320 likes | 557 Views
OVERVIEW OF MARKETING. What is the role of marketing in organizations? How do marketers create value for a product or service? Why is marketing important both within and outside the firm?. Building Value Online. How do these companies provide value?. What is Marketing?.
E N D
OVERVIEW OF MARKETING • What is the role of marketing in organizations? • How do marketers create value for a product or service? • Why is marketing important both within and outside the firm?
Building Value Online How do these companies provide value?
What is Marketing? Marketing is an organizational function and a set of processes for creating, capturing, communicating, and deliveringvalueto customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing is about Satisfying Customer Needs and Wants • What group is Crest targeting with this ad? • What other benefits of toothpaste might Crest advertise? • What groups might these benefits appeal to?
Marketing Entails an Exchange Goods/Services Producers (Sellers)
Marketing Requires Product, Price, Place and Promotion Decisions
Product: Creating Value • The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
Price: Capturing Value • Price is everything a buyer gives up (money, time, energy) in exchange for the product • The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point
Place: Delivering the Value Proposition • Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it • Where would you find this product in the store?
Promotion: Communicating Value • Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response
Marketing Can be Performed by Individuals and Organizations ETSY Website
Value-Based Marketing “Pure Dark Chocolate Light Exquisite Cookie”
What is the definition of marketing? Marketing is about satisfying ______ and ______ . What are the four components of the marketing mix? Who can perform marketing? What are the various eras of marketing? Check Yourself
Value Driven Companies • Share information across their organization • Balance customer’s benefits and costs • Build relationships with customers
Target is Value Driven Target Commercial
Check Yourself What are the two methods for increasing value? How can a firm become value driven?
Marketing Enriches Society Oprah's Angel Network
Check Yourself List five factors that emphasize the importance of marketing. A firm doing the right thing emphasizes the importance of marketing to society
Ben & Jerry’s Product Mission To make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome natural ingredients and promoting business practices that respect the Earth and the Environment Ben & Jerry’s Website Ben & Jerry’s Commercial
Glossary Exchange is the trade of things of value between the buyer and the seller so that each is better off as a result. Return to slide
Glossary Goods are items that you can physically touch. Return to slide
Glossary Ideas include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed. Return to slide
Glossary A supply chain is the group of firms that make and deliver a given set of goods and services. Return to slide
Glossary Value reflects the relationship of benefits to costs. Return to slide