chapter 1 an overview of marketing. learning outcomes – ch 1 understand the meaning of the term...
TRANSCRIPT
Chapter 1An Overview of Marketing
Learning Outcomes – CH 1Understand the meaning of the term “marketing”
Understand the evolution of marketing management philosophies
Recognize the difference in a sales orientation and a marketing orientation
Understand why it is important to study marketing
What is marketing?American Marketing Association Definition:
“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 the organization and its stakeholders”
Marketing involves ExchangeInterchange of something of value between
two partiesMarketing provides a good or service
Customer receives the benefit of the product (good or service)
Marketer receives the “price” of the product
What is required for exchange to occur?There must be at least two partiesEach party must have something of value**Each party must be able to communicate and
deliverEach party must be free to accept or reject
the offerEach party must feel it is acceptable to deal
with the other party
Marketing Management PhilosophiesProduction
orientation:
Emphasis is on production and technology– “What can we do
best?”
Marketing Management PhilosophiesSales Orientation
The emphasis is on selling existing products “Let’s sell what we
have.”
Marketing Management PhilosophiesThe Marketing Concept:
Emphasis is on consumer needs and long-range profitability
“What can we do to satisfy customer needs and wants?
Recognizes that different groups of customers need different features and benefits segmentation
Marketing Management PhilosophiesSocietal Marketing
OrientationThe emphasis is on
customer satisfaction, meeting organizational objectives, AND preserving and enhancing individuals’ and society’s best interests.
**Customer ValueThe difference
between the benefits a customer sees and the costs of obtaining those benefits
How can a company create value?
Customer SatisfactionThe feeling that a
product met or exceeded a customer’s expectations.
Relationship MarketingMarketing activities
aimed at building long-term relationships with customers that contribute to the company’s success
Typically depends on:Customer-focused
employeesTrainingEmpowermentTeamwork
Understanding Marketing is important because…it affects society and
the economyChoicesInnovationEconomic growth
marketing activities are critical to the survival of a business
it creates many career opportunities
it affects daily life