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Marketing Management
Dawn Iacobucci
© 2010 South-Western, a part of Cengage Learning
What is Marketing
Chapter 1
Marketing and Exchange
• Marketing is an exchange between a firm
and customer
The customer seeks
benefits from the company,
and expects to pay.
The company offers
benefits to its customers,
and seeks profits.
• Product/Production
– Build a better mousetrap
• Selling Orientation
– Let’s make a Deal
• Marketing/Customer
– Building relationships with the customer
Marketing IS the Business
• Marketing should permeate the entire
• Chief Marketing Officers (CMO) need to
show results
– Quantify results when possible
Marketing Framework
• Customers
– Who are they?
– What are they like?
– Do we want to draw different customers?
• Company
– What are our strengths and weaknesses?
– What customer benefits can we provide?
Marketing Framework
• Context
– What is happening in our industry that might
reshape our future business?
• Collaborators
– Can we address our customers’ needs while
strengthening our B2B partnerships?
Marketing Framework
• Competitors
– Who are the competitors we must consider?
– What are their likely actions and reactions?
Marketing Framework
• Segmentation
– Customers aren’t all the same; they vary in
their preferences, needs, and resources
• Targeting
– Attracting some of those customers makes
better sense than going after others
• Positioning
– Communicate your benefits clearly to your
intended customers
Marketing Framework
• Product
– Will customers want what your company is
prepared to produce?
• Price
– Will customers pay what you’d like to
Marketing Framework
• Place
– Where and how will customers purchase
your market offering?
• Promotion
– What can you tell your customers or do for
them to entice them to purchase?
Framework Considerations
• 5 Cs, STP and 4 Ps are interdependent
– Marketers must understand how one
decision impacts other decisions
• The 5 Cs are in flux
– Marketers must consistently monitor and
adjust strategy accordingly
Types of Shopping
Purchase Decision Making
Models for How Buyers Decide
• Lexicographic method
– Compare brands by most important
attribute; brands that make the cut go into
consideration set; then compare on next
important attribute, etc.
• Average method
– One attribute can’t make or break a brand
• Use attribute importance
– Assists with segmentation
B2B Customers
• Classifications
Raw materials
Business services
• Most important classification is whether a
business cares about a purchase
B2B Customers
• More complex decision making due to
different roles within a business:
• Each role may sleek slightly different