AN OVERVIEW OF MARKETING

MARKET PLANNING UNIT ENDURING UNDERSTANDING STUDENTS WILL UNDERSTAND THAT……. Marketing is customer focused. Marketing is much more than advertising and selling. A marketing plan is a roadmap for all companies' business efforts.

ESSENTIAL QUESTIONS What is marketing? How do marketers find their customers? What makes marketing dynamic? What causes a business to "close its doors"?

WHAT IS MARKETING? A Philosophy An Attitude A Perspective A Management Orientation A Set of Activities Financing Selling Distribution Promotion Pricing Marketing Information Management Product Service Management

WHAT IS MARKETING? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. American Marketing Association Definition

WHAT IS MARKETING ? Product Price Place Promotion Exchange A B Creating Value Customer value and beneficial relationships

WHY STUDY MARKETING? Describe several reasons for studying marketing

REASONS FOR STUDYING MARKETING Why Study Marketing? Important to Society Important to Business Good Career Opportunities + Marketing affects you every day!

MARKETING MANAGEMENT PHILOSOPHIES Describe four marketing management philosophies

MARKETING MANAGEMENT PHILOSOPHIES Sales ’s Market Societal 1980 to present Production ’s internal capabilities of the firm. Emphasis on producing and distributing new products satisfying customer needs and wants while meeting objectives satisfying customer needs and wants while enhancing individual and societal well-being aggressive sales techniques and belief that high sales result in high profits OrientationFocus is on…

MARKET ORIENTATION Marketing Concept: The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives

THE MARKETING CONCEPT Focusing on customer wants and needs to distinguish products from competitors’ offerings Integrating all the organization’s activities to satisfy these wants Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly School bag activity

ACHIEVING A MARKETING ORIENTATION Obtain information about customers, competitors, and markets Examine the information from a total business perspective Determine how to deliver superior customer value Implement actions to provide value to customers

FAILURE TO SUCCESS

HOW SHOULD A BUSINESS BE DEFINED? CompanyProduct-Oriented Answer Market-Oriented Answer KodakWe make camerasWe help preserve memories VerizonWe sell cell phones CokeWe make soda LeviWe make jeans NikeWe design athletic shoes LexusWe build cars McDonald’sWe sell fast food

AVOIDING MARKETING MYOPIA Marketing myopia—Focusing on products/company rather than the customer. Results in failure to see and adjust to the rapid market changes.

An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests. Less toxic products More durable products Products with reusable or recyclable materials SOCIETAL MARKETING Societal Marketing Orientation Method video The Body Shop - Values and Campaigns

BUILDING RELATIONSHIPS A strategy that focuses on keeping and improving Relationships with current customers. Relationship Marketing

BUILDING RELATIONSHIPS Customer-oriented personnel Employee training programs Empowered employees Teamwork ZZappos YouTube - The Zappos Family on Nightline

DEFINING A FIRM’S BUSINESS Use “ customer benefits ” instead of “ goods/services ” - - Ensures a customer focus -Encourages innovation and creativity -Stimulates an awareness of changes in customer preferences

THE FOUR MARKETING MANAGEMENT PHILOSOPHIES Production Sales Marketing Societal What can we make or do best? How can we sell more aggressively? What do customers want and need? What do customers want and need, and how can we benefit society? OrientationFocus

Societal Marketing Assignment Handout 1-22