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Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
1
Designed by Eric Brengle B-books, Ltd.
CHAPTER
1
An Overview of Marketing
Prepared byDeborah Baker
Texas Christian University
Introduction to MarketingMcDaniel, Lamb, Hair
9
2Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Learning Outcomes
Define the term marketing
Describe four marketing management philosophies
Discuss the differences between sales and market orientations
Describe several reasons for studying marketing
LOI
LO2
LO3
LO4
3Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Define the term marketing
What Is Marketing?LOI
4Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
What Is Marketing?
Stresses Customer SatisfactionStresses Customer Satisfaction
A Philosophy
An Attitude
A Perspective
A Management Orientation
A Set of Activities…
Products
Distribution
Promotion
Pricing
LOI
5Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Marketing is 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.
What Is Marketing?LOI
American Marketing Association Definition
6Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
What Is Marketing?LOI
Employee satisfaction
Greater effort
Higher quality
Repeat business
Growth andprofits
Stockholder
satisfaction
More investment
7Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Exchange
ExchangeExchange
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People giving up something to
receive something they would
rather have.
LOI
8Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
ExchangeLOI
At Least Two PartiesAt Least Two Parties
Something of ValueSomething of Value
Communication and DeliveryCommunication and Delivery
Freedom to Accept or RejectFreedom to Accept or Reject
Desire to Deal with Other PartyDesire to Deal with Other Party
Conditions for Exchange
Conditions for Exchange
9Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
ExchangeLOI
Exchange may not take place even if conditions are met
An agreement must be reached
Marketing occurs even if exchange does not take place
10Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
REVIEW LEARNING OUTCOMELOI
Product
Price
Place
Promotio
n
ExchangeExchangeA BA B
DeliveringValue
CommunicatingValue
CreatingValueCustomer value
and beneficial relationships
Customer valueand beneficial relationships
11Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Describe four marketing management philosophies
Marketing Management PhilosophiesLO2
12Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Marketing Management Philosophies
LO2
Sales
Market
Societal
Production internal capabilities of the firm
satisfying customer needs and wants while meeting objectives
satisfying customer needs and wants while enhancing individual and societal well-being
aggressive sales techniques and belief that high sales result in high profits
Orientation Focus is on…
13Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Market OrientationLO2
MarketingConcept
MarketingConcept
The idea that the social and economic
justification for an organization’s
existence is the satisfaction of customer
wants and needs while meeting
organizational objectives.
14Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
The Marketing ConceptLO2
Focusing on customer wants and needs to distinguish products from competitors’ offerings
Integrating all the organization’s activities to satisfy these wants
Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly
15Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Achieving a Marketing OrientationLO2
Obtain information about customers, competitors, and markets
Examine the information from a total business perspective
Determine how to deliver superior customer value
Implement actions to provide value to customers
Online
http://www.westernunion.com
16Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Societal MarketingLO2
SocietalMarketing
Orientation
SocietalMarketing
Orientation
An organization exists not only to
satisfy customer wants but also to
preserve or enhance individuals’ and
society’s long-term best interests.
• Less toxic products
• More durable products
• Products with reusable or recyclable materials
17Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
REVIEW LEARNING OUTCOMELO2
ProductionProduction
SalesSales
MarketingMarketing
SocietalSocietal
What can we make or do best?What can we make or do best?
How can we sell more aggressively?How can we sell more aggressively?
What do customerswant and need?
What do customerswant and need?
What do customers want and need, and how can we benefit society?
What do customers want and need, and how can we benefit society?
Orientation Focus
18Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Discuss the differences between sales and market orientations
Sales and Marketing OrientationsLO3
19Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Comparing the Sales and Market Orientations
LO3
Organization’s focus Firm’s business Those to whom the product is directed Firm’s primary goal The tools used to achieve those goals
You can compare these orientations against these five categories:
20Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Customer Value
Chapter PHOTO
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Chapter PHOTO
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LO3
The relationship between benefits
and the sacrifice necessary to
obtain those benefits.
Customer Value
21Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
LO3
Offer products that perform
Earn trust
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in service and after-sales support
Customer Value Requirements
22Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Customer SatisfactionLO3
Customer Satisfaction
Customer Satisfaction
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The feeling that a product
met or exceeded the
customer’s expectations.
23Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Building RelationshipsLO3
RelationshipMarketing
RelationshipMarketing
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A strategy that focuses on
keeping and improving
relationships with current
customers.
24Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1 LO3
Building Relationships
Customer-oriented personnel
Employee training programs
Empowered employees
Teamwork
Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Biz FlixThe Jerk
25
LO3
26Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
LO3
Online
http://www.britannica.com
Defining a Firm’s Business
Use “Use “benefitsbenefits” instead of “” instead of “goods/servicesgoods/services””
– Ensures a customer focus
– Encourages innovation and creativity
– Stimulates an awareness of changes in customer preferences
27Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
REVIEW LEARNING OUTCOMELO3
Sales vs. Market Orientations
Organization’sFocus
Firm’sBusiness
ForWhom?
Primary Profit Goal?
Tools to Achieve
Selling goods and services
Everybody Maximum sales volume
Primarily promotion
InwardSales Orientation
Market Orientation
Outward Coordinated use of all marketing activities
Customer satisfaction
Specific groups of people
Satisfying wants and needs
28Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Describe several reasonsfor studying marketing
Why Study MarketingLO4
29Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Plays an important role in society
Vital to business survival, profits and growth
Offers career opportunities
Affects your life every day
Why Study Marketing?LO4
30Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
Why Study Marketing
LO4
Vital Marketing ActivitiesVital Marketing Activities
Assess the wants and satisfaction of customersAssess the wants and satisfaction of customers
Design and manage product offeringsDesign and manage product offerings
Determine prices and pricing policiesDetermine prices and pricing policies
Develop distribution strategiesDevelop distribution strategies
Communicate with present and potential customersCommunicate with present and potential customers
31Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 1
REVIEW LEARNING OUTCOMELO4
Reasons for Studying Marketing
Why Study Marketing?Why Study Marketing?
Importantto
Society
Importantto
Society
Importantto
Business
Importantto
Business
GoodCareer
Opportunities
GoodCareer
Opportunities
+Marketing affects you every day!