The document discusses several key concepts in marketing management including:
1) Marketing attempts to measure customer needs and wants and respond with goods and services to satisfy those needs.
2) Marketing involves activities to enable exchanges between individuals/organizations so they can obtain what they need through ongoing relationships.
3) Customers buy benefits, not just products, so marketers must understand the benefits customers seek.
4) Building long-term relationships between organizations and customers is a key objective of successful marketing strategies.
The document outlines the marketing planning process including performing a situation analysis, setting objectives, deciding on strategies, and scheduling implementation actions. It discusses elements like SWOT analysis, assumptions, objectives, strategies, budgets. The marketing plan is meant to help identify competitive advantages, ensure consistency, inform the organization, and set goals to gain commitment.
The document discusses strategic planning and marketing strategy. It outlines the key steps in strategic planning, including analyzing the company's current business portfolio, markets, and products. Different strategic planning models and matrices are presented, such as the BCG Growth-Share Matrix, Product/Market Expansion Grid, and competitive strategies analysis. The roles and components of an effective marketing strategy and mix are also described, including market segmentation, targeting, positioning, and the four Ps (Product, Price, Place, Promotion).
The document discusses key concepts around customer value, satisfaction, relationship marketing, and customer relationship management from a marketing principles textbook chapter. It defines customer value as the benefits received from a product relative to the costs. Customer satisfaction is the degree to which a product meets customer expectations. Relationship marketing focuses on developing long-term relationships with profitable customers. Customer relationship management involves all activities to establish, develop, and maintain customer sales.
This document discusses marketing concepts and the marketing process. It defines marketing as managing profitable customer relationships by attracting new customers and retaining existing customers. The marketing process involves understanding customer needs, designing a customer-driven strategy, developing an integrated marketing program, and building relationships to capture value. It outlines five steps - understand the marketplace, design a strategy, construct a program, build relationships, and capture value. It also discusses key marketing concepts like customer value, exchanges, markets, and different orientations like production, product, selling, and marketing concepts.
This document discusses marketing strategies at different stages of a product's life cycle. It begins by outlining the 4Ps (product, place, promotion, price) that marketing mixes can utilize at each stage from introduction to decline. Next, it provides examples of typical marketing strategies that can be employed such as changing price, promotion, distribution channels, account management structures, or service levels. Finally, it illustrates different brand strategies like establishing market position, reinforcing brands, repositioning for new segments, or modifying features that may be considered at each phase of the life cycle.
The document discusses key concepts in marketing such as defining marketing as creating value for customers to build relationships and capture value in return. It outlines the marketing process of understanding customer needs, designing a customer-driven strategy, creating value, building relationships, and capturing value from customers to create profits. The document also compares different organizational concepts in marketing like production, product, and selling concepts, and emphasizes that the marketing concept of knowing customer needs and satisfying them better than competitors is most effective.
Marketing management involves choosing target markets and maintaining profitable customer relationships. It is defined as the art and science of creating, delivering, and communicating superior customer value. The key aspects of marketing management are understanding customer needs and wants, developing appropriate products and services to meet those needs, determining pricing, and promoting and distributing offerings to maximize value for both customers and the organization. Marketing orientations have evolved from a production focus to a customer-centric approach centered on delivering value.
The document outlines the marketing planning process including performing a situation analysis, setting objectives, deciding on strategies, and scheduling implementation actions. It discusses elements like SWOT analysis, assumptions, objectives, strategies, budgets. The marketing plan is meant to help identify competitive advantages, ensure consistency, inform the organization, and set goals to gain commitment.
The document discusses strategic planning and marketing strategy. It outlines the key steps in strategic planning, including analyzing the company's current business portfolio, markets, and products. Different strategic planning models and matrices are presented, such as the BCG Growth-Share Matrix, Product/Market Expansion Grid, and competitive strategies analysis. The roles and components of an effective marketing strategy and mix are also described, including market segmentation, targeting, positioning, and the four Ps (Product, Price, Place, Promotion).
The document discusses key concepts around customer value, satisfaction, relationship marketing, and customer relationship management from a marketing principles textbook chapter. It defines customer value as the benefits received from a product relative to the costs. Customer satisfaction is the degree to which a product meets customer expectations. Relationship marketing focuses on developing long-term relationships with profitable customers. Customer relationship management involves all activities to establish, develop, and maintain customer sales.
