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BUS 365 Principles of Marketing
Prof. A. Della Bitta Prof. A. Della Bitta
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The Text Marketing 2nd edition, 2011McGraw-Hill ISBN: 978-0-07-340487-5
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Wh at is Marketing?
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Wh at is Marketing?
It is much m ore thanadvertising or pro m otion
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Definition of Marketing by American MarketingAssociation :
Book- quoting AMA in 12-2008 : Marketing is theactivity, set of institutions, and processes for creating,capturing, communicating, delivering and exchanging
offerings that have value for customers, clients, partners,and society at large.
AMA Website 04-2010 : Marketing is an organizational
function and a set of processes for creating,communicating, and delivering value to customers and for managing customer relationships in ways that benefit theorganization and its stakeholders.
Source: http://www.marketingpower.com/_layouts/Dictionary.aspx?dLetter=M
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Marketing Facilitates Exchanges
People giving up so m ething to
receive so m ething they would rather have.
Marketing Exchange
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A t least two parties
A willingness to deal withanother party
Involves so m ething perceivedto be of value
Co mm unication and delivery
Freedo m to accept or reject
Mini m u m
conditionsneeded for anexchange to
occur
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W hy Study Marketing?
Pl ays an important ro le in society
Vita l to business surviva l, profits and growth
Ha lf of every do llar spent by consumers is for marketing costs.
Become a better-informed consumer.
Offers career opportunities
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Marketing focuses on _________ and_______ consumers wants and needs
discoveringsatisfying
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W hat is a - -
C onsumer:
C ustomer:
Market:
Need:
Want:Market:
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Core A spects of Marketing
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Philosophy
Production
Sales
Marketing
Societal Mkt.
F ocus on satisfying customer needs & wantsfind out the needs/wants consumers & satisfy thoseif that are profitab le for us to do so 1955 - 1990s
2000s F ocus on satisfying certain needs/wants if it is profitab le and if it is consistent with enhancing
individua l and societa l we ll-being
F ocus on aggressive techniques to over-come customer resistance our warehouse isfull, we need to un load this stuff 1948 1955 or so
Key focus of the orientation
ProductF ocus on product features consumers wi ll want the highest qua lity products 1920s late 1930s
F ocus on efficiency of interna l operations better & cheaper products. Up to late 1920s
Philosophies of Doing Marketing
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O rganizations focus Fir m s pri m ary goalDefinition of fir m s business Tools used to achieveFor who m the product is directed those goals
These O rientations Differon the Following Characteristics
Focus FirmsBusiness
For Whom?
Primary Goal?
Tools toAchieve?
Sellinggoods andservices
EverybodyMaximumsalesvolume
Primarilypromotion
InwardSales
Orientation
Market Orientation
Outward Coordinateduse of allmarketingactivities
Customer satisfaction
Specificgroups of people
Satisfyingwants andneeds
Exam
ple
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R ecapitulation
Production W hat can we m ake or do best?
How can we sell m ore aggressively?
W hat do custo m erswant and need?
W hat do custo m ers want and need,and how can we satisfy those
wants/needs and benefit society?
O rientation Focus
Sales
Marketing
Societal
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The Marketing O rientation
F ocusing on customer wants and needs can be asource of competitive advantage by:
C reating customer va lue
Maintaining customer satisfaction
Bui lding long-term re lationships
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Custo m er Value
T he resu lt of eva luation of benefits tothe sacrifice necessary to obtain thosebenefits - it is in essence what you get for what you give up.
T he fundamenta l purpose of marketingis to create va lue for both the firm andcustomer .
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T he customers fee ling that a product hasmet or exceeded his/her expectations.
Custo m er Satisfaction
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Expectations
Product Perfor m ance
and
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R elationship Marketing
A strategy that entai ls deve loping long-termpartnerships with customers - - both individua ls andfirms.
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The Marketing ProcessOrganizational mission
Situationalanalysis
Marketing strategy(Segmentation, Targeting & Positioning
Marketing mix:productdistributionpromotionprice
Implementation
Evaluation
Environ-mentalscan
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A n organizations m arketing depart m entrelates to m any people, groups, and forces
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Marketings First Task:D iscov ering Consu m ers Needs
P otential consumers in the marketp lace
Customers words and behavior are suggestiveof their needs & wants
I dentification of actua l needs & wants
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Environ m ental scanning.
C ollecting and interpreting data about forces , eventsand re lationships in the external environment that have
re levance to the organizations marketing p lan and/or
its imp lementation.
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Environ m ental Scanning
E xamination of macroenvironmenta l forcesSocia lDemographicE conomicT echno logica lPolitica l / Lega lC ompetitive
He lps identify market opportunities
Provides guide lines for design of marketing strategy
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Marketings Second T ask:S atisfying C onsumer Needs
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An organization cant satisfy the needs of all consumers , so it must focus on one or more subgroups , which are its ____________.target markets
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A unique b lend of:product , distribution , promotion , andpricing strategies
designed to produce mutua lly satisfying
exchanges with a target market.
The Marketing Mix
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Marketing m ix: The four Ps
Promotion
Place
Price
Product
4Ps
Product
PricePlace
Pro m otion
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Product Strategies
T he starting point of the four PsI nc ludes physica l unit , package ,
warranty , service , brand , imageand va lue
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Pricing Strategies
T hey are typica lly based onviewing price as what isgiven up in an exchange toacquire a good or service.
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Distribution (Place) Strategies
Product avai labi lity where and when
customers want them
I nvo lves a ll activities from raw materia ls
to finished products
Impact of the
Internet
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Pro m otion Strategies
R ole is to bring about exchanges withtarget markets inform , persuade , remind
I nc ludes integration of persona l se lling , advertising , sa les promotion , and pub licre lations , direct marketing and I nternet
marketing
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T he fundamenta l purpose of Marketing is to he lpcreate va lue.
1. How does it do this?
2. What are the two ways that marketing canincrease va lue for customers?
A nswer these two questions
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