welcome to the world of marketing creating and delivering value
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Welcome to the World of Marketing
Creating and
Delivering Value
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Chapter Objectives1. who are marketers?
1. where they work, 2. marketing’s role
1. in the firm
2. Explain marketing
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Chapter Objectives
1. Marketing’s value 1. to everyone involved in the
marketing process
2. range of services & goods
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Chapter Objectives1. Understand value
1. Re: customers, producers, and society
2. marketing planning
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Chapter Objectives1. marketing mix tools
1. Product/price/promotion &
2. Place (distribution)
2. evolution of the marketing concept
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CHAPTER CONCEPTS
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Welcome to a Branded World
“Brand You” You are a product
You have “market value” as a person
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Welcome to a Branded World
“Brand You” You “position” yourself for a
job
Don’t “sell yourself short”
You package & promote yourself
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Who & Where of Marketing
Marketers: Are real people
who make choices that affect themselves, their companies, & millions of consumers
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Who & Where of Marketing
Marketers:
Work cross-functionally within the firm
Enjoy exciting, diverse careers
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The Value of Marketing Definition of marketing (AMA, 2004)
An organizational function and a set of processes for creating, communicating, and delivering
value to customers
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The Value of Marketing Definition of marketing (AMA, 2004)
and manages customer relationships in ways that
benefit the organization and its stakeholders
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Marketing = Meeting Needs
stakeholders Buyers, sellers, investors, community residents, citizens
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Marketing = Meeting Needs
Marketing concept Identifying consumer needs &
providing products that satisfy those needs
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Marketing = Meeting Needs
The modern marketplace a mall, mail-order catalog, a TV shopping network, an eBay auction, or an e-commerce Web site
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Marketing =Creating Utility
Utility: the sum of the benefits we receive from using a product/service
Form utility Place utility Time utility Possession utility
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Marketing Is about Exchange Relationships
An exchange occurs when something is obtained for something else in return, like cash for goods or services
Buyer receives product that satisfies need Seller receives something of equivalent
value
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The Evolution of Marketing
The Production Era The Selling Era The Consumer Era The New Era
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The Production Era
Focus = most efficient ways to make and distribute products, like Henry Ford’s Model T & Ivory
soap
Marketing plays an insignificant role
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The Selling Era
Focus = one-time sales of goods rather than repeat business
Marketing = a sales function
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The Consumer Era
Focus = satisfying customers’ needs and wants
Marketing = more important
Total Quality Management (TQM) widely followed in marketing
community
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The New Era: Profits & Ethics
Focus = building long-term bonds with customers.
Marketing uses customer relationship management (CRM) to track consumers’ preferences tailor value proposition to each individual
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The New Era: Focusing on Social Benefits
Social marketing concept: satisfy customers’ needs and also benefit society
Sustainability:
meeting present needs and ensuring future generations can meet their
needs
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The New Era: Focusing on Accountability
• Measuring how much value is created by marketing activities
ROI (Return on Investment) direct financial impact of firm’s
expenditure of resources such as time or money
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What Can Be Marketed?
From serious goods and services to fun things
Goods and services mirror changes in popular culture
Marketing messages may communicate myths of a culture
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What Can Be Marketed?
Product: any good, service, or idea Consumer goods/services Business-to-business
goods/services Not-for-profit marketing Idea, place, and people
marketing
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The Marketing of Value
Value: the benefits a customer
receives from buying a good or service
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The Marketing of Value
Marketing communicates the value proposition:
a marketplace offering that fairly and accurately sums up the
value that the customer will realize
if he/she purchases product/service
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Value from the Customer’s Perspective
The ratio of costs to benefits
Value proposition includes: whole bundle of benefits the firm promises to deliver, not just the benefits of the product itself
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Value : Seller’s Perspective
takes many forms: Making a profitable exchange Earning prestige among rivals Taking pride in doing what a company
does well Nonprofits:
motivating, educating, or delighting the public
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Calculating the Value of a Customer
Single transactions don’t provide companies with value they
desire
Lifetime value of a customer: How much profit a company expects from
ONE customer’s purchases now and in the future
WalMart: LTV = $250,000
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Providing Value to Stakeholders
Competitive advantage: ability of a firm to outperform the
competition by providing customers with a
benefit the competition cannot provide
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Adding Value throughthe Value Chain
a series of activities involved in designing, producing,
marketing, delivering, and supporting any product
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Adding Value throughthe Value Chain
a series of activities: Inbound logistics Operations Outbound logistics Marketing final product Service
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Consumer-Generated Value:From Audience to Community
Everyday people generating value instead of just buying it
People functioning in marketing roles: creating ads, providing input into new products, or serving as retailers
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Value: Society’s Perspective
How marketing transactions add or subtract value from society
Stressing ethics/social responsibility is good business in long run
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The Dark Side of Marketing
* Marketers Illegal activities
such as “bait and switch” Products that encourage antisocial behavior
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The Dark Side of Marketing
*Consumers Terrorism Addictive consumption Exploited people Illegal activities Shrinkage Anticonsumption
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Marketing as a Process Marketing planning:
Analyzing the marketing environment
Developing a marketing plan Deciding on a market segment Choosing the marketing mix –
product, price, promotion, place
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THE END
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Keeping It Real: Fast-Forward to Decision Time at Qode
Meet Rick Szatkowski of NeoMedia Technologies
Qode links your cell phone to the Web when you enter a keyword or click a SmartCode.
Example: A code on a movie poster plays a trailer for the movie
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Chapter case study
Ron Jon’s Surf Shop
See handout
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Ron Jon Surf Shop, Inc.How to advertise Ron Jon’s at airports? Option 1: rental car advertising Option 2: wall-mounted backlit photographs (dioramas)
Option 3: escalator “gateways”
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How It Worked Out at Ron Jon Surf Shop
Bill choose option 2: wall-mounted backlit photographs (dioramas) Opened a small store in the Orlando Airport adjacent to the very busy food court
Surf and sales are up at Ron Jon!