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Marketing Concepts and Principles Chapter Overview
- 1. Lamb, Hair, McDaniel CHAPTER 1 An Overview of Marketing 2010-2011
- 2. LO 1 Define the term marketing LO 2 Describe four marketing management philosophies LO 3 Discuss the differences between sales and market orientations LO 4 Describe several reasons for studying marketing Learning Outcomes
- 3. What Is Marketing? Define the term marketing LO 1
- 6. What Is Marketing? Employee satisfaction LO 1 Greater effort Higher quality Repeat business Growth and profits Stockholder satisfaction More investment
- 7. Exchange LO 1 At Least Two Parties Something of Value Communication and Delivery Freedom to Accept or Reject Desire to Deal with Other Party Conditions for Exchange
- 9. Product Price Place Promotion Exchange A B Delivering Value Communicating Value Creating Value Customer value and beneficial relationships LO 1
- 10. Marketing Management Philosophies Describe four marketing management philosophies LO 2
- 11. The Four Marketing Management Philosophies LO 2 Sales Market Societal Production internal capabilities of the firm satisfying customer needs and wants while meeting objectives satisfying customer needs and wants while enhancing individual and societal well-being aggressive sales techniques and belief that high sales result in high profits Orientation Focus is on…
- 17. Questions That Help Determine Marketing Philosophy LO 2 Production Sales Marketing Societal What can we make or do best? How can we sell more aggressively? What do customers want and need? What do customers want/need, and how can we benefit society? Orientation Focus
- 19. Differences between Sales and Marketing Orientations Discuss the differences between sales and market orientations LO 3
- 26. Sales vs. Market Orientations Sales Orientation Market Orientation Organization’s Focus Firm’s Business For Whom? Primary Profit Goal? Tools to Achieve Selling goods and services Everybody Maximum sales volume Primarily promotion Inward Outward Coordinated use of all marketing activities Customer satisfaction Specific groups of people Satisfying wants and needs LO 3
- 27. Why Study Marketing Describe several reasons for studying marketing LO 4
- 28. Reasons for Studying Marketing LO 4 Why Study Marketing? Important to Society Important to Business Good Career Opportunities + Marketing affects you every day!
- 29. Why Study Marketing? LO 4 Vital Marketing Activities Assess the wants and satisfaction of customers Design and manage product offerings Determine prices and pricing policies Develop distribution strategies Communicate with present and potential customers
Notas del editor
- Chapter 1 An Overview of Marketing Marketing cannot be accomplished in isolation. Even though the marketing function resides with marketers, the concept of marketing must permeate the entire organization.
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing NOTES: Marketing has two facets. The first is that it’s a philosophy. Second, marketing is the activity, set of institutions, and processes used to implement the philosophy. David Packard, cofounder of Hewlett-Packard, stated that “marketing is too important to be left only to the marketing department.” Marketing is a process that focuses on delivering value and benefits to customers. It uses communication, distribution, and pricing strategies to provide customers with the goods and services they want. It includes building long-term, mutually rewarding relationships. It entails an understanding that organizations have many connected stakeholder partners, including employees, suppliers, stockholders, distributors, and others.
- Chapter 1 An Overview of Marketing Note: This is the NEW definition of Marketing from the AMA as of October 25, 2007.
- Chapter 1 An Overview of Marketing NOTES: When an organization creates a high level of employee satisfaction, this leads to greater effort, which leads to higher quality, and so on… For example, Wegmans Food Markets has a motto: “Employees first, customers second.” The rationale is that if employees are happy, customers will be too. Discussion/Team Activity: Ask class to give examples of companies that value employees and discuss how motivated employees create customer and stockholder satisfaction.
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing Notes: An exchange may not take place even if all conditions are met. An agreement between buyer and seller is required before an exchange occurs. Discuss examples: * Automobile shopping * Jewelry shopping Marketing (for example, advertising, personal selling, sales promotion, etc.) can occur even if exchange does not take place. Discussion/Team Activity: Ask class to give examples of shopping when exchanges did occur, then when exchanges did not occur.
- Chapter 1 An Overview of Marketing Slide Animation: 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. In order to for these activities and processes to occur, marketers design the four elements of the marketing mix – product, place (or distribution), promotion, and price – to create satisfying exchanges with consumers.
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing Notes: Four competing philosophies influence an organization’s marketing processes. Point out that a firm’s capabilities, such as production, are major considerations in strategic market planning. However, the guiding factor with all orientations should be the determination of what customers want, not what management thinks should be produced or sold. Discussion/Team Activity: Discuss examples of companies/organizations whose marketing management philosophies match each orientation. Production: Henry Ford’s Model T availability in any color as long as it was black Sales: Dot.com businesses in the late 1990s. Market: Ritz Carlton Hotels, Coach Societal: The Body Shop, Turtle Wax, method
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing Online: Has Western Union rebounded from its failure to define its competitive arena as telecommunications? Describe the company’s value proposition, the market its serves, and whom it seems to be competing against. Discussion/Team Activity: Discuss companies that have a market orientation. Marriott International Burton Snowboards Dell Computers Southwest Airlines Discuss companies that lack(ed) a market orientation. Encyclopedia Britannica Western Union Kmart
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing Notes: Customer value is not simply a matter of high quality or high price. Instead, the customer’s perception of value is the product/service quality they expect and a price they are willing to pay. Value also includes customization and fast delivery. Discussion/Team Activity: Discuss ways that successful companies deliver superior customer value. Examples: Dell Computer Corporation Lexus Mercedes Benz Amazon.com Southwest Airlines
- Chapter 1 An Overview of Marketing Discussion/Team Activity: Discuss companies that have excelled at building long-term relationships. Examples: USAA Coca-Cola Walt Disney Southwest Airlines Wegmans Food Markets Nordstrom FedEx
- Chapter 1 An Overview of Marketing Notes: The looming retirements of the baby boom generation and a gap in management talent are causing companies to spend more on leadership development and management/supervisory training. The average spending per learner is $1,202—the finance/insurance sector spends $1,061/learner and the retail sector spends $594/learner. Specific industries also invest heavily in other employee training: Telecommunications = 23% training budget on customer service training Technology companies = 29% on sales training Pharmaceuticals = 25% on compliance and other mandatory training
- Chapter 1 An Overview of Marketing Notes: A sales-oriented firm defines its business in terms of goods and services. A market-oriented firm defines its business in terms of the benefits sought by customers. A market orientation does not always mean that the customers will receive what they want, such as tires that last for 100,000 miles for $25. Go to Britannica’s Web site. What evidence do you see that Britannica has redefined its core business? What do you think its business definition currently is? How has the company met the challenge of CD-ROM technology and online content distribution?
- Chapter 1 An Overview of Marketing NOTES: Slide animation: 1) sales-oriented firms focus on their own needs; market-oriented firms focus on customers’ needs and preferences. 2) sales-oriented companies consider themselves to be deliverers of goods and services, whereas market-oriented companies view themselves as satisfiers of customers. 3) sales-oriented firms direct their products to everyone; market-oriented firms aim at specific segments of the population. 4) although the primary goal of both types of firms is profit, sales-oriented businesses pursue maximum sales volume through intensive promotion, whereas market-oriented businesses pursue customer satisfaction through coordinated activities. This comparison is not meant to belittle the role of promotion, especially personal selling, in the marketing mix. Salespeople in market-oriented organizations are generally perceived as problem solvers and links to supply sources and new products. Discussion/Team Activity: Identify organizations with sales or market orientations. Discuss the effectiveness of each organization’s strategy.
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing
- Chapter 1 An Overview of Marketing