g
Marketing is a business orientation
Integrated with all the other business functions
Takes an outset in identifying and addressing customer needs which impacts all other activities in the
firm
Marketing is first and foremost about satisfying consumer needs
Products are sold to satisfy both consumers' and marketers' needs
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
Marketing is the activity, set of institutions and processes..
Must work with financial and accounting officers to figure out whether products are profitable, to set
marketing budgets and to determine prices
Work with manufacturing team to ensure products are produced timely and correctly
Work with R&D to create products that meet customer's needs
..for creating, communicating delivering and exchanging: The Marketing Mix..
The Marketing Mix: together create a desired response among a set of predefined customers
Product: the good/service that is offered to the customers
Any market offering that can satisfy customer’s requirements
Price: is set by the firm for a product, and is a cost to customers
Can be used as a strategic tool and source of ‘competitive advantage’
Promotion: how the firm promotes its product to customers and persuades them to buy the
product
Used to obtain and retain customers
Directly influences sales volume
Influences customer perceptions about brand and product
Place: where the product is available to customers and how the product is distributed to the
customers
Chanels of distribution
They are utterly engaged and interdependent, decisions about any single factor affects and is
affected by every other marketing mix decision
..offerings..: What can we market?
Consumer goods and services
Consumer expects to obtain some underlying value (eg. Convenience, security, status)
Consumer goods: tangible products that individual consumers purchase for personal or family
use
Services: intangible products that we pay for and use but don't own (more challenging to
market)
Service transactions contribute on average more than 60% to the gross national product of
all industrialized nations
B i t b i d d i th k ti f d d i f i ti
, Business-to-business goods and services: the marketing of goods and services from one organization
to another
Businesses and other organizations buy a lot more goods than consumers do
Purchase these industrial goods for further processing or to use in their own business
operations
Not-for-Profit Marketing
Governments adopting marketing techniques to create more effective taxpayer services and to
attract new business and industries to their countries and cities
Idea, Place and People marketing
Marketing principles encourage people to endorse ideas or to change their behavior in positive
ways
..value for customers..
Successful firms practice the marketing concept: a management orientation that focuses on
identifying and satisfying consumer needs to ensure the organization's long-term profitability
Needs are general
Wants are desires for specific products
A product delivers a benefit when it satisfies a need or a want
Good projects identify what wants customers look for and then develop that product
A market is made up of all the people who have a common need who have the resources,
willingness and authority to make the purchase
Marketing transactions create utility: the usefulness or benefit that consumers receive from a
product
Form utility (transform raw materials into finished products)
Place utility (make products available where customers want them)
Time utility (stores products until they are needed)
Possession utility (allows consumer to own, use and enjoy product)
Value for clients and partners (stakeholders)
Value for society
Marketing VS Management
Marketing is a process that starts with identifying customer needs for a particular service or product, then
continues by producing the product with the appropriately defined qualities, determining the pricing
based on market dynamics, promoting the product and finally stocking the product for sale
Management deals with the functions of planning, organizing, staffing, directing, coordinating, reporting
and budgeting
The Market
Why consumers want it?
What consumers want?
H t it?
Marketing is a business orientation
Integrated with all the other business functions
Takes an outset in identifying and addressing customer needs which impacts all other activities in the
firm
Marketing is first and foremost about satisfying consumer needs
Products are sold to satisfy both consumers' and marketers' needs
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
Marketing is the activity, set of institutions and processes..
Must work with financial and accounting officers to figure out whether products are profitable, to set
marketing budgets and to determine prices
Work with manufacturing team to ensure products are produced timely and correctly
Work with R&D to create products that meet customer's needs
..for creating, communicating delivering and exchanging: The Marketing Mix..
The Marketing Mix: together create a desired response among a set of predefined customers
Product: the good/service that is offered to the customers
Any market offering that can satisfy customer’s requirements
Price: is set by the firm for a product, and is a cost to customers
Can be used as a strategic tool and source of ‘competitive advantage’
Promotion: how the firm promotes its product to customers and persuades them to buy the
product
Used to obtain and retain customers
Directly influences sales volume
Influences customer perceptions about brand and product
Place: where the product is available to customers and how the product is distributed to the
customers
Chanels of distribution
They are utterly engaged and interdependent, decisions about any single factor affects and is
affected by every other marketing mix decision
..offerings..: What can we market?
Consumer goods and services
Consumer expects to obtain some underlying value (eg. Convenience, security, status)
Consumer goods: tangible products that individual consumers purchase for personal or family
use
Services: intangible products that we pay for and use but don't own (more challenging to
market)
Service transactions contribute on average more than 60% to the gross national product of
all industrialized nations
B i t b i d d i th k ti f d d i f i ti
, Business-to-business goods and services: the marketing of goods and services from one organization
to another
Businesses and other organizations buy a lot more goods than consumers do
Purchase these industrial goods for further processing or to use in their own business
operations
Not-for-Profit Marketing
Governments adopting marketing techniques to create more effective taxpayer services and to
attract new business and industries to their countries and cities
Idea, Place and People marketing
Marketing principles encourage people to endorse ideas or to change their behavior in positive
ways
..value for customers..
Successful firms practice the marketing concept: a management orientation that focuses on
identifying and satisfying consumer needs to ensure the organization's long-term profitability
Needs are general
Wants are desires for specific products
A product delivers a benefit when it satisfies a need or a want
Good projects identify what wants customers look for and then develop that product
A market is made up of all the people who have a common need who have the resources,
willingness and authority to make the purchase
Marketing transactions create utility: the usefulness or benefit that consumers receive from a
product
Form utility (transform raw materials into finished products)
Place utility (make products available where customers want them)
Time utility (stores products until they are needed)
Possession utility (allows consumer to own, use and enjoy product)
Value for clients and partners (stakeholders)
Value for society
Marketing VS Management
Marketing is a process that starts with identifying customer needs for a particular service or product, then
continues by producing the product with the appropriately defined qualities, determining the pricing
based on market dynamics, promoting the product and finally stocking the product for sale
Management deals with the functions of planning, organizing, staffing, directing, coordinating, reporting
and budgeting
The Market
Why consumers want it?
What consumers want?
H t it?
