Marketing Introduction

Marketing in the Twenty-first Century

Objectives

Tasks of Marketing

Major Concepts & Tools of Marketing

Marketplace Orientations

Marketing’s Responses to New Challenges

Management Goals

Understand Marketing Management

Analyze Marketing Opportunities

Develop Marketing Strategies

Shape the Market Offer

Manage& Deliver Marketing Programs

Defining Marketing

Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.

What is Marketing? Simply put: Marketing is the delivery of customer satisfaction at a profit.

Need, Exchange, Buyers People Who Exhibit Need Resources to Exchange Willingness to Exchange Unexpected Situational Factors Attitudes of Others Ethical Potential Buyers Market – Buyers who share a particular need or want that can be satisfied through exchange or relationships . Actual Buyers

Core Concepts of Marketing Product or Offering Value and Satisfaction Needs, Wants, and Demands Exchange and Transactions Relationships and Networks Target Markets & Segmentation Marketing Channels Supply Chain Competition Marketing Environment

Exchanges Transactions Relationships Building a Marketing Network Consisting of The Company and All Its Supporting Stakeholders How Do Consumers Obtain Products and Services?

Simple Marketing System Goods/services Money Industry (a collection of sellers) Market (a collection of Buyers) Communication Information

Structure of Flows Manufacturer markets Services, money Government markets Services, money Services Services, money Taxes Taxes, goods Taxes, goods Taxes, goods Money Money Consumer markets Intermediary markets Goods, services Goods, services Resources Resources Resource markets Money Money

The Four Ps Marketing Mix The Four Cs Customer Solution Customer Cost Communication Conven- ience Product Price Promotion Place

Company Orientations Towards the Marketplace Production Concept Product Concept Selling Concept Marketing Concept Consumers prefer products that are widely available and inexpensive

Consumers favor products that

offer the most quality, performance,

or innovative features

Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors

Customer Delivered Value Market Integrated marketing Profits through customer satisfaction Customer needs (b) The marketing concept Factory Existing products Selling and promotion Profits through sales volume Starting point Focus Means Ends (a) The selling concept

Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. i.e. I am hungry.

Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a hamburger, French fries, and a soft drink.

Demands - human wants backed by buying power. i.e. I have money to buy this meal.

What are Consumer’s Needs, Wants and Demands?

Societal Marketing Concept Societal Marketing Concept Company (Profits) Consumers (Want Satisfaction) Society (Human Welfare)

Traditional Organization Chart Customers Front-line people Middle Management Top Management

Customer-Oriented Organization Chart Customers Front-line people Middle management Top management Customers Customers

Evolving Views of Marketing’s Role a. Marketing as an equal function Finance Production Marketing Human resources b. Marketing as a more important function Finance Human resources Marketing Production

Evolving Views of Marketing’s Role c. Marketing as the major function Marketing Finance Human resources Production d. The customer as the controlling factor Customer Human resources Finance Production Marketing

Evolving Views of Marketing’s Role The customer as the controlling function and marketing as the integrative function Customer Marketing Production Human resources Finance

Review