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Principles of Marketing - UNBSJ

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1 Principles of Marketing - UNBSJ
BA 2303 Principles of Marketing - UNBSJ Marketing: Customer Value, Satisfaction, Customer Relationships, and Customer Experiences Instructor – Terry Conrod

2 Learning Objectives BA 2303 Define Marketing.
Know the basic requirements for successful marketing to occur. Understand the breadth and depth of marketing. Explain how marketing discovers and satisfies consumer needs and wants.

3 Learning Objectives BA 2303
Distinguish between marketing mix elements and environmental forces. Describe how market orientation focuses on creating customer value, satisfaction, and customer relationships. Explain why some organizations have transitioned from the market orientation era to the customer experience management era. Understand the meaning of ethics and social responsibility and how they relate to the individual, organizations, and society.

4 WHAT MARKETING IS AND WHAT IT IS NOT
BA 2303 WHAT MARKETING IS AND WHAT IT IS NOT Marketing: Defined 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.

5 WHAT MARKETING IS AND WHAT IT IS NOT
BA 2303 WHAT MARKETING IS AND WHAT IT IS NOT Requirements for Marketing to Occur Two or More Parties with Unsatisfied Needs Desire and Ability to Satisfy These Needs A Way for the Parties to Communicate Something to Exchange

6 WHAT MARKETING IS AND WHAT IT IS NOT
BA 2303 WHAT MARKETING IS AND WHAT IT IS NOT The Breadth and Depth of Marketing What is a Market? Who Markets? What is Marketed? Social Marketing Who Buys and Uses What is Marketed? Ultimate Customers Organizational Buyers Who Benefits?

7 WHAT MARKETING IS AND WHAT IT IS NOT
BA 2303 WHAT MARKETING IS AND WHAT IT IS NOT The Diverse Factors Influencing Marketing Activities

8 BA 2303 An organization’s marketing department relates to many people, groups, and forces

9 Concept Check What is marketing? Answer:
BA 2303 Concept Check What is marketing? Answer: According to the American Marketing Association, "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."

10 BA 2303 Concept Check Marketing focuses on __________ and ___________ prospective customers’ needs and wants. discovering satisfying

11 What four factors are needed for marketing to occur? Answer:
BA 2303 Concept Check What four factors are needed for marketing to occur? Answer: (1) Two or more parties with unsatisfied needs (2) a desire and ability on their part be satisfied, (3) a way for the parties to communicate, and (4) something to exchange.

12 HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS
BA 2303 HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS Discovering Consumer Needs Consumer Needs and Consumer Wants

13 Marketing’s first task: discovering consumer needs
BA 2303 Marketing’s first task: discovering consumer needs

14 HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS
BA 2303 HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS Satisfying Consumer Needs Target market The Four Ps: Controllable Marketing Mix Factors Product Price Promotion Place The Uncontrollable, Environmental Factors But Wait, What About High-Technology or New-to-World Products?

15 Marketing’s second task: satisfying consumer needs
BA 2303

16 THE MARKETING PROGRAM The Marketing Program
BA 2303 THE MARKETING PROGRAM The Marketing Program A Marketing Program for Stratus Vineyards to continue to be an eco-friendly, sustainable premium winemaker that provides limited quantities of fine wine to discerning customers.

17 BA 2303 Concept Check An organization cannot satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its ________________. target markets

18 BA 2303 Concept Check What are the four marketing mix elements that make up the organization’s marketing program? Answer: The four marketing mix elements that make up the organization's marketing program are product, price, promotion, and place, or otherwise known as the 4 P's. This portion of the marketing program is controllable by the marketing departments and its organization.

19 What are uncontrollable variables?
BA 2303 Concept Check What are uncontrollable variables? Answer: Uncontrollable factors are largely beyond the control of the marketing department and its organization. These are the environmental factors in a marketing decision involving social, economic, technological, competitive, and regulatory forces.

