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1-1 Chapter 1 The Field of Marketing 1-2 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Goals • • • • • • • Centrality of exchange in marketing Definition of marketing Evolution of marketing in the U.S. Marketing concept Ethics in marketing Company’s marketing program Ways marketing affects our lives 1-3 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. Marketing Defined System of business activities designed to Plan Price Promote Distribute Want-satisfying products to target markets to achieve organizational objectives 1-4 Stages of the Evolution of Marketing Product-Orientation Stage Sales-Orientation Stage Market-Orientation Stage 1-5 Increase Supply Produce Efficiently Promote through Sales and Advertising Long-Run Customer Satisfaction How Should a Business Be Defined? 1-6 Marketing Concept 1-7 Customer Orientation Relationships Customer Relationship Management (CRM) Mass Customization Produce products with variety and uniqueness 1-8 Coordinated Marketing Activities Quality Total Quality Management Value Creation Benefits vs. Costs 1-9 Organization’s Performance Objectives Performance Metrics Return on the marketing investment Societal Marketing Concept Fulfill firm’s social responsibility 1-10 A Market People or Organizations Needs to Satisfy Market Money to Spend 1-11 Willingness to Spend Market Segments Segments are subgroups of the market with similarities Buying Preferences Wants Product Use 1-12 Target market A market segment at which the firm directs its marketing program Market Segment A Market Segment B TARGET MARKET 1-13 Market Segment C Position Strategies and tactics establish a unique position in the prospect’s mind so the product is viewed in a distinctive and attractive way PRODUCT PRICE TARGET MARKET DISTRIBUTION 1-14 PROMOTION Ethics and Marketing ETHICS Standards accepted by a society TRUST Builds Business Relationships 1-15 CONFLICTS Challenges from conflicting goals CODE OF ETHICS Importance of Marketing Globally Domestically Organizationally Personally 1-16 Key Terms and Concepts Exchange Value creation Marketing Return on marketing investment Product-orientation Societal marketing concept Sales-orientation Market Market-orientation Market segment Marketing concept Target Market Quality Position Total Quality Management (TQM) Forecast demand Marketing mix Relationship marketing Ethics Mass customization Utility Value 1-17 McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.