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Business in Action 7e Bovée/Thill The Art and Science of Marketing Chapter 13 Business in Action 7e Bovée/Thill Learning Objectives 1. Define marketing and explain its role in society 2. Identify three trends that help define 3. contemporary marketing Differentiate between consumer buying behavior and organizational buying behavior Copyright © 2015 Pearson Education, Inc. 13-3 Learning Objectives 4. Define strategic marketing planning and identify 5. 6. the four basic options for pursuing new marketing opportunities Identify the four steps in crafting a marketing strategy Describe the four main components of the marketing mix Copyright © 2015 Pearson Education, Inc. 13-4 Marketing in a Changing World • Marketing The process of creating value for customers and building relationships with those customers in order to capture value back from them Copyright © 2015 Pearson Education, Inc. 13-5 Marketing in a Changing World • Place Marketing Marketing efforts to attract people and organizations to a particular geographical area • Cause-Related Marketing Identification and marketing of a social issue, cause, or idea to selected target markets Copyright © 2015 Pearson Education, Inc. 13-6 The Role of Marketing in Society • Needs Differences between a person’s actual state and his or her ideal state; they provide the basic motivation to make a purchase • Wants Specific goods, services, experiences, or other entities that are desirable in light of a person’s experiences, culture, and personality Copyright © 2015 Pearson Education, Inc. 13-7 The Role of Marketing in Society (cont.) • Exchange Process The act of obtaining a desired object or service from another party by offering something of value in return • Transaction An exchange of value between parties Copyright © 2015 Pearson Education, Inc. 13-8 The Role of Marketing in Society (cont.) • Utility The power of a good or service to satisfy a human need Form, time, place, possession (Satisfaction after possession of product.) Copyright © 2015 Pearson Education, Inc. 13-9 Exhibit 13.1 Examples of the Four Utilities Copyright © 2015 Pearson Education, Inc. 13-10 The Marketing Concept • Marketing Concept An approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization Copyright © 2015 Pearson Education, Inc. 13-11 The Marketing Concept (cont.) • Relationship Marketing A focus on developing and maintaining longterm relationships with customers, suppliers, and distribution partners for mutual benefit • Customer Loyalty The degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider Copyright © 2015 Pearson Education, Inc. 13-12 Challenges in Contemporary Marketing • Involving the customer in the marketing process • Making data-driven decisions • Conducting marketing activities with greater concern for ethics and etiquette Copyright © 2015 Pearson Education, Inc. 13-13 Involving the Customer • Customer Relationship Management (CRM) A type of information system that captures, organizes, and capitalizes on all the interactions that a company has with its customers • Social Commerce The creation and sharing of product-related information among customers and potential customers Copyright © 2015 Pearson Education, Inc. 13-14 Making Data-Driven Decisions • Marketing Research The collection and analysis of information for making marketing decisions Observation, surveys, interviews, focus groups Copyright © 2015 Pearson Education, Inc. 13-15 Marketing with Greater Concern for Ethics and Etiquette • Permission-Based Marketing A marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest Copyright © 2015 Pearson Education, Inc. 13-16 Marketing with Greater Concern for Ethics and Etiquette (cont.) • Stealth Marketing The delivery of marketing messages to people who are not aware that they are being marketed to; these messages can be delivered by either acquaintances or strangers, depending on the technique Copyright © 2015 Pearson Education, Inc. 13-17 Understanding Today’s Customers • Consumer Market Individuals or households that buy goods and services for personal use • Organizational Market Companies, government agencies, and other organizations that buy goods and services either to resell or to use in the creation of their own goods and services Copyright © 2015 Pearson Education, Inc. 13-18 The Consumer Decision Process • Cognitive Dissonance Tension that exists when a person’s beliefs don’t match his or her behaviors; a common example is buyer’s remorse, when someone regrets a purchase immediately after making it Copyright © 2015 Pearson Education, Inc. 13-19 Purchase Influences Culture Socioeconomic level Situational factors Reference groups Self-image Copyright © 2015 Pearson Education, Inc. 13-20 The Organizational Customer Decision Process • An emphasis on economic payback and • • • • other rational factors A formal buying process Greater complexity in product usage The participation and influence of multiple people Close relationships between buyers and sellers Copyright © 2015 Pearson Education, Inc. 13-21 Identifying Market Opportunities • Strategic Marketing Planning The process of examining an organization’s current marketing situation, assessing opportunities and setting objectives, and then developing a marketing strategy to reach those objectives Copyright © 2015 Pearson Education, Inc. 13-22 Exhibit 13.6 The Strategic Marketing Planning Process Copyright © 2015 Pearson Education, Inc. 13-23 Crafting a Marketing Strategy • Marketing Strategy An overall plan for marketing a product; includes the identification of target market segments, a positioning strategy, and a marketing mix Copyright © 2015 Pearson Education, Inc. 13-24 Dividing Markets into Segments • Market A group of customers who need or want a particular product and have the money to buy it • Market Segmentation The division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviors Copyright © 2015 Pearson Education, Inc. 13-25 Dividing Markets into Segments • Demographics The study of statistical characteristics of a population • Psychographics Classification of customers on the basis of their psychological makeup, interests, and lifestyles Copyright © 2015 Pearson Education, Inc. 13-26 Dividing Markets into Segments • Geographic • Behavioral Segmentation Segmentation Categorization of customers according to their geographical location Categorization of customers according to their relationship with products or response to product characteristics Copyright © 2015 Pearson Education, Inc. 13-27 Choosing Your Target Markets • Target Markets Specific customer groups or segments to whom a company wants to sell a particular product Undifferentiated, differentiated, concentrated, and individualized Copyright © 2015 Pearson Education, Inc. 13-28 Staking Out a Position in Your Target Markets • Positioning Managing a business in a way designed to occupy a particular place in the minds of target customers Copyright © 2015 Pearson Education, Inc. 13-29 The Marketing Mix • Marketing Mix The four key elements of marketing strategy: product, price, distribution, and customer communication Copyright © 2015 Pearson Education, Inc. 13-30 Exhibit 13.9 The Marketing Mix Copyright © 2015 Pearson Education, Inc. 13-31 The Marketing Mix (cont.) • Product • Price A bundle of value that satisfies a customer need or want The amount of money charged for a product or service Copyright © 2015 Pearson Education, Inc. 13-32 The Marketing Mix (cont.) • Distribution Channels Systems for moving goods and services from producers to customers Also known as marketing channels Copyright © 2015 Pearson Education, Inc. 13-33 The Marketing Mix (cont.) • Promotion A wide variety of persuasive techniques used by companies to communicate with their target markets and the general public Copyright © 2015 Pearson Education, Inc. 13-34