Chapter 01 MKT120 Overview
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Transcript of Chapter 01 MKT120 Overview
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© McGraw-Hill Companies, Inc., McGraw-Hill/Irwin
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LEARNING OBJECTIVES
OVERVIEW OF MARKETING
What is the role of marketing in organizations?
How do marketers create value for a product or service?
Why is marketing important both within and outside the firm?
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Building Value Online
How do these companies provide value?
How do these companies provide value?
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Marketing is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What is Marketing?
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What is Marketing?
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Marketing is about Satisfying Customer Needs and Wants
What group is Crest targeting with this ad?
What other benefits of toothpaste might Crest advertise?
What groups might these benefits appeal to?
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Marketing Entails an Exchange
Goods/Services Producers (Sellers)
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Marketing Requires Product, Price, Place and Promotion Decisions
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Product: Creating Value
The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
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Price: Capturing Value
Price is everything a buyer gives up (money, time, energy) in exchange for the product
The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point
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Place: Delivering the Value Proposition
Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it
Where would you find this product in the store?
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Superior Service Ritz-Carlton
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Promotion: Communicating Value
Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response
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Marketing Can be Performed by Individuals and Organizations
ETSY Website
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Marketing Impacts Stakeholders
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Marketing Helps Create Value
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Value-Based Marketing
“Pure Dark ChocolateLight Exquisite
Cookie”
“Pure Dark ChocolateLight Exquisite
Cookie”
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Value Driven Companies
Share information across their organization
Balance customer’s benefits and costs
Build relationships with customers
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Value Based Marketing
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Target is Value Driven
Target Commercial
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Marketing and SocietyFocusing on many factors
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Marketing Enriches Society
Oprah's Angel Network
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Ben & Jerry’s Product Mission
Ben & Jerry’s Website
Ben & Jerry’s Commercial
To make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome natural ingredients and promoting business practices that respect the Earth and the Environment
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Glossary
Exchange is the trade of things of value between the buyer and the seller so that each is better off as a result.
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Glossary
Goods are items that you can physically touch.
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Glossary
Ideas include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed.
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Glossary
A supply chain is the group of firms that make and deliver a given set of goods and services.
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Glossary
Value reflects the relationship of benefits to costs.
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Check Yourself
1. What is the definition of marketing?
2. Marketing is about satisfying ______ and ______ .
3. What are the four components of the marketing mix?
4. Who can perform marketing?
5. What are the various eras of marketing?
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Check Yourself
1. What are the two methods for increasing value?
2. How can a firm become value driven?
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Check Yourself
1. List five factors that emphasize the importance of marketing.
2. A firm doing the right thing emphasizes the importance of marketing to society