Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-1 Marketing Management

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-2 If you remember only one thing, remember this Marketing is about the customer. Delight the customer!

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-3 What is Marketing? ●Marketing—process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that satisfy individual and organizational objectives. ●What an UGLY definition. ●Marketing is a way of thinking. –What is a person really buying when they buy a drill bit?

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-4 The Marketing Mix – Know It! ●Product ●Price ●Promotion ●Distribution

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-5 Delivering Added Value through Customer Satisfaction and Quality –Value-added — occurs when a company exceeds value expectations by adding features, lowering its price, enhancing customer service, or making other improvements to increase customer satisfaction –Customer Satisfaction—result of a good or service meeting or exceeding the buyer’s needs and expectations. –Quality — does the product meet or exceed customer expectations

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-6 Expanding Marketing’s Traditional Boundaries ●Nontraditional Marketing –Person Marketing –Place Marketing –Cause Marketing –Event Marketing –Organization Marketing

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-7 Developing a Marketing Strategy 1.Select a Target Market –Target Market—group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences. –For example:  Consumer Products  Business Products  Teens  Women

Copyright © 2005 by South-Western, a division of Thomson Learning, Inc. All rights reserved. 1-8 Developing a Marketing Strategy 2. Develop a Marketing Mix –Blend the elements of marketing  Product strategy  Pricing strategy  Promotional strategy  Distribution strategy –To satisfy target market and customer segments.