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Welcome to BA 340 Marketing Principles

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Welcome to BA 340 Marketing Principles

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    1. Welcome to BA 340 Marketing Principles Sit where you want to be “stuck” for the semester—a seating chart will be used. Absent first class? Please get a handout packet. Jack Johnson Double Dose: “At or With Me” http://www.youtube.com/watch?v=zT0Uhyllqx8 “You and Your Heart” http://www.youtube.com/watch?v=BWVnZAJaq4Q

    2. INTRODUCTION TO AND OVERVIEW OF STRATEGIC MARKETING FUNDAMENTALS   The Nature And Scope Of Marketing Related Reading: Chapter 1; “The True Marketing Concept is Based on The Biblical Philosophy of Life” Exercise 2.1: Marketing Management Philosophies )

    3. The Nature And Scope Of Marketing The Nature of Marketing (MKTG) A. Definition and Nature of MKTG Why do businesses exist? How do businesses make money? p = Revenues—Costs p = (P x Q)—C What is marketing? (Word assoc. Write it down) Broadest business function. (OHD) Not just sales, advertising, marketing research, retailing, customer service, products and brands (clipbrd)

    4. 1–4 The Nature And Scope Of Marketing Exchange (a transaction)—The act of obtaining a desired (valued) object from someone by offering something (valued) in return. Usually the “something” is a product (good, service) in exchange for money. The parties are a buyer and a seller. - The trade of things of value between buyer (customer) and seller (marketer) so that each is better off after the trade.

    5. © 2010 South-Western, Cengage Learning. All rights reserved. 1–5 The Nature And Scope Of Marketing Value—A customer’s subjective assessment of benefits (satisfactions) relative to costs in determining the worth of a product.

    6. The Nature And Scope Of Marketing A customer market consists of people with both the desire and the ability to buy a specific product. A target market consists of one or more specific groups of potential consumers toward which an organization directs its marketing program. Marketing is about satisfying customer needs and wants (N&W). Marketing adds value for customers. All elements of the marketing mix (4 Ps) should add value.

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    8. The Nature And Scope Of Marketing Answer to what the nature of marketing is = f (stage of economic development): MKTG Production Product Sales Marketing Concept Societal marketing Concept PHILOSOPHIES: Concept Concept Concept Subsistence Merchant Mass Production/ Affluent Society Corporate Social Responsibility : ECONOMIC Phase/Self- System, Mass Promotion Responsibility SYSTEMS sufficiency , Industrial Made-to-Order Revolution Phase/Barter

    9. The Nature And Scope Of Marketing Marketing Management Orientations (Philosophies): Order of Chronological Development and Increasing Sophistication & Complexity

    10. The Nature And Scope Of Marketing Self-sufficiency (Subsistence Phase) – Production & consumption by same family No exchange, no marketing Disadvantage? No specialization ? inefficient Advantage: Rugged independence Barter (Made-to-order Phase) – Exchange without money (decentralized) Videos: 1998 Festivals #21 Cash Verlag “Columbus”; Clios 40th Pt. 2 Visa Gold “Burro” Differs from self-sufficiency: - Specialization and division of labor ? efficient ? higher quality and/or quantity and/or lower cost ? value

    11. The Nature And Scope Of Marketing The Scope of Marketing ** The fundamental purpose of marketing is to create value by developing goods, services, and ideas, to satisfy customer needs. Product (Market offering) – The object of exchange providing customer value. (P #1) (OHD Cartoon) Production – The process of making the product. Transaction – An exchange between buyer & seller. It creates/adds value for both parties. Students often can relate to goods and services, but the marketing of ideas is a new concept to them. Use the example of drunk driving prevention; Ask Students: How is that idea marketed? Organizations such as Mothers Against Drunk Driving or Students Against Drunk Driving often receive support from brewers and distillers in promoting responsible drinking and safe driving. Ask students: What is the exchange these groups are asking consumers to enter? Answer: They want you to consume alcohol in a manner that is consistent with safety, which means sacrificing some consumption. Students often can relate to goods and services, but the marketing of ideas is a new concept to them. Use the example of drunk driving prevention; Ask Students: How is that idea marketed? Organizations such as Mothers Against Drunk Driving or Students Against Drunk Driving often receive support from brewers and distillers in promoting responsible drinking and safe driving. Ask students: What is the exchange these groups are asking consumers to enter? Answer: They want you to consume alcohol in a manner that is consistent with safety, which means sacrificing some consumption.

    12. The Nature And Scope Of Marketing + Other differences between barter & self-sufficiency: Production and consumption split (e.g., candlestick maker) Customized production and distribution (made-to-order phase, job-shop production, vs. speculative production E.g., large-scale manufacturers) Who is the marketer in this exchange? A: Both parties are simultaneously buyer and seller. Marketing – An exchange of values between two parties to a transaction. vs. Kotler definition: Marketing – A process by which companies create value for customers and build strong customer relationships to capture value from customers in return. ? Are we there yet?

    13. The Nature And Scope Of Marketing Problems with barter? Requires a simultaneous coincidence of wants—buyers & ellers must locate each other at right time & place Requires many (n x [n-1]/2) exchanges = inefficient (OHD) - A centralized marketplace can solve these two problems Requires haggling to figure out relative values - Introduction of money by government can reduce this problem. Money’s purposes? (Root of all evil?) (A medium of exchange, standard of account, store of value, and standard of deferred payment) How can we improve on this economic system?

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