MKT 101 C – 1 An Overview of Marketing

marketing
the activity set of institutions and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
marketing plan
a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and othe) financiel statements
exchange
trade of things of value between the buyer and the seller so that each is a better result
marketing mix
(four Ps) Product, price, place, and promotion – the controllable set of activities that a firm uses to respond to the wants of its target market
goods
items you can physically touch
Nike shoes, Pepsi Cola, Kraft cheese
services
intangible customer benefits that are produced by people or machines and cannot be separated from the producer
tickets to concerts, sporting events, theaters
hotels, insurance agencies, and spas provide services
ideas
concepts, opinions and philosophies
groups promoting bicycle safety go to schools, give talks, and sponsor bike helmet poster concerts for the members of their primary market – children
product
creating value through goods, services and ideas
price
capturing value
everything a buyer gives up in exchange for a product
how much customers are willing to pay can it be used for profit
place
delivering value
all activities necessary to get the product to the right customer when the customer wants it
promotion
communicating value
communication by a marketer that informs, persuades and reminds buyers about a product to influence opinions
marketing is about
satisfying customer needs and wants
what is marketing?
the commercial processes involved in promoting and selling and distributing a product or service
core aspects of marketing
• Marketing is about satisfying customer needs and wants
• Marketing entails an exchange
• Marketing requires product, price, place, and promotion
decisions
• Marketing can be performed by both individuals and
organizations
• Marketing occurs in many settings
• Marketing helps create value
B2C marketing
businesses sell to consumers
retailer sells computer to consumer A (me)
page 10
B2B marketing
selling merchandise or services from one business to another
manufacturer makes computers and sells to retailer
C2C marketing
consumers sell to other consumers
P10 10
employment marketing
marketing programs to attract applicants to the hiring firm
P 10
Marketing impacts various stakeholders
such as, partners in the supply chain, employees, and society at large
production – oriented era
turn of the twentieth century
believed a good product would sell itself – more concerned with product innovation not with the needs of individual customers
sales – oriented era
1920-1950
production and distribution were more sophisticated, produced in the masses more than what people actually needed or wanted
P 12 ????
market oriented – era
value – based marketing era
value
value cocreation
what is value based marketing?
how firms compete on the basis of value
value – based marketing
how do firms become value driven?
sharing information
balancing benefits with cost
building relationships with customers
transactional orientation
relational orientation
connecting with customers using social and mobile marketing
importance of marketing
• Expands global presence
• Pervasive across supply chain
• Enriches society
• Can be entrepreneurial
supply chain
entrepreneurs
marketing enriching society (example)
Kellogg’s: “to provide and maintain environmentally responsible practices for the communities in which we are located: