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Chapter 1: The Concept of Marketing The marketing concept Different organizational philosophies about marketing The importance of being customer focused How marketing is changing. ©2000 Prentice Hall The Definition of Marketing Marketing is whenever an individual or an organization has a choice to make. Marketing includes marketing situations and personal situations. ©2000 Prentice Hall Marketing is Difficult Marketers spend time talking to customers. Customers do not always accurately tell you what products they want. Competitors’ actions are difficult to predict. Customer tastes and society change frequently. Implementing strategies is difficult. ©2000 Prentice Hall The Marketing Concept Marketing concept emphasizes: A. Customer focus B. Organizing resources to understand customer needs and wants. C. Offering products and services that meet those needs. ©2000 Prentice Hall Generating Profits Purpose of a business: create and keep customers Produce and deliver products that people want. Value at a price and under conditions that are attractive. ©2000 Prentice Hall The Marketing Concept Being competitor focused. Making a profit. Serving only segments of the customer population. Turning away customers that are unprofitable. ©2000 Prentice Hall Customer Orientation Organizations have to produce excellent products and services. Figure out what customers want. Offer it in a better way than competitors. ©2000 Prentice Hall Strategic Approaches to the Marketplace Sales driven organization “What we make, we sell.” Technology-driven organization focuses on R&D and sales. Marketing driven organizations. Too much money is spent on marketing research. ©2000 Prentice Hall Customer-Oriented Organization Understand customers buy benefits, not products. Marketing translates these benefits into products and services. Satisfy more customers than competitors to make a profit. Make key investments in customers long term satisfaction. ©2000 Prentice Hall Achieving Customer Orientation Buying influence information should be distributed to every corporate function. Make strategic and tactical decisions interfunctionally and interdivisionally. Divisions and functions should make coordinated decisions, execute them with commitment. ©2000 Prentice Hall Customer Orientation Checklist Are we easy to do business with? Do we keep our promises? Do we meet the standards we set? Are we responsive? Do we work together? ©2000 Prentice Hall Customer Orientation and Product innovation Customer orientation and being market driven are consistent with revolutionary new products. Marketers must put product concepts in terms of benefits. Customers can tell you about problems with current products and benefits they want from new products. ©2000 Prentice Hall The Changing Nature of Marketing Four issues affecting marketing: A. Adoption and investment in information technology. B. Rapid commercialization of internet. C. Globalization of business. D. Customer relationship-building and maintaining customer databases. ©2000 Prentice Hall The Increased Adoption of Information Technology Companies in the United States spent over $200 billion on investments in information technology hardware. More customer information is being collected at a more rapid pace. Money is being poured into transactionbased information systems (TBISs) and electronic data interchange (EDI). ©2000 Prentice Hall Diffusion of Information Technology Companies invest large sums for: A. Better customer service operations. B. Improved database marketing to target narrowly defined segments. C. Help salespeople make presentations to customers with up-to-the-minute information about competitors. ©2000 Prentice Hall The Rapid Commercialization of the Internet A communication vehicle: Companies pay money to other Web site sponsors to advertise on their sites. A distribution channel: Companies have been successful selling products to customers from around the World via the Web. A means for disseminating information about products or services. A source for answering technical questions about product use. ©2000 Prentice Hall Two Internet-Related Technologies Intranets are Web-based systems within an organization that cannot be accessed from the outside without special codes. Extranets are pipelines from an organization to other organizations such as channel members. ©2000 Prentice Hall The Continued Globalization of Business Europe is moving toward a common monetary unit with the introduction of the Euro. The breakup of the Soviet Union and increased democratization of Russia are creating new market opportunities. Asia is creating many new markets through its developing economies. Latin America is an emerging market. ©2000 Prentice Hall The Value of the Customer Base Lifetime customer value is the present value of a stream of revenue that can be produced by a customer. Marketing managers will focus on the relationship between the organization and customer as the end of a successful marketing strategy. Retaining more customers by satisfying them better than competitors will be profitable in the long run. ©2000 Prentice Hall Relationship Marketing Involves Different Activities Database marketing, created through transactions, surveys, warranty cards, and a number of other ways. Take products traditionally mass marketed and make them appear to be targeted - mass customization. Customer satisfaction often done through extraordinary customer service. ©2000 Prentice Hall