This document discusses marketing concepts and the marketing process. It defines marketing as managing profitable customer relationships by attracting new customers and retaining existing customers. The marketing process involves understanding customer needs, designing a customer-driven strategy, developing an integrated marketing program, and building relationships to capture value. It outlines five steps - understand the marketplace, design a strategy, construct a program, build relationships, and capture value. It also discusses key marketing concepts like customer value, exchanges, markets, and different orientations like production, product, selling, and marketing concepts.
This document discusses marketing strategies at different stages of a product's life cycle. It begins by outlining the 4Ps (product, place, promotion, price) that marketing mixes can utilize at each stage from introduction to decline. Next, it provides examples of typical marketing strategies that can be employed such as changing price, promotion, distribution channels, account management structures, or service levels. Finally, it illustrates different brand strategies like establishing market position, reinforcing brands, repositioning for new segments, or modifying features that may be considered at each phase of the life cycle.
The document discusses key concepts in marketing such as defining marketing as creating value for customers to build relationships and capture value in return. It outlines the marketing process of understanding customer needs, designing a customer-driven strategy, creating value, building relationships, and capturing value from customers to create profits. The document also compares different organizational concepts in marketing like production, product, and selling concepts, and emphasizes that the marketing concept of knowing customer needs and satisfying them better than competitors is most effective.
Marketing management involves choosing target markets and maintaining profitable customer relationships. It is defined as the art and science of creating, delivering, and communicating superior customer value. The key aspects of marketing management are understanding customer needs and wants, developing appropriate products and services to meet those needs, determining pricing, and promoting and distributing offerings to maximize value for both customers and the organization. Marketing orientations have evolved from a production focus to a customer-centric approach centered on delivering value.
The document outlines the strategic planning process which involves defining a mission, setting objectives, and designing a business portfolio. It discusses analyzing current business units using the Boston Consulting Group approach and developing growth strategies such as market penetration, market development, product development, and diversification. Marketing's role in strategic planning includes selecting target consumers through market segmentation, targeting, and positioning. The four P's of the marketing mix are product, price, place, and promotion.
What are the tasks necessary for successful marketing management?Sameer Mathur
The document outlines several key tasks necessary for successful marketing management:
1) Developing marketing strategies and plans by identifying long-term opportunities based on market experience and competencies.
2) Capturing marketing insights by closely monitoring the market environment to assess potential and forecast demand.
3) Connecting with customers to create the best value for target markets and develop strong, profitable relationships.
4) Building strong brands by paying attention to competitors and knowing how to react quickly to their moves.
The document discusses different marketing concepts, including the production concept, product concept, and modern marketing concept. The production concept focuses on efficient production and mass distribution to achieve low costs. The product concept concentrates on building and selling high-quality products. Modern marketing integrates different functions like sales, advertising, and customer service to most effectively create and deliver customer value.
Marketing Orientation 2009 , At GSBA, Greater Noida, UP, India.mcrashid
The document provides an overview of key marketing concepts:
1. It defines marketing as identifying and satisfying customer needs to supply products and services profitably.
2. The marketing mix is described as the set of controllable elements including product, price, place, promotion, people, processes and physical evidence used to achieve marketing objectives.
3. Segmentation, targeting and positioning are discussed as important strategies for dividing markets, focusing efforts and creating a unique image in the customer's mind.
The document provides an overview of key marketing concepts and terms, including definitions of marketing, the marketing mix (4Ps and 4Cs), differences between sales and marketing, the scope of what can be marketed, core concepts like customer needs and wants, and factors that influence marketing strategy like the external environment. It also discusses topics like target markets, the marketing plan, the marketing process, product types and product mix, customers and understanding customer value.
This document outlines the key topics covered in a marketing course, including the major concepts and tools of marketing such as segmentation, the marketing mix of product, price, place, and promotion, and different orientations like production and marketing concepts. It also discusses how the role of marketing has evolved to be more customer-centric, with the customer now seen as the controlling factor for the organization. The overall summary is that the document provides an overview of the key elements that will be covered in a marketing class, from fundamental concepts to frameworks to the changing role of marketing.
