MKTG 3650 – Thompson – UNT

Marketing
is the process of planning and executing the conception, pricing, promotion, and distribution of products, services, and ideas to create exchanges that satisfy individual and organizational objectives. (Wants and Needs)
Organizations
Business selling goods and services
Non-profit organizations selling services, ideas
Government agencies
Individuals
You, marketing yourself
Politician, marketing themselves, ideas
Market (Technical Definition)
People or organizations with needs, an exchange medium, and a willingness to engage in the exchange process.
– The actual or potential buyers of a product.
– Exchange medium is “money.”
– Willingness to “exchange” is a willingness to “BUY”.
Form Utility
Satisfaction generated by how the product functions and how well it works, its inherent reliability.
Time Utility
Satisfaction generated by having products ‘when’ we want them. Often willing to pay more because of the value we place on our ‘time’.
Place Utility
Satisfaction generated by having products ‘where’ we want them.
Possession Utility
Ownership
– Legally obtain benefits of the product.
– Usually results from purchase i.e. title has been transferred to user
Possession utility also results from
– Renting
– Leasing
– Borrowing?
Created with pricing and financing options
Image Utility
Ego, social communication
Closely tied to ‘self concept’
Which of the following best reflects the concept of ‘exchange’ in marketing?
Trading values between exchange partners
Which of the following ‘utilities’ is least likely to be created solely by the marketing function in the firm?
Form Utility
Attaching an attractive life style to a product via advertising is generally an attempt to create?
Image Utility
Marketing is a total system of business activities designed to
Plan, price, promote, and distribute want-satisfying goods, services and ideas to target markets to achieve organizational objectives.
Marketing Mix
is the specific combination of inter-related and interdependent marketing activities employed by organizations to meet objectives.
Customers
– Product
– Price
– Place
– Promotion
Product
A good, service, or idea that offers a bundle of tangible and intangible attributes to satisfy customers’ wants and needs.
Place (Distribution)
That element of the marketing mix involving all aspects of getting products to consumers at the right location and at the right time
Channel of Distribution
The people and organizations involved in moving a product from producer to the consumer.
– Manufacturer
– Wholesaler
– Retailer
– Consumer
Manufacturer
Producer of a finished product
Wholesaler
A middleman does not make or consume the PRODUCT. Resells to other wholesalers, retailers, manufacturers or other institutions.
Retailer
A type of middleman that resells the product to the ultimate consumer.
Consumer
Those who buy or use the finished product.
Basic Channels of Distribution
Consumer Product
– Producer
– Wholesaler
– Retailer
– Consumer
Industrial Product
– Producer
– Industrial Distributor
– Industrial User
All Managers
Develop Plans
– Strategic & Tactical Plans
Implement Plans
– Staffing & Supervising
Control Plans
– Establish Control Standards & Monitor, Evaluate, Correct
Market Opportunity Analysis
A search for product/markets in which the firm can profitability compete, that are consistent with its distinctive competencies and organizational objectives, and for which it possesses sufficient resources.
Organizational Mission
is a statement of company purpose, identifying the business the firm wishes to be in; a statement of the firm’s primary areas of product and market focus.
Marketing Management Process
– Product/Market Selection Market Segmentation
– Market Targeting
– Market Positioning
– Develop Marketing Mix
Market Penetration Opportunities
Sell same products to same markets
Price and promotion sell more i.e. stimulate greater demand
– Penetrate existing markets in greater depth
– Obtain more market share
Market Development Opportunities
Sell same product to new markets