What Is Marketing

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What Is Marketing

  1. 1. What is Marketing? A Conceptual Introduction By Nick Ursini
  2. 2. Introduction <ul><li>First, let’s define the word “ Marketing ” </li></ul><ul><li>Marketing is the process of planning & implementing the creation, pricing, promotion, and distribution of ideas, goods, and services to create a value exchange satisfying individual and organizational goals. </li></ul>
  3. 3. Marketing’s Agenda <ul><li>Marketing is about creating Value . </li></ul><ul><li>So, What does it take to create Value ? </li></ul><ul><ul><li>Choose a Value Proposition </li></ul></ul><ul><ul><li>Provide potential customers the Value Proposition </li></ul></ul><ul><ul><li>Communicate the Value Proposition </li></ul></ul><ul><ul><ul><li>What does the word, “Proposition” mean? </li></ul></ul></ul><ul><ul><ul><ul><li>That which is offered for consideration </li></ul></ul></ul></ul><ul><ul><ul><ul><li>A statement; assertion </li></ul></ul></ul></ul><ul><ul><ul><ul><li>In study of Logic, it is a statement to be proven true or false </li></ul></ul></ul></ul>
  4. 4. Marketing Activities <ul><li>Choose the Value Proposition </li></ul><ul><ul><li>Determine different customer’s needs and values , we call this customer or market segmentation. </li></ul></ul><ul><ul><li>Select customer segments for focused attention. </li></ul></ul><ul><ul><li>Position your organization to deliver the value better than competitors. </li></ul></ul>
  5. 5. Marketing Activities <ul><li>Provide the Value Proposition </li></ul><ul><ul><li>Product and service development. </li></ul></ul><ul><ul><li>Setting prices based on value to the customer within context of the business environment </li></ul></ul><ul><ul><li>Making or sourcing the product and service </li></ul></ul><ul><ul><li>Distributing the product and service </li></ul></ul>
  6. 6. Marketing Activities <ul><li>Communicate the Value Proposition </li></ul><ul><ul><li>Advertising </li></ul></ul><ul><ul><li>Sales Force </li></ul></ul><ul><ul><li>Sales Promotions </li></ul></ul>
  7. 7. Example <ul><li>Cars from BMW </li></ul><ul><ul><li>Needs </li></ul></ul><ul><ul><ul><li>Personal satisfaction, symbol of success, road handling performance </li></ul></ul></ul><ul><ul><li>Customer Segment </li></ul></ul><ul><ul><ul><li>35-55 year old, educated, upper income level; kids and cost-to-own are non-issues </li></ul></ul></ul><ul><ul><li>Positioning </li></ul></ul><ul><ul><ul><li>“ The Ultimate Driving Machine” </li></ul></ul></ul><ul><ul><li>Product/Service </li></ul></ul><ul><ul><ul><li>High tech German engineering with customized service </li></ul></ul></ul><ul><ul><li>Price </li></ul></ul><ul><ul><ul><li>High -- Each series of models are at upper end for category </li></ul></ul></ul><ul><ul><li>Making the product </li></ul></ul><ul><ul><ul><li>Comes from a mystical German high technology factory </li></ul></ul></ul><ul><ul><li>Distributing the product </li></ul></ul><ul><ul><ul><li>a few highly specialized dealers who do not compete against each other </li></ul></ul></ul><ul><ul><li>Sales Force </li></ul></ul><ul><ul><ul><li>Professional dealership based personnel </li></ul></ul></ul><ul><ul><li>Sales Promotions </li></ul></ul><ul><ul><ul><li>Classy, limited to select high income buyers and existing owners of luxury imports </li></ul></ul></ul><ul><ul><li>Advertising </li></ul></ul><ul><ul><ul><li>B&W TV spots and print adds showing speed, sounds, and road handling technology </li></ul></ul></ul>
  8. 8. Summary <ul><li>Marketing requires the combination of skills in mathematics, communications, & creativity, along with an understanding of economic theory & human psychology. </li></ul><ul><li>The most critical marketing issue is Value from the customer’s point of view . </li></ul>
  9. 9. Where to get more information <ul><li>Other places for information on Marketing </li></ul><ul><ul><li>Library </li></ul></ul><ul><ul><ul><li>Look for basic Marketing textbooks, and books by David A. Aaker titled Managing Brand Equity , 1991 and Building Strong Brands , 1996. </li></ul></ul></ul><ul><ul><li>The Internet </li></ul></ul><ul><ul><ul><li>See how different companies design their WEB Sites and seek out those that are both interesting and interactive. </li></ul></ul></ul>

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