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Marketing: An Introduction
Marketing in a Changing World
•Chapter One
•Lecture Slides
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Marketing: An Introduction
Looking Ahead
• After studying this chapter, you should
be able to:
• Define marketing and discuss its core concepts
• Explain the relationships among customer value,
satisfaction, and quality
• Define marketing management and understand how
marketers manage demand and build profitable
customer relationships
• Compare the five marketing management
philosophies
• Analyze the major challenges facing marketers in the
new “connected” world
1-2
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Marketing: An Introduction
Marketing Defined
• Marketing: a social and managerial process by
which individuals and groups obtain what they need
and want through creating and exchanging products
and values with others.
• Needs
- Physical
- Social
- Individual
•
•
•
•
1-3
Wants
Demands
Products
Services
©Copyright 2004, Pearson Education Canada Inc.
Marketing: An Introduction
Customer Value, Satisfaction, and Quality
• Customer value: the difference between the
values the customer gains from owning and using a
product and the costs of obtaining the product.
• Customer satisfaction: the extent to which a
product’s perceived performance in delivering value
matches a buyer’s expectations.
• Quality: the characteristics of a product or service
that bear on its ability to satisfy stated or implied
customer needs.
1-4
©Copyright 2004, Pearson Education Canada Inc.
Marketing: An Introduction
Exchange, Transactions, and Relationships
• Exchange: the act of obtaining a desired object
from someone by offering something in return.
• Transaction: a trade between two parties that
involves:
– two things of value
– agreed upon conditions
– time of agreement
– place of agreement
• Relationship marketing: the process of
creating, maintaining, and enhancing strong, valueladen relationships with customers and other
stakeholders.
1-5
©Copyright 2004, Pearson Education Canada Inc.
Marketing: An Introduction
Marketing Management
• The analysis, planning, implementation, and control of
programs designed to create, build, and maintain
beneficial exchanges with target buyers for the purpose
of achieving organizational objectives.
• Demand management:
– Increasing demand
– Changing sales
– Demarketing
• Building profitable customer relationships:
–
–
–
–
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Attract new customers
Create transactions with them
Retain current customers
Build lasting customer relationships
©Copyright 2004, Pearson Education Canada Inc.
Marketing: An Introduction
Marketing Management Practice
• Entrepreneurial marketing:
– Businesses started by individuals
– Creativity, drive, and perseverance are keys to
success
– The origins of “guerilla” marketing
• Formulated marketing:
– Professional, disciplined approach
– Achieving a market orientation
• Intrepreneurial marketing:
– Encouraging initiative at the local level
– Putting creativity and passion back into the
marketing effort
1-7
©Copyright 2004, Pearson Education Canada Inc.
Marketing: An Introduction
Marketing Management Philosophies
1. Production: consumers will favor products that are
available and highly affordable
2. Product: consumers favor products that offer the
most in quality, performance, and innovative features
3. Selling: consumers will not buy unless it undertakes
a large-scale selling and promotional effort
4. Marketing: determining the needs and wants of
target markets and delivering the desired satisfactions
more effectively and efficiently then the competitors
5. Societal marketing: generating customer
satisfaction and long-run societal well-being are the
keys to both achieving the company’s goals and
fulfilling its responsibilities
1-8
©Copyright 2004, Pearson Education Canada Inc.
Marketing: An Introduction
Selling versus Marketing Concept
Starting Point
Focus
Means
Ends
The Selling Concept
Factory
Existing
products
Selling and
promoting
Profits through
sales volume
The Marketing Concept
Market
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Customer
needs
Integrated
marketing
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Profits from
satisfied customers
Figure 1.3
Marketing: An Introduction
Marketing in the Connected World
Connections with customers
More selectively
For life
Directly
Connecting
Technologies
Computer
Information
Communication
Transportation
Connections with Marketing Partners
With other company departments
With suppliers and distributors
Through strategic alliances
Connections with the World Around Us
Global connections
With values and responsibilities
Broadened connections
1-10
©Copyright 2004, Pearson Education Canada Inc.
Figure 1.5
Marketing: An Introduction
Looking Back
• Marketing core
concepts
• Customer value,
satisfaction, and quality
• Marketing management
• Marketing management
philosophies
• Major challenges in the
connected world
1-11
©Copyright 2004, Pearson Education Canada Inc.