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Bmgt 205 chapter_1

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Bmgt 205 chapter_1

  1. 1. B M G T 2 0 5 : P R I N C I PA L S O F M A R K E T I N G CHAPTER 1: OVERVIEW OF MARKETING
  2. 2. OVERVIEW OF MARKETING • Define the role of marketing in organizations. • Describe how marketers create value for a product or service. • Understand why marketing is important both within and outside the firm.
  3. 3. MEMORABLE MARKETING • What is a marketing campaign that you can recall? • Was is something you would say was good marketing? • Why? http://www.youtube.com/watch?v=R4vkVHijdQk
  4. 4. SUCCESSFUL MARKETING • The right consumer is exposed to the message at the right time and place • Marketing causes consumer to pay attention • The ad reflects consumer’s level of understanding and behaviors the with product • Correctly positions brand in terms of points-of-difference and points-ofparity • Motivates consumer to consider purchase of the brand
  5. 5. W H AT I S M A R K E T I N G ? Marketing is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
  6. 6. M A R K E T I N G I S A B O U T S AT I S F Y I N G CUSTOMER NEEDS AND WANTS http://youtu.be/Zr1s_B0zqX0
  7. 7. M A R K E T I N G E N TA I L S A N E X C H A N G E
  8. 8. M A R K E T I N G R E Q U I R E S P R O D U C T, 
 PRICE, PLACE, AND PROMOTION DECISIONS Product Price Creating value Capturing value ©Digital Vision Ltd. PRNewsFoto/PepsiCo; AP Photo. Promotion ©Stockbyte/PunchStock. Communication value Delivering value Place ©BrandX/JupiterImages/Getty Images.
  9. 9. P R O D U C T: C R E AT I N G V A L U E Goods • The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. Services Ideas
  10. 10. MARKETING AN IDEA http://youtu.be/w9Sx34swEG0
  11. 11. PRICE: C A P T U R I N G VA L U E • Price is everything a buyer gives up (money, time, energy) in exchange for the product. ! • How much are customers willing to pay and can a profit can be made at that point.
  12. 12. PLACE: DELIVERING T H E VA L U E PROPOSITION • Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it. • Where would you find this product in the store 5 years ago? 10 years ago?
  13. 13. PROMOTION: C O M M U N I C AT I N G VA L U E • Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
  14. 14. MARKETING CAN BE PERFORMED 
 B Y I N D I V I D U A L S A N D O R G A N I Z AT I O N S Retailer 
 (Sells PCs & monitors) B2C C2C B2B Manufacturer (Makes monitors) Consumer B Consumer A
  15. 15. C O L L A B O R AT I V E E C O N O M Y: EMERGING TREND IN MARKETING
  16. 16. M A R K E T I N G I M PA C T S V A R I O U S S TA K E H O L D E R S Society Supply Chain Customers Employees
  17. 17. M A R K E T I N G H E L P S C R E AT E V A L U E Production Sales 2. 3. Marketing 4. 5. Value based marketing
  18. 18. VA L U E - B A S E D M A R K E T I N G “Pure Dark Chocolate Light Exquisite Cookie”
  19. 19. CHAPTER 1 CHECK IN 1. What is the definition of marketing? 2. Marketing is about satisfying ______ and ______. 3. What are the four components of the marketing mix? 4. Who can perform marketing? 5. What are the various eras of marketing?
  20. 20. HOW DO FIRMS BECOME
 VA L U E D R I V E N ? Sharing Information Balancing Benefits with Costs Building Relationships with Customers
  21. 21. CHAPTER 1 CHECK IN 1. Does providing a good value mean selling at a low price? 2. What are the benefits of long-term relationships with customers? 3. How are marketers connecting with customers using social and mobile media?
  22. 22. W H Y I S M A R K E T I N G I M P O R TA N T ? Makes Life Easier
  23. 23. CHAPTER 1 KEY TERMS TO KNOW • Exchange is the trade of things of value between the buyer and the seller so that each is better off as a result. • Goods are items that you can physically touch. • Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.
  24. 24. CHAPTER 1 KEY TERMS TO KNOW • Ideas include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed. • A supply chain is the group of firms that make and deliver a given set of goods and services. • Value reflects the relationship of benefits to costs.

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