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8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
1
An Overview of MarketingAn Overview of Marketing
Prepared byPrepared by
Deborah BakerDeborah Baker
Texas Christian UniversityTexas Christian University
Chapter 1
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Learning ObjectivesLearning Objectives
1. Define the term marketing
2. Describe four marketing managementphilosophies
3. Explain how firms implement the marketingconcept
4. Describe the marketing process and identify
the variables that make up the marketing mix5. Describe several reasons for studying
marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Define the termmarketing
1
1
On Line
http://www.soapworks.com
On Line
http://www.soapworks.com
http://www.soapworks.com/http://www.soapworks.com/http://www.soapworks.com/8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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What Is Marketing?What Is Marketing?
All of the above, plus much more!
Personal Selling?
Advertising?
Making products available in stores?
Maintaining inventories?
1
1
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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What Is Marketing?What Is Marketing?
A Philosophy
An Attitude
A Perspective
A Management
Orientation
A Set of Activities,
including:
Products
Pricing
Promotion
Distribution
1
1
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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What Is Marketing?What Is Marketing?
American Marketing Association Definition
Marketingis the process of planning andexecuting the conception, pricing, promotion,
and distribution of ideas, goods, and services
to create exchanges that satisfy individual and
organizational goals.
1
1
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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The Concept of ExchangeThe Concept of Exchange
The idea that people give up
something to receive
something they would rather
have.
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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The Concept of ExchangeThe Concept of Exchange
NecessaryConditions
for Exchange
NecessaryConditions
for Exchange
At Least Two PartiesAt Least Two Parties
Something of ValueSomething of Value
Communication and DeliveryCommunication and Delivery
Freedom to Accept or RejectFreedom to Accept or Reject
Desire to Deal with Other PartyDesire to Deal with Other Party
11
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Exchange may not take place
even if conditions are met
An agreement must be reached
Marketing occurs even if
exchange does not take place
NOSA
LE
NOSA
LE
The Concept of ExchangeThe Concept of Exchange11
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Describe four
marketingmanagementphilosophies.
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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CompetingCompeting
PhilosophiesPhilosophies
CompetingCompeting
PhilosophiesPhilosophies
ProductionProduction
SalesSales
MarketMarket
Societal MarketingSocietal Marketing
Marketing ManagementMarketing Management
PhilosophiesPhilosophies22
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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OrientationOrientation Key Ideas
ProductionProduction
SalesSales
MarketMarket
SocietalSocietal
Focus on efficiency of internal operations
Focus on satisfying customer needs and wants
while meeting objectivesFocus on satisfying customer needs andwants while enhancing individual andsocietal well-being
Focus on aggressive sales techniques andbelieve that high sales result in high profits
Marketing ManagementMarketing Management
PhilosophiesPhilosophies22
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Achieving a Market OrientationAchieving a Market Orientation
Obtain information about customers, competitors,and markets
Examine the information from a total businessperspective
Determine how to deliver superiorcustomer value
Implement actions to provide valueto customers
22
On Line
http://www.westernunion.com
On Line
http://www.westernunion.com
http://www.westernunion.com/http://www.westernunion.com/http://www.westernunion.com/8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Less toxic products More durable products
Products with reusableor recyclable materials
Less toxic products
More durable products
Products with reusableor recyclable materials
Societal Marketing OrientationSocietal Marketing Orientation
Marketing that preserves or
enhances an individuals and
societys long-term bestinterests
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Explain how firms
Implement the marketingconcept
33
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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The Marketing ConceptThe Marketing Concept
The idea that the social and
economic justification for an
organizations existence is the
satisfaction of customer wants and
needs while meeting
organizational objectives.
33
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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The Marketing ConceptThe Marketing Concept
Focuses on customer wants and needs to
distinguish products from competition
Integrates all organizations activities to
satisfy customer wants and needs
Achieves organizations long-term goals by
satisfying customer wants and needs
33
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Customer ValueCustomer Value
The ratio of benefits to the
sacrifice necessary to obtain
those benefits
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Customer Value RequirementsCustomer Value Requirements
Offer products that perform
Give consumers more than they expect
Avoid unrealistic pricing Give the buyer facts
Offer organization-wide commitment in
service and after-sales support
33
On Line
http://www.ZanesCycles.com
On Line
http://www.ZanesCycles.com
http://www.burton.com/http://www.zanescycles.com/http://www.zanescycles.com/http://www.burton.com/http://www.zanescycles.com/http://www.burton.com/8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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The feeling that a product has
met or exceeded the
customers expectations.
Customer SatisfactionCustomer Satisfaction33
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Maintaining Customer SatisfactionMaintaining Customer Satisfaction
Meet or exceed customers expectations
Focus on delighting customers
Provide solutions to customers problems
Cultivate relationships,NOT one-time transactions
33
On Line
http://www.volvocars.com
On Line
http://www.volvocars.com
http://www.volvocars.com/http://www.volvocars.com/http://www.volvocars.com/8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Relationship MarketingRelationship Marketing
The name of a strategy
that entails forging
long-term partnerships
with customers, both
individuals and firms.
