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Introduction

• Marketing is one of several functional areas in a business that must be guided by a

core company philosophy while focusing on the exchanges that take place in external

markets in hopes of maximizing performance.

• The specific role of marketing is to provide assistance in identifying, satisfying, and

retaining customers.
Marketing

Marketing is a crucial function in all businesses and organizations,


and is becoming increasingly crucial to success in our modern global
economy.
Adapting Marketing to the new economy

• Digitization and connectivity

• Dis-intermediation and re-intermediation

• Customization and customerization


E- business
E- commerce
E- purchasing
E- marketing
Adapting Marketing to the new economy

• Build brand through performance, not just advertising


• Customer rentention rather than customer acquisition
• From none to in-depth customer satisfaction measurement
• from over-promise, under-deliver to under-promise, over-deliver
• Marketing is often a critical part of a firm's success, but its importance must be kept in
perspective.

• For many large manufacturers such as Proctor & Gamble, Microsoft, Toyota, and Sanyo,
marketing represents a major expenditure, as these businesses depend on the effectiveness
of their marketing effort.

• Conversely, for regulated industries (such as utilities, social services, medical care, or small
businesses providing a one-of-a-kind product) marketing may be little more than a few
informative brochures.
Major drivers of the economy

- Substantial increase in buying power

- A Greater variety of goods and services

- Well informed customers (website)

- A greater ease in interacting and placing and receiving orders

(sales channel)

- An ability to compare notes on products and services online


Major drivers of the economy

• Two-way communication with customers and prospects


• Well informed companies (markets, customers, prospects and
competitors)
• Mass customization
• Improved accuracy and service quality
Marketing is responsible for satisfying customer needs

• Anytime one tries to persuade somebody to do something-


to buy his product, to donate for some charitable purpose, to
vote for some candidate or to accept a social date.
Successful Marketing Management includes

• Capturing marketing insights

• Connecting with customers

• Building strong brands

• Shaping the market offerings

• Delivering and communicating value

• Creating long-term growth

• Developing marketing strategies and plans.


Marketing budget

• Companies have increased their marketing budget's dramatically.

• For example, it is estimated that companies spend over 15 billion dollars


annually on marketing .

• This is an increase of over 2.5 times more than they were spending in 1992.

• Examples of companies that are known for creative, leading-edge


marketing are Disney, Pepsi, Apple and Procter & Gamble.
Definition of Marketing

A
M
S
F
R

Exchange process
Definition of Marketing

• Anticipation of Demand requires a firm to do consumer research in


anticipation of market’s potential and consumers’ desires.

• Management of Demand includes:

Stimulation: motivates consumers to want firm’s offerings

Facilitation: makes it easy to buy offerings

Regulation: involves balancing inventory to consumer demand


Definition of Marketing

• Satisfaction of Demand involves product availability, product performance,

perceptions of safety, and after-sale services.

• An Exchange Process includes the agreement for payment:

cash/credit/promise to pay or support for a firm, institution, idea, or place.


What is a Market?

• The set of actual and potential


buyers of a product.

• These people share a need or


want that can be satisfied
through exchange relationships.
For an exchange to occur…..

• There are at least two parties.

• Each party has something that might be of value to the other party.

• Each party is capable of communication and delivery.

• Each party is free to reject the exchange offer.

• Each party believes it is appropriate or desirable to deal with the other party
Key Customer Markets

• Consumer markets

• Business markets

• International Markets/Global markets

• Nonprofit/Government markets
Marketing Defined

Marketing is the activity, set of instructions, and processes.

OLD view of marketing: NEW view of marketing:


Making a sale—“telling Satisfying
and selling” customer needs
Definition

Marketing is the social process by which


individuals and groups obtain what they need
and want through creating and exchanging
products and value with others .

- P. Kotler
What is Marketing?

• Identifying a need

• Matching resources against that need

• Building relationships to deliver services

• Delivering services based on need in a cost effective way


What Is Marketing

Marketing is managing profitable customer relationships.

Goals:

1. Attract new customers by


promising superior value.

2. Keep and grow current


customers by delivering satisfaction.
Why is Marketing Important?

Shifting Business Paradigms

Buyers’ markets

Sellers’ markets
Implications of marketing

• Who are our existing / potential customers?


• What are their current / future needs?
• How can we satisfy those needs?
• Can we offer a product/ service that the customer would
value?
• Can we communicate with our customers?
• Can we deliver a competitive product of service?
• Why should customers buy from us?
The 4 Ps & 4Cs

Convenience
Marketing
Mix

Product Place

Customer Solution
Price Promotion

Customer Cost
Communication
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Marketing as a Source of Competitive Advantage

• The specific role of marketing is to provide assistance in identifying, satisfying, and retaining
customers. Noted Harvard Professor of Business Levitt states that the purpose of all
business is to "find and keep customers. "

• This loyal behavior is exhibited by people who drive only Fords, brush their teeth only with
Colgate and buy only Dell computers.

