© 2013 Cengage Learning. All Rights Reserved © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

Why Is Marketing Important? 1 Why Is Marketing Important? © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 

Marketing Defined Marketing is defined as an exchange between a firm and its customers.

What We Can Market

Orientations Product/Production Orientation Sales Orientation Customer Orientation

Who is Responsible for Marketing? Marketing and Customer Satisfaction is Everyone’s Responsibility Marketing should permeate the firm Accounting/Finance Sales Research and Development

Measuring Marketing Success Chief Marketing Officers (CMO) should quantify results when possible Sometimes the effectiveness of marketing programs is easy to quantify However, sometimes the effectiveness is not easy to quantify Ex. advertising effectiveness is difficult to measure because great advertising is geared toward long-term brand building not short-term results

Marketing Management Framework The 5Cs, STP and the 4Ps constitute the marketing management framework

The 5 Cs of Situational Analysis Company Customer Competitor Collaborators Context

STP Segmenting Target Position

4 Ps Product Price Place Promotion

Considerations The situation facing the company changes over time Firm must consistently monitor the 5 Cs 5 Cs, STP and 4 Ps are interdependent Marketers must understand the interdependencies

Book Layout Each chapter covers the “What,” “Why,” and “How.”

Managerial Recap Marketing can make customers happier, and companies more profitable. Marketing is about trying to find out what customers would like, providing it to them, and doing so profitably. Marketing facilitates a relationship between customers and a company.

Managerial Recap Just about anything can be marketed. The marketing management framework—5Cs, STP, 4Ps—will structure the book. If you can remain customer-centric, you’ll be five steps ahead of the competition.