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What is Marketing? Professor Chip Besio Cox School of Business Southern Methodist University What Is Marketing? Advertising? Selling? Sales promotion? What Is Marketing? Marketing is [the] “process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others [Italics mine].” ***Philip Kotler What Is Marketing? Marketing is so basic that it cannot be considered a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer’s point of view [Italics mine]. ***Peter Drucker The Evolution of Marketing Production Sales orientation orientation Marketing orientation Production Orientation Persuade customer to want what firm has Marketing Orientation Persuade firm to have what the customer wants Generic Product Differentiated Lowest Cost Competitive Advantage Quality and Volume, Margins Objectives Market Position, Customer Satisfaction Short-term Time Horizon Long-term Service What Is Marketing? Core Concepts Needs, wants, and demands Products and Services Markets Exchange, transactions, and relationships Value, satisfaction, and quality Source: Prentice Hall The Marketing Concept Focus on customers’ needs and wants Orient activities of the firm toward them Achieve long-term goals by offering customer value, generating customer satisfaction and developing relationships with customers Adapted from Prentice Hall What Motivates Consumers? Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging “I am thirsty” Wants - form that a human need takes as shaped by culture and individual personality. “I want a Coca-Cola” Demands - human wants backed by buying power “I can buy a Coca-Cola” Adapted from Prentice Hall This Is a Need Needs - state of felt deprivation including physical, social, and individual needs. This Is a Want Wants - form that a human need takes, as shaped by culture and individual personality. This Is Demand Wants Buying Power “Demand” Need / Want Fulfillment Needs and Wants Fulfilled through a Marketing Offer : Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. What Satisfies Consumer’s Needs and Wants? Products - anything Services - activities that can be offered to or benefits offered a market for attention, for sale that are acquisition, use or essentially consumption and that intangible and don’t might satisfy a need or result in the want ownership of anything Examples: food, electronics, cars, Examples: banking, jewelry, clothing, and airlines, haircuts, machinery and hotels Adapted from Prentice Hall How Consumers Choose Products and Services Customer Value - benefit that the customer gains from owning and using a product compared to the cost of obtaining it Customer Satisfaction - depends on the product’s perceived performance in delivering value relative to a buyer’s expectations Source: Prentice Hall How Consumers Obtain Products and Services Exchanges and Transactions - trade of values between parties, usually involving money Development of Relationships building long-term relationships with consumers, distributors, dealers, and suppliers Source: Prentice Hall The Marketing Concept -Major Goals By: focusing on satisfying consumer needs and wants generating customer value and satisfaction developing relationships with customers The result: The firm creates a sustainable competitive advantage over its rivals Emerging Challenges for Marketers Information Technology Nonprofit Marketing Ethical Concerns Globalization Changing World Economy Source: Prentice Hall Marketing Mix -- The Four P’s RICE ROMOTION LACE RODUCT The Marketing Mix - Product Product line breadth and depth Product characteristics (e.g., quality, features, design, reliability) Brand Packaging Services Return and/or warranty policies The product is much more than the tangible item that the customer sees The Marketing Mix - Price List price Discounts Bundling Terms (e.g., 2/10, net 30) Credit Price includes the tools that determine how much and when the customer pays The Marketing Mix - Promotion Advertising Sales promotion Direct marketing Public relations Personal selling Promotion (what many people commonly think of as marketing) includes all communications with potential customers that are intended to influence their attitudes, beliefs and purchase decisions The Marketing Mix - Place Shelf location Display Inventory Distribution channels Transportation Territory or coverage Place involves how and when the customer gets the product Marketing Mix - Summary Marketers have many more tools at their disposal to achieve company objectives than you might have thought