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What is Marketing? What is Marketing? Learning Objectives • Definition of Marketing • Marketing’s Role in an Organization • The C’s of Marketing • The Marketing Plan 2 What is Marketing? Marketing… …is the connection between people and products …helps identify, satisfy, and retain customers …facilitates the exchange between the firm and its customers …is a process of planning, executing, and evaluating © 2004 Mark H. Hansen What is Marketing? The Marketing Process Customers Competitors Product Evaluate & Update © 2004 Mark H. Hansen Capabilities What is Marketing? Marketing’s Role in an Organization • One of several functional areas • Role of marketing will vary depending on the nature of the organization -consumer oriented -production oriented -sales oriented © 2004 Mark H. Hansen What is Marketing? Human Resources Accounting Production Marketing Procurement Finance R&D © 2004 Mark H. Hansen What is Marketing? Human Resources Accounting Production Marketing Procurement Finance © 2004 Mark H. Hansen R&D What is Marketing? The C’s of Marketing Consumer Content • customer focused • know the customer • repeatedly inform the customer © 2004 Mark H. Hansen What is Marketing? The C’s of Marketing Company Capabilities • marketers are aware of firm capabilities Communication • much more than advertising • multiple sources of information © 2004 Mark H. Hansen What is Marketing? The C’s of Marketing Competition • competitive intelligence Cross Functional Contact • marketers recognize ‘functional interdependence’ © 2004 Mark H. Hansen What is Marketing? The C’s of Marketing Community Contact • similar to external analysis • learn what is important to constituents © 2004 Mark H. Hansen What is Marketing? The Marketing Plan • based on business level strategy -consistent with the mission of the firm • the plan should lead to competitive advantage -customers prefer the product over competition -customers perceive more value in the product © 2004 Mark H. Hansen What is Marketing? The Marketing Plan Mission Situation Analysis Objectives Strategy Implementation Budgeting Evaluation Marketing Mix • Product • Distribution (Place) • Communication (Promotion) • Price © 2004 Mark H. Hansen What is Marketing? Marketing Mix or the Four P’s of Marketing Products • needs & wants • ability to change • subject to constant challenge -imitation -comparative improvement © 2004 Mark H. Hansen What is Marketing? Marketing Mix or the Four P’s of Marketing Place (Distribution) • the right product in the right place at the right time • optimal distribution channel • target market issues © 2004 Mark H. Hansen What is Marketing? Marketing Mix or the Four P’s of Marketing Promotion (Communication) • multiple audiences for the message -consumer -distributor -employees -general public © 2004 Mark H. Hansen What is Marketing? Marketing Mix or the Four P’s of Marketing Price • key element in consumers’ ‘value’ mental calculus • communicates multiple messages • key point of competition (competitive lever) © 2004 Mark H. Hansen What is Marketing? Marketing is a firm’s link to customers Marketing is a continuous process Marketing must be integrated with the other functions of the firm Successful marketing is a matter of supplying customers’ needs better than the competition © 2004 Mark H. Hansen