Class One

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

WELCOME TO BUS132MARKETING

MANAGEMENT

WELCOME TO BUS132MARKETING

MANAGEMENT 11


LETS DEFINE MARKETING

‣WHAT DO MARKETERS DO?


‣ Marketing: Defined‣ An organizational function and a set of processes for

creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

TEXT BOOK DEFINITIONS


If the circus is coming to town and you paint a sign saying "Circus

Coming to the Fairground Saturday," that's advertising. If you put the sign on the back of an elephant and walk it

into town, that's promotion. If the elephant walks through the mayor's

flower bed, that's publicity. And if you get the mayor to laugh about it, that's public relations. If the town's citizens go to the circus, you show them the many entertainment booths, explain how much fun they'll have spending money at the booths, answer their

questions and ultimately, they spend a lot at the circus, that's sales.


An organization’s marketing department relates to many people, groups, and forces


Requirements for Marketing to Occur

‣ Two or More Parties with Unsatisfied Needs‣ Desire and Ability to Satisfy These Needs‣ A Way for the Parties to Communicate‣ Something to Exchange


‣Discovering Consumer Needs‣ Consumer Needs and Consumer Wants

DISCOVERING AND SATISFING CONSUMER NEEDS


New Product Idea!

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

Marketing’s first task: discovering consumer needs


‣Satisfying Consumer Needs‣ Target market‣ The Four Ps: Controllable Marketing Mix Factors‣ Product‣ Price‣ Promotion ‣ Place

‣ The Uncontrollable, Environmental Factors

HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS


FIGURE 1-3 Marketing’s second task: satisfying consumer needs


‣Evolution of North American Businesses‣ Production Era‣ Sales Era‣ Marketing Concept Era‣ Market Orientation Era‣ Customer Value‣ Customer Satisfaction‣ Customer relationship management (CRM)‣ Customer lifetime value (CLV)‣ eCRM‣ Interactive marketing

HOW MARKETING BECAME SO IMPORTANT


FIGURE 1-5 Five different orientations in the history of North American business


What type of value do these firms offer their customers?



NEXT CLASS

‣UNDERSTANDING THE MARKETING CASE APPROACH

‣ LITTLE LUCY’S LEMONADE & HISTORY ADVENTURE TOURS

‣UNDERSTANDING THE MARKETING PLAN

‣CHAPTER TWO – DEVELOPING SUCCESSFUL MARKETING

STRATEGIES