Week_1b-What_is_Marketing-student_versio

Week_1b-What_is_Marketing-student_versio - What is...

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Unformatted text preview: What is Marketing? BA 303 Week 1.2 Quote of the Day "The true meaning of marketing [is] knowing what is value for the customer." Peter Drucker BA 303/Coupland Week 1.2/What is Marketing? 2 The Marketing Concept Today's Agenda: What is Marketing? Definition Marketing Process Model Sales vs. Marketing Concept Societal Marketing Concept "Value" "Products" "Customers" Steps in the Process BA 303/Coupland Week 1.2/What is Marketing? 3 The Marketing Concept Figure 13 BA 303/Coupland Week 1.2/What is Marketing? 4 What is Marketing? "Marketing: The process by which companies create ________ for customers and build strong customer relationships in order to capture ________ from customers in return." Armstrong & Kotler, p. 6 BA 303/Coupland Week 1.2/What is Marketing? 5 Creating "Value" Marketers create value through "products": Physical objects People Organizations Places Information Ideas BA 303/Coupland Week 1.2/What is Marketing? 6 What is Marketing? "Marketing: The process by which companies create ________ for customers and build strong customer relationships in order to capture ________ from customers in return." Armstrong & Kotler, p. 6 BA 303/Coupland Week 1.2/What is Marketing? 7 Figure 12: Elements of a Modern Marketing System What are "Customers"? BA 303/Coupland Week 1.2/What is Marketing? 8 Marketing and Sales Concepts Contrasted Figure 13 BA 303/Coupland Week 1.2/What is Marketing? 9 Societal Marketing Concept BA 303/Coupland Week 1.2/What is Marketing? 10 A Simple Model of the Marketing Process Figure 11 BA 303/Coupland Week 1.2/What is Marketing? 11 The Marketing Mix How marketers implement marketing strategies Product Price P_____ P BA 303/Coupland Week 1.2/What is Marketing? 12 What is Marketing? Alternate Definition "Marketing: The process of planning and executing the conception, pricing, , and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives to serve both buyers and sellers." (American Marketing Asso.) BA 303/Coupland Week 1.2/What is Marketing? 13 Superior customer value results in: Building and Capturing Customer Value Customer loyalty and retention Customer referrals More customers Customer equity Higher profits BA 303/Coupland Week 1.2/What is Marketing? 14 Building and Capturing Customer Value Companies believe... We provide a superior customer experience. ____ % Customers say... Company provides a superior customer experience. ____ % Prime reason Prime reason customers defect? customers defect? Price Sources: Synovate, Marketing Management magazine Poor Week 1.2/What is Marketing? 15 BA 303/Coupland service Next Week: Marketing Environment Ch. 3 of the textbook Study tips: BA 303/Coupland Week 1.2/What is Marketing? 16 ...
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