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The Value of Marketing

Discover the essence of marketing in creating, communicating, and providing value for customers while meeting stakeholder needs. Explore the importance of identifying consumer needs and delivering products that satisfy those needs effectively. Dive into the world of marketing concepts, needs versus wants, benefits, demand, and marketplaces. Learn about creating utility, building exchange relationships, and the significance of marketing in cultural expressions and storytelling.

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The Value of Marketing

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  1. The Value of Marketing Marketing is the adaptive process, in society and organizations, of collaborating to communicate, create, provide, and sustain value for customers through exchange relationships while meeting the needs of diverse stakeholders.

  2. Marketers do it to satisfy needs… • Most successful firms practice the marketing concept • first identify consumer needs and then provide products that satisfy those needs • A need is the difference between a consumer’s actual state and some ideal or desired state • physical needs • psychological needs

  3. Aveeno Aveeno satisfies a need by providing blemish-free skin

  4. Needs versus Wants • A need is the difference between the actual and ideal states of being • A want is a desire for a particular product used to satisfy that need • wants are culturally and socially influenced

  5. Crest Whitestrips Crest Whitestrips provide a benefit many consumers want today: whiter teeth

  6. Benefits, Demand, and Markets • A product delivers a benefit when it satisfies a need or want • Desire coupled with the resources to satisfy a want results in demand • A market consists of all the consumers with that need and the resources to make the exchange

  7. A marketplace can take many forms

  8. Marketing Creates Utility Form Place Time Possession

  9. Exchange Relationships • Exchange - the heart of every marketing act • An exchange occurs when something is obtained for something else in return • Value is in the eye of the beholder • Marketers must create an attractive value proposition

  10. Pop Culture and Myths • Pop Culture • Music, movies, sports, books, celebrities • Marketers provide the materials that become part of this culture • Marketing and Myths • Marketing messages communicate stories containing symbolic elements that may express shared emotions and ideas of a culture

  11. What Can Be Marketed? • Consumer Goods and Services • Business-to-Business Goods and Services • Not-for-Profit Marketing • Idea, Place, and People Marketing

  12. Oregon Zoo Non-profit organizations like zoos need to market themselves too!

  13. The Value Proposition • Making Marketing Value Decisions • Understanding Consumers’ Value Needs • Creating the Value Proposition • Communicating the Value Proposition • Delivering the Value Proposition

  14. Providing Value to Stakeholders • Competitive Advantage • Distinctive Competency • Differential Benefit • Value Chain

  15. Value Chain Activities • Inbound logistics • Operations • Outbound logistics • Marketing and sales • Service

  16. A Value Chain for HP

  17. Value from Society’s Perspective Some feel that marketers manipulate consumers, while others feel people should be responsible for their own choices.

  18. Marketing as a Process • Marketing planning • What product benefits will our customers be looking for in 3-5 years? • What capabilities does our firm have that set it apart from the competition? • What additional customer groups might provide important segments for us in the future? • What legal issues may affect our business?

  19. Under Armour Under Armour performance apparel is carefully laying plans to appeal to a people who engage in physical activities

  20. Target Markets • Mass Market - all possible customers regardless of differences in their specific needs and wants • developing a basic product and a single strategy for everyone • Market segments - distinct groups of customers within a larger market • A target market - an organization’s chosen segment

  21. Positioning the Product • Plan how the target market should perceive the product in comparison to competitors’ brands - the market position • What is the market position of Ford? BMW? • What is the position of Daewoo? Hyundai?

  22. Mini Positions Itself The Mini positions itself as a different kind of car

  23. The Marketing Mix

  24. The Evolution of Marketing Production Era Selling Era Consumer Orientation New Era Orientation

  25. New Era Orientation • Customer relationship management • Social benefits • Accountability • Marketing metrics

  26. Oris Oris gives back to the community by donating money to disabled people who want to learn how to fly an airplane

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