An Overview of Marketing
 CHAPTER
           1
                                         Marketing             10
         ...
Learning Outcomes


 LOI                Define the term marketing

                    Describe four marketing management
...
LOI                           What Is Marketing?




                                             Define the term
        ...
LOI
                       What Is Marketing?

              Stresses Customer Satisfaction
              Stresses Custome...
LOI
                         What Is Marketing?
                 American Marketing Association Definition

      Marketin...
LOI
                         What Is Marketing?
                                                                    More
 ...
LOI
                                             Exchange


                     Exchange
                     Exchange   ...
LOI
                                                 Exchange
                                                            ...
LOI
                                                 Exchange


        •       Exchange may not take place even
         ...
LOI REVIEW LEARNING OUTCOME
                                         What Is Marketing?
                                  ...
LO2                    Marketing Management
                           Philosophies




                                De...
Marketing Management
LO2
                         Philosophies
      Orientation                                          ...
LO2
                          Market Orientation

                     Marketing
                     Marketing           ...
LO2                       The Marketing Concept

            Focusing on customer wants and needs
            to distingui...
LO2          Achieving a Marketing Orientation

                Obtain information about customers,
                compet...
LO2
                          Societal Marketing

                    Societal                             An organization...
LO2
           REVIEW LEARNING OUTCOME
           The Four Marketing Management Philosophies

     Orientation            ...
LO3 Sales and Marketing Orientations




                                   Discuss the differences
                      ...
LO3                Comparing the Sales and
                     Market Orientations
              You can compare these or...
LO3
                                Customer Value


                                                         The relation...
LO3
             Customer Value Requirements
        •       Offer products that perform
        •       Earn trust
      ...
LO3
                  Customer Satisfaction

                   Customer
                   Customer                      ...
LO3
                 Building Relationships

                 Relationship
                 Relationship                  ...
LO3
                 Building Relationships

   Customer-oriented personnel

   Employee training programs

   Empowered e...
LO3
                   Defining a Firm’s Business

        Use “benefits” instead of “goods/services”

                 – ...
LO3
           REVIEW LEARNING OUTCOME
                              Sales vs. Market Orientations

                 Organ...
LO4                        Why Study Marketing




                                  Describe several reasons
            ...
LO4
                      Why Study Marketing?

               Plays an important role in society

               Vital to...
LO4
                             Why Study Marketing
                                   Vital Marketing Activities
       ...
LO4
            REVIEW LEARNING OUTCOME
                          Reasons for Studying Marketing


