BUSA 468 Strategic+Marketing - Marketing Management The BIG Picture Why Marketing Matters Marketing Management(BUSA 468[Foundations of Marketing Key

BUSA 468 Strategic+Marketing - Marketing Management The BIG...

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Marketing Management The “BIG” Picture – Why Marketing Matters Marketing Management (BUSA 468)
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Key Foundation [ Foundations of Marketing ] We often focus on the bottom line… Profitability. But, there can never be a positive bottom line without one key thing… ? Sales Revenue. 2
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Key Foundation [ Foundations of Marketing ] Nothing ever happens until someone SELLS something. What is inherent in the sale? Takes two to tango… SELLER & CUSTOMER 3
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Key Foundation [ Foundations of Marketing ] Deconstructing the sale. BUYER EXCHANGE SELLER 4
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Exchange occurs when a person gives up something of value to them for something else they desire to have . Bagozzi (1975) [ Foundations of Marketing ] What is this exchange? BUYER EXCHANGE SELLER 5 Key Foundation
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[ Value(s) ] Value Formula: Value = Benefits Cost General Consumer Drive maximize minimize
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[ Foundations of Marketing ] …this exchange 7 Foundation of Marketing: Value is the ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. Exchange occurs when a person gives up something of value to them for something else they desire to have .
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Marketing: [ Let’s Get Formal ] AMA OFFICIAL DEFINITION - 1948; REAFFIRMED 1960 Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers.
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Marketing: [ Let’s Get Formal ] AMA OFFICIAL DEFINITION - 1985 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 objectives
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Official Definition of Marketing: CURRENT [ Let’s Get Formal ] 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 . (American Marketing Association: October 2007)
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Central Foundation of Marketing: [ Back to EXCHANGE ] Marketing is about EXCHANGE. Central Idea (Company Perspective): Company produces something. Consumer purchases something. An exchange is made. Both are better off (ideally). [CSR/CLV]
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[ Scenario ] 12 White Label: A company makes products for another company, though their “presence” is anonymous. The products are sold under another brand name. The customer never knows of the white label producer.
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Quiz: What Company? [ Scenario ] Started making electronics for a major brand in the 1970’s and 1980’s (Sanyo).
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