Download WHAT IS MARKETING? - Austin Community College

McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved.
HOW DO COLLEGE STUDENTS STUDY?
A NEW PRODUCT CHALLENGE FOR 3M!
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HOW DO COLLEGE STUDENTS STUDY?
DISCOVERING STUDENT STUDYING NEEDS
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HOW DO COLLEGE STUDENTS STUDY?
SATISFYING STUDENT STUDYING NEEDS
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Marketing
Marketing is the activity for
creating, communicating,
delivering, and exchanging
offerings that benefit the
organization, its stakeholders,
and society at large.
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LO1

WHAT IS MARKETING ?
You Are a Marketing Expert Already
• Involved in 1,000s of
Buying Decisions
• Some Involved in Selling Decisions

Marketing
• Is NOT Easy
• Affects ALL Individuals, Organizations,
Industries, and Countries
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LO1
WHAT IS MARKETING?
DELIVERING BENEFITS

Marketing Seeks to:
• Discover Needs and Wants of Customers
• Satisfy Them

Exchange
AMA Definition of Marketing
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WHAT IS MARKETING?
LO1
DIVERSE FACTORS INFLUENCE MARKETING ACTIVITIES

Organization Itself

Society

Environmental Forces
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FIGURE 1-2 A marketing department relates
to many people, organizations, and
environmental forces
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LO1
WHAT IS MARKETING?
REQUIREMENTS FOR IT TO OCCUR

Parties with Unsatisfied Needs

A Desire and Ability to be Satisfied

A Way for the Parties to Communicate

Something to Exchange
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HOW MARKETING
DISCOVERS CONSUMER NEEDS
LO2
THE CHALLENGE: NEW PRODUCTS

Consumers May Not Know or Cannot
Describe What They Need or Want

Most New Products Fail

The Challenge:
• “Focus on the Consumer Benefit”
• “Learn From the Past”
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LO2
HOW MARKETING
DISCOVERS CONSUMER NEEDS
NEEDS VS. WANTS

Need

Want

Does Marketing Persuade People to
Buy the “Wrong” Things?

Market
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FIGURE 1-3 Marketing seeks to discover
then satisfy consumer needs through
research and a marketing program
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LO3
HOW MARKETING SATISFIES
CONSUMER NEEDS

Target Market

The 4 P’s: Controllable Marketing Mix
Factors
• Product
• Price
• Promotion
$399
• Place
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LO3

HOW MARKETING SATISFIES
CONSUMER NEEDS
Uncontrollable Environmental Forces
• Social
• Economic
• Technological
• Competitive
• Regulatory
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MARKETING PROGRAM
LO4
CUSTOMER VALUE AND RELATIONSHIPS

Customer Value

Value Strategies
• Best Price
• Best Product
• Best Service
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LO4
Costco and Starbucks
What customer value strategy?
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LO4
MARKETING PROGRAM
RELATIONSHIP MARKETING

Relationship Marketing
• Easy to Understand
• Hard to Do

Marketing Program
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LO5
HOW MARKETING BECAME IMPORTANT
EVOLUTION OF THE MARKET ORIENTATION

Production Era

Sales Era

Marketing Concept Era

Customer Relationship Era
• Market Orientation
• Customer Relationship Management (CRM)
• Customer Experience
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FIGURE 1-5 Four different market
orientations in the history of American
business
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LO5
HOW MARKETING BECAME IMPORTANT
ETHICS AND SOCIAL RESPONSIBILITY

Ethics

Social Responsibility
• Societal Marketing Concept
• Macromarketing
• Micromarketing
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LO6
HOW MARKETING BECAME IMPORTANT
BREADTH AND DEPTH OF MARKETING

Who Markets?

What Is Marketed?
• Goods
• Services
• Ideas
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LO6
HOW MARKETING BECAME IMPORTANT
BREADTH AND DEPTH OF MARKETING

Who Benefits?

Who Buys & Uses What Is Marketed?
• Ultimate Consumers
• Organizational Buyers

How Do Consumers Benefit?
• Utility
 Form Utility
 Time Utility
 Place Utility
 Possession Utility
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