Chapter 1 Marketing

12/31/2010
Marketing
7th Canadian Edition
© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.
Marketing: Customer
1 Value, Satisfaction,
Customer Relationships,
and Customer
Experiences
WHAT MARKETING IS AND WHAT IT IS NOT
‣ Marketing: Defined
‣ 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.
stakeholders
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‣ Requirements for Marketing to Occur

‣ Two or More Parties with Unsatisfied Needs
‣ Desire and Ability to Satisfy These Needs
‣ A Way for the Parties to Communicate
‣ Something to Exchange
‣ The Breadth and Depth of Marketing

‣ What is a Market?
‣ Who Markets?
‣ What is Marketed?
‣ Social Marketing
‣ Who Buys and Uses What is Marketed?
‣ Ultimate Customers
‣ Organizational Buyers
‣ Who Benefits?
Marketing is used by nonprofit organizations, causes, and

places.
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‣ The Diverse Factors Influencing Marketing Activities
FIGURE 1-1 An organization’s marketing department

relates to many people, groups, and forces
Concept Check
What is marketing?
Answer:
According to the American Marketing Association,
"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."
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Concept Check
discovering and ___________

Marketing focuses on __________ satisfying
prospective customers’ needs and wants.
Concept Check
What four factors are needed for marketing to occur?

Answer:
(1) Two or more parties with unsatisfied needs
(2) a desire and ability on their part be satisfied,
(3) a way for the parties to communicate, and
(4) something to exchange.
HOW MARKETING DISCOVERS AND

SATISFIES CONSUMER NEEDS
‣ Discovering Consumer Needs

‣ Consumer Needs and Consumer Wants
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FIGURE 1-2
Marketing’s first task:
discovering consumer
needs
HOW MARKETING DISCOVERS AND SATISFIES

CONSUMER NEEDS
‣ Satisfying Consumer Needs
‣ Target market
‣ The Four Ps: Controllable Marketing Mix Factors
‣ Product
‣ Pi
Price
‣ Promotion
‣ Place
‣ The Uncontrollable, Environmental Factors
‣ But Wait, What About High-Technology or New-to-World
Products?
FIGURE 1-3 Marketing’s second task: satisfying consumer

needs
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THE MARKETING PROGRAM
‣ The Marketing Program

‣ A Marketing Program for Stratus Vineyards
‣ to continue to be an eco-friendly, sustainable premium
winemaker that provides limited quantities of fine wine to
discerning customers.
FIGURE 1-4 Marketing Program for Stratus Vineyards
Concept Check
An organization cannot satisfy the needs of all

consumers, so it must focus on one or more
target markets
subgroups, which are its ________________.
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Concept Check
What are the four marketing mix elements that make

up the organization’s marketing program?
Answer:
The four marketing g mix elements that make up
p the
organization's marketing program are product,
price, promotion, and place, or otherwise known
as the 4 P's. This portion of the marketing
program is controllable by the marketing
departments and its organization.
Concept Check
What are uncontrollable variables?
Answer:
Uncontrollable
U ll bl ffactors are llargely
l bbeyond
d the
h
control of the marketing department and its
organization. These are the environmental factors
in a marketing decision involving social, economic,
technological, competitive, and regulatory forces.
HOW MARKETING
BECAME SO IMPORTANT
‣ Evolution of North American Businesses
‣ Production Era
‣ Sales Era
‣ Marketing Concept Era
‣ Market Orientation Era
‣ Customer Value
‣ Customer Satisfaction
‣ Customer relationship management (CRM)
‣ Customer lifetime value (CLV)
‣ eCRM
‣ Interactive marketing
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What type of value do these firms

offer their customers?
FIGURE 1-5 Five different orientations in the history of

North American business
HOW MARKETING
BECAME SO IMPORTANT
‣ Ethics and Social Responsibility:

