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Marketing: An Introduction Marketing in a Changing World Week one - Chapter 1 Course: Mark 1027 Professor: Taylor Date:Sept 2005
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-2 Todays Objectives Introductions to the course -Course outline and expectations Getting to know each other Discussion – What is Marketing
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-3 Marketing Defined Marketing: a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. Needs -Physical -Social -Individual e.g. self expression, knowledge Wants – a need shaped by culture Demands- backed by $ power
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-4 Customer Value, Satisfaction, and Quality Customer value: the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Customer satisfaction: the extent to which a products perceived performance in delivering value matches a buyers expectations. Quality: the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-5 Relationship MARKETING Relationship marketing: the process of creating, maintaining, and enhancing strong, value- laden relationships with customers and other stakeholders. Building profitable customer relationships: –Attract new customers –Create transactions with them –Retain current customers –Build lasting customer relationships –www.pearsoned.ca/armstrongwww.pearsoned.ca/armstrong
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-6 Marketing Management The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives. Demand management: –Increasing demand –Changing sales –Demarketing
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-7 Marketing Management Philosophies 1.Production: consumers will favor products that are available and highly affordable 2.Product: consumers favor products that offer the most in quality, performance, and innovative features 3.Selling: consumers will not buy unless it undertakes a large-scale selling and promotional effort 4.Marketing: determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently then the competitors 5.Societal marketing: generating customer satisfaction and long-run societal well-being are the keys to both achieving the companys goals and fulfilling its responsibilities
Marketing: An Introduction ©Copyright 2004, Pearson Education Canada Inc. 1-8 The Red Green Debate Which colour is better? One side are the Red supporters/one side the green Get into groups of 4 and prepare your rationale.
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