20 HOW MARKETING BECAME SO IMPORTANT
BA 2303 HOW MARKETING BECAME SO IMPORTANT Evolution of North American Businesses Production Era Sales Era Marketing Concept Era Market Orientation Era Customer Value Customer Satisfaction Customer relationship management (CRM) Customer lifetime value (CLV) eCRM Interactive marketing

21 Five different orientations in the history of North American business
BA 2303 Five different orientations in the history of North American business Social Media Marketing

22 BA 2303 Pete’s Frootique engages in Customer Experience Marketing activities to retain customers for life.

23 HOW MARKETING BECAME SO IMPORTANT
BA 2303 HOW MARKETING BECAME SO IMPORTANT Ethics and Social Responsibility: Balancing the Interests of Different Groups Ethics Social Responsibility Societal marketing concept Macromarketing Micromarketing

24 customer satisfaction
BA 2303 Concept Check The match between customer expectations of the product and the product’s actual performance is called _______________________. customer satisfaction

25 Customer Relationship Management (CRM).
BA 2303 Concept Check The process of building and developing long-term relationships with customers by delivering customer value and satisfaction is called __________________ . Answer: Customer Relationship Management (CRM).

26 Customer Experience Management era
BA 2303 Concept Check Some Canadian companies are now transitioning from the market orientation era to the _______________. Answer: Customer Experience Management era

27 BA 2303 Marketing Marketing is 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 objectives.

28 BA 2303 Market A market is people with the desire and with the ability to buy a specific product.

29 Environmental Factors
BA 2303 Environmental Factors Environmental factors are the uncontrollable factors involving social, economic, technological, competitive, and regulatory forces.

30 BA 2303 Target Market One or more specific groups of potential customers toward which an organization directs its marketing program.

31 BA 2303 Marketing Mix The marketing mix is product, price, promotion, and place.

32 BA 2303 Customer Value Customer value is the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-timer delivery and both before-sale and after-sale service.

33 BA 2303 Marketing Program The marketing program is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

34 BA 2303 Marketing Concept The marketing concept is the idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization’s goals.

35 BA 2303 Market Orientation An organization that has a market orientation focuses its efforts on continuously collecting information about customers’ needs and competitors capabilities, sharing this information across departments, and using the information to create customer value.

36 Customer Relationship Management (CRM)
BA 2303 Customer Relationship Management (CRM) Customer relationship management is the process of identifying prospective buyers, understanding them intimately, and developing long-term perceptions of the organization and its offering so that buyers will choose them in the marketplace.

37 Societal Marketing Concept
BA 2303 Societal Marketing Concept The societal marketing concept is the view that an organization should discover and satisfy the needs of its consumer in a way that also provides for society’s well-being.

38 BA 2303 Macromarketing Macromarketing looks at how the aggregate flow of a nation’s goods and services benefits society.

39 BA 2303 Micromarketing Micromarketing is how an individual organization directs its marketing activities and allocates its resources to benefit its customers.

40 BA 2303 Ultimate Consumer Ultimate consumers are the people who use the goods and services purchased for a household.

41 Organizational Buyers
BA 2303 Organizational Buyers Organizational buyers are units such as manufacturers, retailers, or government agencies that buy goods and services for their own use of for resale.

42 Customer Lifetime Value (CLV)
BA 2303 Customer Lifetime Value (CLV) The profit generated by the customer’s purchase of an organization’s product or service over the customer’s lifetime.

43 Customer Satisfaction
BA 2303 Customer Satisfaction The match between customer expectations of the product and the product’s actual performance.

44 BA 2303 eCRM A Web-centric, personalized approach to managing long-term customer relationships electronically.

45 BA 2303 Ethics The moral principles and values that govern the actions and decisions of an individual or group.

46 BA 2303 Social Marketing Marketing designed to influence the behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer.

47 Social Responsibility
BA 2303 Social Responsibility Individuals and organizations are part of a larger society and are accountable to that society for their actions.

48 Customer Experience Management (CEM)
BA 2303 Customer Experience Management (CEM) Managing the customers’ interactions with the organization at all levels and at all touch-points so that the customer has a positive impression of the organization, is satisfied with the experience, and will remain loyal to the organization.

49 BA 2303 Green Marketing Marketing efforts to produce, promote, and reclaim environmentally sensitive products.

50 Interactive Marketing
BA 2303 Interactive Marketing Involves two-way buyer–seller electronic communication in which the buyer can control the kind and amount of information received from the seller.

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