Transcript Week 1_Chapter 1

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The Meaning of
Marketing
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C HAPTER O BJECTIVES
1.
What is marketing?
2.
What is the marketing concept? How
has marketing changed?
3.
What are marketing functions? Who
performs them?
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O BJECTIVE 1
What is marketing?
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Marketing is an organizational function and
a collection of processes designed to plan for,
create, communicate, and deliver value to
customers. Marketing also builds effective
customer relationships in ways that
benefit the organization
and its stakeholders.
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Marketing
Organizational
Function
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Collection of
Processes
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O RGANIZATIONAL F UNCTION
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CEO
Finance
Marketing
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Human
Resources
Production
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C OLLECTION
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OF
P ROCESSES
Assemble
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Price
Promote
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C REATING VALUE FOR C USTOMERS
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Value
$
Marketing is much more than just developing,
advertising, and selling a product – it is about creating
value for customers, which in turn keeps customers
coming back again and again; this allows the
organization to generate profits (or to meet other
organizational goals).
Value is derived from the economic concept of utility,
which is the satisfaction one receives from owning or
consuming a product or service.
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U NDERSTANDING THE M ARKET
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It's even more important to get to
know your target market.
If you don’t know who is in your
market, you won’t be able to reach
them, and you won’t make money.
If you don’t know what they want,
you'll have no chance of satisfying
their needs.
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M ORE
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THAN JUST PRODUCTS
Events
Causes /
Ideas
Products
Marketing
Places
Services
People
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O BJECTIVE 2
What is the marketing concept?
How has marketing changed?
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D
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The Marketing
Concept is an
organizational philosophy dedicated to
understanding and fulfilling consumer
needs through the
creation of value.
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T HE M ARKETING C ONCEPT
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Value
Customer
Relationships
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Customer
Loyalty
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T HE M ARKETING C ONCEPT
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Commitment to delivering superior
customer satisfaction.
Competition has been a key reason in the
development of the marketing concept, which is an
organization’s commitment to providing superior
customer satisfaction. The marketing concept did not
become widely used by businesses until the latter part
of the 20th century. Marketing has progressed through
various eras.
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E VOLUTION OF M ARKETING
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How has marketing changed?
Seller’s Market
Production
Orientation
1850
Buyer’s Market
Sales
Orientation
1930
1908
Model T 1st Sold
Consumer
Orientation
1950
Relationship
Orientation
1980
Today
1945
World War II Ends
1929
Great Depression
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1980’s
Global Competition
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O BJECTIVE 3
What are marketing functions?
Who performs them?
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D
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Marketing Functions are activities
performed within organizations that
create value for specific products or
services.
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M ARKETING F UNCTIONS
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The Organization
Finance
CEO
Marketing
Human
Resources
Production
Customers
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I NTERNAL M ARKETING PARTICIPANTS
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Board of Directors
Top Management
Marketing
Stakeholders
Other Business Departments
Marketing Department
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T HE 4 P’ S OF M ARKETING
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Product
Price
Customer
Place
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Promotion
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