Chapter 1: What Is Marketing?


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Chapter 1: What Is Marketing?

  1. 1. by Jeff Tanner and Mary Anne Raymondby Jeff Tanner and Mary Anne Raymond Principles of Marketing
  2. 2. Chapter 1Chapter 1 What Is Marketing?What Is Marketing? ©2010 Flat World Knowledge, Inc.
  3. 3. This is an introductory course Its purpose is to familiarize students with the role of the marketing organization in the conduct of doing business in today’s global marketplace. ©2010 Flat World Knowledge, Inc. 3
  4. 4. ©2010 Flat World Knowledge, Inc. 4 Some of the Key QuestionsSome of the Key Questions
  5. 5. • In this chapter we will establish the importance and basic responsibilities of the marketing function. ©2010 Flat World Knowledge, Inc. 5 Defining MarketingDefining Marketing
  6. 6. ©2010 Flat World Knowledge, Inc. 6 Marketing is all about VALUEMarketing is all about VALUE
  7. 7. Value* = benefits received – (price + hassle) * Value is determined by the customer And In recognizing the importance of the customer and value, market oriented companies employ the marketing concept ©2010 Flat World Knowledge, Inc. 7 VALUE DefinedVALUE Defined
  8. 8. A philosophy ©2010 Flat World Knowledge, Inc. 8 The Marketing ConceptThe Marketing Concept
  9. 9. ©2010 Flat World Knowledge, Inc. A marketing responsibility This bundle is the offering Getting it right is… 9 Creating Offerings that Have ValueCreating Offerings that Have Value
  10. 10. ©2010 Flat World Knowledge, Inc. Many forms of communication may be used Describing the offering and its value for the user outgoing 10 Communicating OfferingsCommunicating Offerings
  11. 11. Incoming ©2010 Flat World Knowledge, Inc. 11 Listening to CustomersListening to Customers
  12. 12. ©2010 Flat World Knowledge, Inc. Supply chain Information flows both ways Rawmaterialand componentsuppliers 12 Delivering Consumer OfferingsDelivering Consumer Offerings
  13. 13. ©2010 Flat World Knowledge, Inc. Sometimes for cash Could be a credit card 13 Exchanging OfferingsExchanging Offerings
  14. 14. ©2010 Flat World Knowledge, Inc. The focus has changed from the 4Ps to value 14 Key TakeawaysKey Takeaways
  15. 15. ©2010 Flat World Knowledge, Inc. 15 But we will focus on Organizations For profit companies • Wal-Mart • P&G • Local businesses Non-profits • charities • schools • hospitals • governments Who Does Marketing?Who Does Marketing?
  16. 16. ©2010 Flat World Knowledge, Inc. 16 Completing this course will help you to more effectively Marketing YouMarketing You
  17. 17. ©2010 Flat World Knowledge, Inc. 17 Marketing is an enabler • delivers value • benefits society • provides career opportunities Marketing research Merchandising Sales Advertising Product development Direct marketing Event marketing Marketing is the only organizational function that creates revenue! A growing number of CEOs are people with marketing backgrounds Why Study Marketing?Why Study Marketing?
  18. 18. ©2010 Flat World Knowledge, Inc. 18 Marketing activities must interact with other functions and staff Staff • legal • inv. rel. Marketing’s RoleMarketing’s Role
  19. 19. ©2010 Flat World Knowledge, Inc. 19 Most companies have mission statements that emphasize:  Values  Customers  Motivation of employees Corporate planning uses this mission statement as the framework in developing the corporate strategy. The marketing plan, as part of the corporate plan, articulates the strategy for creating, communicating, and delivering an exchange of value. The Marketing PlanThe Marketing Plan
  20. 20. ©2010 Flat World Knowledge, Inc. 20 Developing the Marketing PlanDeveloping the Marketing Plan
  21. 21. ©2010 Flat World Knowledge, Inc. 21 The Marketing Environment Is ChangingThe Marketing Environment Is Changing
  22. 22. ©2010 Flat World Knowledge, Inc. 22 Marketing is a process of: Finding customer needs and wants — filling the needs and wants with products that have value — communicating and delivering these products to customers Planning and implementing the marketing strategy to accomplish the above — in concert with other organizational entities — while returning reasonable profits Marketing activities are evolving in response to — global trade and competition issues — customer concerns about ethics, sustainability, and social responsibilities Marketing offers many varied career opportunities — marketing ourselves can have personal benefits Chapter SummaryChapter Summary