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CHAPTER 1

OVERVIEW OF MARKETING

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LEARNING OUTCOMES
LO 1 Define the term marketing

LO 2 Describe four marketing management


philosophies
LO 3 Discuss the differences between sales
and market orientations
LO 4 Describe the marketing process

LO 5 Describe several reasons for studying


marketing
LO 6 Describe the trend in marketing

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LO 1

WHAT IS MARKETING?

Stresses Customer Satisfaction

A Philosophy A Set of Activities…


An Attitude
Products
A Perspective
Distribution
A Management
Promotion
Orientation
Pricing

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LO 1

WHAT IS MARKETING?

American Marketing Association Definition

Marketing is the process of planning


and executing the product conception,
pricing, promotion,and distribution of
ideas, goods, and service to create
exchanges that satisfy individual and
organizational goals.

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LO 1

WHAT IS MARKETING?

American Marketing Association Definition

Marketing is the activity, set of


institutions, and processes for creating,
communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners
partners, and society
at large.

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LO 1

WHAT IS MARKETING?

More
Partners refers to investment
employees, suppliers,
Stockholder
stockholders, distributors, satisfaction
and others.
Growth and
profits

Repeat
business
For example:
Higher
When organization creates quality of goods
high level of
employee satisfaction Greater
effort
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LO 1

THE CONCEPT OF EXCHANGE

EXCHANGE People giving up


something to receive
something they would
rather have.
Chapter
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Here

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LO 1

THE CONCEPT OF EXCHANGE

At Least Two Parties

Something of Value
Necessary
Conditions Communication and Delivery
for
Exchange
Freedom to Accept or Reject

Desire to Deal With Other


Party
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LO 1

THE CONCEPT OF EXCHANGE

• Exchange may not take place even


if conditions are met

• An agreement must be reached

• Marketing occurs even if exchange does


not take place

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LO 1
REVIEW LEARNING OUTCOME
What Is Marketing?
Creating
Customer value
Value
and beneficial
relationships

Exchange
A B

Delivering Communicating
Value Value

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LO 2
MARKETING MANAGEMENT
PHILOSOPHIES

Production

Sales

Competing Market
Philosophies
Societal Marketing

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LO 2
MARKETING MANAGEMENT
PHILOSOPHIES

Orientation Focus is on

Production internal capabilities of the firm


rather than on the desire and
needs of the marketplace.

Sales aggressive sales techniques and


belief that high sales result in high
profits.

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LO 2
MARKETING MANAGEMENT
PHILOSOPHIES
Orientation Focus is on

Market satisfying customer needs and


wants while meeting organizational
objectives

Societal satisfying customer needs and


Marketing wants and to meet organizational
objectives and also to preserve or
enhance individual and societal
well-being

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LO 2

MARKET ORIENTATION

Marketing The idea that the social and


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

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LO 2

THE MARKETING CONCEPT


• Focusing on customer wants and needs to
distinguish products from competitors’
offerings

• Integrating all the organization’s activities


to satisfy these wants

• Achieving the organization’s long-term


goals by satisfying customer wants and
needs legally and responsibly
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LO 2

ACHIEVING A MARKET ORIENTATION

u Obtain information about customers,


competitors, and markets

u Examine the information from a total business


perspective

u Determine how to deliver superior


customer value

u Implement actions to provide value


to customers

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LO 2

SOCIETAL MARKETING ORIENTATION

Societal An organization exists not only


Marketing to satisfy customer wants but
Orientation also to preserve or enhance
individuals’ and society’s long-
term best interests.

• Less toxic products


• More durable products
• Products with reusable
or recyclable materials

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LO 2
REVIEW LEARNING OUTCOME
THE FOUR MARKETING MANAGEMENT PHILOSOPHIES

ORIENTATION FOCUS

Production What can we make or do best?

Sales How can we sell more aggressively?

Marketing What do customers


want and need?

Societal What do customers want and need,


and how can we benefit society?

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LO 3

SALES vs. MARKETING ORIENTATION

Organization’s Firm’s For Primary Tools to


Focus Business Whom? Profit Achieve
Goal?

Sales Inward Selling Everybody Maximum Primarily


Orientation goods and sales promotion
services volume

Market Outward Satisfying Specific Customer Coordinated


Orientation wants and groups of satisfaction use of all
needs people marketing
activities

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LO 3

THE ORGANIZATION’S FOCUS

Key Issues in
Developing
Competitive Advantage

Create Maintain
Build Long-Term
Customer Customer
Relationships
Value Satisfaction

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LO 3

CUSTOMER VALUE

Customer Value The relationship


between benefits and
the sacrifice necessary
to obtain those benefits.

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LO 3

CUSTOMER VALUE REQUIREMENTS

• Offer products that perform


• Earn trust
• Avoid unrealistic pricing
• Give the buyer facts
• Offer organization-wide commitment in
service and after-sales support
• Co-Creation

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LO 3

CUSTOMER SATISFACTION

Customer The customer’s evaluation


Satisfaction of a good or service in
terms of whether it has
met their needs and
expectations.
Chapter
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LO 3
MAINTAINING CUSTOMER
SATISFACTION

u Meet or exceed customer’s expectations


u Focus on delighting customers
u Provide solutions to customer’s problems
u Cultivate relationships,
NOT one-time transactions

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LO 3

BUILDING RELATIONSHIPS

Relationship A strategy that focuses


Marketing on keeping and
improving relationships
Chapter with current
PHOTO
customers.
Here

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LO 3

BUILDING LONG-TERM RELATIONSHIP

u Customer-oriented personnel

u Effective training programs

u Empowered employees

u Teamwork

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LO 3

DEFINING A FIRM’S BUSINESS

Use “benefits” instead of “goods/services”

– Ensures a customer focus

– Encourages innovation and creativity

– Stimulates an awareness of changes


in customer preferences
http://www.britannica.com

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LO 4

MARKETING PROCESS ACTIVITIES

Understand the organization’s mission


Set marketing objectives
Gather, analyze, interpret “SWOT” information
Develop a marketing strategy
Implement the marketing strategy
Design performance measures
Evaluate marketing efforts--change if needed

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LO 5

WHY STUDY MARKETING?

u Plays an important role in society

u Vital to business survival, profits


and growth

u Offers career opportunities

u Affects your life every day


§ Better-informed customer

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LO 5

WHY STUDY MARKETING

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

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LO 5
REVIEW LEARNING OUTCOME
Reasons for Studying Marketing

Why Study Marketing?

Important Important Good


to to Career
Society Business Opportunities

+
Marketing affects you every day!
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LO 6

TREND IN MARKETING
• Increased use of E-Commerce
– allow customer to do their transaction online
– provide information about the background & company policy
and service offered
– placement of advertisement and promotion online
• Increased use of e-mail to reach out to prospects and
customers more frequently at a very low cost.
• Increased use of blogs, social networking, and other
social media to create dialog and relationships with
prospects and customers.
• Emphasis customer retention
• Detailed method to measure customer satisfaction
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