• Creating this blind commitment - without consideration of alternatives - to a


particular brand, store, person, or idea is the dream of all businesses. It is unlikely
to occur, however, without the support of an effective marketing program.
Customer vs. Consumer
Selling Vs. Marketing

• Emphasis on the product  Emphasis on customer wants


 Satisfaction of customers is primary
• Sales are the primary motive
 Later production
• First production  External
• Internal  Seller’s need is the motive
• Company’s need is the motive  Consumer determine price
• Cost determines price  Customer as the purpose of business
 Integration
• Customer is last link
 Buyer determines product
• Independent
• Seller determines product
Starting
point Focus Means Ends

Profits
Selling Factory Existing Selling
Through
philosophy products Promoting
Sales volume

Profits
Marketing Market Customer Integrated Through
philosophy needs Marketing Customer
Satisfaction
Evolution of marketing
• Consider how much marketing has changed in the last century
and will continue to shift by the minute as markets expand and
new marketing platforms emerge

• What we consider today to be the fastest way to reach our


customers might be obsolete tomorrow.

• Therein lies the beauty of this profession... change


Evolution of marketing
• The barter system

• Searching became a tedious job

• Local markets

• Shops / bazaars

• Common mediums of exchange like cows, pigs, sheep, slaves. Then, copper, iron, silver, gold etc.

• Currency

• Production at larger scale

• More workers were required

• Middlemen

• Marketing
http://dstevenwhite.com/2010/06/18/the-evolution-of-
marketing/

1. Production era: ‘Cut costs. Profits will take care of themselves’

2. Product era: ‘A good product will sell itself’

3. Sales era: ‘Selling is attracting the customer’

4. Marketing era: ‘The customer is King!’

5. Relationship marketing era: ‘Relationship with customers determine our


firm’s future’
The Exchange Concept

"For Wealth without Greed, Take only what you


Need!"
The Production Concept
Henry Ford’s Model T

"You can have any color you want as long as it is black"


- Henry Ford
1. Production Orientation

 - Product is which are widely available and inexpensive


 - High production efficiency

 - Low cost

 - Mass production and distribution

 - Features do not matter much


1. Production Orientation

• Focuses on internal capabilities of firm.

• “ Field of Dreams” strategy


– “If we build it, they will come”

• Best used when


– competition is weak

– demand exceeds supply

– generic products competing solely on price

• Problem is that they don’t understand wants/needs of marketplace.


2. The Product Concept
2. The Product Concept

• Good quality

• Good performance

• Innovative features

• No customer input

• No competitor analysis
3. The Selling Concept

Clear this
inventory, no
matter what
it takes
3. The Selling Concept

Prior to the 1950s

• People will buy more goods/services if aggressive sales techniques are used.

• High sales will result in high profits.

• Used with unsought products


– life insurance

– encyclopedias

• Problem is that they don’t understand wants/needs of marketplace.

• I can sell everything, if I know how to sell it


3. The Selling Concept

1. - Sales promotion efforts

2. - Buying resistance

3. - More stuff to more people

4. - Unsought goods

5. - High risk
The Marketing Concept

MR-MM
4. Marketing Orientation

The social and economic justification for an organization’s existence is the

satisfaction of customer wants and needs, while meeting organizational

objectives.
3. Marketing Orientation . . .
• Requires:
– Top management leadership

– A customer focus

– Competitor intelligence
• strengths

• weaknesses

– Interfunctional coordination to meet customer wants/needs and deliver


superior values.
5. Societal Marketing Orientation

• Organization exists not only to satisfy customer wants/needs and to meet


organizational objectives, but also to preserve and enhance individuals’ and
society’s long-term best interests.

• Extends marketing concept to serve one more customer - society as a whole.


Societal Marketing Concept
Differences between Sales & Marketing Orientations

Production/Sales Focus Marketing Focus

• Organization’s needs • Customer’s needs


• Producing/Selling goods/services • Satisfying customer wants/needs
• Everybody • Specific groups of people
• Profit through max. sales volume • Profit through customer satisfaction
• Intensive promotion • Coordinated mktg. activities (4 p’s)
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
Logistical

 Transporting - movement of goods and services

 Storing - holding of goods and services

Dr. Rosebloom
Activities of Marketing

Dr. Rosebloom
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
Marketing Myopia

Short sightedness by business firms causing


management to define their business too
narrowly

Dr. Rosebloom
Marketing Myopia Examples

Myopic Description: Broad Description:

• Railroad company  Transportation company


• Electricity company  Power company
• Television network  Entertainment provider

Dr. Rosebloom
What is Marketed?

 Goods  Places

 Services  Properties

 Events  Organizations

 Experiences  Information

 Persons  Ideas
Holistic Marketing Dimensions
Marketing Philisophies

Orientation Key Ideas

Production Focus on efficiency of internal operations –


if we make it, they will buy it
Sales Focus on aggressive sales techniques and believe that high sales
result in high profits

Marketing Focus on satisfying customer needs and wants


while meeting objectives - if they will buy it, we will make it

Societal Focus on satisfying customer needs and


wants while enhancing individual and
societal well-being. I.e.-mfg using recyclables