MARKETING

Introduction and Overview

WHAT IS MARKETING?

Delivering value, benefits & solutions to customers

People not buying products but solving problems/needs

Firm – stakeholders besides customersemployees satisfaction leads to customer

satisfaction

INSIGHTS INTO MARKETING

Starbucks – Howard Schulz

Mgmt Guru -- Peter Drucker

Revlon -- Charles Revson

Sony -- Akio Morita

EXCHANGE

2 parties each with something of value to

others each capable of comm. & delivery FREEDOM to accept or reject appropriate/desirable to deal with other both better off after transaction key: must reach an AGREEMENT for

exchange to occur

WHY MARKETING?

Marketing function imperative for organizational success

Hypercompetitive marketplace

Highly discriminating customers

Changing consumer needs

MARKETING MANAGEMENT PHILOSOPHIES

Production orientation Sales orientation – me first, customer 2nd Market orientation – customer is king

(Japan: Customer is god) Marketing orientation -- focus on

Consumer needs INTEGRATE all activities serve C long term goals

Societal marketing orientation: preserve individual & society’s interest Duracell: less mercury & toxic level

 

WHAT’S THE DIFFERENCE BETWEEN SALES & MARKETING?

SELLING INWARD focus on efficiency, operational issues

MARKETING: focus on customer value provide quality they expect at a price they are willing to pay at all levels of quality and price range

 

WHY PRODUCTS SUCCEED?

Products that perform earn trust

Avoid unrealistic pricing

organization wide commitment to post sales support

CUSTOMER SATISFACTION

The key to any organization’s success is it delivers satisfaction to its clientele

Organization culture geared towards creating customer value via customer satisfaction

Build RELATIONSHIPS

Human Resource function & training key – Customer-oriented employees via empowerment & teamwork

WHY STUDY MARKETING?

Important role in society – to produce & deliver needed products and services priced promote

Important to BIZ survival, profits, growth

Career opportunities

Affects our daily lives – unending exposure

CORE MARKETING CONCEPTS

Needs, wants, demands, preferences Segmentation, targeting, positioning Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment