Download Marketing

University of Trier 2012
Dr. Declan Fleming
Marketing Department
[email protected]
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Marketing!
Previewing concepts (1)
• Define marketing and outline the steps
in the marketing process
• Explain the importance of understanding
customers and the marketplace and identify
the core marketplace concepts
• Identify the key elements of a customer-driven
marketing strategy and discuss the marketing
management orientations that guide marketing
strategy
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Previewing concepts (2)
• Discuss customer relationship
management and identify strategies
for creating value for customers and
capturing value from customers in return
• Describe sustainable marketing and the
major trends and forces that are changing
the marketing landscape
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What is marketing?
Marketing is a social and
managerial process by which
individuals and groups obtain
what they need and want through
creating and exchanging
products and value with others.
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Figure 1.1 A simple model of the
marketing process
Understand the marketplace
and customer needs
Design customer-driven marketing strategy
Construct an integrated
marketing programme
Build profitable relationships and
create customer delight
Capture value from customers to create
profits and customer equity
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Lets make this a little simpler
• Marketing is about
– Providing the right product or service
– At the right price
– Available where the customer wants to buy
– And backed up by promotions which make the
customer aware of what is on offer and
convinces them to buy your company’s
product
– While making a profit for your company.
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Core concepts: Understanding
the marketplace and customer needs
•
•
•
•
•
Needs, wants and demands
Market offering
Value, satisfaction and quality
Exchanges, transactions and relationships
Markets and the marketing system
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HOW DO YOU SUCCEED IN THE
MARKETS FOR THESE PRODUCTS?
• Fast Moving
Consumer Goods
(FMCGs) are a
challenge for
marketers
• Why should a
customer buy your
product and not the
competitors’?
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Quotes about marketing
• “There is only one boss – the customer.
And he can fire everybody in the company,
from the Chairman on down, simply by
spending his money somewhere else.”
Sam Walton WalMart
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What is customer value?
Customer value is the
consumer’s assessment of the
product’s overall capacity to
satisfy his or her needs.
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What is customer satisfaction?
Customer satisfaction is the extent
to which a product’s perceived
performance matches expectations. If
the product’s performance falls short
of expectations, the buyer is
dissatisfied, but if performance
matches or exceeds expectations, the
buyer is satisfied.
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Figure 1.2 Elements of a
modern marketing system
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What is marketing management?
Marketing management is the
art and science of choosing
target markets and building
profitable relationships with
them.
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Selecting a target market
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MARKETING AS A FUNDAMENTAL
BUSINESS PHILOSOPHY
• Distinguish between:
– Marketing as a philosophy (e.g. a companywide culture of putting the customer first)
– Marketing as a set of techniques (e.g.
advertising, market research)
• Techniques are likely to fail if the
philosophy is not fully adopted
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MARKETING IN RELATION TO OTHER
CORPORATE FUNCTIONS
• Viewed as a philosophy, everybody in an
organisation should be a “part-time marketer”
• “Marketing is so basic that it cannot be
considered to be a separate function. It is the
whole business seen from the point of view of
its final result, that is, from the customer's
point of view". - Peter Drucker
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Figure 1.4
The societal marketing concept
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Figure 1.5
The sustainable marketing concept
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Components of an
integrated marketing plan
• Determine target customers
• Create value
• Plan marketing mix
–
–
–
–
Product
Price
Place
Promotion
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The basic marketing mix (4Ps)
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Figure 1.8 The four Ps
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The extended marketing mix (7Ps)
•
Price.
•
Product.
•
Place.
•
Promotion.
•
People.
•
Processes.
•
Physical evidence.
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What is customer
relationship management?
Customer relationship
management is the overall
process of building and
maintaining profitable customer
relationships by delivering
superior customer value and
satisfaction.
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Prius creates customer value
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Outcomes of
creating customer value
•
•
•
•
Customer loyalty and retention
Share of market
Share of customer
Customer equity
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The new marketing landscape
• Sustainability
• Not-for-profit
marketing
• The electronic
marketplace
• The global
marketplace
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Marketing Scope
Consumer goods
Non-profit
marketing
eMarketing
B2B goods
Small business
marketing
Service goods
International
marketing
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The steps in the
marketing process
•
•
•
•
(1) analysing marketing opportunities
(2) selecting target markets
(3) developing the marketing mix
(4) managing the marketing effort
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Figure 1.7
Influences on marketing strategy
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Figure 1.9 An expanded model
of the marketing process
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