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Mankiw - Principles of Macroeconomics - Ch01 Ppt Basic
 

Mankiw - Principles of Macroeconomics - Ch01 Ppt Basic

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Mankiw - Principles of Macroeconomics - Ch01 Ppt Basic Mankiw - Principles of Macroeconomics - Ch01 Ppt Basic Presentation Transcript

  • MKTG Designed by Amy McGuire, B-books, Ltd. Prepared by Deborah Baker, Texas Christian University Lamb, Hair, McDaniel 2008-2009 1 CHAPTER An Overview of Marketing
  • Learning Outcomes Define the term marketing Describe four marketing management philosophies Discuss the differences between sales and market orientations Describe several reasons for studying marketing LO 1 LO 2 LO 3 LO 4
  • What Is Marketing? Define the term marketing LO 1
  • What Is Marketing? LO 1 Stresses Customer Satisfaction A Philosophy An Attitude A Perspective A Management Orientation A Set of Activities… Products Distribution Promotion Pricing
    • 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.
    What Is Marketing? LO 1 American Marketing Association Definition
  • What Is Marketing? LO 1 Employee satisfaction Greater effort Higher quality Repeat business Growth and profits Stockholder satisfaction More investment
  • Exchange LO 1 Exchange Chapter PHOTO Here People giving up something to receive something they would rather have.
  • Exchange LO 1 At Least Two Parties Something of Value Communication and Delivery Freedom to Accept or Reject Desire to Deal with Other Party Conditions for Exchange
  • 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
    LO 1
    • In exchange for “free” online word-processing, calendar support, or network management services, many budget-conscious corporate users are willing to have the sponsor’s advertisements on the pages they use.
    LO 1 Beyond the Book Watch an Ad – Get Free Software SOURCE: Vauhini Vara, “Companies Tolerate Ads to Get Free Software,” Wall Street Journal , March 27, 2007, B1, B3. … BUT FIRST, AN AD FROM OUR SPONSOR…
  • REVIEW LEARNING OUTCOME LO 1
  • Marketing Management Philosophies Describe four marketing management philosophies LO 2
  • LO 2 Marketing Management Philosophies Sales Market Societal Production internal capabilities of the firm satisfying customer needs and wants while meeting objectives satisfying customer needs and wants while enhancing individual and societal well-being aggressive sales techniques and belief that high sales result in high profits Orientation Focus is on…
  • Market Orientation Marketing Concept The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. LO 2
  • 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
    LO 2
  • 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
    http:// www.westernunion.com LO 2 Online
  • Societal Marketing An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests.
    • Less toxic products
    • More durable products
    • Products with reusable or recyclable materials
    LO 2 Societal Marketing Orientation
  • REVIEW LEARNING OUTCOME LO 2 Production Sales Marketing Societal What can we make or do best? How can we sell more aggressively? What do customers want and need? What do customers want and need, and how can we benefit society? Orientation Focus
    • … but look to the future, as well.
    • "If I had asked my customers what they wanted," Henry Ford once remarked, "they would have said a faster horse."
    LO 2 Beyond the Book Listen to your customers... Tom Kelley with Jonathan Littman, The Ten Faces of Innovation: IDEO's Strategies for Defeating the Devil's Advocate and Driving Creativity Throughout Your Organization, Currency/Doubleday, 2005
  • Sales and Marketing Orientations Discuss the differences between sales and market orientations LO 3
  • Comparing the Sales and Market Orientations LO 3
    • Organization’s focus
    • Firm’s business
    • Those to whom the product is directed
    • Firm’s primary goal
    • The tools used to achieve those goals
    You can compare these orientations against these five categories:
  • Customer Value Customer Value The relationship between benefits and the sacrifice necessary to obtain those benefits. LO 3
    • Offer products that perform
    • Earn trust
    • Avoid unrealistic pricing
    • Give the buyer facts
    • Offer organization-wide commitment in service and after-sales support
    Customer Value Requirements LO 3
  • Customer Satisfaction Customer Satisfaction The feeling that a product met or exceeded the customer’s expectations. LO 3
  • Building Relationships Relationship Marketing A strategy that focuses on keeping and improving relationships with current customers. LO 3
  • Building Relationships
    • Customer-oriented personnel
    • Employee training programs
    • Empowered employees
    • Teamwork
    LO 3
    • Today's companies must build from within, putting more emphasis (and money) on rapidly training younger employees for greater responsibilities.
    LO 3 Beyond the Book Building From Within SOURCE: The Corporate Learning Factbook® 2007: Statistics, Benchmarks and Analysis of the U.S. Corporate Training Market , Bersin & Associates / Karen O’Leonard, January 2007. Growing U.S. economy + Aging workforce “ War for new talent" + Lack of middle managers
  • 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 LO 3 Online
  • REVIEW LEARNING OUTCOME LO 3 Sales vs. Market Orientations Sales Orientation Market Orientation Organization’s Focus Firm’s Business For Whom? Primary Profit Goal? Tools to Achieve Selling goods and services Everybody Maximum sales volume Primarily promotion Inward Outward Coordinated use of all marketing activities Customer satisfaction Specific groups of people Satisfying wants and needs
  • LO 3 Beyond the Book Anatomy of an Ad Tag line ties into relationship marketing Package is part of the product Samples are a type of promotion Ways company creates value Product directed at people who are not confident selecting paint colors Store is place Pink ribbon shows element of societal marketing orientation
  • Why Study Marketing Describe several reasons for studying marketing LO 4
    • Plays an important role in society
    • Vital to business survival, profits and growth
    • Offers career opportunities
    • Affects your life every day
    Why Study Marketing? LO 4
  • Why Study Marketing LO 4 Vital Marketing Activities Assess the wants and satisfaction of customers Design and manage product offerings Determine prices and pricing policies Develop distribution strategies Communicate with present and potential customers
  • REVIEW LEARNING OUTCOME LO 4 Reasons for Studying Marketing Why Study Marketing? Important to Society Important to Business Good Career Opportunities + Marketing affects you every day!