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Introduction to Marketing
- 1. CHAPTER 1 An Overview of Marketing Designed by Eric Brengle B-books, Ltd. Prepared by Deborah Baker Texas Christian University Introduction to Marketing McDaniel, Lamb, Hair 9
- 2. 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 I LO 2 LO 3 LO 4
- 3. What Is Marketing? Define the term marketing LO I
- 4. What Is Marketing? LO I Stresses Customer Satisfaction A Philosophy An Attitude A Perspective A Management Orientation A Set of Activities… Products Distribution Promotion Pricing
- 6. What Is Marketing? LO I Employee satisfaction Greater effort Higher quality Repeat business Growth and profits Stockholder satisfaction More investment
- 7. Exchange LO I Exchange Chapter PHOTO Here People giving up something to receive something they would rather have.
- 8. Exchange LO I At Least Two Parties Something of Value Communication and Delivery Freedom to Accept or Reject Desire to Deal with Other Party Conditions for Exchange
- 10. REVIEW LEARNING OUTCOME LO I Product Price Place Promotion Exchange A B Delivering Value Communicating Value Creating Value Customer value and beneficial relationships
- 11. Marketing Management Philosophies Describe four marketing management philosophies LO 2
- 12. Marketing Management Philosophies LO 2 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…
- 13. Market Orientation LO 2 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.
- 17. 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
- 18. Sales and Marketing Orientations Discuss the differences between sales and market orientations LO 3
- 20. Customer Value Chapter PHOTO Here LO 3 The relationship between benefits and the sacrifice necessary to obtain those benefits. Customer Value
- 22. Customer Satisfaction LO 3 Customer Satisfaction Chapter PHOTO Here The feeling that a product met or exceeded the customer’s expectations.
- 23. Building Relationships LO 3 A strategy that focuses on keeping and improving relationships with current customers. Relationship Marketing Chapter PHOTO Here
- 25. Biz Flix The Jerk LO 3
- 27. REVIEW LEARNING OUTCOME LO 3 Sales vs. Market Orientations 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 Sales Orientation Market Orientation Outward Coordinated use of all marketing activities Customer satisfaction Specific groups of people Satisfying wants and needs
- 28. Why Study Marketing Describe several reasons for studying marketing LO 4
- 30. 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
- 31. 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!
Editor's Notes
- Marketing cannot be accomplished in isolation. Even though the marketing function resides with marketers, the concept of marketing must permeate the entire organization.
- NOTES: Marketing has two facets. The first is that it’s a philosophy. Second, marketing is an organization function and a set of processes used to implement the philosophy. David Packard, cofounder of Hewlett-Packard, stated that “marketing is too important to be left only to the marketing department.” Marketing is a process that focuses on delivering value and benefits to customers. It uses communication, distribution, and pricing strategies to provide customers with the goods and services they want. It includes building long-term, mutually rewarding relationships. It entails an understanding that organizations have many connected stakeholder partners, including employees, suppliers, stockholders, distributors, and others.
- NOTES: When an organization creates a high level of employee satisfaction, this leads to greater effort, which leads to higher quality, and so on… For example, Wegmans Food Markets has a motto: “Employees first, customers second.” The rationale is that if employees are happy, customers will be too. Discussion/Team Activity: Ask class to give examples of companies that value employees and discuss how motivated employees create customer and stockholder satisfaction.
- Notes: An exchange may not take place even if all conditions are met. An agreement between buyer and seller is required before an exchange occurs. Discuss examples: * Automobile shopping * Jewelry shopping Marketing (for example, advertising, personal selling, sales promotion, etc.) can occur even if exchange does not take place. Discussion/Team Activity: Ask class to give examples of shopping when exchanges did occur, then when exchanges did not occur.
- Notes: Four competing philosophies influence an organization’s marketing processes. Point out that a firm’s capabilities, such as production, are major considerations in strategic market planning. However, the guiding factor with all orientations should be the determination of what customers want, not what management thinks should be produced or sold. Discussion/Team Activity: Discuss examples of companies/organizations whose marketing management philosophies match each orientation. Production: Henry Ford’s Model T availability in any color as long as it was black Sales: Dot.com businesses in the late 1990s. Market: Ritz Carlton Hotels, Coach Societal: The Body Shop, Turtle Wax, method
- Online: Has Western Union rebounded from its failure to define its competitive arena as telecommunications? Describe the company’s value proposition, the market its serves, and whom it seems to be competing against. Discussion/Team Activity: Discuss companies that have a market orientation. Marriott International Burton Snowboards Dell Computers Southwest Airlines Discuss companies that lack(ed) a market orientation. Encyclopedia Britannica Western Union Kmart
- Notes: Customer value is not simply a matter of high quality or high price. Instead, the customer’s perception of value is the product/service quality they expect and a price they are willing to pay. Value also includes customization and fast delivery. Discussion/Team Activity: Discuss ways that successful companies deliver superior customer value. Examples: Dell Computer Corporation Lexus Mercedes Benz Amazon.com Southwest Airlines
- Discussion/Team Activity: Discuss companies that have excelled at building long-term relationships. Examples: USAA Coca-Cola Walt Disney Southwest Airlines Wegmans Food Markets Nordstrom FedEx
- Notes: A sales-oriented firm defines its business in terms of goods and services. A market-oriented firm defines its business in terms of the benefits sought by customers. A market orientation does not always mean that the customers will receive what they want, such as tires that last for 100,000 miles for $25. Go to Britannica’s Web site. What evidence do you see that Britannica has redefined its core business? What do you think its business definition currently is? How has the company met the challenge of CD-ROM technology and online content distribution?
- NOTES: This comparison is not meant to belittle the role of promotion, especially personal selling, in the marketing mix. Salespeople in market-oriented organizations are generally perceived as problem solvers and links to supply sources and new products. Discussion/Team Activity: Identify organizations with sales or market orientations. Discuss the effectiveness of each organization’s strategy.