What is Marketing

Discussion Questions

What is marketing? What can marketers market? What types of decisions do marketers

make?

Marketing and Exchange

Marketing is an exchange between a firm and customer

CompanyCompany

CustomerCustomerThe customer seeks benefits from the

company,and expects to pay.

The company offers benefits to its

customers,and seeks profits.

Discussion Questions

Why might an exchange NOT occur? What is the long term benefit to having

satisfaction in an exchange?

What Can We Market?

What Can We Market?

Orientations

Product/Production Build a better mousetrap

Selling Orientation Let’s make a Deal

Marketing/Customer Building relationships with the customer

Discussion Question

Assume you are marketing pens. Can you describe how you would market under a product orientation compared to a customer orientation?

Marketing IS the Business

Marketing should permeate the entire organization

Chief Marketing Officers (CMO) need to show results Quantify results when possible

Marketing Framework

Start with a Situational Analysis using the 5Cs

Marketing Framework

Customers Who are they? What are they like? Do we want to draw different customers?

Company What are our strengths and weaknesses? What customer benefits can we provide?

Marketing Framework

Context What is happening in our industry that might

reshape our future business?

Collaborators Can we address our customers’ needs while

strengthening our B2B partnerships?

Marketing Framework

Competitors Who are the competitors we must consider? What are their likely actions and reactions?

Marketing Framework

Proceed to Strategic Marketing Planning with STP

Marketing Framework

Segmentation Customers aren’t all the same; they vary in their

preferences, needs, and resources Targeting

Attracting some of those customers makes better sense than going after others

Positioning Communicate your benefits clearly to your

intended customers

Marketing Framework

Advance to Marketing Tactics with the 4Ps

Marketing Framework

Product Will customers want what your company is

prepared to produce?

Price Will customers pay what you’d like to charge?

Marketing Framework

Place Where and how will customers purchase your

market offering?

Promotion What can you tell your customers or do for them

to entice them to purchase?

Framework Considerations

5 Cs, STP and 4 Ps are interdependent Marketers must understand how one decision

impacts other decisions

The 5 Cs are in flux Marketers must consistently monitor and adjust

strategy accordingly

Discussion Question

How can one judge whether or not marketers made the “right” decisions?

Types of Shopping

Types of Shopping

Purchase Decision Making

Models for How Buyers Decide

Lexicographic method Compare brands by most important attribute;

brands that make the cut go into consideration set; then compare on next important attribute, etc.

Average method One attribute can’t make or break a brand

Use attribute importance Assists with segmentation

B2B Customers

Classifications Installations Accessories Raw materials Components Business services

Most important classification is whether a business cares about a purchase

B2B Customers

More complex decision making due to different roles within a business: Initiators Users Influencers Buyers

Each role may sleek slightly different attributes

This Book…

Assumes global customers Assumes omnipresence of the Internet Gives fresh, fun examples Trains you to think like a marketer Defines terms as necessary Offers lists of factors to consider Gives “how to” guidance when feasible

This Book…

Each chapter opens with the Marketing Framework to maintain a focus on the big picture while also highlighting key concepts and tools about to be covered.

This Book…

Begins each chapter with coverage of “What” is the topic and “Why” it should matter to you

Every chapter then addresses the question of “How do I do this successfully?”

Book Layout