Marketing 1 An Overview of Marketing. WHAT IS…? MARKETING.
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Transcript of Marketing 1 An Overview of Marketing. WHAT IS…? MARKETING.
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Marketing 1Marketing 1An Overview of MarketingAn Overview of Marketing
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WHAT IS…?WHAT IS…?
MARKETINGMARKETING
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MARKETINGMARKETING
Sine Qua NonSine Qua Non of Business of Business
““Without This NothingWithout This Nothing””
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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
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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
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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
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1.11.1
Marketing
Defining marketing Marketing mix Management philosophies Requirements for successful marketing Market place orientations
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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.
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1.21.2
SELLERBUYER
Exchange Process
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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.
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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
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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!
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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
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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
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1.81.8
Value
Value is what the customer thinks it is.
Customer Value = Benefits Costs
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Customer SatisfactionCustomer Satisfaction
Satisfaction = Experience - ExpectationSatisfaction = Experience - Expectation
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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)
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1.101.10
Successful relationship marketing Successful relationship marketing requiresrequires
Customer Oriented PersonnelCustomer Oriented Personnel
Good TrainingGood Training
EmpowermentEmpowerment
TeamworkTeamwork
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1.111.11
Importance of marketing in society
Importance to Business
Career Opportunities
Affects Daily Life
To You
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