MKTG 351.docx - Chapter 1. Marketing is… 1.A philosophy, an...

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Chapter 1.Marketing is…1.A philosophy, an attitude, a perspective, or a management orientation that stressescustomer satisfaction.2.An organizational activity, set of institutions, and processes.-Marketing is traditionally how an organization communicates to,connects with, and engages its target audience to convey thevalue of and ultimately sell its products and services at a profit.American Marketing Association Definition of Marketing-Marketingis the activity, set of institutions, and processes for creating, communicating,delivering, and exchanging offerings that have value for customers, clients, partners, andsociety at large.-In today’s digital world, marketing is more about companies buildingdeeper and more meaningful relationships with people that want to buytheir products and services.Four Marketing Management PhilosophiesProduction:is a philosophy that focuses on the internal capabilities of thefirm rather than on the desires and needs of the marketplace.Sales:based on the belief that people will buy more goods andservices if aggressive sales techniques are used and that high sales resultin high profits. For instance, some car dealerships are notorious forpractices these philosophies-fundamental problem with both the sales orientation, and production orientation,is a lack of understanding of the needs and wants of the consumer.Market:satisfying customer needs and wants while meeting objectives
Societal:satisfying customer needs and wants while enhancingindividual and societal well-beingSocietal Marketing Orientation-An organization exists not only to satisfy customer wants but also to preserve orenhance individuals’ and society’s long-term best interestsElements of a Marketing PlanChapter 2.Strategic Planning for Competitive AdvantageMarketing Objectives•Marketing objectives are generally stated in the firm’s marketing plan andare statements ofwhat is to be accomplishedby the overall marketingprogram within a given time period.
•The marketing objectivescreate a sense of purpose - a goalfor your teamto strive towards•Marketing objectives are usually defined in terms of specific,measurableoutcomessuch asvolume,market share, profit orROI.•Good marketing objectives are realistic andquantifiable:They delineate atarget marketand note thetime framefor accomplishing agoal(often one year).Analyiss and SWOT AnalysisComponents of a SWOT Analysis-Examining internal strengths and weaknesses.Focus on organizational resources:• Production costs• Marketing skills• Financial or other resources/assets• Company or brand image• Employee capabilitiesTechnology
Environmental Scanning-Helps identify opportunities and threats.Designing a marketing strategy is based on six major environmentalforces:Consumer TrendsMarket SizeForecasted ExpendituresTechnologyLegal/RegulatoryCompetitiveExamples of Product/Service DifferentiatorsA product/service differentiation competitive advantage exists when a firm

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Term
Spring
Professor
NoProfessor
Tags
Marketing, American Marketing Association

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