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Marketing

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  • 1. CL4 Language and Culture for Business Prof. Peter Cullen Moduel V B2 Marketing www.cl4englishlistening.wordpress.com
  • 2. The Object and Evolution of Marketing Studies
    • Marketing: indicates a philosophy of management as well as a specific business function.
    • Values
    • Models of decision-making
    • Behaviour
    • that influences the direction and management of a company for the purpose of developng successful competetive strategies.
    • This philosophy is called the Marketing Concept , and suggests that elevated mid-term profits require a company to be market oriented or market driven
  • 3. The Object and Evolution of Marketing Studies
    • Market oriented philosophy differs from:
    • Production oriented philosophy (dominant when new technologies/processes are first introduced)
    • Product oriented philosophy (Dominant where technology inherent in the product creates specific product differentiation based on the characteristics of the product)
    • Sales oriented philosophy (Dominant when supply exceeds demand, i.e. Italy in the 1950’s)
  • 4. The Object and Evolution of Marketing Studies These three management orientations all hold that management and product choice must be based on internal factors – what the company WANTS to do and what the company KNOWS HOW to do. They all favour production and R&D. The marketing concept begins with an analysis of what the company CAN do (given careful market analysis) and what the company MUST do (given market externalities) in order to decide the best strategy for taking advantage of the distinct abilities of the company with respect to the relationship of its business culture and the expectations of the stakeholders .
  • 5. The Object and Evolution of Marketing Studies
    • Marketing management analysis “took off” in the US in the 1960’s, specifically among large companies that produced consumer goods.
    • This was the beginning of an understanding of the power of the consumer.
    • BUT consumer interests ≠ the interests of the producer at all times
    • SO, marketing concepts evolved in the 1980’s and 1990’s
  • 6. The Object and Evolution of Marketing Studies
    • The process of decision making in market oriented companies today:
    • 1) Identify and examine consumer needs and the market environment in relation to the company’s abilities and potential. SWOT
    • 2) Make contextually informed decisions about:
    • market segment
    • benefits offered based on out-put
    • defendable competetive advantage
    • 3) Organise decisions, resources, and capabilities into integrated processes to maximise competitiveness
    • 4 Evaluate effectiveness of activities according to customer satisfaction and economic results
  • 7. The Object and Evolution of Marketing Studies
    • This requires not only an ability to maximise communication, but also analysis, in order to make strategy effective.
    • SWOT – in detail, and functional to strategy.
    • The company must work according to its vision and strategy, which are defined with respect to the client and competitors
    • This must include analysis of the internal environment
    • This must be updated continuously in order to beat the competition in understanding market shifts and changes
  • 8. The Object and Evolution of Marketing Studies
    • Elements of Marketing:
    • Target group – who is your consumer? (consumers form heterogeneous groups)
    • Market segment – heterogenous groups buy on a price/quality scale
    • BUT – companies may micro-split the segment to become customer centric (think of anything “custom”)
  • 9.
    • Elements of Marketing:
    • Aims – a company must orient market research to plan, communicate and deliver a product system that guarantees a high degree of customer satisfaction.
    • Cozzi and Ferrero state: “customer satisfaction is a necessary and sufficient condition for obtaining high levels of return in the mid-term . ... it must, therfore, be the primary aim of the company.”
    • In the long term, this will help ensure a surplus that will allow the company to reach its long term goal, economic returns congruent to its activity
    The Object and Evolution of Marketing Studies
  • 10. The Object and Evolution of Marketing Studies
    • Elements of marketing:
    • The acquisition of competetive advantages:
    • Only since the 1980’s have marketing researches paid close attention to this.
    • High perceived value to the consumer of any product can only be maintained if a company maintains its competetive advantage over time.
    • Competetive advantage can be kept/increased both internally and externally – keeping in mind the body of stakeholders.
  • 11. The Object and Evolution of Marketing Studies
    • The business formula should harmonise:
    • the values and abilites of the company with ties and expectations of environmental forces;
    • Competetive strategy wirh social strategy directed to the stakeholders.
    • This must be pro-active.
    • This contributes to:
    • The policies of the marketing mix so that needs become wants and decisions to purchase, relational marketing strategies
    • Relational marketing
    • Supply chain management
  • 12. The Object and Evolution of Marketing Studies
    • Elements of marketing:
    • A company’s business processes must be coordinated and aligned in fuction to the objectives laid out in relation to the market environment.
    • The market must guide all business processes. Marketing performance also depends on performance in other business processes (purchasing, production, quality control, finance, etc.)
  • 13. The Object and Evolution of Marketing Studies
    • What conditions must be present for a company to apply market oriented vision/policy?
    • Conviction and dedicated energy of CEO’s and directors.
    • Business culture (values and convictions) and the organisational climate (transmission of values internally) that favour coordination. REWARD and HR are important, as well as internal communication.
    • Adequate dedicated resources.
    • Market oriented companies must be learning organisations
  • 14. The Object and Evolution of Marketing Studies The 6 C’s Change Client Consensus Capacity Commitment Competition
  • 15. The Object and Evolution of Marketing Studies
    • Is marketing managment effective?
    • Does benefit outweigh cost?
    • Historically, company orientation has moved from production orientation to
    • sales orientation to
    • marketing orientation
    • Is the 3° element really a “key to success”? It leads to the problem of “conceptual domination”.
    • Some criticism:
    • marketing success depends on context
    • What is the contextual “cost/benefit” over time? This depends on how and when you measure return!
  • 16. The Object and Evolution of Marketing Studies
    • Marketing is a “frontier” and “interface” activity.
    • Like HR, it acts to manage relationships between internal and external factors.
    • Frontier activities have a selective function (acting as filters) and a function of activation (connection).
    • Selection aims at ordering in-put and out-put; i.e. information passed on to superiors according to relevance (executive summaries).
    • Activation activities are complimentary. They help place the company within the broader context of the market environment.