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marketing

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- the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large - affects all individuals and organizations - 25-30% of all jobs - much broader than advertising - practice standards have shifted from an emphasis on producers interests to consumers interests - to serve both buyers and sellers- seeks to discover the needs and wants of prospective customers and to satisfy them - primarily responsible for interacting with customer - intergrading function - all organizations do - Business, goods/services, ideas, people, places etc. can all be marketed - first objective is discovering the needs of prospective customers - driving force for modern global economy

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(1) to discover the needs and wants of prospective customers and (2) satisy them

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to serve both buyers and sellers, marketing seeks

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exchange

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the trade of things of value between buyer and seller so that each is better off after the trade - the process by which some tranfer of value occurs between a buyer and a seller - the single most important thing that happens in organizations every day - everyone's job is dependent on. - question to ask: does what I have bring satisfaction to people or organizations?

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facilitating relationship, partnerships, and alliances with the organization's customer, its shareholders, its suppliers, and other organizations

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the marketing department is responsible for

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(1) two or more parties (individuals or organizations) with unsatisfied needs (2) a desire and ability on their part to be satisfied (3) a way for the parties to communicate and (4) something to exchange

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for marketing to occur, at least four factors are required:

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80-90%

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percent of new products that fail in first year

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(1) focus on what the customer benefit is, and (2) learn from the past

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two suggestions for new-product success

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need

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occus when a person feels deprived of basic necessities such as food, clothing, and shelter

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want

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is a need that is shaped by a person's knowledge, culture, and personality

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market

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people with both the desire and the ability to buy a specific offering

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target market

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one or more specific groups of potential consumers toward which an organization directs its marketing program

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Marketing Tools/ The four P's

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product, price, promotion, and place

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customer value proposition

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a cluster of benefits that an organization promises customres to satisfy their needs

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environmental forces

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- forces that are beyond marketers control including social, economic, technological, competitive, and regulatory force - traditionally many executives treated as rigid, absolute constraints that are entirely outside their influence. - research shows a forward-looking action-oriented firm can often affect some envionmental forces - achieving techonological or competitive breakthroughs

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customer value

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the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price - delivering with one of three value strategies: best price, product or service

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best price, best value, best service

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many successful firms have chosen to deliver outstanding customer value with one of three value strategies:

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relationship marketing

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developing and maintaning effective customer relationships, this links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. In terms of selling a product, involves a personal ongoing relationship between the organization and its individual customers that begins before and after the sale - effective marketing strategies help marketing managers discover what prospective customer needs

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marketing program

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a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers - react to the offering favorable (by buying) or unfavorable (not buying) and then the process repeats - continuous process in effective organizations

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four distinct stages in the lives of companies

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production era sales era marketing concept era customer relationship era

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production era

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covers the early years of the US up until 1920s - goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them

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sales era

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from 1920s to 1960s - manufacturers found they could produce more goods than buyers could consume - competition grew, firms hired more salespeople to find new buyers

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marketing concept era

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from 1950s, striving to satisfy need while trying to achieve the organizations goals

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marketing concept

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- A way of thinking or organizing- all elements of business are oriented toward customer satisifaction as long term profit. - the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals - both parties are satsified by receiving a long term profit - introduces marketing at the beginnig rather than the end of the production cycle and integrates marketing into each phase of the business

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market orientation

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organization focuses its efforts on (1) continuously collecting about customers' needs, (2) sharing this info across departments, and (3) using it to create customer value

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customer relationship era

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started in 1980s, - firms seek continuously to satisfy the high expectations of customers

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customer relationship management (CRM)

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- process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace - requires the involvement and commitment of managers, ad employee throughout the organization - many CRM computers have not provided expected benefits because they failed to identify exacly which customer segments the company wanted to reach - customer experience is foundatoin

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customer experience

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the internal response that customers have to all aspects of an organization and its offering. - includes both the direct and indirect conracts of the customer with the company Direct- contacts with the seller thorugh buying using and obtaining serice Indirect- unplanned touches with the company through wrod of mout commends from other customers - foundation of customer relatipnshoip management

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social responsibility

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the idea that organizations are accountable to a larger society

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societal marketing concept

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the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being - directly related to macromarekting

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macromarketing

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the study of the aggregate flow of a nation's products and services to benefit society - addresses broad issues such as whether marketing costs too much, advertising wasteful, what resources scarcities effect results from marketing system

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micromarketing

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how an individual organization directs its marketing activities and allocates its resources to benefit its customers

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product

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good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something elso of value

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ultimate consumers

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the people who use the products and services purchased for a household

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organizational buyers

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those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

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three specific groups that benefit from effective marketing

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consumers who buy, organizations that sell and society as a whole

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utility

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the benefits or customer value received by users of the product and the way society benefits from marketing exchange process. - Marketing creates utilities by bridiging space, and hours to provide products for consumers to own and use

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What is the most important daily acitivty

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help the exchange take place, facilitate the exchange.

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How do customers fire you?

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Not coming to your business

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Bottom Line

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- exchange influences - the ultimate or the end - an accounting term - profit - equal to total revenue, have to take out total cost

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How do you increase revenue?

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keep price same, have more exchanges

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Key to business/marketing success

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satisfaction of both the buyer and seller

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Four forms of utility

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Form, place, Time, information

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Form utility

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has greater value because all you do is change the form of it. - from one phsycial form to another physical form is more valuable - created by manufacturing

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Place utility

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something more valuable in one place than other place. - more benefit with specific placement - created by marketing

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Time Utility

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- something has more value because it is at that specific time - marketing makes sure it is there.

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Information utility

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- something more valuable because you have info that you didnt have before - created by marketing -

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What three kinds of Utility does Marketing create?

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Place, Time, Information

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What are the four general business orientations

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Production, Selling, marketing, and social marketing

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Production

answer

- we belive we know what the customers want - they want a good quality product at a reasonably low price and widely available. - They want it when they need it. Works best if Demand is greater than Supply

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Selling

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- Have to draw customers to us with aggressive promotions. - Supply is greater than demand - our product is the best. Try to provide what they want

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What do very few organizations do and why?

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- try to find out what customers want and provide it. Dont because: - already successful - expensive and time consuming - cant do it

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Product

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- one of four p's/marketing mix - good, service, or item

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Price

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- one of four P's/Marketing Mix - amount exchanged for the product

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Promotion

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-One of the four P's/Marketing Mix - a means of communication between the seller and buyer

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Place

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- One of the four P's/ Marketing Mix - a means of getting a product to the customer

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Marketing Mix

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- The combination of the decisions that you are making regarding the four P's (price, place, product, promotion) - elements called controllable factors - A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers. - Not the same thing as 4 P's - completing the 4 P's makes up the marketing mix

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For Marketing to Occur

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- Two or more parties with unmet needs - A desire or ability on their part to be satisfied - A way for the parties to communicate - Something to exchange

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Target market

answer

one or more specific groups of potential consumers toward which an organization directs its marketing program

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Effective Marketing

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Benefits society. - enhances competition, which improves the quality of products and services and lowers their prices - countries more competition in world market place - provides jobs and higher standard of lviing for their citizens

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