Download What is Marketing

MT 219 Marketing
Unit One
Welcome!
Course Overview
Introduction to Marketing
Let’s Review: Objectives
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The effect of the environment on marketing strategy
What influences consumer behavior?
Segmentation, targeting, positioning
The marketing mix – our tool box
The role of marketing in service firms
Let’s Review: Course Element Overview
Element
• Discussion response
• Projects
• Reviews
• Brand Analysis
-Discussion
(10%)
-Final Paper
(10%)
Extra Credit is not offered
% overall grade
36%
36%
8%
20%
Let’s Review: Discussions
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Opportunity to clarify
Work with material
Ask questions
Get help from instructor and classmates
Exchange ideas
Get feedback
And they are fun!
Let’s Review: How to do well in discussions
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Pay attention to the rubric in your syllabus
Post early
Respond to at least two classmates
Apply the language and concepts from your readings in your responses
Interpret your own knowledge in terms of the course – personal
experience is great, but apply your reading to it
Check out the key terms at the end of each unit – try to incorporate
them
Use web based research where appropriate to make a point
Use material from previous units to link concepts
Be thoughtful, thorough, and substantive
Check frequently to see if anyone has asked questions
Anytime you are at your computer, and have a couple of minutes, drop
in!
Let’s Review: Working with the projects
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You have a choice: web or video based essays
Both require you to apply what you have learned in that unit
There are transcripts for some of the videos under Course Home
Review the rubric on pages 7 & 8 for guidelines
Proof, proof, proof – grammar and spelling matters. Using APA is
recommended. See page 5 of syllabus
Apply the concepts and language of the course
Answer all the questions in terms of the key concepts of that unit
Be thorough, especially when examining the website
Additional research may be used. For example, if you are working
with a video and wish to examine websites as well, that can only
enhance your work.
If something is confusing, check with your professor
Let’s Review: Reviews
• Multiple choice quizzes
• Think the question through
• Retake the quizzes as necessary
Let’s Review: Final Brand Analysis Project
• You will work with the brand you choose in unit one
• The project will require research, application, and creativity as well
as analysis
• You will have an opportunity to spend more time discussing the
project in the other seminars
Work will begin on the project in unit five, but gather material as you
go – note promotions, ads, articles relative to your brand and save
them.
Let’s Review: Brand Analysis – Discussion
Thread
• In Unit Five you will begin work on a second discussion
thread called the Brand Analysis
• Each unit/thread will deal with some aspect of the
marketing strategy or marketing mix for your chosen
brand
• These threads not only prepare you for your final project
but give you the chance to get help and feedback from
your classmates and Professor
Let’s Review: Deadlines
• All units close midnight EST on Tuesdays
• Discussion threads will be closed at that time and cannot be handed
in late
• All unit projects are also due at that time
• See page 13 of course syllabus for late policies for projects
1-2 calendar days late = 5% penalty
3-6 calendar days late = 10% penalty
7-21 calendar days late = 20% penalty
more than 21 days = automatic zero
Final projects cannot be turned in after the last day of unit 9
Let’s Review: Seminars
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Fun and helpful
Opportunity to ask questions
Opportunity to interact with classmates
Day and time, as well as link to seminar room, will be
posted by the instructor in the Announcements
• You can review the recording (which will be posted as a
link in an Announcement) if you are unable to attend
What is Marketing ?
• A process that focuses on
-consumer relationships and satisfaction, and
-the creation, distribution, promotion, pricing of:
-goods
-services
-ideas
What is the purpose of Marketing?
• The purpose of Marketing – to make a profit by providing value in a
social context.
• Marketing, more than any other topic deals with the customer.
• Your e-book by Pride and Ferrell gave a fantastic definition. It states,
“Marketing is the process of creating, distributing, promoting, and
pricing goods, services, and ideas to facilitate satisfying exchanges
with customers and develop and maintain favorable relationships with
stakeholders in a dynamic environment.”
• That’s a pretty big definition!
• There are also some very important words in that definition. By
process, we are referring to a system or a method.
• A majority of that definition contains the elements of a very important
term called the “Marketing Mix.”
Marketing Mix
• This is a term we will reference throughout the course.
