Download target market

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Chapter 1
The Field of
Marketing
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McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter Goals
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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
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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
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Stages of the Evolution
of Marketing
Product-Orientation
Stage
Sales-Orientation
Stage
Market-Orientation
Stage
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Increase Supply
Produce Efficiently
Promote through
Sales and Advertising
Long-Run
Customer Satisfaction
How Should
a Business Be Defined?
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Marketing Concept
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Customer Orientation
Relationships
Customer Relationship Management
(CRM)
Mass Customization
Produce products with variety and
uniqueness
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Coordinated Marketing Activities
Quality
Total Quality Management
Value Creation
Benefits vs. Costs
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Organization’s Performance
Objectives
Performance Metrics
Return on the marketing investment
Societal Marketing Concept
Fulfill firm’s social responsibility
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A Market
People
or
Organizations
Needs
to
Satisfy
Market
Money
to
Spend
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Willingness
to
Spend
Market Segments
Segments are subgroups
of the market with similarities
Buying
Preferences
Wants
Product
Use
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Target market
A market segment at which the firm
directs its marketing program
Market
Segment
A
Market
Segment
B
TARGET
MARKET
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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
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PROMOTION
Ethics and Marketing
ETHICS
Standards
accepted by a
society
TRUST
Builds
Business
Relationships
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CONFLICTS
Challenges from
conflicting goals
CODE
OF
ETHICS
Importance of Marketing
Globally
Domestically
Organizationally
Personally
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Key Terms and Concepts

Exchange

Value creation

Marketing

Return on marketing investment
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Product-orientation
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Societal marketing concept
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Sales-orientation

Market

Market-orientation
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Market segment
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Marketing concept
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Target Market
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Quality
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Position
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Total Quality Management
(TQM)
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Forecast demand
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Marketing mix
Relationship marketing
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Ethics
Mass customization
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Utility
Value
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McGraw-Hill/Irwin
Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.