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CHAPTER 1: Marketing: The Art and Science of Satisfying Customers

Utility. want satisfying power of a good or service . 4 TYPES OF UTILITY . 1. FORM created by productionconvert raw materials into finished goods

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CHAPTER 1: Marketing: The Art and Science of Satisfying Customers

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    1. CHAPTER 1: Marketing: The Art and Science of Satisfying Customers 2 BASIC OPERATING FUNCTIONS OF EVERY ORGANIZATION 1. Production of a good, service, organization, person, or idea 2. Marketing of the good, service, organization, person or idea

    2. Utility want satisfying power of a good or service

    3. 4 TYPES OF UTILITY 1. FORM created by production convert raw materials into finished goods & services Ex. Metal Shelves, Ford Explorer

    4. Utility (Cont.) 2. TIME created by marketing availability of goods & services when consumers want to buy them Ex.: Dominos 30 minute guarantee Federal Express

    5. Utility (Cont.) 3. PLACE created by marketing availability of goods & services where consumers want to buy them Ex.: vending machines, Taco Bell Express 4. OWNERSHIP created by marketing transfer title time of purchase Ex.: retail outlets (in exchange for $ or credit card payment)

    6. WHAT IS MARKETING? American Marketing Assoc. (1985) "process of planning & executing the conception, pricing, promotion, & distribution of ideas, goods, & services to create exchanges that will satisfy individual & organizational objectives"

    7. Marketing does not begin at the end of the loading dock! Marketing should be involved from the conception of the product to the ultimate user.

    8. 4 Eras in Marketing 1. PRODUCTION ERA: "A good product will sell itself" Prior to 1920's production oriented: make product and then sell it (Henry Ford)

    9. 2. SALES ERA: "Creative advertising & selling will overcome customer resistance & convince them to buy” between 1925 & early 1950's selling was main focus of marketing

    10. 3. MARKETING ERA: "The consumer is king! Find a need & fill it!” early 1950's to early 1990’s Emergence of the Marketing Concept *CONSUMER ORIENTATION Seller’s Market vs. Buyer’s Market

    11. RELATIONSHIP MARKETING ERA long-term, value added relationships developed over time with customers and suppliers 1990-Today Strategic Alliances Ex. UPS What era do you think is next??

    12. AVOIDING MARKETING MYOPIA Management failure to recognize scope of its business EX. Amtrak AT&T and TCI chart on pg 11 gives good examples of focusing on benefits

    13. 5 Types of Nontraditional Marketing 1. Person Marketing to cultivate attention, interest, & preference of a target market toward a person Ex.: pro athletes 2. Place Marketing attract visitors to a particular area Ex.: “Wake Up to Missouri” or Pumpkin License Plate

    14. 3. Cause Marketing identification & marketing of a social issue, cause, or idea to selected target markets Ex.: "Save the Whales" literacy Milk

    15. 4. Event Marketing mkt of sporting, cultural, & charitable activities to selected target markets Ex. Visa & Olympics or TWA Dome 5. Organizational Marketing seek to influence others to accept the goods of, receive the services of, or contribute in some way to an organization - Ex.: “Be All that You Can Be” Ex: “An Army of One”

    16. ELEMENTS OF A MARKETING STRATEGY 1. THE TARGET MARKET who firm will direct marketing efforts toward Ex. Baby-boomers, children, women Ex.: Stouffers Lean Cuisine 2. THE MARKETING MIX VARIABLES (4P’s) Once target market is chosen, how these variables are "mixed" determines success of marketing.

    17. Marketing Mix A. PRODUCT: package design, branding, trademarks, warranties, product life cycles & new product development B. PRICING: one of most difficult marketing decisions

    18. C. DISTRIBUTION: ensures that product arrives in right place, in right quantity at the right time D. PROMOTION: communications link between sellers & buyers Ex.: advertising, sales people, sales promotions

    19. 3. THE MARKETING ENVIRONMENT The marketing environment is important because it provides a framework for all marketing activity. 5 Forces 1. COMPETITION 2. POLITICAL-LEGAL 3. ECONOMIC 4. TECHNOLOGICAL 5. SOCIAL-CULTURAL

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