A marketing plan checklist provides guidance on developing a marketing plan in 6 steps: 1) gathering information inputs, 2) identifying customer motivation and market segmentation, 3) setting financial, marketing and customer objectives, 4) determining marketing strategy, 5) outlining the marketing mix of product, place, price and promotion, and 6) planning audit activities. The checklist details what to include under each step such as market size, customer research findings, and budgets for different marketing activities.
This document provides an overview of key marketing concepts including definitions of marketing, the three levels of marketing (philosophy, strategy, operations), the marketing mix, segmentation, targeting, positioning, branding, and marketing communications. It defines marketing as a process of identifying customer needs and wants and fulfilling them profitably. Segmentation involves dividing the market into distinct groups with common traits. Targeting selects the most attractive segments and positioning determines how the product will be perceived relative to competitors in the target segment's mind. The marketing mix or 4Ps (product, price, place, promotion) are the tactical elements used to satisfy the target market.
Market, definition of Marketing, Scopes of Marketing, Nature of Marketing, Functions of Marketing, Marketing vs. selling, Roles and Functions of Marketing Manager Marketing Environment and much more.
1. Marketing involves managing profitable customer relationships by creating value for customers and capturing value from them in return.
2. The marketing process involves understanding customer needs, designing a customer-driven strategy, constructing an integrated marketing program, and building profitable relationships.
3. The marketing program uses the marketing mix of product, price, place, and promotion to implement the strategy and deliver superior value to target customers, with the goal of attracting new customers and retaining existing customers.
Anyone interested in the basics of marketing could access this presentation which talks about the 7Ps, & the product, place, price & promotion at length
The document discusses various marketing concepts including the definition of marketing, the difference between marketing and sales, the importance of marketing to customer retention, and marketing challenges such as not understanding customers well enough. It also briefly outlines several frameworks for analyzing markets including the 4Ps, 5Cs, Porter's generic strategies, SWOT analysis, Porter's five forces, and the social, technological, economic, and political factors affecting a market.
My recommendations on how senior marketing leaders can increase the credibility/value of marketing and transform their organizations from being tactical & reactive to really strategic. It cuts through the marketing hype and gives real life examples from my time as CMO of Colt (FTSE250 IT/Cloud) and more recently as a strategic marketing consultant
This document provides an overview of key marketing concepts including the importance of marketing, definitions of marketing, concepts such as the marketing mix and relationship marketing. It discusses bases for market segmentation and requirements for effective segmentation. Finally, it encourages asking questions to clarify marketing concepts and addresses in a friendly manner.
Total quality marketing emphasizes that all marketing activities performed by a firm, such as marketing research, sales training, advertising, and customer service, should meet the highest possible standards of quality. It also emphasizes that a firm's policies and overall practices should be committed to continuous quality improvement. Marketers have three major roles in total quality marketing: correctly identifying customer needs, ensuring on-time order fulfillment with proper support, and gathering customer feedback. Principles of total quality marketing include making quality the top priority, reflecting quality in all firm activities, gaining full employee commitment to quality, partnering with high-quality suppliers, and continuously improving quality.
The seven functions of marketing are distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. Distribution involves getting products from manufacturers to consumers. Financing covers the money needed to start and run a business. Marketing information management involves learning customer preferences through research. Pricing determines what to charge customers in a way that is fair but profitable. Product/service management focuses on developing, maintaining, and improving offerings. Promotion communicates with potential customers. Selling provides goods/services to customers and educates them for informed decisions.
7 Ps of Marketing | 7Ps explain with an exampleAadil Shaikh
7 Ps of Marketing! In marketing activities, the importance of service marketing targeting intangible services is increasing year by year. This time, I would like to explain the concept of service marketing and the basic framework “7P” for putting it into practice,
The document outlines the key concepts and steps of the marketing process. It discusses marketing research, marketing orientation elements like customer and competitor orientation. It also explains the marketing concepts like production, selling, product and marketing concept. Further, it describes the 4 P's of marketing - product, price, place and promotion. It summarizes the 5 steps of marketing process as understanding customer needs, designing a customer-driven strategy, constructing an integrated marketing plan, building profitable customer relationships and capturing value from customers.
Developing market strategies and plans by identifying potential opportunities given its experience and competencies. Connecting with customers by understanding its strengths and weaknesses. Delivering value to the target market by properly delivering the value embodied in its products and services. Creating long term growth by initiating new product development, testing, and launching as part of a long term view.
