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Lamb, Hair, McDaniel

Lamb, Hair, McDaniel. CHAPTER 1. An Overview of Marketing. What Is Marketing?. American Marketing Association Definition (2007).

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Lamb, Hair, McDaniel

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  1. Lamb, Hair, McDaniel CHAPTER 1 An Overview of Marketing

  2. What Is Marketing? American Marketing Association Definition (2007) 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.

  3. The Marketing Environment Economic Social Demographic Marketing Mix Product Price Promotion Place Marketer Target Market Political Cultural Feedback Technological Legal

  4. Marketing Builds Satisfying Exchange Relationships Exchange-The provision or transfer of goods, services, or ideas in return for something of value. It is a mutually satisfying relationship.

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

  6. 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

  7. 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

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

  9. 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

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

  11. 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

  12. Ch 1: Discussion Questions • Define marketing. Explain the marketing process we discussed in the class. • What role exchange plays in marketing? What are the five conditions of exchange that must be satisfied for exchange to occur? • Describe the four marketing management philosophies. Explain how sales orientation differs from marketing orientation.

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