Launch PollEverywhere :

1. Launch PollEverywhere: • Text ‘UWMBUSINESS’ to 37607 to begin session • Backup number: (747) 444 3548 • Have you CERTIFIED your phone? • Text “CERTIFY” to the system • Text LEAVE to quit session

2. Welcome Back! Marketing 360

3. Get started on homework! • 2-week FREE trial – “temporary ACCESS” • Link disappears in < 3 days! • Remember the incentives!!

4. **LECTURE NOTES ARE ON D2L** About 50% of Test questions are from the lectures Overview of Marketing Ref: Text, chapter 1

5. Overview of Marketing Ref: Text, chapter 1 Dear 360 Student: These notes are detailed, and meant to be, so that they can help you when reviewing a topic (for a test, for e.g.,). In class, the PowerPoints I use will be briefer, but you can follow along with your copy of the notes (headings and major bullets will be the same.) Best practice: Make additional notes

6. PollEverywhere: • We start using PollEverywhere today, for attendance • You start earning points from Feb 18

11. Overview of Marketing *My MODIFIED Lecture Plan* Ref: Text, chapter 1

12. Schedule (p.10-12)

14. In this topic, we will cover: • What is marketing? What is marketing’s role? • Exchange is fundamental to marketing • The concept of value • Marketing mix elements – important decisions to be made • How do marketers create value? • Marketing is important, both within and outside the firm

15. Key concepts/ terms to know • Definition of marketing – what are key components? • Exchange • Value • Segmenting a market • Marketing mix elements • Product – goods, services, ideas, etc. • What is “Price”? • What is “Place”? • Supply Chain Management • What is “Promotion”? • Marketing intermediaries • B2C, B2B, C2C • Stakeholders • Employment marketing • Selling versus Marketing • Eras of marketing evolution • Transactional versus Relational orientation • Customer Relationship Management - CRM • Social responsibilities of business • Marketing for entrepreneurs

16. In this topic, we will cover: • What is marketing? What is marketing’s role? • Exchange is fundamental to marketing • The concept of value • Marketing mix elements – important decisions to be made • How do marketers create value? • Marketing is important, both within and outside the firm

17. “Any organization has only two functions: one concerns marketing (innovation) and the other ismarketing”

19. Peter Druckeron marketing: • “Any organization has only two functions: one concerns marketing (innovation) and the other ismarketing”

20. What IS marketing? • Everyone is familiar with marketing! But do we know what marketing is?

21. “It’s 3 weight-loss clinics next to a donut shop” “It’s a COACH handbag” “Telling people what they NEED even though they don’t need it” “It’s selling stuff” “Aren’t those the guys who brought down the economy?” “It’s those companies out to get my money”

22. Understanding customer needs Sales Brilliant innovation Customer service Supply Chain Management Giving people what they want The fortune 500

24. AMA definition of marketing • AMA – American Marketing Association • “marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and EXCHANGING offerings that have VALUE for customers, clients, partners, and society at large.”

25. AMA definition of marketing • “marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and EXCHANGING offerings that have VALUE for customers, clients, partners, and society at large.” • Focus is on bringing about EXCHANGE of VALUE

26. Exchange of value:the fundamental focus of marketing “PRODUCT” (Value) Seller Buyer VALUE

31. Core Aspects of Marketing • Marketing is about bringing about exchanges in the marketplace • What does the Buyer value? Products, service, communication, delivery • What does the Seller value? Money, information, continued relationship with buyer

34. Exchange of value:the fundamental focus of marketing “PRODUCT” (Value) Seller Buyer VALUE

35. Core Aspects of Marketing • Marketing involves key “marketing mix” decisions • the “Four P’s” – four interrelated decisions about the Product, Price, Place, and Promotion • [Refer to AMA definition of marketing] • Product = creating value • Price = capturing value • Place = delivering value • Promotion = communicating value

37. The First ‘P’ – Product: Creating value • What? Can be goods, services, ideas, people, events, programs, or combinations of these • Tie each back to concept of exchange

38. Exchange:the fundamental focus of marketing “PRODUCT” (Value) Seller Buyer VALUE

39. The First ‘P’ – product • How do you “create value” for your customers? • Functional use of product

41. The First ‘P’ • How do you “create value” for your customers? • Functional use of product • Much of value today comes from the “product-plus” • How does the brand make me feel? • What do others think of me as I use the product? • What deep needs does this product help me satisfy? • “Brand image”

42. Creating value

43. Price – capturing value • Price = “Everything the buyer gives up in exchange for the product”

45. Price – capturing value • Price = “Everything the buyer gives up in exchange for the product” • Money • Time • Mental or physical effort/ energy (“cognitive”/ “behavioral” effort)

46. Scenarios: A B $100 per week; 1 hour – 1 ½ hours $100 per week; 15-20 minutes +$7.95 delivered home

48. Price – capturing value • “Everything the buyer gives up in exchange for the product” • Money • Time • Mental or physical effort/ energy (“cognitive”/ “behavioral” effort)

49. Place – Delivering value • All the activities needed to get the product to the customer at the right time (when the customer wants it) • “Supply Chain Management” – efficiently and effectively managing the flow of goods and information from suppliers and manufacturers right to the customers