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
An Overview of Marketing
LO 1 Define the term marketing
LO 2 Describe four marketing management philosophies
LO 3 Discuss the differences between sales and
LO 4 Describe several reasons for studying marketing
Define the term 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.
Describe four marketing management philosophies
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
An organization exists not only to satisfy customer wants but also to preserve or enhance individuals’ and society’s long-term best interests.
What can we make or do best?
How can we sell more aggressively?
What do customerswant and need?
What do customers want/need, and how can we benefit society?Questions That Help Determine Marketing Philosophy
… 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
Discuss the differences
Compare through 5 categories:
Successful strategies need:
+ 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.
SOURCE: The Corporate Learning Factbook® 2008: Statistics, Benchmarks and Analysis of the U.S. Corporate Training Market, Bersin & Associates / Karen O’Leonard, January 2008.
Use “benefits” instead of “goods/services”
Tools to Achieve
Selling goods and services
Maximum sales volume
Coordinated use of all marketing activities
Satisfying wants and needs
Specific groups of people
Describe several reasons for studying marketing
Marketing affects you every day!
Reasons for Studying Marketing
YouTube “Celebrity” endorsements
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