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Lamb, Hair, McDaniel

Lamb, Hair, McDaniel. 2010-2011. CHAPTER 1. An Overview of Marketing. Learning Outcomes. LO 1 Define the term marketing LO 2 Describe four marketing management philosophies LO 3 Discuss the differences between sales and market orientations

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Lamb, Hair, McDaniel

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  1. Lamb, Hair, McDaniel 2010-2011 CHAPTER 1 An Overview of Marketing

  2. Learning Outcomes LO 1 Define the term marketing LO 2 Describe four marketing management philosophies LO 3 Discuss the differences between sales and market orientations LO 4 Describe several reasons for studying marketing

  3. What Is Marketing? Define the term marketing LO1

  4. Marketing… • Stresses Customer Satisfaction • A Philosophy • An Attitude • A Management Orientation • A Set of Activities • Products • Promotion • Pricing LO1

  5. What Is Marketing? American Marketing Association 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. LO1

  6. More investment Stockholder satisfaction Growth andprofits Repeat business Higher quality Greater effort What Is Marketing? Employee satisfaction LO1

  7. At Least Two Parties Something of Value Conditions for Exchange Communication and Delivery Freedom to Accept or Reject Desire to Deal with Other Party Exchange LO1

  8. Exchange • Exchange may not take place even if conditions are met • An agreement must be reached • Marketing occurs even if exchange does not take place LO1

  9. Customer valueand beneficial relationships Creating Value Place Product Exchange A B Delivering Value Communicating Value Price Promotion LO1

  10. Marketing Management Philosophies Describe four marketing management philosophies LO2

  11. The Four Marketing Management Philosophies Sales Market Societal Production Orientation Focus is on… internal capabilities of the firm aggressive sales techniques and belief that high sales result in high profits satisfying customer needs and wants while meeting objectives satisfying customer needs and wants while enhancing individual and societal well-being LO2

  12. LO2 Production Orientation • Field of Dreams orientation • “If you build it, they will come.” • Doesn’t consider if what is produced meets market needs

  13. Sales Orientation • Selling = Collecting Money • Disregards market needs and consumer demand. • Failing to recognize what the customer wants leads to business failures • Dot-com busts in late 1990’s LO2

  14. Market Orientation Marketing Concept • 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 LO2

  15. Achieving a Marketing Orientation • 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 LO2

  16. Societal Marketing 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 LO2

  17. Orientation Focus Production What can we make or do best? Sales How can we sell more aggressively? Marketing What do customerswant and need? Societal What do customers want/need, and how can we benefit society? Questions That Help Determine Marketing Philosophy LO2

  18. Listen to your customers... … but look to the future, as well. "If I had asked my customers what they wanted," Henry Ford once remarked, "they would have said a faster horse." Tom Kelley with Jonathan Littman, The Ten Faces of Innovation: IDEO's Strategies for Defeating the Devil's Advocate and Driving Creativity Throughout Your Organization, Currency/Doubleday, 2005 LO2

  19. Sales and Marketing Orientations Discuss the differences between sales and market orientations LO3

  20. Comparing the Sales and Market Orientations Compare through 5 categories: • Organization’s focus • Firm’s business • Those to whom the product is directed • Firm’s primary goal • The tools used to achieve those goals LO3

  21. Customer Value Requirements • Offer products that perform • Earn trust • Avoid unrealistic pricing • Give the buyer facts • Offer organization-wide commitment in service and after-sales support • Co-creation with customers LO3

  22. Building Relationships • Customer-oriented personnel • Employee training programs • Empowered employees • Teamwork LO3

  23. Relationship Marketing Successful strategies need: • Customer-Oriented Personnel • Effective Training Programs • Empowered Employees • Teamwork LO3

  24. Challenging economy + Lack of middle managers + Aging workforce “War for new talent” or training from within Building From Within Today's companies must build their management teams from within, putting more emphasis (and money) on rapidly training younger employees for greater responsibilities. LO3 SOURCE: The Corporate Learning Factbook® 2008: Statistics, Benchmarks and Analysis of the U.S. Corporate Training Market, Bersin & Associates / Karen O’Leonard, January 2008.

  25. Defining a Firm’s Business Use “benefits” instead of “goods/services” • Ensures a customer focus • Encourages innovation and creativity • Stimulates an awareness of changes in customer preferences http://www.britannica.com LO3

  26. Sales vs. Market Orientations Primary Profit Goal? For Whom? Organization’s Focus Firm’s Business Tools to Achieve Sales Orientation Inward Selling goods and services Everybody Maximum sales volume Primarily promotion Customer satisfaction Market Orientation Outward Coordinated use of all marketing activities Satisfying wants and needs Specific groups of people LO3

  27. Why Study Marketing Describe several reasons for studying marketing LO4

  28. Why Study Marketing? ImportanttoSociety ImportanttoBusiness GoodCareerOpportunities + Marketing affects you every day! Reasons for Studying Marketing LO4

  29. Vital Marketing Activities Assess the wants and satisfaction of customers Design and manage product offerings Determine prices and pricing policies Develop distribution strategies Communicate with present and potential customers Why Study Marketing? LO4

  30. Marketing Trends YouTube “Celebrity” endorsements • Popular channel stars get money for using or hyping products or companies • Videos release to coincide with school release times • Popular in Tween markets • “Fred” is the second most popular channel on YouTube http://www.youtube.com/fred Source: “Playing the Web Card: YouTube Breakout Stars New Faves of Marketers,” wwd.com, August 18, 2009; Albrecht, Chris. “’Fred’ Cranks up the YouTube Views and Ad Dollars,” BusinessWeek, November 18, 2008, online at http://www.businessweek.com/technology/content/nov2008/tc20081118_508970.htm LO4

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