Marketing Pp t 1
Content
Marketing: An Introduction
INTRODUCTION TO MARKETING
Marketing: An Introduction
What is a market?
“A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want” (Philip Kotler). For instance…..
Marketing: An Introduction
The Overall Themes of Marketing The Traditional Marketing Mix
• • • • Product Price Promotion Place
Marketing: An Introduction
Marketing Defined
• Marketing is a process… that is…
• • • • • Managerial Social Individual Wants, Desires Demands – Products and/or Services
Marketing: An Introduction
As far as Customers are concerned there are three elements to address
• Customer value: Difference between
the values that the customer gains from owning and using a product versus the costs of obtaining the product.
• Customer satisfaction: The extent to
which a product’s perceived performance in delivering value matches a buyer’s expectations.
• Quality: the characteristics of a product or
service that bear on its ability to satisfy stated or implied customer needs.
Marketing: An Introduction
Marketing Management Philosophies Agree or Disagree?
1. Production: consumers will favor products that are
available and highly affordable
2. Product: consumers favor products that offer the
most in quality, performance, and innovative features
3. Selling: consumers will not buy unless an
organization undertakes a large-scale selling and promotional effort
4. Marketing: determining the needs and wants of
target markets and delivering the desired satisfactions more effectively and efficiently then the competitors
5. Societal marketing: generating customer
satisfaction and long-run societal well-being are the keys to both achieving the company’s goals and fulfilling its responsibilities
Marketing: An Introduction
Relationships
• Relationship marketing: the process of creating,
maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
Marketing: An Introduction
Marketing Management Practice Essentially Two Types • Entrepreneurial marketing:
– Businesses started by individuals – Creativity, drive, and perseverance are keys to success
• Formulated marketing:
– Professional, disciplined approach – Achieving a market orientation
Marketing: An Introduction
Orientations towards marketing
• Production concept (before 1930): demand > supply • Selling concept (1930-1950): supply > demand • Marketing concept (post-1960s): analyze consumer needs before producing and selling, market orientation, competition…
Marketing: An Introduction
Marketing Concept versus Selling Concept
Starting Point Focus Means Ends
The Marketing Concept
Market Customer needs Integrated marketing Profits from satisfied customers
The Selling Concept
Factory Product
Sell and Promote it
Profits through sales volume
Figure 1.3
Marketing Management
Marketing: An Introduction • What is marketing management?
« Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals » (Philip Kotler)
• Marketing management has the task of influencing the level, timing, and composition of demand in a way that will help the organization achieve its objectives.
Marketing: An Introduction
Common marketing problems
• How can we identify and choose profitable market segments? • How can differentiate our offer from our competition? • How should we react to competitors? • How can we satisfy our customers and build brand loyalty? • How can we measure the effectiveness of an add campaign, of Public Relations, of a promotion, etc…?
INTRODUCTION TO MARKETING
Marketing: An Introduction
What is a market?
“A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want” (Philip Kotler). For instance…..
Marketing: An Introduction
The Overall Themes of Marketing The Traditional Marketing Mix
• • • • Product Price Promotion Place
Marketing: An Introduction
Marketing Defined
• Marketing is a process… that is…
• • • • • Managerial Social Individual Wants, Desires Demands – Products and/or Services
Marketing: An Introduction
As far as Customers are concerned there are three elements to address
• Customer value: Difference between
the values that the customer gains from owning and using a product versus the costs of obtaining the product.
• Customer satisfaction: The extent to
which a product’s perceived performance in delivering value matches a buyer’s expectations.
• Quality: the characteristics of a product or
service that bear on its ability to satisfy stated or implied customer needs.
Marketing: An Introduction
Marketing Management Philosophies Agree or Disagree?
1. Production: consumers will favor products that are
available and highly affordable
2. Product: consumers favor products that offer the
most in quality, performance, and innovative features
3. Selling: consumers will not buy unless an
organization undertakes a large-scale selling and promotional effort
4. Marketing: determining the needs and wants of
target markets and delivering the desired satisfactions more effectively and efficiently then the competitors
5. Societal marketing: generating customer
satisfaction and long-run societal well-being are the keys to both achieving the company’s goals and fulfilling its responsibilities
Marketing: An Introduction
Relationships
• Relationship marketing: the process of creating,
maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
Marketing: An Introduction
Marketing Management Practice Essentially Two Types • Entrepreneurial marketing:
– Businesses started by individuals – Creativity, drive, and perseverance are keys to success
• Formulated marketing:
– Professional, disciplined approach – Achieving a market orientation
Marketing: An Introduction
Orientations towards marketing
• Production concept (before 1930): demand > supply • Selling concept (1930-1950): supply > demand • Marketing concept (post-1960s): analyze consumer needs before producing and selling, market orientation, competition…
Marketing: An Introduction
Marketing Concept versus Selling Concept
Starting Point Focus Means Ends
The Marketing Concept
Market Customer needs Integrated marketing Profits from satisfied customers
The Selling Concept
Factory Product
Sell and Promote it
Profits through sales volume
Figure 1.3
Marketing Management
Marketing: An Introduction • What is marketing management?
« Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals » (Philip Kotler)
• Marketing management has the task of influencing the level, timing, and composition of demand in a way that will help the organization achieve its objectives.
Marketing: An Introduction
Common marketing problems
• How can we identify and choose profitable market segments? • How can differentiate our offer from our competition? • How should we react to competitors? • How can we satisfy our customers and build brand loyalty? • How can we measure the effectiveness of an add campaign, of Public Relations, of a promotion, etc…?