The document discusses the evolution of marketing concepts from the selling concept to more modern concepts. It outlines five key marketing concepts: the production concept, product concept, selling concept, marketing concept, and societal marketing concept. The concepts progressed from a focus on production efficiency to meeting customer needs and benefitting society.
Dr. V. Ramadevi, Department of Management.ramakarthik
This PPT contains the basic marketing concepts, marketing mix elements, customer value and satisfaction, value chain, strategic marketing planning process, marketing research, marketing environment, CRM.
This ppt would be useful for the management students.
This document provides an overview of key concepts in marketing, including:
1. It defines marketing as managing profitable customer relationships by attracting new customers and retaining current customers through delivering satisfaction.
2. It outlines the marketing process and explains the importance of understanding customers and the marketplace using concepts like needs, wants, demands, products, value, satisfaction, exchange and relationships.
3. It discusses marketing management orientations like the production, product, selling, and marketing concepts and identifies the marketing mix of product, place, promotion, and price as elements of a customer-driven marketing strategy.
4. It describes customer relationship management and strategies for building lasting relationships like lifetime customer value and share of customer.
The document outlines the strategic planning process which involves defining a mission, setting objectives, and designing a business portfolio. It discusses analyzing current business units using the Boston Consulting Group approach and developing growth strategies such as market penetration, market development, product development, and diversification. Marketing's role in strategic planning includes selecting target consumers through market segmentation, targeting, and positioning. The four P's of the marketing mix are product, price, place, and promotion.
What are the tasks necessary for successful marketing management?Sameer Mathur
The document outlines several key tasks necessary for successful marketing management:
1) Developing marketing strategies and plans by identifying long-term opportunities based on market experience and competencies.
2) Capturing marketing insights by closely monitoring the market environment to assess potential and forecast demand.
3) Connecting with customers to create the best value for target markets and develop strong, profitable relationships.
4) Building strong brands by paying attention to competitors and knowing how to react quickly to their moves.
The document discusses different marketing concepts, including the production concept, product concept, and modern marketing concept. The production concept focuses on efficient production and mass distribution to achieve low costs. The product concept concentrates on building and selling high-quality products. Modern marketing integrates different functions like sales, advertising, and customer service to most effectively create and deliver customer value.
Marketing Orientation 2009 , At GSBA, Greater Noida, UP, India.mcrashid
The document provides an overview of key marketing concepts:
1. It defines marketing as identifying and satisfying customer needs to supply products and services profitably.
2. The marketing mix is described as the set of controllable elements including product, price, place, promotion, people, processes and physical evidence used to achieve marketing objectives.
3. Segmentation, targeting and positioning are discussed as important strategies for dividing markets, focusing efforts and creating a unique image in the customer's mind.
The document provides an overview of key marketing concepts and terms, including definitions of marketing, the marketing mix (4Ps and 4Cs), differences between sales and marketing, the scope of what can be marketed, core concepts like customer needs and wants, and factors that influence marketing strategy like the external environment. It also discusses topics like target markets, the marketing plan, the marketing process, product types and product mix, customers and understanding customer value.
This document outlines the key topics covered in a marketing course, including the major concepts and tools of marketing such as segmentation, the marketing mix of product, price, place, and promotion, and different orientations like production and marketing concepts. It also discusses how the role of marketing has evolved to be more customer-centric, with the customer now seen as the controlling factor for the organization. The overall summary is that the document provides an overview of the key elements that will be covered in a marketing class, from fundamental concepts to frameworks to the changing role of marketing.
A marketing plan checklist provides guidance on developing a marketing plan in 6 steps: 1) gathering information inputs, 2) identifying customer motivation and market segmentation, 3) setting financial, marketing and customer objectives, 4) determining marketing strategy, 5) outlining the marketing mix of product, place, price and promotion, and 6) planning audit activities. The checklist details what to include under each step such as market size, customer research findings, and budgets for different marketing activities.
This document provides an overview of key marketing concepts including definitions of marketing, the three levels of marketing (philosophy, strategy, operations), the marketing mix, segmentation, targeting, positioning, branding, and marketing communications. It defines marketing as a process of identifying customer needs and wants and fulfilling them profitably. Segmentation involves dividing the market into distinct groups with common traits. Targeting selects the most attractive segments and positioning determines how the product will be perceived relative to competitors in the target segment's mind. The marketing mix or 4Ps (product, price, place, promotion) are the tactical elements used to satisfy the target market.
