Class One
Transcript of Class One
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WELCOME TO BUS132MARKETING
MANAGEMENT
WELCOME TO BUS132MARKETING
MANAGEMENT 11
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LETS DEFINE MARKETING
‣WHAT DO MARKETERS DO?
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‣ Marketing: Defined‣ An organizational function and a set of processes for
creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
TEXT BOOK DEFINITIONS
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If the circus is coming to town and you paint a sign saying "Circus
Coming to the Fairground Saturday," that's advertising. If you put the sign on the back of an elephant and walk it
into town, that's promotion. If the elephant walks through the mayor's
flower bed, that's publicity. And if you get the mayor to laugh about it, that's public relations. If the town's citizens go to the circus, you show them the many entertainment booths, explain how much fun they'll have spending money at the booths, answer their
questions and ultimately, they spend a lot at the circus, that's sales.
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An organization’s marketing department relates to many people, groups, and forces
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Requirements for Marketing to Occur
‣ Two or More Parties with Unsatisfied Needs‣ Desire and Ability to Satisfy These Needs‣ A Way for the Parties to Communicate‣ Something to Exchange
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‣Discovering Consumer Needs‣ Consumer Needs and Consumer Wants
DISCOVERING AND SATISFING CONSUMER NEEDS
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New Product Idea!
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Marketing’s first task: discovering consumer needs
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‣Satisfying Consumer Needs‣ Target market‣ The Four Ps: Controllable Marketing Mix Factors‣ Product‣ Price‣ Promotion ‣ Place
‣ The Uncontrollable, Environmental Factors
HOW MARKETING DISCOVERS AND SATISFIES CONSUMER NEEDS
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FIGURE 1-3 Marketing’s second task: satisfying consumer needs
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‣Evolution of North American Businesses‣ Production Era‣ Sales Era‣ Marketing Concept Era‣ Market Orientation Era‣ Customer Value‣ Customer Satisfaction‣ Customer relationship management (CRM)‣ Customer lifetime value (CLV)‣ eCRM‣ Interactive marketing
HOW MARKETING BECAME SO IMPORTANT
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FIGURE 1-5 Five different orientations in the history of North American business
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What type of value do these firms offer their customers?
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NEXT CLASS
‣UNDERSTANDING THE MARKETING CASE APPROACH
‣ LITTLE LUCY’S LEMONADE & HISTORY ADVENTURE TOURS
‣UNDERSTANDING THE MARKETING PLAN
‣CHAPTER TWO – DEVELOPING SUCCESSFUL MARKETING
STRATEGIES