1. Marketing 1 An Overview of Marketing

2. WHAT IS…? MARKETING

12. MARKETING  Sine Qua Non of Business “Without This Nothing”

13. MARKETING  Meeting customer needs  Exchange: Quid pro Quo (This for That)  Creating, Promoting & Delivering: Goods & Services Goods & Services

14. Where can marketing be used?  Traditional Businesses  Not-For-Profit Companies  Institutions  Social Organizations  Social Causes and Ideas  Politics  Sports and Entertainment

15. Markets  All actual and potential customers  Can’t be all things to all people, so break up total market into segments  Each segment is comprised of people who are grouped by their similarity along some dimensions

16. 1.1 Marketing n Defining marketing n Marketing mix n Management philosophies n Requirements for successful marketing n Market place orientations

17. 1.3 What Is Marketing? A set of processes for creating, communicating and delivering value to customers, with the intention of building long term relationships that will benefit the organization and its stakeholders.

18. 1.2 SELLER BUYER Exchange Process

19. 1.4 MARKETING MIX Decisions that must be made. The “ingredients.” PRODUCT PRODUCT PROMOTION PROMOTION PLACE PLACE PRICE PRICE  KEY: Devise a mix that satisfies customers and generates a profit for the firm.

20. 1.5 MARKETING PHILOSOPHIES PRODUCTION ORIENTATION – Focus on internal capabilities of the firm rather than on the marketplace SALES ORIENTATION – Aggressive sales techniques used to drive profits

21. The Marketing Concept  The social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.  The value as perceived by the customer!

22. 1.6 MARKET ORIENTATION n EMPLOYING THE MARKETING CONCEPT – Customer needs/wants orientation – Aimed at generating customer satisfaction – Satisfying organizational goals n STRATEGIC MARKETING MANAGEMENT – Gather information about customers, competitors, and markets – Selection of target markets – Development of marketing mix

23. 1.7 SOCIETAL MARKETING ORIENTATION  Satisfy customer wants/needs  Organizational goals  And preserve or enhance society’s long term best interest

24. 1.8 Value n Value is what the customer thinks it is. n Customer Value = Benefits Costs

25. Customer Satisfaction Satisfaction = Experience - Expectation

26. Long-Term Relationships  Repeat Sales  Referrals  Lower Costs Customer Retention vs. Customer Acquisition Customer Retention vs. Customer Acquisition  Increased Sales  Premium Price (slight)

27. 1.10 Successful relationship marketing requires  Customer Oriented Personnel  Good Training  Empowerment  Teamwork

28. 1.11 Importance of marketing in society n Importance to Business n Career Opportunities n Affects Daily Life n To You