Balancing the Interests of Different Groups
‣ Ethics
‣ Social Responsibility
‣ Societal marketing concept
‣ Macromarketing
‣ Micromarketing
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Concept Check
The match between customer expectations of the

product and the product’s actual performance is
customer satisfaction
called _______________________.
Concept Check
The process of building and developing long-term

relationships with customers by delivering customer
value and satisfaction is called __________________ .
Answer:
Customer Relationship Management (CRM).
Concept Check
Some Canadian companies are now transitioning from

the market orientation era to the _______________.
Answer:
Customer Experience Management era
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Marketing
‣ Marketing is the process of planning and executing the

conception, pricing, promotion, and distribution of
ideas, goods, and services to create exchanges that
satisfy individual and organizational objectives.
Market
‣ A market is people with the desire and with the

ability to buy a specific product.
Environmental Factors
‣ Environmental factors are the uncontrollable factors

involving social, economic, technological,
competitive, and regulatory forces.
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Target Market
‣ One or more specific groups of potential customers

toward which an organization directs its marketing
program.
Marketing Mix
‣ The marketing mix is product, price, promotion, and

place.
Customer Value
‣ Customer value is the unique combination of benefits

received by targeted buyers that includes quality,
price, convenience, on-timer delivery and both
before-sale and after-sale service.
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Marketing Program
‣ The marketing program is a plan that integrates the

marketing mix to provide a good, service, or idea to
prospective buyers.
Marketing Concept
‣ The marketing concept is the idea that an

organization should strive to satisfy the needs of
consumers, while also trying to achieve the
organization’s goals.
Market Orientation
‣ An organization that has a market orientation focuses

its efforts on continuously collecting information
about customers’ needs and competitors capabilities,
sharing this information across departments, and
using the information to create customer value.
value
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Customer Relationship Management (CRM)
‣ Customer relationship management is the process of

identifying prospective buyers, understanding them
intimately, and developing long-term perceptions of
the organization and its offering so that buyers will
choose them in the marketplace.
marketplace
Micromarketing
‣ Micromarketing is how an individual organization

directs its marketing activities and allocates its
resources to benefit its customers.
Ultimate Consumer
‣ Ultimate consumers are the people who use the goods

and services purchased for a household.
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Organizational Buyers
‣ Organizational buyers are units such as

manufacturers, retailers, or government agencies that
buy goods and services for their own use of for resale.
Customer Lifetime Value (CLV)
‣ The profit generated by the customer’s purchase of

an organization’s product or service over the
customer’s lifetime.
Customer Satisfaction
‣ The match between customer expectations of the

product and the product’s actual performance.
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Social Marketing
‣ Marketing designed to influence the behaviour of

individuals in which the benefits of the behaviour
accrue to those individuals or to the society in general
and not to the marketer.
Customer Experience Management (CEM)
‣ Managing the customers’ interactions with the

organization at all levels and at all touch-points so
that the customer has a positive impression of the
organization, is satisfied with the experience, and will
remain loyal to the organization.
organization
Green Marketing
‣ Marketing efforts to produce, promote, and reclaim

environmentally sensitive products.
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Interactive Marketing
‣ Involves two-way buyer–seller electronic

communication in which the buyer can control the
kind and amount of information received from the
seller.
16

Chapter 1 Marketing

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12/31/2010

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

WHAT MARKETING IS AND WHAT IT IS NOT

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

WHAT MARKETING IS AND WHAT IT IS NOT

‣ Requirements for Marketing to Occur

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

WHAT MARKETING IS AND WHAT IT IS NOT

‣ The Breadth and Depth of Marketing

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

Marketing is used by nonprofit organizations, causes, and

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

WHAT MARKETING IS AND WHAT IT IS NOT

‣ The Diverse Factors Influencing Marketing Activities

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

FIGURE 1-1 An organization’s marketing department

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

discovering and ___________

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

What four factors are needed for marketing to occur?

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

HOW MARKETING DISCOVERS AND

‣ Discovering Consumer Needs

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

HOW MARKETING DISCOVERS AND SATISFIES

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

FIGURE 1-3 Marketing’s second task: satisfying consumer

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

THE MARKETING PROGRAM

‣ The Marketing Program

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

FIGURE 1-4 Marketing Program for Stratus Vineyards

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

An organization cannot satisfy the needs of all

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

What are the four marketing mix elements that make

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

What are uncontrollable variables?

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

What type of value do these firms

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

FIGURE 1-5 Five different orientations in the history of

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

‣ Ethics and Social Responsibility:

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

The match between customer expectations of the

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

The process of building and developing long-term

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

Some Canadian companies are now transitioning from

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

‣ Marketing is the process of planning and executing the

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

‣ A market is people with the desire and with the

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

‣ Environmental factors are the uncontrollable factors

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.

‣ One or more specific groups of potential customers

© 2008 McGraw-Hill Ryerson Ltd. All rights reserved.