Definition of marketing

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The first in a series of presentations designed to help entrepreneurs, managers and anyone interested in marketing learn the marketing tools necessary to be successful.

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Definition of marketing

  1. 1. Angela Hausman, PhD, http://www.hausmanmarketingletter.com
  2. 2. American Marketing Association Definition 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. Marketing is NOT: advertising or selling. Angela Hausman, PhD, http://www.hausmanmarketingletter.com
  3. 3. What is Marketing ? Creating Value Consumers buy solutions not products Consumers buy the “Best Solution” Value is benefit - cost Angela Hausman, PhD, http://www.hausmanmarketingletter.com
  4. 4. What is Marketing? Communicating value Advertising Promotions Word of mouth Public relations Sales Angela Hausman, PhD, http://www.hausmanmarketingletter.com
  5. 5. What is Marketing ? Distributing value Product available where consumers search for them (place utility) Products in a form easily used by consumers (form utility) Products available when consumers want them (time utility) Products can be easily acquired through cash or financed (possession utility) Angela Hausman, PhD, http://www.hausmanmarketingletter.com
  6. 6. Who gains value in marketing? Consumers Employees Vendors and distributors Financial institutions and stockholders who lend money to the business Society (concept of Corporate Social Responsibility)
  7. 7. How can this help you succeed? Provide strategic direction for your business What is your mission? To maximize the value provided to some segment. What should you focus on? Value How to distribute assets? In a manner that creates value for at least 1 stakeholder. All the money coming into a business comes from selling to consumers
  8. 8. Who’s responsible for marketing in your business? Everyone plays a part Accountants make sure bills are right and materials are available for sales to happen Finance managers make sure there’s cash flow to keep operations going Managers make sure employees are happy – happy employees = happy customers
  9. 9. Who’s responsible for marketing in your business? Operations provide utilities to customers IT – help communicate value and provide utilities to consumers Research and Develop – keeps a steady stream of new solutions coming Angela Hausman, PhD, http://www.hausmanmarketingletter.com

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