Market, definition of Marketing, Scopes of Marketing, Nature of Marketing, Functions of Marketing, Marketing vs. selling, Roles and Functions of Marketing Manager Marketing Environment and much more.
1. Marketing involves managing profitable customer relationships by creating value for customers and capturing value from them in return.
2. The marketing process involves understanding customer needs, designing a customer-driven strategy, constructing an integrated marketing program, and building profitable relationships.
3. The marketing program uses the marketing mix of product, price, place, and promotion to implement the strategy and deliver superior value to target customers, with the goal of attracting new customers and retaining existing customers.
Anyone interested in the basics of marketing could access this presentation which talks about the 7Ps, & the product, place, price & promotion at length
The document discusses various marketing concepts including the definition of marketing, the difference between marketing and sales, the importance of marketing to customer retention, and marketing challenges such as not understanding customers well enough. It also briefly outlines several frameworks for analyzing markets including the 4Ps, 5Cs, Porter's generic strategies, SWOT analysis, Porter's five forces, and the social, technological, economic, and political factors affecting a market.
My recommendations on how senior marketing leaders can increase the credibility/value of marketing and transform their organizations from being tactical & reactive to really strategic. It cuts through the marketing hype and gives real life examples from my time as CMO of Colt (FTSE250 IT/Cloud) and more recently as a strategic marketing consultant
This document provides an overview of key marketing concepts including the importance of marketing, definitions of marketing, concepts such as the marketing mix and relationship marketing. It discusses bases for market segmentation and requirements for effective segmentation. Finally, it encourages asking questions to clarify marketing concepts and addresses in a friendly manner.
Total quality marketing emphasizes that all marketing activities performed by a firm, such as marketing research, sales training, advertising, and customer service, should meet the highest possible standards of quality. It also emphasizes that a firm's policies and overall practices should be committed to continuous quality improvement. Marketers have three major roles in total quality marketing: correctly identifying customer needs, ensuring on-time order fulfillment with proper support, and gathering customer feedback. Principles of total quality marketing include making quality the top priority, reflecting quality in all firm activities, gaining full employee commitment to quality, partnering with high-quality suppliers, and continuously improving quality.
The seven functions of marketing are distribution, financing, marketing information management, pricing, product/service management, promotion, and selling. Distribution involves getting products from manufacturers to consumers. Financing covers the money needed to start and run a business. Marketing information management involves learning customer preferences through research. Pricing determines what to charge customers in a way that is fair but profitable. Product/service management focuses on developing, maintaining, and improving offerings. Promotion communicates with potential customers. Selling provides goods/services to customers and educates them for informed decisions.
7 Ps of Marketing | 7Ps explain with an exampleAadil Shaikh
7 Ps of Marketing! In marketing activities, the importance of service marketing targeting intangible services is increasing year by year. This time, I would like to explain the concept of service marketing and the basic framework “7P” for putting it into practice,
The document outlines the key concepts and steps of the marketing process. It discusses marketing research, marketing orientation elements like customer and competitor orientation. It also explains the marketing concepts like production, selling, product and marketing concept. Further, it describes the 4 P's of marketing - product, price, place and promotion. It summarizes the 5 steps of marketing process as understanding customer needs, designing a customer-driven strategy, constructing an integrated marketing plan, building profitable customer relationships and capturing value from customers.
Developing market strategies and plans by identifying potential opportunities given its experience and competencies. Connecting with customers by understanding its strengths and weaknesses. Delivering value to the target market by properly delivering the value embodied in its products and services. Creating long term growth by initiating new product development, testing, and launching as part of a long term view.
The document discusses the evolution of marketing concepts from the selling concept to more modern concepts. It outlines five key marketing concepts: the production concept, product concept, selling concept, marketing concept, and societal marketing concept. The concepts progressed from a focus on production efficiency to meeting customer needs and benefitting society.
Dr. V. Ramadevi, Department of Management.ramakarthik
This PPT contains the basic marketing concepts, marketing mix elements, customer value and satisfaction, value chain, strategic marketing planning process, marketing research, marketing environment, CRM.
This ppt would be useful for the management students.
