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The first in a series of presentations designed to help entrepreneurs, managers and anyone interested in marketing learn the marketing tools necessary to be successful.
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The Definition of
Marketing
What is Marketing and how its Definition
Creates Strategies for Your Business Success
Angela Hausman, PhD, http://www.hausmanmarketingletter.com
American Marketing Association Definition
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing is NOT: advertising or selling.
Angela Hausman, PhD, http://www.hausmanmarketingletter.com
What is Marketing ?
Creating Value
Consumers buy solutions not products
Consumers buy the “Best Solution”
Value is benefit - cost
Angela Hausman, PhD, http://www.hausmanmarketingletter.com
What is Marketing?
Communicating value
Advertising
Promotions
Word of mouth
Public relations
Sales
Angela Hausman, PhD, http://www.hausmanmarketingletter.com
What is Marketing ?
Distributing value
Product available where consumers search for them (place utility)
Products in a form easily used by consumers (form utility)
Products available when consumers want them (time utility)
Products can be easily acquired through cash or financed (possession utility) Angela Hausman, PhD, http://www.hausmanmarketingletter.com
Who gains value in marketing?
Consumers
Employees
Vendors and distributors
Financial institutions and stockholders who lend money to the business
Society (concept of Corporate Social Responsibility)
How can this help you succeed?
Provide strategic direction for your business
What is your mission? To maximize the value provided to some segment.
What should you focus on? Value
How to distribute assets? In a manner that creates value for at least 1 stakeholder.
All the money coming into a business comes from selling to consumers
Who’s responsible for marketing in your business?
Everyone plays a part
Accountants make sure bills are right and materials are available for sales to happen
Finance managers make sure there’s cash flow to keep operations going
Managers make sure employees are happy – happy employees = happy customers
Who’s responsible for marketing in your business?
Operations provide utilities to customers
IT – help communicate value and provide utilities to consumers
Research and Develop – keeps a steady stream of new solutions coming
Angela Hausman, PhD, http://www.hausmanmarketingletter.com
