MKTG 360_Week 1_Intro to Marketing (Students, Spring 2008)

MKTG 360_Week 1_Intro to Marketing (Students, Spring 2008)...

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Unformatted text preview: M ar ket ing in M y Wor ld M ar ket ing is ident ifying needs, developing a pr oduct /ser vice t o meet t hat need, and making people awar e of t he pr oduct /ser vice Negat ives: social compar ison, ir r esponsible use of money, envir onment al degr adat ion, clut t er , encour ages r isky behavior and healt h/social pr oblems Posit ives: M akes me awar e of useful pr oduct s/ser vices Favor it e pr oduct = Nor t h Face Cat 's M eow Sleeping Bag Br ands befor e 6:30 am... Br ands Befor e 6:30 am... I nt r oduct ion t o M ar ket ing Chapt er 1 Over view of M K TG 360 Developing a M ar ket ing St r at egy Et hical I ssues and Globalizat ion M ar ket ing Resear ch Consumer Behavior Business-t o-Business M ar ket ing Segment ing, Tar get ing, Posit ioning Cust omer Relat ionship M anagement Pr oduct St r at egy and Pr icing Pr omot ion, Adver t ising, Public Relat ions Ser vices M ar ket ing Per sonal Sales, Dir ect M ar ket ing Ret ailing What is M ar ket ing? Amer ican M ar k eting Association D efinition: M ar ket ing is an or ganizat ional funct ion and a set of pr ocesses for cr eat ing, communicat ing and deliver ing value t o cust omer s and for managing cust omer r elat ionships in ways t hat benefit t he or ganizat ion and it s st akeholder s. I n sum, mar k eting is about: M eeting needs I mpor t ant Ter ms St akeholder s Buyer s, seller s, invest or s in a company, communit y r esident s, and even cit izens of t he nat ions wher e goods and ser vices ar e made or sold in ot her wor ds, any per son or or ganizat ion t hat has a "st ake" in t he out come Cust omer The ult imat e user of a good or ser vice Needs The r ecognit ion of any differ ence bet ween a consumer 's act ual st at e and some ideal or desir ed st at e Want s The desir e t o sat isfy needs in specific ways t hat ar e cult ur ally and socially influenced I mpor t ant Ter ms Benefit The out come sought by a cust omer t hat mot ivat es buying behavior t hat sat isfi es a need or want Exchange The pr ocess by which some t r ansfer of value occur s bet ween a buyer and a seller Demand Cust omer s' desir e for pr oduct s coupled wit h t he r esour ces t o obt ain t hem M ar ket Al l t he cust omer s and pot ent ial cust omer s who shar e a common need t hat can be sat isfied by a specifi c pr oduct , who have t he r esour ces t o exchange for it , who ar e willing t o make t he exchange, and who have t he aut hor it y t o make t he exchange M ar ket place Any locat ion or medium used t o conduct an exchange I mpor t ant Ter ms Ut ilit y/Value Types of Ut ilit y For m Place Time Possession Value Pr oposit ion What is Value? Value (fr om Cust omer 's Per spect ive) Value (fr om Seller 's Per spect ive) Value (t o St akeholder s) Value (t o Societ y) The Value Chain In-Bound Logistics Operations Outbound Logistics Marketing and Sales Servicing Product or Customer What Can Be M ar ket ed? M ajor M ar ket ing Or ient at ions 1. Pr oduct ion 1. Sales 1. Consumer (M ar ket ) Or ient at ion 1. New Er a Or ient at ion Pr oduct ion Or ient at ion 1. Pr oduct Or ientation Key Elements Pr oduct ion Or ient at ion 1. Pr oduct Or ientation - Examples Exemplified by H enr y For d: 1896 Developed t he "Quadr icycle" 1903 For med For d M ot or Company 1908 I nt r oduced M odel T Ear ly Ver sions of M odel T Available in Var ious Color s, but ... When