MARKETING MANAGEMENT Stephen J. Miller Oklahoma State University MKTG 5133-MG 720 Lecture Week 1.

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Presentation transcript:

MARKETING MANAGEMENT Stephen J. Miller Oklahoma State University MKTG 5133-MG 720 Lecture Week 1

2 Blackboard Structure

3 Course Requirements Four essay exams (80%) Five papers/discussions (15%) Attendance/Participation (5%)

4 A View of Organizations Production Marketing Finance Human Resources

5 Customer Focused Organization Customer Human resources Finance Production Marketing

6 Marketing-A Market Economy Perspective A social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products/services of value with others.

7 Definitional Issues in Marketing Exchange Individuals/Groups Needs/Wants Benefit Package Joint Satisfaction

8 Marketing-A Managerial Perspective 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 goals.

9 Marketing Management Tasks Market selection Market offerings Resource allocation Strategy Demand management Relationship development

10 Pervasive View of Marketing Settings Products Services Not-for-Profits Political arena Internal to organizations

11 Production Concept Product Concept Selling Concept Marketing Concept Consumers prefer products that are widely available and inexpensive Consumers favor products that offer the most quality, performance, or innovative features Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors Orientations Towards the Marketplace

12 Customer Satisfaction Satisfaction is assessed as the extent to which the perceived performance and process meet or exceed customer expectations. This includes one’s total experience with the organization, the distribution channels, and other support units.

13 Relationship Development Tactical versus long term perspectives? Relationship marketing is the practice of building long-term satisfying relations with customers in order to retain their preferences for your product/service offerings.

14 Benefits of a Loyal Customer Reduction in customer attraction costs Diversity of purchase activities Higher $$ value per purchase Goodwill message from the relationship Less customer price sensitivity

15 21 st Century Business Environment Customer demand for quality, service, and price Knowledgeable customers Intense competition/competitors Integrated industries Shorter product life cycles Technological advances in products

16 21 st Century Business Environment (continued) Technological support systems Global market opportunities Global standards/expectations Global competitors Global business linkages Information/Transportation technological advances