This document provides an overview of key concepts in marketing, including:
1. It defines marketing as managing profitable customer relationships by attracting new customers and retaining current customers through delivering satisfaction.
2. It outlines the marketing process and explains the importance of understanding customers and the marketplace using concepts like needs, wants, demands, products, value, satisfaction, exchange and relationships.
3. It discusses marketing management orientations like the production, product, selling, and marketing concepts and identifies the marketing mix of product, place, promotion, and price as elements of a customer-driven marketing strategy.
4. It describes customer relationship management and strategies for building lasting relationships like lifetime customer value and share of customer.
The document provides an overview of key marketing concepts and terms, including definitions of marketing, the marketing mix (4Ps and 4Cs), differences between sales and marketing, the scope of what can be marketed, core concepts like customer needs and wants, and factors that influence marketing strategy like the external environment. It also discusses topics like target markets, the marketing plan, the marketing process, product types and product mix, customers and understanding customer value.
Chapter 1 introduction to marketing presentAin Omar
This document provides an overview of key concepts in marketing. It defines marketing according to several experts and outlines marketing management philosophies including production, sales, marketing, and societal orientations. The differences between sales and market orientations are explained. The marketing process and core concepts like customer value, satisfaction, and relationship marketing are summarized. Trends in marketing are also briefly mentioned.
Marketing is a system of business activities designed to plan, price, promote, and distribute products and services to target markets. The key aspects of implementing the marketing concept are having a customer orientation focused on customer satisfaction and building long-term relationships, coordinating all marketing activities to create consistent messaging, and aligning organizational objectives around both performance and societal responsibility.
This document provides an overview of marketing mix and sales promotion concepts. It begins with defining key marketing terms like the marketing process, customers, and the 4Ps of marketing mix - product, price, place, and promotion. It then discusses various promotion tools including advertising, public relations, sales promotion, and personal selling. It provides examples of each tool and discusses their advantages and disadvantages. The document aims to explain basic marketing management concepts.
The document provides an overview of marketing concepts including defining marketing as a process of creating value for customers and building relationships to capture value in return. It outlines the marketing process and discusses understanding customer needs and the marketplace. It also identifies elements of a customer-driven marketing strategy and different marketing management orientations that guide strategy. Finally, it discusses building customer relationships through customer relationship management.
Hey guys, this presentation is all about marketing starting with a crisp and clear introduction and this ppt focusses on all important aspects related to marketing whether be it decision making, marketing process, marketig analysis, marketing utilities, marketing management concepts, marketing planning, traditional & modern approaches of marketing, a full coverage of 7 Ps of marketing mix as well as various important marketing strategy techniques along with relevant diagrams & charts & illutrative examples.
This document provides an overview of key marketing concepts and terms. It discusses marketing as focused on satisfying customers through the delivery of value. The three key points covered are:
1) Marketing involves creating, distributing, promoting, and pricing goods and services to facilitate satisfying exchange relationships with customers. It focuses on understanding customers and their needs.
2) Important marketing terms are defined, including target market, marketing mix, marketing exchanges, and the marketing environment.
3) The marketing concept and marketing orientation are introduced, emphasizing the importance of understanding customers and building relationships to satisfy their needs.
1. The document provides an agenda and overview for a marketing bootcamp being conducted by Thom Poole, an experienced international marketing director.
2. It defines marketing according to several institutions and perspectives, and outlines the key elements of the marketing mix - the 7Ps of product, price, promotion, place, people, process, and physical evidence.
3. The document discusses the importance of marketing and developing a marketing plan to understand customers, competitors, and the business environment in order to set objectives and strategies to create and capture value.
The document discusses the marketing mix, which includes the 4 P's of marketing: product, place, price, and promotion. For each P, companies must make strategic decisions. Product decisions include quality, features, branding etc. Place decisions involve distribution channels. Price establishes value and profits. Promotion uses advertising, sales, and publicity to generate customer response. Goals and objectives guide strategies and tactics to accomplish the marketing mix. Factors like demand, technology, and competition can drive changes to marketing strategies over time.
Introduction to marketing management-1.pdfOshadiVindika
This document defines key marketing terms and concepts. It begins by defining market, marketing, and marketing management. It then provides definitions of marketing from the AMA and Philip Kotler. Marketing management is explained as planning and executing ideas, goods, and services to create value for customers. The goals of marketing are to attract new customers and keep current customers. Several marketing philosophies are outlined, including the production, product, selling, marketing, and societal concepts. The marketing process and core concepts around needs, products, value, exchange, and markets are also summarized.
