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Topic One: Introduction Objectives • • • • • Course Organization Tasks of Marketing Major Concepts & Tools of Marketing Marketplace Orientations Marketing’s Responses to New Challenges Course/Text Organization • • • • • Part I - Understanding Marketing Part II - Analyzing Marketing Opportunities Part III - Identifying customer value Part IV - Creating the Market Offering Part V - Delivering and communicating Market Offering Defining Marketing Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. - Philip Kotler (p. 7) Core Concepts of Marketing Target Markets & Segmentation Needs, Wants, and Demands Product or Offering Value and Satisfaction Exchange and Transactions Relationships and Networks Marketing Channels Supply Chain Competition Marketing Environment Simple Marketing System Communication Goods/services Industry (a collection of sellers) Money Information Market (a collection of Buyers) Structure of Flows Resources Resources Resource markets Money Services, money Taxes, goods Services, money Manufacturer markets Taxes, goods Taxes Government markets Goods, services Consumer markets Services Services, money Money Money Taxes, goods Intermediary markets Money Goods, services The Four Ps The Four Cs Marketing Mix Place Product Customer Solution Price Promotion Customer Cost Communication Convenience Company Orientations Towards the Marketplace Production Concept Consumers prefer products that are widely available and inexpensive Product Concept Consumers favor products that offer the most quality, performance, or innovative features Selling Concept Consumers will buy products only if the company aggressively promotes/sells these products Marketing Concept Focuses on needs/ wants of target markets & delivering value better than competitors Customer Delivered Value Starting point Focus Means Ends Factory Existing products Selling and promotion Profits through sales volume (a) The selling concept Market Customer needs Integrated marketing Profits through customer satisfaction (b) The marketing concept Traditional Organization Chart Top Management Middle Management Front-line people Customers Customer-Oriented Organization Chart Customers Front-line people Middle management Top management Evolving Views of Marketing’s Role Finance Production Marketing Finance Human resources a. Marketing as an equal function Production Human resources Marketing b. Marketing as a more important function Evolving Views of Marketing’s Role Production Marketing c. Marketing as the major function Customer d. The customer as the controlling factor Evolving Views of Marketing’s Role Production Marketing Customer e. The customer as the controlling function and marketing as the integrative function Determinants of Customer Delivered Value Image value Personnel value Services value Total customer value Product value Customer delivered value Monetary cost Time cost Energy cost Psychic cost Total customer cost Satisfaction is a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance (or outcome) in relation to his or her expectations. Satisfied Customers: • • • • • • Are loyal longer Buy more (new products & upgrades) Spread favorable word-of-mouth Are more brand loyal (less price sensitive) Offer feedback Reduce transaction costs Capturing value from customers • Building customer relationship • Creating customer loyalty and retention – Customer lifetime value • Growing share of customer – share of customer • Building customer equity – customer equity: the total combined customer lifetime values of all of the company’s customers.