Marketing Management Course Overview & Introduction.

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Presentation transcript:

Marketing Management Course Overview & Introduction

1 - 1 Agenda What is Marketing? Marketing Management Five Business Orientations The Marketing Concept Illustrations

1 - 2 What is Marketing? AMA definition of marketing: the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individuals, organizations, and society.

1 - 3 What is Marketing? Marketing is managing profitable customer relationships  Attracting new customers  Retaining and growing current customers “Marketing” is NOT synonymous with “sales” or “advertising”

1 - 4 What Can Be Marketed? GoodsServicesPlacesIdeasEventsPersonsPropertiesOrganizationsInformationExperiences What is being marketed in this ad?

1 - 5 Elements of a Modern Marketing System

1 - 6 Marketing Management Customer Management:  Marketers select customers that can be served well and profitably. Demand Management:  Marketers must deal with different demand states, ranging from no demand to too much demand (“demarketing”).

1 - 7 Marketing Management Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept Management Orientations

1 - 8 Production Concept Consumers will favor products that are widely available and low in cost Therefore: focus on production- and distribution- efficiencies When valid?

1 - 9 Product (technology) orientation Consumers will favor products that offer superior quality, performance & features Therefore: focus on R&D, NPD Problem?

Selling Orientation Push consumers into buying more Therefore: go for aggressive “hard-sell” approach Focus: selling, meeting sales targets/ quotas Problem?

Marketing Concept Key to achieving organizational goals is to determine the needs & wants of the target market(s) and to deliver the desired benefits more efficiently and effectively than the competition.

Figure 1-3: The Selling and Marketing Concepts Contrasted

Marketing Concept – 4 Pillars Customer focus Competitor focus Integrated company effort Goal-driven behavior

Customer Orientation Satisfy customer expectations It costs 5-10X MORE to attract a new customer than to keep one Lifetime value of the customer – Customer Equity

Competitor Orientation Direct Indirect – substitutes  Sony PlayStation

Integrated Company Effort Closely coordinated within company with other functional areas and, ideally, with collaborators outside (e.g., suppliers, distributors).

Goal-Directed Behavior Behavior directed at achieving goals of the organization

Considerations Underlying the Societal Marketing Concept

Some Examples Amazon B & J Giordano

Strong sales, no or tiny profits Customer-driven to its core Each customer’s experience is unique Provides great selection, good value, discovery as well as convenience A true online community c Amazon