The document provides an overview of key concepts in marketing management. It defines marketing, discusses the new economy and challenges for firms, and covers core concepts like segmentation, the marketing mix, and marketing strategies. The summary explores how marketing satisfies customer needs through exchange and creates value for both customers and organizations.
Chapter 1 Creating And Capturing Customer ValueKathyBright
This document defines marketing and discusses the marketing process. It explains that marketing involves understanding customer needs, designing a customer-driven strategy to deliver value, building relationships, and capturing value from customers. The document also discusses trends like digitalization, globalization, and the importance of ethics. It emphasizes satisfying customer needs over selling and defines key concepts like the marketing mix, segmentation, value propositions, and customer relationship management.
This document provides an overview of marketing concepts including defining marketing, understanding customers and target markets, the marketing mix of product, price, place, and promotion, satisfying exchange relationships, the marketing environment and concept, managing customer relationships, the importance of marketing management, and the role of marketing in business and society. It discusses key topics such as the evolution of marketing orientation, implementing the marketing concept, relationship marketing and CRM, the components of value, and controlling marketing activities for effectiveness and efficiency.
The document provides an overview of marketing concepts. It defines marketing and differentiates between micro and macro marketing. It explains that marketing aims to satisfy customer needs and create value through a total company effort. The marketing concept focuses on customer satisfaction and building customer relationships to achieve profitability. Social responsibility and ethics are important aspects of the marketing concept.
The document discusses key concepts in marketing including:
1. Marketing involves activities that match supply and demand through exchanges and relationship building. It focuses on understanding customer needs and satisfaction.
2. Marketing serves important functions for consumers, firms, and society by facilitating exchanges that provide utility and stimulating economic growth.
3. Organizations adopt the "marketing concept" to guide strategic decisions and ensure total efforts are focused on customer value and satisfaction to build profitable long-term relationships.
This document provides an overview of a group presentation on marketing plans. It discusses key marketing concepts like the marketing mix, 4Ps and 4Cs, target marketing, market segmentation, and marketing strategies. It then gives definitions and examples for each concept. The document outlines developing a marketing plan for a new Columbia Sportswear product - expanding into the snowboard and equipment industry. It analyzes the industry, identifies Columbia's strengths and weaknesses, and provides recommendations around market segmentation, goals, product details, and ensuring product performance.
7. Exhibit 1.2 Customers Buy Benefits, Not Products Need Benefits sought Choice criteria Product/service features Brand/supplier chosen
8.
9.
10. What sort of decisions must marketing managers make to effectively serve customer needs?
11.
12. What must change hands between marketers and their customers if these efforts are to be successful?
13. Exhibit 1.8 What Must Change Hands? Information About the Market And Customer Needs and Wants Information About the Product And The Offer Physical Product or Service Money or Something Else of Value SELLER BUYER
14. So, if one were to plan the various things to be done to market a new product, what are the basic elements that such a plan would consist of?
19. Does having a market orientation make sense? What are the advantages? What might be the drawbacks?
20. Companies often talk about their strategies? What does strategy mean? A fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors, and other environmental factors.
21. In defining their strategies, should companies pursue broadly or narrowly defined missions? What are the advantages of each approach?
22.
23.
Editor's Notes
What do you think marketing is? Does it improve the quality of life? Is it a science or an art ? How do you define it? Marketing involves decisions which are crucial to the success of every organisation regardless of size, profit or non-profit. Marketers must market their ideas for improving prospects and performance to collegues, customers, suppliers, strategic partners and perspective employees. A strong customer focus a nd well conceived and executed marketing strategies are more nb than ever as global marketplace becomes more crowded and competitive
Accomplishing this requires the firm to Target those customer groups whose needs are most consistent with the firm’s resources and capabilities. Develop products and/or services that meet the needs of the target market better than competitors Make its products and services readily available to potential customers Develop customer awareness and appreciation of the value provided by the company’s offerings Obtain feedback from the market as a basis for continuing improvement in the firm’s offerings Work to build long-term relationships with satisfied and loyal customers Focus on customers and their needs to build and sustain a healthy topline – thru revenue that is sales. As Peter Drucker suggests everything a company does internally is a cost centre, the only profit centre is a customer whose check doesn’t bounce. A customer focus is nb why? Enables a firm to enjoy success by exploiting changes in the marketplace, by developing products and services that have superiourity over what is currently available and by taking a more focused and integrated cross-functional approach to their overall operations.
