Int to Mktng ch1

An Overview of Marketing
CHAPTER
1
Marketing 10
Lamb, Hair, McDaniel
Designed by Prepared by
Eric Brengle Amit Shah
B-books, Ltd. Frostburg State University

Copyright ©2009 by Cengage Learning Inc. All rights reserved 1

Learning Outcomes

LOI Define the term marketing

Describe four marketing management
LO2 philosophies

LO3 Discuss the differences between sales and
market orientations

LO4 Describe several reasons for studying
marketing


LOI What Is Marketing?

Define the term
marketing


LOI
What Is Marketing?

Stresses Customer Satisfaction
Stresses Customer Satisfaction

A Philosophy A Set of Activities…
An Attitude
Products
A Perspective
Distribution
A Management
Promotion
Orientation
Pricing


LOI
What Is Marketing?
American Marketing Association Definition

Marketing is the activity, set of institutions,
and processes for creating,
communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society
at large.


LOI
What Is Marketing?
More
investment

Stockholder
satisfaction

Growth and
profits

Repeat
business

Higher
quality

Employee Greater
satisfaction effort

LOI
Exchange

Exchange
Exchange People giving up something to
receive something they would
rather have.

Chapter
Chapter
PHOTO
PHOTO
Here
Here


LOI
Exchange
At Least Two Parties
At Least Two Parties

Something of Value
Something of Value

Conditions for
Conditions for Communication and Delivery
Communication and Delivery
Exchange
Exchange

Freedom to Accept or Reject
Freedom to Accept or Reject

Desire to Deal with Other Party
Desire to Deal with Other Party


LOI
Exchange

• Exchange may not take place even
if conditions are met

• An agreement must be reached

• Marketing occurs even if exchange does not
take place


LOI REVIEW LEARNING OUTCOME
What Is Marketing?
Creating
Customer value
Customer value Value
and beneficial
and beneficial
relationships
relationships
u ct Pl
ac
od e
Pr

Exchange
A B

Delivering Pr n Communicating
ice t io
Value o Value
o m
Pr


LO2 Marketing Management
Philosophies

Describe four marketing
management philosophies


Marketing Management
LO2
Philosophies
Orientation Focus is on…

Production internal capabilities of the firm

aggressive sales techniques and belief
Sales that high sales result in high profits

satisfying customer needs and wants while
Market meeting objectives

satisfying customer needs and
Societal wants while enhancing individual and
societal well-being
12
Copyright ©2009 by Cengage Learning Inc. All rights reserved

LO2
Market Orientation

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


LO2 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

LO2 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


LO2
Societal Marketing

Societal An organization exists not only
Societal
Marketing to satisfy customer wants but
Marketing
Orientation also to preserve or enhance
Orientation
individuals’ and society’s long-
term best interests.

• Less toxic products
• More durable products
• Products with reusable
or recyclable materials


LO2
REVIEW LEARNING OUTCOME
The Four Marketing Management Philosophies

Orientation Focus

Production
Production What can we make or do best?
What can we make or do best?

Sales
Sales How can we sell more aggressively?
How can we sell more aggressively?

Marketing What do customers
What do customers
Marketing want and need?
want and need?

Societal What do customers want and need,
What do customers want and need,
Societal and how can we benefit society?
and how can we benefit society?


LO3 Sales and Marketing Orientations

Discuss the differences
between sales and
market orientations


LO3 Comparing the Sales and
Market Orientations
You can compare these orientations against
these five categories:

Organization’s focus
Firm’s business
Those to whom the product is directed
Firm’s primary goal
The tools used to achieve those goals

19

LO3
Customer Value

The relationship between
Customer Value
benefits and the sacrifice
necessary to obtain those
benefits.
Chapter
Chapter
PHOTO
PHOTO
Here
Here


LO3
Customer Value Requirements
• Offer products that perform
• Earn trust
• Avoid unrealistic pricing
• Give the buyer facts
• Offer organization-wide commitment in
service and after-sales support
• Co-Creation


LO3
Customer Satisfaction

Customer
Customer The customer’s evaluation
Satisfaction
Satisfaction of a good or service in terms
of whether it has met their
needs and expectations.
Chapter
Chapter
PHOTO
PHOTO
Here
Here


LO3
Building Relationships

Relationship
Relationship A strategy that focuses on
Marketing
Marketing keeping and improving
relationships with current
customers.
Chapter
Chapter
PHOTO
PHOTO
Here
Here


LO3
Building Relationships

Customer-oriented personnel

Employee training programs

Empowered employees

Teamwork


LO3
Defining a Firm’s Business

Use “benefits” instead of “goods/services”

– Ensures a customer focus

– Encourages innovation and creativity

– Stimulates an awareness of changes
in customer preferences
http://www.britannica.com


LO3
Sales vs. Market Orientations

Organization’s Firm’s For Primary Tools to
Focus Business Whom? Profit Achieve
Goal?

Sales Inward Selling Everybody Maximum Primarily
Orientation goods and sales promotion
services volume

Market Outward Satisfying Specific Customer Coordinated
Orientation wants and groups of satisfaction use of all
needs people marketing
activities


LO4 Why Study Marketing

Describe several reasons
for studying marketing


LO4
Why Study Marketing?

Plays an important role in society

Vital to business survival, profits
and growth

Offers career opportunities

Affects your life every day

28

LO4
Why Study Marketing
Vital Marketing Activities
Vital Marketing Activities
Assess the wants and satisfaction of customers
Assess the wants and satisfaction of customers

Design and manage product offerings
Design and manage product offerings

Determine prices and pricing policies
Determine prices and pricing policies

Develop distribution strategies
Develop distribution strategies

Communicate with present and potential customers
Communicate with present and potential customers
29

LO4
Reasons for Studying Marketing


Important
Important Important
Important Good
Good
to
to to
to Career
Career
Society
Society Business
Business Opportunities
Opportunities

+
Marketing affects you every day!

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