define marketing and identify the requirements for marketing to occur. LO 2 Explain how marketing discovers and satisfies consumer needs. LO 3 Distinguish between marketing mix elements and environmental forces. 1 -2
LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 1, YOU SHOULD BE ABLE TO: LO 4 Explain how organizations build strong customer relationships and customer value through marketing. LO 5 Describe how today’s customer relationship era differs from prior eras oriented to production and selling. LO 6 Explain how marketing creates utilities for consumers. 1 -3
WHAT IS MARKETING ? LO 1 You Are a Marketing Expert Already • Involved in 1, 000 s of Buying Decisions • Some Involved in Selling Decisions Marketing • Is NOT Easy • Affects ALL Individuals, Organizations, Industries, and Countries 1 -7
FIGURE 1 -1 The see-if-you’re-really-amarketing-expert test 1. True 3. True 2. (c) 30% 4. (c) plastic bottles 1 -8
LO 1 WHAT IS MARKETING? DELIVERING BENEFITS Marketing Seeks to: • Discover Needs and Wants of Customers • Satisfy Them Exchange AMA Definition of Marketing 1 -10
LO 1 WHAT IS MARKETING? AMA Definition of Marketing: the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large 1 -11
LO 1 WHAT IS MARKETING? DIVERSE FACTORS INFLUENCE MARKETING ACTIVITIES Organization Itself Society Environmental Forces 1 -12
FIGURE 1 -2 A marketing department relates to many people, organizations, and environmental forces 1 -13
LO 1 WHAT IS MARKETING? REQUIREMENTS FOR IT TO OCCUR Parties with Unsatisfied Needs A Desire and Ability to be Satisfied A Way for the Parties to Communicate Something to Exchange 1 -14
LO 2 HOW MARKETING DISCOVERS CONSUMER NEEDS THE CHALLENGE: NEW PRODUCTS Consumers May Not Know or Cannot Describe What They Need or Want Most The New Products Fail Challenge: • “Focus on the Consumer Benefit” • “Learn From the Past” 1 -15
LO 2 HOW MARKETING DISCOVERS CONSUMER NEEDS VS. WANTS Need Want Does Marketing Persuade People to Buy the “Wrong” Things? Market 1 -20
HOW MARKETING SATISFIES CONSUMER NEEDS LO 3 Target Market The 4 P’s: Controllable Marketing Mix Factors • Place • Product • Price $399 • Promotion 1 -22
FIGURE 1 -3 Marketing seeks to discover then satisfy consumer needs through research and a marketing program 1 -23
LO 3 HOW MARKETING SATISFIES CONSUMER NEEDS Uncontrollable Environmental Forces • Social • Economic • Technological • Competitive • Regulatory 1 -24
LO 4 MARKETING PROGRAM CUSTOMER VALUE AND RELATIONSHIPS Customer Value Strategies • Best Price • Best Product • Best Service 1 -25
LO 4 MARKETING PROGRAM RELATIONSHIP MARKETING Relationship Marketing • Easy to Understand • Hard to Do Marketing Program 1 -27
LO 4 3 M PRODUCT & MARKETING PROGRAM HELPING STUDENTS STUDY Move from Ideas to a Marketable Highlighter Product Extend the Product Line Develop a Marketing Program for the Post-it® Flag Highlighter and Pen 1 -28
FIGURE 1 -4 Marketing programs for two new 3 M Post-it® brand products targeted at two distinct customer segments: college students and office workers 1 -29
LO 5 HOW MARKETING BECAME IMPORTANT EVOLUTION OF THE MARKET ORIENTATION Production Sales Era Marketing Concept Era Customer Relationship Era • Market Orientation • Customer Relationship Management (CRM) • Customer Experience 1 -30
FIGURE 1 -5 Four different market orientations in the history of American business 1 -31
LO 5 HOW MARKETING BECAME IMPORTANT ETHICS AND SOCIAL RESPONSIBILITY Ethics Social Responsibility 1 -32
LO 6 HOW MARKETING BECAME IMPORTANT BREADTH AND DEPTH OF MARKETING Who Markets? What Is Marketed? • Goods • Services • Ideas 1 -33
LO 6 HOW MARKETING BECAME IMPORTANT BREADTH AND DEPTH OF MARKETING Who Benefits? Who Buys & Uses What Is Marketed? • Ultimate Consumers • Organizational Buyers How Do Consumers Benefit? • Utility § Form Utility § Time Utility § Place Utility § Possession Utility 1 -34
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