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Introduction to Marketing chapter 1 Harcourt, Inc. Objectives To develop an appreciation for the historical perspective of how markets have evolved To appreciate both views of the evolution of marketing. To introduce marketing as an exchange process Dr. Rosebloom Objectives To understand the societal implications of marketing To comprehend marketing as an organizational process To introduce the fundamentals of marketing strategy Dr. Rosebloom Spontaneous Economic Combustion Labor Specialization Consumption Satiation Dr. Rosebloom The Evolution of Marketing Production Era Sales Era Marketing Era Dr. Rosebloom Relationship Marketing Era The Evolution of Marketing Production Era Orientation: Dominant time period: Business philosophy focusing on manufacturing efficiency; demand exceeds supply = seller’s market Prior 1920s Dr. Rosebloom to the The Evolution of Marketing Sales Era Orientation: Dominant time period: Business philosophy focusing on selling existing products; supply exceeds demand = buyer’s market Prior 1950s Dr. Rosebloom to the The Evolution of Marketing Marketing Era Orientation: Dominant time period: Business philosophy focusing on consumer wants and needs; any supply/demand situation Last half of 20th century Dr. Rosebloom The Evolution of Marketing Relationship Marketing Era Orientation: Dominant time period: Business philosophy focusing on reinforcing the customer-oriented focus of the marketing era Last decade of 20th century Dr. Rosebloom AMA Definition of Marketing Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organizational objectives Dr. Rosebloom Broader Definition of Marketing The definition of marketing includes the nonprofit sector of society (homeless shelter) Dr. Rosebloom Broader Definition of Marketing Oakland Museum Dr. Rosebloom Hal Riney and Partners Broader Definition of Marketing The definition of marketing includes the nonprofit sector of society (U.S. Army) Dr. Rosebloom Broader Definition of Marketing Drug Free America Dr. Rosebloom The Martin Agency Broader Definition of Marketing The definition of marketing includes the nonprofit sector of society (societal cause) Dr. Rosebloom Broader Definition of Marketing The definition of marketing includes the nonprofit sector of society (forest protection) Dr. Rosebloom Exchange Process Process by which one or more parties give something of value to each other to satisfy perceived needs Dr. Rosebloom Exchanges Learning Environment Tuition Promised Action Votes Dr. Rosebloom Exchanges Fee Consulting Products/services Money Dr. Rosebloom Exchanges Producer Wholesaler Retailer Consumer Dr. Rosebloom Activities of Marketing Dr. Rosebloom Activities of Marketing Exchange Buying - seeking and evaluating alternatives Selling - promotion of alternatives to consumers Dr. Rosebloom Activities of Marketing Dr. Rosebloom Activities of Marketing Logistical Transporting - movement of goods and services Storing - holding of goods and services Dr. Rosebloom Activities of Marketing Dr. Rosebloom Activities of Marketing Facilitating Financing - facilitating exchange Risk-taking - holding title Providing information understanding markets (consumer and industrial) Standardizing and grading - sorting by size and quality Dr. Rosebloom The Marketing Concept Customer orientation Coordinated effort by all departments of the firm to satisfy customers Emphasis on long term profit Dr. Rosebloom Strategic Marketing Concept Corporate mission is to seek Sustainable competitive advantage Meet customer needs Dr. Rosebloom Societal Marketing Concept Adoption of Marketing Concept Considering the needs of society as a whole Environment Health Safety Dr. Rosebloom Marketing Myopia Short sightedness by business firms causing management to define their business too narrowly Dr. Rosebloom Marketing Myopia Examples Myopic Broad Description: Description: Railroad Transportation company Electricity company Television network company Power company Entertainment provider Dr. Rosebloom The Marketing Mix Variables Product Distribution Target Market Price Promotion Dr. Rosebloom The Marketing Mix Variables Target Market Group(s) of potential customers toward which a firm directs its marketing mix(es) Dr. Rosebloom The Marketing Mix Variables Product Strategy Identifying consumer needs and wants New product development Designing the product Branding Packaging Dr. Rosebloom The Marketing Mix Variables Distribution Strategy Physical distribution Channel management Dr. Rosebloom The Marketing Mix Variables Pricing Strategy Pricing objectives Price determination Pricing policies Dr. Rosebloom The Marketing Mix Variables Promotion Strategy Advertising Personal selling Sales promotion POP, sponsorships, PR Dr. Rosebloom The Marketing Environment Microenvironment Objectives and resources Macroenvironment Competitive environment Legal/political environment Socio-cultural environment Economic environment Technological environment Dr. Rosebloom Environmental Scanning Identification of important trends Analysis of impact on the firm Dr. Rosebloom Separations Between Producers and Consumers Separations naturally exist between producers and consumers, buyers and sellers, and any other parties who enter into exchanges Dr. Rosebloom Separations Between Producers and Consumers Spatial Separation Producers and consumers are generally separated by space or geography Dr. Rosebloom Functions Of Advertising Henry Weinhard Dr. Rosebloom Hal Riney and Partners Separations Between Producers and Consumers Temporal Separation Producers and consumers want to produce and consume at different times. Sales of skis generally occur during the winter but producers want to manufacture them all year Dr. Rosebloom Separations Between Producers and Consumers Perceptual Separation Producers may lack information about the whereabouts of consumers and consumers may lack information about the producer’s offerings Dr. Rosebloom Separations Between Producers and Consumers Ownership Separation There is a separation between producers and consumers in reference to title. Producers pass (exchange) title of product/services for title to the money the consumer holds Dr. Rosebloom Separations Between Producers and Consumers Values Separation There is a separation between producers and consumers because producers value the costs and prices of their products while consumers value the utility of the product Dr. Rosebloom Four Types of Utility Utility Dr. Rosebloom Four Types of Utility Form Utility Transformation of raw materials and/or labor into a finished good and/or service that the consumer desires Dr. Rosebloom Four Types of Utility Form Utility Ping Dr. Rosebloom The Martin Agency Four Types of Utility Form Utility Transformation of raw materials and/or labor into a finished good and/or service that the consumer desires Dr. Rosebloom Four Types of Utility Utility Dr. Rosebloom Four Types of Utility Place Utility Availability of a good and/or service where the consumer wants or needs it Dr. Rosebloom Four Types of Utility Place Utility Availability of a good and/or service where the consumer wants or needs it Dr. Rosebloom Four Types of Utility Place Utility Availability of a good and/or service where the consumer wants or needs it Dr. Rosebloom Four Types of Utility Utility Dr. Rosebloom Four Types of Utility Ownership Utility Transferring title of a good and/or service from producer to consumer Dr. Rosebloom Four Types of Utility Utility Dr. Rosebloom Four Types of Utility Time Utility Availability of a good and/or service when consumer wants/needs it Dr. Rosebloom Four Types of Utility Time Utility Availability of a good and/or service when consumer wants/needs it Dr. Rosebloom Separations/Functions/Utility Separations Functions of Marketing Utility Spatial Transporting Storing Place Temporal Storing Transporting Financing Risk-Taking Time Perceptual Selling Providing Information Form, plus facilitates all others Dr. Rosebloom Separations/Functions/Utility Separations Functions of Marketing Utility Ownership Buying Selling Risk-Taking Financing Ownership Values Buying Selling Standardizing and Grading Providing Information Ownership Form Dr. Rosebloom