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Marketing

Marketing. Marketing ’ s Value to Consumers, Firms & Society Professor Close. Objectives. Provide students with an overall introduction to marketing Customer service and satisfaction Talk about the components of marketing Briefly mention about the history of marketing

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Marketing

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  1. Marketing Marketing’s Value to Consumers, Firms & Society Professor Close

  2. Objectives • Provide students with an overall introduction to marketing • Customer service and satisfaction • Talk about the components of marketing • Briefly mention about the history of marketing • What is the importance of marketing

  3. Some Ideas of Marketing • Traditional Approach • Selling & Advertising (one part) • What else? • Customer Satisfaction • What do you think it means? Are there any examples where you were really satisfied or not satisfied? • Examples: Nordstrom, Southwest Air • Marketing requires 2 or more parties to trade items of value • Marketing’s job is NOT to get rid of things produced by the firm

  4. Southwest Airlines Reaching out to Customers

  5. Marketing (Micro) Defined • Marketing is accomplishing the firm objectives by anticipating client needs & directing a flow of need-satisfying products to customers • Everything we do to get and keep a customer • Begins with the customer • Series of sales

  6. History of Marketing (1) • Always marketing? Sort of…. • Pure subsistence economy: make all the products you consume • Other disciplines • Economics • Sociology • Psychology • 1906-1911: marketing emerges as a noun

  7. History of Marketing (2) • The marketing eras: • The simple trade era (trading of simple goods) • The production era (Industrial evolution) • The sales era (emphasis on selling because of competition) • The marketing department era (when all marketing activities are under the control of one department) • The marketing company era (involves short and long run planning)

  8. Importance of Marketing • Approx. 50% prices • Everyone needs it! (politicians, churches, resumes) • How is marketing important to you?

  9. Marketing Utility • Form Utility (Audi) • Task Utility (Bellagio) • Possession Utility (right to use or consume a product) • Time Utility (having the product available when the customer wants it) • Place Utility (having the product where the customer wants it)

  10. What is Macro-Marketing? (1) • Macro-Marketing: directing the overall flow of goods and services to consumers in a way that: • Matches supply and demand (good) • Accomplishes society’s objectives (the question) • Focuses on individual firms

  11. eBay Commercial

  12. What is Macro-Marketing? (2) • What about society? • The micro-macro dilemma: “What is good for the individual may not be good for society.” • Difficult questions (health care, marketing to children, tobacco) • Trend is toward market direction, not regulation (Calif. Utilities, telephone)

  13. Marketing’s Importance to Society • Economic Development: exchange allows • Specialization • Leisure • What else can you think of? • Issues • Micro and macro issues again • Trends • Freer trade • WTO: encourages international trade WTO: Is it good or bad??

  14. Questions about Marketing • Satisfaction: is just satisfaction enough? • Who performs • Cannot eliminate • Can shift burden • “Quality” of the system • Plusses • Connects remote • Innovation • Efficiency • What other plusses do you see with marketing? • Minuses • Rich benefit vs poor • Marketing is misleading; sometimes intentionally • Privacy is poor • Credit causes indebtedness • What other minuses do you see with marketing?

  15. Summary • What is marketing? • How is it different from advertising? • Macro-marketing takes on an entire system approach • Individuals view marketing differently • Any other questions?

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