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AN OVERVIEW OF MARKETING MARKET PLANNING UNIT ENDURING UNDERSTANDING STUDENTS WILL UNDERSTAND THAT……. Marketing is customer focused. Marketing is much more than advertising and selling. A marketing plan is a roadmap for all companies' business efforts. • • • • ESSENTIAL QUESTIONS What is marketing? How do marketers find their customers? What makes marketing dynamic? What causes a business to "close its doors"? WHAT IS MARKETING? A Set of Activities • A Philosophy Financing • An Attitude Selling • A Perspective Distribution • A Management Orientation Promotion Pricing Marketing Information Management Product Service Management WHAT IS MARKETING? American Marketing Association Definition Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. WHAT IS MARKETING? Customer value and beneficial relationships Creating Value Exchange A B WHY STUDY MARKETING? Describe several reasons for studying marketing REASONS FOR STUDYING MARKETING Why Study Marketing? Important to Society Important to Business Good Career Opportunities + Marketing affects you every day! MARKETING MANAGEMENT PHILOSOPHIES Describe four marketing management philosophies MARKETING MANAGEMENT PHILOSOPHIES Orientation Production 1900-1920’s Sales 1930 -1940’s Market 1950-1970 Societal 1980 to present Focus is on… internal capabilities of the firm. Emphasis on producing and distributing new products aggressive sales techniques and belief that high sales result in high profits satisfying customer needs and wants while meeting objectives satisfying customer needs and wants while enhancing individual and societal well-being MARKET ORIENTATION Marketing Concept: The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives THE MARKETING CONCEPT Focusing on customer wants and needs to distinguish products from competitors’ offerings Integrating all the organization’s activities to satisfy these wants Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly School bag activity ACHIEVING A MARKETING ORIENTATION Obtain information about customers, competitors, and markets Examine the information from a total business perspective Determine how to deliver superior customer value Implement actions to provide value to customers FAILURE TO SUCCESS HOW SHOULD A BUSINESS BE DEFINED? Company Product-Oriented Answer Market-Oriented Answer Kodak We make cameras We help preserve memories Verizon We sell cell phones Coke We make soda Levi We make jeans Nike We design athletic shoes Lexus We build cars McDonald’s We sell fast food AVOIDING MARKETING MYOPIA Marketing myopia—Focusing on products/company rather than the customer. Results in failure to see and adjust to the rapid market changes. SOCIETAL MARKETING Societal Marketing Orientation Method video The Body Shop - Values and Campaigns An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests. • Less toxic products • More durable products • Products with reusable or recyclable materials BUILDING RELATIONSHIPS Relationship Marketing A strategy that focuses on keeping and improving Relationships with current customers. BUILDING RELATIONSHIPS Customer-oriented personnel Employee training programs Empowered employees Teamwork Zappos YouTube - The Zappos Family on Nightline DEFINING A FIRM’S BUSINESS Use “customer benefits” instead of “goods/services” -Ensures a customer focus -Encourages innovation and creativity -Stimulates an awareness of changes in customer preferences THE FOUR MARKETING MANAGEMENT PHILOSOPHIES Orientation Focus Production What can we make or do best? Sales How can we sell more aggressively? Marketing What do customers want and need? Societal What do customers want and need, and how can we benefit society? Societal Marketing Assignment Handout 1-22