33
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Relationship MarketingRelationship Marketing
RequirementsRequirements
forforBuildingBuilding
RelationshipsRelationships
RequirementsRequirements
forforBuildingBuilding
RelationshipsRelationships
Who are your customers?Who are your customers?
What do customers value?What do customers value?
How do they prefer to interact?How do they prefer to interact?
What do they want to buy?What do they want to buy?
33
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Building Long-Term RelationshipsBuilding Long-Term Relationships
Customer-oriented personnel
Effective training programs
Empowered employees
Teamwork
33
On Line
http://disney.go.com/
On Line
http://disney.go.com/
http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/http://disney.go.com/8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Describe the marketingprocess and identify the
variables that make upthe marketing mix.
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Marketing Process ActivitiesMarketing Process Activities
Understand the organizations missionUnderstand the organizations mission
Set marketing objectivesSet marketing objectives
Gather, analyze, interpret SWOT informationGather, analyze, interpret SWOT information
Develop a marketing strategyDevelop a marketing strategy
Implement the marketing strategyImplement the marketing strategy
Design performance measuresDesign performance measures
Evaluate marketing efforts--change if neededEvaluate marketing efforts--change if needed
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Marketing PlanMarketing Plan
ProcessProcess44
Marketing Strategy
Product
Promotion
Distribution
Price
Marketing Mix
Business MissionStatement
Objectives
Situation or SWOTAnalysis
Implementation
Evaluation
Control
Target MarketStrategy
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Environmental ScanningEnvironmental Scanning
Collection and interpretation of
information about forces, eventsand relationships in the external
environment that may affect the
future of the organization or themarketing plan implementation.
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Environmental ScanningEnvironmental Scanning
Examination of macroenvironmental forcesSocialDemographicEconomic
TechnologicalPolitical / LegalCompetitive
Helps identify market
opportunities
Provides guidelines fordesign of marketing strategy
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Defining the Business MissionDefining the Business Mission
Answers the question,What business are we inand where are we going?
Focuses on the market(s)rather than the good or service
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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The activities of selecting and
describing one or more target
markets and developing and
maintaining a market mix that will
produce mutually satisfying
exchanges with target markets.
Marketing StrategyMarketing Strategy44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning
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Appeal to the entire market
with one marketing mix
Appeal to the entire market
with one marketing mix
Target Market SelectionsTarget Market Selections
Concentrate on one
marketing segment
Concentrate on one
marketing segment
Appeal to multiple markets
with multiple marketing mixes
Appeal to multiple markets
with multiple marketing mixes
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 33
PricePrice
Marketing Mix: The Four PsMarketing Mix: The Four Ps
PromotionPromotion
PlacePlace
ProductProduct
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 34
Product StrategiesProduct Strategies
The starting point of the
4 Ps
Includes physical unit,
package, warranty,
service, brand, image,
and value
ProductProduct
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 35
Distribution (Place) StrategiesDistribution (Place) Strategies
PlacePlace
Product availability where
and when customers
want them.
Involves all activities from
raw materials to finished
products
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 36
Promotion StrategiesPromotion Strategies
PromotionPromotion
Role is to bring about
exchanges with target
markets
Includes integration of
personal selling,
advertising, salespromotion, and public
relations
44On Line
http://www.paramount.com
http://www.warnerbros.com
http://www.universalstudios.com
On Line
http://www.paramount.com
http://www.warnerbros.com
http://www.universalstudios.com
http://www.paramount.com/http://www.warnerbros.com/http://www.universalstudios.com/http://www.universalstudios.com/http://www.warnerbros.com/http://www.paramount.com/http://www.universalstudios.com/http://www.warnerbros.com/http://www.paramount.com/8/14/2019 ch01 marketing
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 37
Pricing StrategiesPricing Strategies
The most flexible of the
4 Ps
Price X Units Sold =
Total Revenue
PricePrice
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 38
Following Up the Marketing PlanFollowing Up the Marketing Plan
Implementation
Evaluation - (Have objectives
been achieved?)
44
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 39
Learning ObjectiveLearning Objective
Describe several reasons
for studying marketing.
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 40
Why Study Marketing?Why Study Marketing?
Plays an important role in society
Vital to business survival, profits
and growth
Offers career opportunities
Affects your life every day
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 41
Why Study Marketing?Why Study Marketing?
Marketing is far too important
to be left only to themarketing department.
--David Packard
Hewlett-Packard
Marketing is far too important
to be left only to themarketing department.
--David Packard
Hewlett-Packard
55
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Chapter 1 Essentials of Marketing 4e Lamb Hair McDaniel2005 South-Western/Thomson Learning 42
1/4th to 1/3rd of the
civilian workforce
in the U.S. performs
marketing activities
Fast route up the
corporate ladder
Professional Selling
Marketing Research
Advertising
Retail Buying
Distribution Management
Product Management
Product Development
Wholesaling
Professional Selling
Marketing Research
Advertising
Retail Buying
Distribution Management
Product Management
Product Development
Wholesaling
Why Study Marketing?Why Study Marketing?55
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Half of every dollar spent
pays for marketing costs
Better-informed consumers
Demand for customer
satisfaction
Why Study Marketing?Why Study Marketing?55