• Figure 1.1 in your e-book has a fantastic diagram that shows the
importance of the marketing mix as a component of marketing.
• The marketing mix includes 4 elements/activities of marketing.
These are sometimes referred to as the 4Ps of marketing, which
include Product, Price, Promotion and Place. Place is also referred
to as “distribution.”
• Your text states that the primary job of a marketing manager is to
create and maintain the right mix of these elements to satisfy
customer’s needs for a general product type.
• For example, a company could have the best product in the world
offered at a great price with exceptional promotion.
• However, if you cannot get the product to the customer, than you
have no sales. This example refers to the importance of the “place
or distribution” element of the marketing mix.
• These concepts will make more sense as we dive deeper into the
class.
Summary – the Marketing Mix
The Marketer’s tool box – the Marketing Mix
• The product – anything that is offered to consumers for
their satisfaction
• The price – what consumers give up for the product
• The place – where, when and how consumers access
and possess the product
• Promotion- communication between the provider of the
product and the consumer
The marketing orientation has evolved
• The production orientation
• The sales orientation
• The marketing orientation
History of Marketing
• When I studied marketing many, many years ago, I was taught that
marketing by definition was satisfying a customer’s needs and wants at a
profit.
• Today, in the year 2007, marketing is so much more.
• As you read your textbook for the course, you will come across the word
“RELATIONSHIP” frequently.
• Marketing is a concept that has evolved over time....there is an actual history
behind the concept of marketing
• For example, the first era in the history of business was called “the
production era”.
• What made the production era significantly different is that a business
focused most of their efforts on increasing the efficiency of their production
lines.
• Henry Ford was known by some as “The Godfather of the Production Era”.
He had a wonderful phrase that has been quoted in business textbooks for
the last 90 years.
- You can have a car in any color you want…as long as it’s in black.
- Henry Ford was not particularly interested that some customers may have wanted their
cars in blue, white, and green or orange; he wanted to make his life as easy as
possible.
History of Marketing
• Following the production era was the “sales era”. The sales era
occurred prior to the 1950’s and the concept was that creative
adverting and selling would convince consumers to buy a
product or service. This era didn’t focus too much on the
customer’s needs and wants.
• The “marketing era” was the third era in the history of marketing.
• This concept was revolutionary because for the first time,
businesses were approaching the consumer asking them what
products or services they would like. Businesses focused on
the needs and wants of the clients.
• The last era is called the “relationship era” which focuses on
long-term relationships with customers and other partners to
achieve success.
• This is where we are today.
What is the marketing concept?
• A managerial philosophy involving
- The satisfaction of consumer needs and wants
- The coordination of activities
- Satisfaction of goals
What is customer relationship marketing?
• Long term
• Mutually satisfying
• Buyers and sellers both benefit
What is Value?
• Benefits minus costs = Value
- Benefits are what customers get out of a product
- Costs can take many forms
- Money
- Time
- Risk
- Aggravation
- Other?
Marketing does not exist in a vacuum
• Marketers must consider
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the economy
demographic changes
social and cultural changes
technological changes
the natural environment has an impact
politics and laws
Marketing is crucial to the global economy
• Marketing costs are high
• Marketing is important to both organizations that make profits and
those that do not
• The global economy is fueled by new products
• Consumers learn from marketing communications
• Marketing can be used for both profit and for furthering the interests
of society
• Marketing offers many careers
Some basic concepts to remember
• Need – anything consumers feel a lack of
• Want – the shape a need takes when affected by
culture
• Demand – a need/want backed up by buying power
• Target market – those most likely to buy
• Satisfaction – meeting expectations
• Product – anything that satisfies a need or a want
You Have Marketing Experience
• Believe it or not, every person in this class has a degree of
marketing experience. We are marketed to as consumers on
a daily basis.
-Consider ads and promotions that attract your attention.
Are you more easily reached via mailings, radio,
television, billboard, or online advertising?
-What factors influence your purchasing decisions?
-Price
-Convenience
-Service
-Product availability
• How do you think you can apply marketing concepts to either
your career or personal life?
Any Questions?
Thank you for attending!
See you next week!
Instructor will post the link to the recording
of tonight’s seminar in the course
Announcements.