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Principles of Marketing Lecturer: Sherwayne Cammock
Learning Goals
1. Define what is Marketing 2. Outline the basic concepts behind Marketing 3. Distinguish between the major marketing philosophies 4. Outline the Marketing Process
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What is Marketing?
Marketing Defined:
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others (Kotler)
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Wants
The form of needs as shaped by culture and the individual personality. Example: Want a Lexus
Demands
Wants which are backed by buying power.
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Satisfaction
A satisfied customer will buy again and tell others about their good experience
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Marketing Management
Marketing management is the art and science of choosing target markets and building profitable relationships with them.
What customers will we serve? How can we serve these customers best?
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Value Proposition
How can we serve these customers best? Includes the set of benefits or values a company promises to deliver to consumers to satisfy their needs.
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Marketing Management
Production concept Selling concept Marketing concept Product concept
Marketing Orientations
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Customer Satisfaction
Products perceived performance relative to customers expectations.
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Full Partnerships
Key customers (few customers with high profitability levels)
Customer research and tracking Product development Distribution New advertising tools 24/7 marketing through the Internet
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Marketing Landscape
Challenges
Digital age Globalization Ethics and social responsibility Not-for-profit marketing Marketing relationships
Geographical and cultural distances have shrunk
Greater market coverage More options for purchasing and manufacturing Increased competition from foreign competitors
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Marketing Landscape
Challenges
Digital age Globalization Ethics and social responsibility Not-for-profit marketing Marketing relationships
Marketers need to take great responsibility for the impact of their actions
Caring capitalism (being civic minded and responsible) is a way to differentiate your company
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Marketing Landscape
Challenges
Digital age Globalization Ethics and social responsibility Not-for-profit marketing Marketing relationships
Many organizations are realizing the importance of strategic marketing
Performing arts Government agencies Colleges Hospitals Churches
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Marketing Landscape
Challenges
Digital age Globalization Ethics and social responsibility Not-for-profit marketing Marketing relationships
Profits through managing long-term customer equity
Improve customer knowledge Target profitable customers Keep profitable customers
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What is Marketing
The process of building profitable customer relationships by creating value for customers and capturing value in return
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