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Why Is Marketing Important?

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Marketing Defined

• Marketing is defined as an exchange between a firm and its customers.

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What We Can Market

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Orientations

• Product/Production Orientation• Sales Orientation• Customer Orientation

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Who is Responsible for Marketing?

• Marketing and Customer Satisfaction is Everyone’s Responsibility

• Marketing should permeate the firm• Accounting/Finance• Sales• Research and Development

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Measuring Marketing Success

• Chief Marketing Officers (CMO) should quantify results when possible• Sometimes the effectiveness of marketing

programs is easy to quantify• However, sometimes the effectiveness is

not easy to quantify • Ex. advertising effectiveness is difficult to

measure because great advertising is geared toward long-term brand building not short-term results

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Marketing Management Framework

• The 5Cs, STP and the 4Ps constitute the marketing management framework

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The 5 Cs of Situational Analysis

• Company• Customer• Competitor• Collaborators• Context

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STP

• Segmenting • Target• Position

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4 Ps

• Product• Price • Place• Promotion

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Considerations

• The situation facing the company changes over time

• Firm must consistently monitor the 5 Cs• 5 Cs, STP and 4 Ps are interdependent• Marketers must understand the

interdependencies

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Book Layout

• Each chapter covers the “What,” “Why,” and “How.”

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Managerial Recap

• Marketing can make customers happier, and companies more profitable.

• Marketing is about trying to find out what customers would like, providing it to them, and doing so profitably.

• Marketing facilitates a relationship between customers and a company.

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Managerial Recap

• Just about anything can be marketed.

• The marketing management framework—5Cs, STP, 4Ps—will structure the book.

• If you can remain customer-centric, you’ll be five steps ahead of the competition.

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