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Intro to Basic Marketing, Chapter 1
Transcript of Intro to Basic Marketing, Chapter 1
An Overview of Strategic Marketing
Book Definition: Process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and maintain favorable relationships with stakeholders in a dynamic environment
What is Marketing?
AMA’S Current Definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved October 2007)
Customers are the purchasers of the products that organizations develop, produce, price, and promote.
Customers can be:
Customers are the focal point of all marketing activities; everything a marketer does should be backed by an understanding of the customer and a desire to satisfy the customer.
The survival of most businesses in most industries depends on this.
Marketing is all about the Customer:
You should not leave this class without understanding the marketing mix (also called “The 4 P’s” of Marketing or “PPDP”)
The mix is four key activities that a firm uses to create value for customers.
Components (to be covered later in great detail):
The Marketing Mix
Can be a good, a service , an idea, or a person/group of people.
Every organization/business that serves some constituent offers a “product”
Product variable involves:
Researching, developing and testing new products
Modifying/extending existing products
90% or more of new products fail
Store Location (Wendy's)
Item location (Whitening Gum)
Atmospherics (decor, lighting, music)
Match of image and distribution
Establishing pricing objectives and strategies
Key factor in consumer decisions, but lowest isn’t always the right choice (Kennesaw)
Difficult factors in determining price (airline seat)
Not all companies compete on Price (Mont Blanc Pens)
Most people think this
Challenges advertisers face today
Tools in the Promotional Mix:
Getting your message across in the most effective way to the right people in the right place.
Specific group of customers on which companies focus their marketing efforts
Can be millions or a small, exclusive group
Trend is towards smaller markets with more specific interests (Facebook/Twitter Ads)
Ways of segmenting target
A Company often has more than one key target market (Toyota, Unilever)
If you can’t please everyone, you’ve got to please your...
Early 1950s–2000s: adopting a customer focus means a commitment to researching and responding to customer needs.
Mid-1920s–early 1950s: weakened demand required that products would have to be “sold.” (personal selling, advertising, and distribution was the focus)
Late 19th century: efficient production of goods allowed firms to meet strong customer demand.
Evolution of the Marketing Concept
The Customer is King
Trends in Marketing
The loss of mass audiences
Demand for Accountability
New advertising media
Retaining 5% of customers increases profit by…
Why keeping customers saves an organization money…
The Customer is King
50% of the money you spend on products goes to marketing costs
Without marketing, no profits, no business, no economy
Fuels Global Economy
Enhances customer awareness/power
Contributes to pop-culture
Why is Marketing Important?
Cost this year?
Watch the ads, media around ads, see what people are talking about on social media
We'll talk about it--is it worth it?