Chapter 1 Marketing 7e Lamb Hair McDaniel ©2004 South-Western/Thomson 1 An Overview of Marketing An Overview of Marketing Prepared by Prepared by Deborah Baker Deborah Baker Texas Christian University Texas Christian University Chapter 1
Chapter 1 Marketing 7e Lamb Hair McDaniel ©2004 South-Western/Thomson Learning 1 An Overview of Marketing Prepared by Deborah Baker Texas Christian University.
Jan 20, 2016
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Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
1
An Overview of MarketingAn Overview of Marketing
Prepared byPrepared byDeborah BakerDeborah Baker
Texas Christian UniversityTexas Christian University
Chapter 1
Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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Learning ObjectivesLearning Objectives
1. Define the term marketing
2. Describe four marketing management philosophies
3. Discuss the differences between sales and market orientations
4. Describe the marketing process
5. Describe several reasons for studying marketing
Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Define the term marketing
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On Linehttp://www.soapworks.com
Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 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?
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Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 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
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What is Marketing?What is Marketing?
American Marketing Association Definition
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and
organizational goals.
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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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The Concept of ExchangeThe Concept of Exchange
Necessary Conditions
for Exchange
Necessary Conditions
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
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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
NO SALENO SALE
The Concept of ExchangeThe Concept of Exchange11
Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Describe four marketing management philosophies.
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Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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CompetingCompetingPhilosophiesPhilosophiesCompetingCompeting
PhilosophiesPhilosophies
ProductionProduction
SalesSales
MarketMarket
Societal MarketingSocietal Marketing
Marketing Management Marketing Management PhilosophiesPhilosophies
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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 and wants while enhancing individual and societal well-being
Focus on aggressive sales techniques and believe that high sales result in high profits
Marketing Management Marketing Management PhilosophiesPhilosophies
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The Marketing ConceptThe Marketing Concept
The idea that the social and
economic justification for an
organization’s existence is the
satisfaction of customer wants
and needs while meeting
organizational objectives.
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The Marketing ConceptThe Marketing Concept
Focuses on customer wants and needs to distinguish products from competition
Integrates all organization’s activities to satisfy customer wants and needs
Achieves organization’s long-term goals by satisfying customer wants and needs
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Achieving a Market Achieving a Market OrientationOrientation
Obtain information about customers, competitors, and markets
Examine the information from a total business perspective
Determine how to deliver superior customer value
Implement actions to provide value to customers
22
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On Linehttp://www.westernunion.com
Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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Less toxic products More durable products Products with reusable
or recyclable materials
Less toxic products More durable products Products with reusable
or recyclable materials
Societal Marketing Societal Marketing OrientationOrientation
Marketing that preserves or
enhances an individual’s
and society’s long-term
best interests
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Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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Learning ObjectiveLearning Objective
Discuss the differences between sales and market orientations.
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Sales vs. Market OrientationsSales vs. Market Orientations
Organization’sFocus
Firm’sBusiness
ForWhom?
Primary Profit Goal?
Tools to Achieve
Selling goods and services
Everybody Maximum sales volume
Primarily promotion
InwardSales Orientation
Market Orientation
Outward Coordinated use of all marketing activities
Customer satisfaction
Specific groups of people
Satisfying wants and needs
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The Organization’s FocusThe Organization’s Focus
Create Customer
Value
Create Customer
Value
Build Long-Term Relationships
Build Long-Term Relationships
Maintain Customer
Satisfaction
Maintain Customer
Satisfaction
Key Issues in Developing Competitive Advantage
Key Issues in Developing Competitive Advantage
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Customer ValueCustomer Value
The ratio of benefits to the
sacrifice necessary to
obtain those benefits
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Customer Value Customer Value RequirementsRequirements
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
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On Linehttp://www.ZanesCycles.com
Chapter 1 Marketing 7e Lamb Hair McDaniel©2004 South-Western/Thomson Learning
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The feeling that a product
has met or exceeded the
customer’s expectations.
Customer SatisfactionCustomer Satisfaction33
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Maintaining Customer Maintaining Customer SatisfactionSatisfaction
Meet or exceed customer’s expectations
Focus on delighting customers
Provide solutions to customer’s problems
Cultivate relationships,NOT one-time transactions
33
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On Linehttp://www.volvocars.com
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Relationship MarketingRelationship Marketing
The name of a strategy
that entails forging
long-term partnerships
with customers, both
individuals and firms.
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Relationship MarketingRelationship Marketing
RequirementsRequirementsfor for
Building Building RelationshipsRelationships
RequirementsRequirementsfor for
Building Building RelationshipsRelationships
Who are your customersWho are your customers
What do customers valueWhat do customers value
How do they prefer to interactHow do they prefer to interact
What do they want to buyWhat do they want to buy
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Building Long-Term Building Long-Term RelationshipsRelationships
Customer-oriented personnel
Effective training programs
Empowered employees
Teamwork
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Defining a Firm’s BusinessDefining a Firm’s Business
““BenefitsBenefits” instead of “” instead of “goods/servicesgoods/services””
Ensures a customer focus
Encourages innovation
Stimulates an awareness of changes in customer preferences
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On Linehttp://www.britannica.com
On Linehttp://www.britannica.com
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Learning ObjectiveLearning Objective
Describe the marketing process.
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Marketing Process ActivitiesMarketing Process Activities
Understand the organization’s missionUnderstand the organization’s 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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Learning ObjectiveLearning Objective
Describe several reasonsfor studying marketing.
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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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Why Study Marketing?Why Study Marketing?
“Marketing is far too important to be left only to the
marketing department.”
--David Packard Hewlett-Packard
“Marketing is far too important to be left only to the
marketing department.”
--David Packard Hewlett-Packard
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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
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