assembly line pr oduct ion st ar t ed, all in black: Any customer can have a car pai nted any col our that he wants so l ong as i t i s bl ack. Pr oduct ion Or ient at ion 1. Pr oduct Or ientation Examples Rober t J. K eit h, for mer CEO of Pillsbur y, in ear ly year s: We ar e pr ofessi onal fl our mi l l er s. Bl essed wi th a suppl y of the fi nest Nor th Amer i can wheat, pl enty of water power , and excel l ent mi l l i ng machi ner y, we pr oduce fl our of the hi ghest qual i ty. Our basi c functi on i s to mi l l hi gh qual i ty fl our , and, of cour se, we must hi r e sal espeopl e to sel l i t, just as we hi r e accountants to keep our books. Selling Or ient at ion 2. Selling Or ientation Key Elements Selling Or ient at ion 2. Selling Or ientation Pillsbur y Changes T une Emphasis shift ed t o abilit y t o sell and move pr oduct s t o cust omer . We ar e a fl our -mi l l i ng company, manufactur i ng a number of pr oducts for the consumer mar ket. We must have a fi r str ate sal es or gani zati on whi ch can di spose of al l the pr oducts we can make at a favor abl e pr i ce. We must back up thi s sal es for ce wi th consumer adver ti si ng and mar keti ng i ntel l i gence. We want our sal es r epr esentati ves and our deal er s to have al l the tool s they need for movi ng the output of our pl ants to the consumer . Consumer /M ar ket Or ient at ion 3. Consumer (or M ar k et) Or ientation H istor y/Key Elements Consumer /M ar ket Or ient at ion 3. Consumer (or M ar k et) Or ientation I dea int r oduced in 1952, GE's Annual Repor t : The (mar keti ng) concept i ntr oduces the mar keter at the begi nni ng r ather than at the end of the pr oducti on cycl e and i ntegr ates mar keti ng i nto each phase of the busi ness. Thus, mar keti ng, thr ough i ts studi es and r esear ch, wi l l establ i sh for the engi neer , the desi gner , and manufactur er , what the customer wants i n a gi ven pr oduct, what pr i ce he (or she) i s wi l l i ng to pay, and wher e and when i t wi l l be wanted. M ar keti ng wi l l have author i ty i n pr oduct pl anni ng, pr oducti on schedul i ng, and i nventor y contr ol , as wel l as i n sal es, di str i buti on, and Sales vs. M ar ket Or ient at ion SEL L I NG ORI ENTATI ON FOCUS BUSI NESS M ARK ET M AI N GOAL ACH I EVE GOAL BY... M ARK ET ORI ENTATI ON FOCUS BUSI NESS M ARK ET M AI N GOAL ACH I EVE GOAL BY... Consumer (M ar ket ) Or ient at ion: A Closer L ook... F OCU S (on customer 's needs) Cr eat e Value (accept able r at io of benefit s t o cost s) Consumer (M ar ket ) Or ient at ion: A Closer L ook... F OCU S (on customer 's needs) Cr eat e H igh Cust omer Sat isfact ion Build Relat ionships wit h Cust omer s Thr ough... Consumer (M ar ket ) Or ient at ion: A Closer L ook... BU SI N ESS (satisfying customer ) " M ar ket ing M yopia" E.g., Encyclopedia Br it annica (Goal: Sell Encyclopedias) Consumer (M ar ket ) Or ient at ion: A Closer L ook... M ARKET (to w hom is pr oduct dir ected?) M AI N GOAL Consumer (M ar ket ) Or ient at ion: A Closer L ook... T OOL S F OR ACH I EVI N G GOAL ... New Er a Or ient at ion 4. N ew Er a Or ientation The M ar ket ing M ix Product Strategies Place Strategies Marketing Mix Price Strategies Promotion Strategies Dar k Side of M ar ket ing Why St udy M ar ket ing? Plays an I mpor tant Role in Society F undamental to the Success of Businesses Gr eat Car eer Oppor tunities M ar k eting Affects You Ever yday M ar ket Planning M ar ket ing Plan M ass M ar ket M ar ket Segment ...
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