MARKETING Introduction and Overview

WHAT IS MARKETING? Delivering value, benefits & solutions to customers People not buying products but solving problems/needs Firm – stakeholders besides customers employees satisfaction leads to customer satisfaction

INSIGHTS INTO MARKETING Starbucks – Howard Schulz Mgmt Guru -- Peter Drucker Revlon -- Charles Revson Sony -- Akio Morita

EXCHANGE 2 parties each with something of value to others each capable of comm. & delivery FREEDOM to accept or reject appropriate/desirable to deal with other both better off after transaction key: must reach an AGREEMENT for exchange to occur

WHY MARKETING? Marketing function imperative for organizational success Hypercompetitive marketplace Highly discriminating customers Changing consumer needs

MARKETING MANAGEMENT PHILOSOPHIES Production orientation Sales orientation – me first, customer 2 nd Market orientation – customer is king (Japan: Customer is god) Marketing orientation -- focus on Consumer needs INTEGRATE all activities serve C  long term goals Societal marketing orientation: preserve individual & society’s interest  Duracell: less mercury & toxic level

WHAT’S THE DIFFERENCE BETWEEN SALES & MARKETING? SELLING  INWARD focus  on efficiency, operational issues MARKETING: focus on customer value  provide quality they expect at a price they are willing to pay at all levels of quality and price range

WHY PRODUCTS SUCCEED? Products that perform earn trust Avoid unrealistic pricing organization wide commitment to post sales support

CUSTOMER SATISFACTION The key to any organization’s success is it delivers satisfaction to its clientele Organization culture geared towards creating customer value via customer satisfaction Build RELATIONSHIPS Human Resource function & training key – Customer-oriented employees via empowerment & teamwork

WHY STUDY MARKETING? Important role in society – to produce & deliver needed products and services priced promote Important to BIZ  survival, profits, growth Career opportunities Affects our daily lives – unending exposure

CORE MARKETING CONCEPTS Needs, wants, demands, preferences Segmentation, targeting, positioning Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment