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Overview of Marketing

Chapter 1
Objectives

Define marketing and the marketing


processes.
Explain the importance of understanding
customers and the marketplace.
Identify the five core marketplace concepts.
Identify the key elements of a customer-
driven marketing strategy.
Discuss customer relationship management
and ways of creating and obtaining value.
Describe the major trends and forces
changing todays marketing landscape.
What is Marketing?
Kotlers social definition
Marketing is a social and
managerial process by
which individuals and
groups obtain what they
need and want through
creating and exchanging
products and value with
others
Marketing is about managing
profitable customer
relationships
Attracting new customers
Retaining and growing
What is Marketing?
Marketing is the
process by which
companies
create value for
customers and
build strong
customer
relationships in
order to capture
value from
customers in
return.
The Marketing Process
A Five-Step Process

1.Unders 2.Design 3.Constr 4.Build 5.Captur


tand the a uct a profitabl e value
marketpl customer marketin e from
ace and -driven g relations custome
custome marketin program hips and rs to
r needs g that create create
and strategy delivers custome profits
wants superior r delight and
value custome
r quality
Core
Marketing
Concepts
Understanding the Marketplace

Need
Core Concepts State of felt deprivation
Needs, wants, and Example: Need food
demands Wants
The form of needs as
shaped by culture and
the individual
Example: Want a Big
Mac
Demands
Wants which are backed
by buying power
Example: Hilfiger vs.
Giant Tiger
Understanding the Marketplace

Products.
Core Concepts Anything that can be
offered for.
Marketing offers: Acquisition, attention,
use or consumption.
including products, That might satisfy a
services and need or want.
experiences Services.
Activities or benefits
offered.
Essentially intangible.
Do not result in
ownership of anything.
Experiences.
Create, stage and
market brand
experiences.
Attending live theatre,
music concert.
Understanding the Marketplace

Core Concepts Marketing offer


Combination of
Marketing offers: products, services,
including products, information or
services and experiences that
experiences satisfy a need or
want
Offer may include
services, activities,
people, places,
information or ideas
Understanding the Marketplace

Core Concepts Value


Customers form
Value and satisfaction expectations regarding
value
Marketers must deliver
value to consumers
Satisfaction
A satisfied customer will
buy again and tell others
about their good
experience
Understanding the Marketplace

If the performance and the


Core Concepts customers experience is lower
than expectations, than
Value and satisfaction customer satisfaction is low.

If the performance and the


customers experience meets
expectations, than the
customer is satisfied.

If the performance and the


customers experience
exceeds expectations, than
the customer is delighted.
Understanding the Marketplace

Core Concepts Exchange.


The act of obtaining a
desired object from
someone by offering
Exchange, something in return.
transactions and
relationships Transaction.
A trade between two
parties that involves:
two things of value.
agreed upon conditions.
time of agreement.
place of agreement.
Understanding the Marketplace

Core Concepts The act of obtaining a


desired object from
someone by offering
something in return
Exchange, One exchange is not the
transactions and goal, relationships with
relationships several exchanges are the
goal
Relationships are built
through delivering value
and satisfaction
Understanding the Marketplace

Core Concepts Market


Set of actual and
Markets potential buyers of a
product
Marketers seek buyers
that are profitable
These people share a
need or want that can be
satisfied through
exchange relationships.
Core Marketplace Concepts

Customers have needs, wants and demands.


Marketers offer products or services.
Customers seek value and satisfaction from offers.
Demands and offers result in transactions and
relationships.
Markets are all potential customers with a similar
demand.
Customer-Driven Marketing

Divide Choose the Offer a unique


markets into right segment value
segments. to target. proposition.

Differentiate Build Nurture long-


your offer customer term
from value and customer
competitor satisfaction. relationships.
offers.
Marketing Concept

Production Product
Concept Concept

Selling Marketing
Concept Concept
Societal
Marketing
Concept
Marketing Concept

Consumers favor products that are


Production Concept available and highly affordable.
Improve production and distribution.

Consumers favor products that offer


Product Concept the most quality, performance, and
innovative features.

Selling Concept Consumers will buy products only if


the company promotes/ sells these
products.
Marketing Concept Focuses on needs/ wants of target
markets & delivering satisfaction
better than competitors.
Societal Marketing Concept Focuses on needs/ wants of target
markets & delivering superior value.
Marketing Concepts

Production affordability and availability.


Product -- quality and innovation.
Selling -- promotion and hard selling.
Marketing -- customer satisfaction and relationships.
Societal long-term value to both customer and
society.
The Selling and Marketing
Concepts Contrasted
Figure 1-4:
Considerations Underlying the Societal
Marketing Concept
MAJOR TRENDS AND FORCES CHANGING
TODAYS MARKETING LANDSCAPE

Growth of the Internet


Challenges Advances in telecommunications,
information, transportation
New Marketing
Technology has changed how
Technologies marketers build value.
Internet and e-commerce/e-
business.
-Digital age Fast and global
communications.
Wireless technologies.
Relational databases.

Instant, highly targeted


communication with customers
and suppliers.
MAJOR TRENDS AND FORCES CHANGING
TODAYS MARKETING LANDSCAPE

International trade is
the new frontier.
Challenges
Export is critical to
New Global Markets
Canadas economic
growth.

Difficult decision:
Delay means risking
loss of growing global
markets.
Proceed means high
risk but potentially
high reward.
MAJOR TRENDS AND FORCES CHANGING
TODAYS MARKETING LANDSCAPE

Challenges Geographical and


cultural distances have
Globalization shrunk
Greater market
coverage
More options for
purchasing and
manufacturing
Increased competition
from foreign
competitors
MAJOR TRENDS AND FORCES CHANGING
TODAYS MARKETING LANDSCAPE

Marketers need to take great


responsibility for the impact of
Challenges their actions
Caring capitalism is a way to
differentiate your company
Ethics and social
Worldwide consumerism and
responsibility environmentalism
movements
exert.pressure for greater
responsibility

Notion of caring capitalism


tied to societal marketing
concepts.
Seeking ways to make a
profit by serving the best
long-run interests of
customers and communities.
MAJOR TRENDS AND FORCES CHANGING
TODAYS MARKETING LANDSCAPE
Many organizations are
realizing the importance of

Challenges strategic marketing


Performing arts
Government agencies
Colleges
Not-for-profit Hospitals
marketing Churches
Marketing of ideas, values
and institutions.
Increasing awareness that
these organizations must
build relationships with
constituents and
stakeholders.
Challenge of using new
marketing techniques for
not-for-profit initiatives.
MAJOR TRENDS AND FORCES CHANGING
TODAYS MARKETING LANDSCAPE

Profits through
managing long-term
Challenges customer equity
Improve customer
Marketing knowledge
relationships Target profitable
customers
Keep profitable customers

Building and maintaining


profitable customer
relationships by delivering
superior customer value and
satisfaction.
Looking Back
Define marketing and the marketing processes.
Explain the importance of understanding customers
and the marketplace.
Identify the five core marketplace concepts.
Identify the key elements of a customer-driven
marketing strategy.
Discuss customer relationship management and ways
of creating and obtaining value.
Describe the major trends and forces changing todays
marketing landscape.