                       ...
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Int to Mktng ch1

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Int to Mktng ch1

  1. 1. An Overview of Marketing CHAPTER 1 Marketing 10 Lamb, Hair, McDaniel Designed by Prepared by Eric Brengle Amit Shah B-books, Ltd. Frostburg State University Copyright ©2009 by Cengage Learning Inc. All rights reserved 1
  2. 2. Learning Outcomes LOI Define the term marketing Describe four marketing management LO2 philosophies LO3 Discuss the differences between sales and market orientations LO4 Describe several reasons for studying marketing Copyright ©2009 by Cengage Learning Inc. All rights reserved 2
  3. 3. LOI What Is Marketing? Define the term marketing Copyright ©2009 by Cengage Learning Inc. All rights reserved 3
  4. 4. LOI What Is Marketing? Stresses Customer Satisfaction Stresses Customer Satisfaction A Philosophy A Set of Activities… An Attitude Products A Perspective Distribution A Management Promotion Orientation Pricing Copyright ©2009 by Cengage Learning Inc. All rights reserved 4
  5. 5. LOI What Is Marketing? 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. Copyright ©2009 by Cengage Learning Inc. All rights reserved 5
  6. 6. LOI What Is Marketing? More investment Stockholder satisfaction Growth and profits Repeat business Higher quality Employee Greater satisfaction effort Copyright ©2009 by Cengage Learning Inc. All rights reserved 6
  7. 7. LOI Exchange Exchange Exchange People giving up something to receive something they would rather have. Chapter Chapter PHOTO PHOTO Here Here Copyright ©2009 by Cengage Learning Inc. All rights reserved 7
  8. 8. LOI Exchange At Least Two Parties At Least Two Parties Something of Value Something of Value Conditions for Conditions for Communication and Delivery Communication and Delivery Exchange Exchange Freedom to Accept or Reject Freedom to Accept or Reject Desire to Deal with Other Party Desire to Deal with Other Party Copyright ©2009 by Cengage Learning Inc. All rights reserved 8
  9. 9. LOI Exchange • Exchange may not take place even if conditions are met • An agreement must be reached • Marketing occurs even if exchange does not take place Copyright ©2009 by Cengage Learning Inc. All rights reserved 9
  10. 10. LOI REVIEW LEARNING OUTCOME What Is Marketing? Creating Customer value Customer value Value and beneficial and beneficial relationships relationships u ct Pl ac od e Pr Exchange A B Delivering Pr n Communicating ice t io Value o Value o m Pr Copyright ©2009 by Cengage Learning Inc. All rights reserved 10
  11. 11. LO2 Marketing Management Philosophies Describe four marketing management philosophies Copyright ©2009 by Cengage Learning Inc. All rights reserved 11
  12. 12. Marketing Management LO2 Philosophies Orientation Focus is on… Production internal capabilities of the firm aggressive sales techniques and belief Sales that high sales result in high profits satisfying customer needs and wants while Market meeting objectives satisfying customer needs and Societal wants while enhancing individual and societal well-being 12 Copyright ©2009 by Cengage Learning Inc. All rights reserved
  13. 13. LO2 Market Orientation Marketing Marketing The idea that the social and Concept Concept economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. Copyright ©2009 by Cengage Learning Inc. All rights reserved 13
  14. 14. LO2 The Marketing Concept Focusing on customer wants and needs to distinguish products from competitors’ offerings Integrating all the organization’s activities to satisfy these wants Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly Copyright ©2009 by Cengage Learning Inc. All rights reserved 14
  15. 15. LO2 Achieving a Marketing Orientation Obtain information about customers, competitors, and markets Examine the information from a total business perspective Determine how to deliver superior customer value Implement actions to provide value to customers Copyright ©2009 by Cengage Learning Inc. All rights reserved 15
  16. 16. LO2 Societal Marketing Societal An organization exists not only Societal Marketing to satisfy customer wants but Marketing Orientation also to preserve or enhance Orientation individuals’ and society’s long- term best interests. • Less toxic products • More durable products • Products with reusable or recyclable materials Copyright ©2009 by Cengage Learning Inc. All rights reserved 16
  17. 17. LO2 REVIEW LEARNING OUTCOME The Four Marketing Management Philosophies Orientation Focus Production Production What can we make or do best? What can we make or do best? Sales Sales How can we sell more aggressively? How can we sell more aggressively? Marketing What do customers What do customers Marketing want and need? want and need? Societal What do customers want and need, What do customers want and need, Societal and how can we benefit society? and how can we benefit society? Copyright ©2009 by Cengage Learning Inc. All rights reserved 17
  18. 18. LO3 Sales and Marketing Orientations Discuss the differences between sales and market orientations Copyright ©2009 by Cengage Learning Inc. All rights reserved 18
  19. 19. LO3 Comparing the Sales and Market Orientations You can compare these orientations against these five categories: Organization’s focus Firm’s business Those to whom the product is directed Firm’s primary goal The tools used to achieve those goals Copyright ©2009 by Cengage Learning Inc. All rights reserved 19
  20. 20. LO3 Customer Value The relationship between Customer Value benefits and the sacrifice necessary to obtain those benefits. Chapter Chapter PHOTO PHOTO Here Here Copyright ©2009 by Cengage Learning Inc. All rights reserved 20
  21. 21. LO3 Customer Value Requirements • Offer products that perform • Earn trust • Avoid unrealistic pricing • Give the buyer facts • Offer organization-wide commitment in service and after-sales support • Co-Creation Copyright ©2009 by Cengage Learning Inc. All rights reserved 21
  22. 22. LO3 Customer Satisfaction Customer Customer The customer’s evaluation Satisfaction Satisfaction of a good or service in terms of whether it has met their needs and expectations. Chapter Chapter PHOTO PHOTO Here Here Copyright ©2009 by Cengage Learning Inc. All rights reserved 22
  23. 23. LO3 Building Relationships Relationship Relationship A strategy that focuses on Marketing Marketing keeping and improving relationships with current customers. Chapter Chapter PHOTO PHOTO Here Here Copyright ©2009 by Cengage Learning Inc. All rights reserved 23
  24. 24. LO3 Building Relationships Customer-oriented personnel Employee training programs Empowered employees Teamwork Copyright ©2009 by Cengage Learning Inc. All rights reserved 24
  25. 25. LO3 Defining a Firm’s Business Use “benefits” instead of “goods/services” – Ensures a customer focus – Encourages innovation and creativity – Stimulates an awareness of changes in customer preferences http://www.britannica.com Copyright ©2009 by Cengage Learning Inc. All rights reserved 25
  26. 26. LO3 REVIEW LEARNING OUTCOME Sales vs. Market Orientations Organization’s Firm’s For Primary Tools to Focus Business Whom? Profit Achieve Goal? Sales Inward Selling Everybody Maximum Primarily Orientation goods and sales promotion services volume Market Outward Satisfying Specific Customer Coordinated Orientation wants and groups of satisfaction use of all needs people marketing activities Copyright ©2009 by Cengage Learning Inc. All rights reserved 26
  27. 27. LO4 Why Study Marketing Describe several reasons for studying marketing Copyright ©2009 by Cengage Learning Inc. All rights reserved 27
  28. 28. LO4 Why Study Marketing? Plays an important role in society Vital to business survival, profits and growth Offers career opportunities Affects your life every day 28 Copyright ©2009 by Cengage Learning Inc. All rights reserved
  29. 29. LO4 Why Study Marketing Vital Marketing Activities Vital Marketing Activities Assess the wants and satisfaction of customers Assess the wants and satisfaction of customers Design and manage product offerings Design and manage product offerings Determine prices and pricing policies Determine prices and pricing policies Develop distribution strategies Develop distribution strategies Communicate with present and potential customers Communicate with present and potential customers Copyright ©2009 by Cengage Learning Inc. All rights reserved 29
  30. 30. LO4 REVIEW LEARNING OUTCOME Reasons for Studying Marketing Why Study Marketing? Why Study Marketing? Important Important Important Important Good Good to to to to Career Career Society Society Business Business Opportunities Opportunities + Marketing affects you every day! Copyright ©2009 by Cengage Learning Inc. All rights reserved 30
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