Chapter 01 MKT120 Overview
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The document discusses key concepts in marketing including: 1) Marketing involves creating, communicating, and delivering value to customers and managing customer relationships in a way that benefits the organization. 2) Marketers must make decisions around product, price, place, and promotion to satisfy customer needs and capture value. 3) Marketing impacts stakeholders inside and outside organizations and helps create value for customers.
Chapter 01 MKT120 Overview
- 1. © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin
- 2. OVERVIEW OF MARKETING LEARNING OBJECTIVES What is the role of marketing in organizations? How do marketers create value for a product or service? Why is marketing important both within and outside the firm? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-2
- 3. Building Value Online How do these companies How do these companies provide value? provide value? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-3
- 4. What is Marketing? Marketing is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-4
- 5. What is Marketing? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-5
- 6. Marketing is about Satisfying Customer Needs and Wants What group is Crest targeting with this ad? What other benefits of toothpaste might Crest advertise? What groups might these benefits appeal to? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-6
- 7. Marketing Entails an Exchange Goods/Services Producers (Sellers) © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-7
- 8. Marketing Requires Product, Price, Place and Promotion Decisions © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-8
- 9. Product: Creating Value The fundamental purpose of Marketing is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-9
- 10. Price: Capturing Value Price is everything a buyer gives up (money, time, energy) in exchange for the product The key to determining prices is to figure out how much customers are willing to pay and assess whether a profit can be made at that point © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-10
- 11. Place: Delivering the Value Proposition Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it Where would you find this product in the store? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-11
- 12. Superior Service Ritz-Carlton © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-12
- 13. Promotion: Communicating Value Promotion is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-13
- 14. Marketing Can be Performed by Individuals and Organizations ETSY Website © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-14
- 15. Marketing Impacts Stakeholders © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-15
- 16. Marketing Helps Create Value © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-16
- 17. Value-Based Marketing “Pure Dark Chocolate Light Exquisite Cookie” © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-17
- 18. Value Driven Companies Share information across their organization Balance customer’s benefits and costs Build relationships with customers © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-18
- 19. Value Based Marketing © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-19
- 20. Target is Value Driven Target Commercial © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-20
- 21. Marketing and Society Focusing on many factors © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-21
- 22. Marketing Enriches Society Oprah's Angel Network © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-22
- 23. Ben & Jerry’s Product Mission To make, distribute, and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome natural ingredients and promoting business practices that respect the Earth and the Environment Ben & Jerry’s Website Ben & Jerry’s Commercial © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-23
- 24. Glossary Exchange is the trade of things of value between the buyer and the seller so that each is better off as a result. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-24
- 25. Glossary Goods are items that you can physically touch. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-25
- 26. Glossary Ideas include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-26
- 27. Glossary A supply chain is the group of firms that make and deliver a given set of goods and services. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-27
- 28. Glossary Value reflects the relationship of benefits to costs. Return to slide © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-28
- 29. Check Yourself 1. What is the definition of marketing? 2. Marketing is about satisfying ______ and ______ . 3. What are the four components of the marketing mix? 4. Who can perform marketing? 5. What are the various eras of marketing? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-29
- 30. Check Yourself 1. What are the two methods for increasing value? 2. How can a firm become value driven? © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-30
- 31. Check Yourself 1. List five factors that emphasize the importance of marketing. 2. A firm doing the right thing emphasizes the importance of marketing to society © McGraw-Hill Companies, Inc., McGraw-Hill/Irwin 1-31