The Nature of Marketing

Individual Homework due Tuesday 24th Read case on page 19: Marketing and Society I.I Marketing good or evil? Upload in thinkwave your reflection. Time limit: Tuesday 24th 10:30 am https://www.youtube.com/watch?v=Ja2fgquYTCg

Customer Relationship Management (CRM) All kinds of organizations are now becoming proficient users of customer relationship management systems to get to know their customers better and to interact with them on a regular basis.

Alternative Business Orientations

Market-Oriented Businesses vs Internally Orientated Businesses Market-orientated businesses Internally orientated businesses Customer concern throughout business Convenience comes first Know customer choice criteria and match with marketing mix Assume price and product performance key to most sales Segment by customer differences Segment by product Invest in market research (MR) and track market changes Rely on anecdotes and received wisdom Welcome change Cherish status quo Try to understand competition Ignore competition Marketing spend regarded as an investment Marketing spend regarded as a luxury Innovation rewarded Innovation punished Search for latent markets Stick with the same Be fast Why rush? Strive for competitive advantage Happy to be me-too

Marketing Objectives The definition of marketing objectives may be derived from the results of the marketing audit and the SWOT analysis

SWOT Analysis

The Ansoff Matrix

The Marketing Mix Product Promotion Price The Marketing Mix Place

Marketing and Performance Value-based marketing is where the objective of marketing is seen as contributing to the maximization of shareholder value (Doyle) A chain of marketing productivity demonstrates how marketing investments are reflected in firm outcomes (Rust et al)

Marketing Metrics A key emerging area of control is marketing metrics Two key elements of marketing metrics: The effectiveness of operational marketing activity and The impact of marketing on the bottom line

The Scope of Marketing Marketing is used to promote important societal causes Social marketing where marketing is used to promote important societal causes has grown dramatically

The Marketing Planning Process Stages in the planning process Business Mission Marketing audit SWOT analysis Marketing objectives Strategic objectives Strategic thrust Core strategy Competitive advantage Target markets Marketing mix decisions Organizations and implementation Control

Class activity Tuesday 24th Teams (2 p): Identify 2 examples of organizations that you consider provide customer value, and describe how they do it. Analyze figure 1.4 pg 14. Choose one real Company in one market and prepare a SWOT analysis as an example.

Remember…. Next Thursday: Quiz chapter 1 Start Reading chapter 2