Marketing 1Marketing 1An Overview of MarketingAn Overview of Marketing

WHAT IS…?WHAT IS…?

MARKETINGMARKETING

MARKETINGMARKETING

Sine Qua NonSine Qua Non of Business of Business

““Without This NothingWithout This Nothing””

MARKETINGMARKETING

Meeting customer needsMeeting customer needs

Exchange: Quid pro Quo (This for That)Exchange: Quid pro Quo (This for That)

Creating, Promoting & Delivering:Creating, Promoting & Delivering: Goods & ServicesGoods & Services

Where can marketing be used?Where can marketing be used?

Traditional BusinessesTraditional Businesses Not-For-Profit CompaniesNot-For-Profit Companies InstitutionsInstitutions Social OrganizationsSocial Organizations Social Causes and IdeasSocial Causes and Ideas PoliticsPolitics Sports and EntertainmentSports and Entertainment

MarketsMarkets All actual and potential customersAll actual and potential customers

Can’t be all things to all people, so Can’t be all things to all people, so break up total market into segmentsbreak up total market into segments

Each segment is comprised of people Each segment is comprised of people who are grouped by their similarity who are grouped by their similarity along some dimensionsalong some dimensions

1.11.1

Marketing

Defining marketing Marketing mix Management philosophies Requirements for successful marketing Market place orientations

1.31.3

What Is Marketing?

A set of processes for creating, communicating and delivering value to customers, with the intention of

building long term relationships that will benefit the organization and its

stakeholders.

1.21.2

SELLERBUYER

Exchange Process

1.41.4

MARKETING MIXMARKETING MIX

Decisions that must be made. The “ingredients.”Decisions that must be made. The “ingredients.”

PRODUCTPRODUCT PROMOTIONPROMOTION PLACEPLACE PRICEPRICE

KEY: Devise a mix that satisfies KEY: Devise a mix that satisfies customers and generates a profit for the customers and generates a profit for the firm.firm.

1.51.5

MARKETING PHILOSOPHIES

PRODUCTION ORIENTATION– Focus on internal capabilities of the firm

rather than on the marketplace

SALES ORIENTATION– Aggressive sales techniques used to drive

profits

The Marketing ConceptThe Marketing Concept

The social and economic justification for The social and economic justification for an organization’s existence is the an organization’s existence is the satisfaction of customer wants and needs satisfaction of customer wants and needs while meeting organizational objectives.while meeting organizational objectives.

The value as perceived by the customer!The value as perceived by the customer!

1.61.6

MARKET ORIENTATION EMPLOYING THE MARKETING CONCEPT

– Customer needs/wants orientation– Aimed at generating customer satisfaction– Satisfying organizational goals

STRATEGIC MARKETING MANAGEMENT– Gather information about customers, competitors,

and markets– Selection of target markets– Development of marketing mix

1.71.7

SOCIETAL MARKETING SOCIETAL MARKETING ORIENTATIONORIENTATION

Satisfy customer wants/needsSatisfy customer wants/needs

Organizational goals Organizational goals

And preserve or enhance society’s long And preserve or enhance society’s long term best interestterm best interest

1.81.8

Value

Value is what the customer thinks it is.

Customer Value = Benefits Costs

Customer SatisfactionCustomer Satisfaction

Satisfaction = Experience - ExpectationSatisfaction = Experience - Expectation

Long-Term RelationshipsLong-Term Relationships

Repeat SalesRepeat Sales ReferralsReferrals Lower CostsLower Costs

Customer Retention vs. Customer AcquisitionCustomer Retention vs. Customer Acquisition Increased SalesIncreased Sales Premium Price (slight)Premium Price (slight)

1.101.10

Successful relationship marketing Successful relationship marketing requiresrequires

Customer Oriented PersonnelCustomer Oriented Personnel

Good TrainingGood Training

EmpowermentEmpowerment

TeamworkTeamwork

1.111.11

Importance of marketing in society

Importance to Business

Career Opportunities

Affects Daily Life

To You