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chapter one overview of marketing McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Overview of Marketing LEARNING OBJECTIVES LO1 Define the role of marketing in organizations. LO2 List the elements of the marketing mix. LO3 Describe how marketers create value for a product or service. LO4 Understand why marketing is important both within and outside the firm. 1-2 What is Marketing? Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 1-3 What is Marketing? 1-4 Marketing Entails an Exchange 1-5 Product: Creating Value The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. Goods Royalty-Free/Corbis Services Flying Colours Ltd./Getty Images Ideas Roz Wodward/Getty Images 1-6 Price: Capturing Value Price is everything a buyer gives up (money, time, energy) in exchange for the product The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point 1-7 Place: Delivering the Value Proposition Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it Where would you find this product in the store? Courtesy Horizon Organic Dairy 1-8 Promotion: Communicating Value Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response Photo by Paul Hawthorne/Getty Images 1-9 Marketing Can be Performed by Individuals and Organizations ETSY Website 1-10 Marketing Impacts Various Stakeholders Society Customers Employees Supply Chain Courtesy National Fluid Milk Processor Promotion Board; Agency: Lowe Worldwide, Inc. 1-11 Marketing Helps Create Value 1 2 3 4 5 1. H.Armstrong Roberts/Retrofile/Getty Images 2. Jamie Grill/Iconica/Getty Images 3. ©Ted Dayton Photography/Beateworks/Corbis 4. Ciaran Griffin/Stockbyte/Getty Images 5. ©Colin Anderson/Blend Images/Corbis 1-12 Value Driven Companies • Share information across their organization • Balance customer’s benefits and costs • Build relationships with customers 1-13 How Do Firms Become Value Driven? Sharing Information Balancing Benefits with Costs Building Relationships with Customers Connecting With Customers Using Social & Mobile Marketing 1-14 Andrew Ward/Life File/Getty Images ©Roy McMahon/Corbis ©Edward Rozzo/Corbis BananaStock/JupiterImages Jason Reed/Getty Images Digital Vision/Getty Images Why Is Marketing Important? 1-15 Marketing and Society Focusing on Many Factors Product Marketing practices Communities Environment ©M. Hruby 1-16 Glossary Exchange is the trade of things of value between the buyer and the seller so that each is better off as a result. Return to slide 1-17 Glossary Goods are items that you can physically touch. Return to slide 1-18 Glossary Ideas include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed. Return to slide 1-19 Glossary A supply chain is the group of firms that make and deliver a given set of goods and services. Return to slide 1-20 Glossary Value reflects the relationship of benefits to costs. Return to slide 1-21