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Chapter 1 Marketing today

part one: this is marketing. Chapter 1 Marketing today. an opening challenge. You tell friends who are studying sciences that you are doing a marketing course. One says, ‘You’re studying advertising, what fun.’ Is he right – is marketing just another name for advertising?. agenda.

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Chapter 1 Marketing today

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  1. part one: this is marketing Chapter 1Marketing today

  2. an opening challenge You tell friends who are studying sciences that you are doing a marketing course. One says, ‘You’re studying advertising, what fun.’ Is he right – is marketing just another name for advertising?

  3. agenda • marketing defined • origins of marketing • demand and supply theory • the concept of exchanges • types of exchange • strategic orientations • customers or consumers? • modern marketing

  4. marketing definitions ‘The management process which identifies, anticipates and satisfies customer requirements efficiently and profitably.’ (The Chartered Institute of Marketing, n.d.)

  5. marketing definitions 2 ‘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.’ (The American Marketing Association, 2007)

  6. what is a market? a place where buyers and sellers meet photo courtesy of Dave Pickton

  7. the marketing process market research & analysis marketing objectives feedback & control marketing tasks

  8. market research and analysis where and who we are now • market research • competitive research • what is our position in the market? • organisation research • what are we good at? • what are we bad at? • what worked well in the past? • are we risk takers?

  9. marketing objectiveswhere and who we want to be • aims • targets • e.g. market share, sales, brand image, brand awareness, number of sales outlets, new product launches, customer satisfaction levels, etc.

  10. marketing taskshow we are going to make it happen • planning • staffing • budgets • promotion • sales • pricing • distribution • product management • branding • market entry • customer service • customer management

  11. feedback and controlhow we will keep track of things • objectives • customer feedback • checklists and deadlines • market position

  12. excess supply urban development competition middlemen why marketing? mass production

  13. market classifications

  14. the theory of demand and supply demand for goods supply of goods price quantity demanded, i.e. sales volume

  15. the equilibrium point demand for goods supply of goods X price quantity demanded, i.e. sales volume

  16. supply equalling demand

  17. the relationship between price and sales sales volume goes down as price goes up and vice versa: as price goes down, sales volume (demand) goes up

  18. exchanges products/services value seller customer payment

  19. strategic orientations

  20. market orientation • focus on customers and competitors • coordination of all business functions • marketing, HR, finance, operations, R&D • taking marketing research seriously • long-term view of markets and products

  21. focus on customers • ‘the customer is king’ • importance of customer service • employee priorities • customer or consumer? • how influential are consumers? • depends on purchase type and occasion

  22. advantages of a market orientation • better understanding of customer needs • better customer relations • a better reputation in the marketplace • more new customers • more repeat purchases • improved customer loyalty • more motivated staff • competitive edge

  23. modern marketing transaction marketing relationship marketing • one-off sales • short-term view • hard sell • repeat sales • long-term view • ongoing relationship

  24. retaining valuable customersAQ – text missing

  25. the marketing mixthe 4Ps Product Promotion Price Place

  26. marketing today and tomorrow • digital technologies • social change • social networking media • communications overload • marketing metrics • lifestyle branding • consumerism • eco-consumers

  27. summary • what marketing is, and is not • definitions and scope • exchanges of value • importance of long-term relationships • demand and supply theory • strategic orientations • the importance of a customer focus • the fast-changing world of marketing

  28. references • American Marketing Association (AMA) (2008) ‘AMA releases new definition for marketing’. Available at: http://www.marketingpower.com/AboutAMA (accessed 03/08/13). • Chartered Institute of Marketing (CIM) (n.d.) Marketing Glossary. Available at: http://www.cim.co.uk/cim/ (accessed 11/06/07).

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