Part One Understanding And Managing Marketing Strategies

2. Part OneUnderstanding And Managing Marketing Strategies

3. Chapter 1An Overview of Strategic Marketing

4. Objectives • Define marketing as focused on customers • Identify important marketing terms • Become aware of the marketing concept and marketing orientation • Understand importance of building customer relationships • Learn the process of marketing management • Recognize role of marketing in society

5. Marketing The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

6. Customers The purchasers of organizations’ products; the focal point of all marketing activities.

7. Components ofStrategic Marketing

8. Target Market A specific group of customers on whom an organization focuses its marketing efforts.

9. Marketing Mix • Product • Distribution • Promotion • Pricing

10. Product Variable A good, a service, or an idea.

11. Distribution Variable • Make products available in quantities desired • Costs: • Inventory • Transportation • Storage • Select/Motivate intermediaries • Establish/Maintain inventory control • Develop/Manage transportation &storage systems

12. Promotion Variable • Activities to inform individuals or groups about the organization and its products • aim is to increase awareness of the organization and new or existing products.

13. Price Variable Decisions and actions associated with establishing pricing objectives and policies and determining product prices

14. Exchange The provision or transfer of goods, services, or ideas in return for something of value

15. Exchange BetweenBuyer and Seller

16. Stakeholders Constituents who have a stake or claim in some aspect of a company’s products, operations, markets, industry, and outcomes.

17. Conditions of Exchange • Two or more must participate and possess something of value other party desires • Exchange should provide benefit/satisfaction to both parties • Party have confidence in promise of “something of value” held by the other • Parties must meet expectations

18. Marketing Concept A philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.

19. Evolution of theMarketing Concept

20. Marketing Orientation An organization-wide commitment to researching and responding to customer needs.

21. Relationship Marketing Establishing long-term, mutually satisfying buyer-seller relationships.

22. Relationship Development • Acquire new customers • Enhance profitability of existing customers • Extend duration of customer relationship

23. CustomerRelationship Management Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.

24. Marketing Management The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.

25. Importance of Marketing in the Global Economy (Pt.1) • Costs consume sizable portion of buyers’ dollars • Used in nonprofit organizations • Important to business and economy • Fuels the global economy

26. Importance of Marketing in the Global Economy (Pt. 2) • Knowledge enhances consumer awareness • Connects people through technology • Promotes welfare of customers and society • Offers many exciting career prospects