He STRONGLY encourages us to get the book.
Started with our in-class assignment.
What word do you associate with marketing or it's role in business?
"Persuasion" ...his word is Communication
A lot of people see marketing as a negative thing.
"Going to McDonalds..I can tell ya that the 1/4 pounder is about $4.40 something"
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What is Marketing?
Focus on the Customer
It's a..
Process
A business Orientation
A set of Activities or Tools... (aka the 4 P's)
Products
Distribution / Place
Promotion
Pricing
P- Got an "okay" product,
P- sold at walmart,
P -not promoted
P - and at a bad price?
No Good..not going to sell..
You gotta have the right "Marketing Mix"
Need all four to work together.
Price is hard "What a deal" "I'm not paying that much for that" (dealing with same product..)
What is 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.
What's an exchange?
Conditions for Exchange:
- At least 2 parties
- They have something of value
- Ability to communicate
- freedom to accept/reject offer
- desire to deal with other party
(marketing occurs even if exchange does not take place)
Value = Benefits - Costs
Customer Value - The relationship between benefits and the costs necessary to obtain those benefits.
Marketing Philosophies
Orientations:
- Production, focuses on internal capabilities of the firm - "If we build it, they will come"
- Sales, aggressive sales techniques - "I can sell ice cream to an Eskimo"
- Market, satisfying customer needs and wants while meeting objectives - "What can I do for you?
- Societal, Satisfying needs and wants while improving societal well-being - "What can we do to make the world a better place?"
The Marketing Concept
- Focusing on customer wants and needs to distinguish products and competitors' offerings
- Integrating all the organization's activities to satisfy these wants
- Achieving the organization's long-term goals by satisfying customer wants and needs legally and responsibly
"If I had asked my customers what they wanted," Henry Ford once remarked, "they would have said a faster horse."
Comparing Sales vs. Market Orientations
Defining a Firm's Business
Think "benefits" instead of "goods/services"
Car companies...sell cars? or provide transportation.
- Ensures a customer focus
- Encourages innovation and creativity
- Stimulates an awareness of changes in customer preferences.
Build Relationships
Relationship Marketing
- Customer-oriented personnel
- Employee training programs
- Empowered employees
- Teamwork
B2B companies have to build relationships.
Why study marketing?
- Plays an important role in society
- Vital to business survival, profits and growth
- Offers career opportunities
- Affects your life every day.
"some of you are sitting at a laptop with a cute little image of a fruit on it..That's marketing"
**Skim Chapter 1**
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