Without a top line – revenue – there can be no bottom line profit. Marketing learns what customers want and need, so the company can deliver the benefits desired Marketing helps provide the right goods and services to satisfy such wants and needs Marketing attracts and retains customers for the long term Marketing facilitates exchange relationships among people, organisations and nations. Ties in with economic Theory: As economies develop– division of labour increase specialisation increases but economies cannot benefit unless they can facilitate trade and exchange of surpluses. Nations need to penetrate all markets for its economic output Not all exchange relationships lead to long and mutually satisfying relationships
Let a vigorous debate flow for a few minutes. Then ask: Can you think of successful goods or services that were developed need first? Idea first? Post-It notes (idea first – an accident). Many hi-tech products (idea first). Gatorade (need first – Florida Gators football team). Ultimately, either starting point is okay. In the end, however, a genuine want or need must be filled or no one will buy.
3 Here’s how customer needs drive purchase decisions, at least in theory. For what kinds of goods or services is this sequence likely to hold. For what kinds is it not?
Product decisions: what must be decided here? Pricing decisions: what must be decided here? Promotion decisions: what must be decided here? Place (distribution) decisions: what must be decided here? In other words, the 4 Ps
9 There’s an abundance of decisions that marketing managers must make for every good or service they take to market, shown here. What sort of market knowledge is required to make these decisions? Customer needs – at trade and consumer levels Context – trends, etc Competitive offerings Company objectives and capabilities In short, the four Cs
Info re customer needs: seller buyer Info re product offering: seller buyer Goods or services: seller buyer Money: seller buyer
See notes for previous slide
Identify company objectives for the new product Market analysis: to understand market context and customer wants and needs Competitor analysis A marketing strategy: the 4 Ps
No: performance targets are often missed, of course. To better ensure delivery of planned performance, a good marketing plan should include: Sales forecasts and pro forma budgets against which to measure results Plan for implementation and control Refer to marketing plan project outline, if assigned
Company’s primary company goal is to satisfy customer needs Peter Drucker: The purpose of any business is to win a customer. True for all parts of the organization, i.e., cross-functional coordination The above should result in superior profitability
Advantages Promotes listening to the customer Happier customers more likely to be more loyal – good for long term profitability More customer and competitive information is likely to be obtained and used – good for profitability More likely to identify changes in market and competitive conditions – avoid being blindsided If the first two steps are done well, the third should take care of itself Helps employees focus on profit, not sales volume Possible drawbacks May lead the firm to seek to satisfy all customer groups – a possible prescription for disaster Customers may not be able to articulate what they really want and need – and will pay for! Current customers may not be the most attractive target – must avoid tyranny of current customers, if others are more attractive Implies tailoring products to different needs of different segments – may be costly Implies need for research – costs money, may slow reaction to market changes
The definition suggests that a strategy should specify: What (objectives to be accomplished) Where (on which industries and product-markets to focus) How (which resources and activities to allocate to each product-market to meet environmental opportunities and threats and to gain a competitive advantage)
Advantages of a narrowly defined mission Helps focus scarce resources Provides clear guidance re what should be done Clarifies competencies needed in the firm Can lead to better understanding of a narrow customer group or focused technological domain Advantages of a broadly defined mission Larger market to serve Facilitates evolution of the firm’s strategy with market and technological changes: e.g., railroads transportation Helps avoid being blind-sided In short, no easy answer here. One key (Abell 1980) is to think in terms of Customer groups Customer functions or needs to be satisfied Technology employed (broadly defined) Example - Disney: Jim Collins and Jerry Porras (HBR 1996) argue that while a company’s practices and strategies should change continually, its core ideology should not; i.e.: Its core values: a handful of guiding principles by which it navigates Disney: imagination and wholesomeness Its core purpose: its most fundamental reason for being Disney: to make people happy What does Disney’s core ideology tell its leaders about what kinds of products or services to offer and not to offer, or what markets to serve?