Lec 1-a

8/13/2019 Lec 1-a

http://slidepdf.com/reader/full/lec-1-a 1/21

Introduction to Marketing

Lec 1a

Week 1a

BBA 2K10 (A)

8/13/2019 Lec 1-a


Class Today!!

Welcome on board session

Review of the course outline

Group formation

Brain storming session

Introduction to marketing

What is marketing

Marketing management orientations

The marketing process

2

8/13/2019 Lec 1-a


3

8/13/2019 Lec 1-a


Your Idea!!!!

About marketing????

70% 0f the people think it is all about

Advertising & Publicity Selling it is ….

Making products available in stores

Yes all of the above plus muchmore…….

4

8/13/2019 Lec 1-a


What is Marketing?

A Philosophy

An Attitude

A Perspective

A Management

Orientation

A Set of Activities,

including:

Products

Pricing

Promotion

Distribution

5

8/13/2019 Lec 1-a


What is Marketing?

American Marketing Association Definition

Marketing is the process of planning and

executing the conception, pricing, promotion,

and distribution of ideas, goods, and services

to create exchanges that satisfy individual and

organizational goals.

6

8/13/2019 Lec 1-a


What is Marketing?

Marketing is a process by

which companies create

value for customers and

build strong customer

relationships to capturevalue from customers in

return

Goals:1. Attract new

customers by promising superior

value.

2. Keep and growcurrent customersby delivering

satisfaction.

OLD view of marketing:

Making a sale —“telling and selling

NEW view of marketing:Satisfying

customer needs +

buil ding long term relationships

7

8/13/2019 Lec 1-a


Concepts

Customer Value: The ratio of benefits to thesacrifice necessary to obtain those benefits

Benefits – Cost = Value

Customer Value Requirements: Offer products that perform

Give consumers more than they expect

Avoid unrealistic pricing

Give the buyer facts

Offer organization-wide commitment in service

and after-sales support

8

8/13/2019 Lec 1-a


Exchange: The idea that people give up

something to receive something theywould rather have.

Customer Satisfaction: The feeling that a

product has met or exceeded the

customer‟s expectations.

9

8/13/2019 Lec 1-a


Maintaining Customer Satisfaction: Meet or exceed customer‟s expectations

Focus on delighting customers

Provide solutions to customer‟s problems

Relationship Marketing: The name of a

strategy that entails long-term partnershipswith customers, both individuals and firms

Relationship Marketing‟s Importance:

Attracting a new customer may be

TEN TIMES

the cost of keeping

an old customer10

8/13/2019 Lec 1-a


Building Long-Term Relationships:

Customer-oriented personnel

Effective training programs

Empowered employees

Teamwork

Building an emotional link with the customer by

fully understanding your consumer

Effective use of technology such as: CRMsystems, scanner based research, loyalty

cards and other IS systems.

11

8/13/2019 Lec 1-a


The Marketing Concept:Summary

Creating customer value

Maintaining customer satisfaction

Building long-term relationships

12

8/13/2019 Lec 1-a


Marketing Management Orientations

PhilosophyKey Ideas

Production

Concept

SalesConcept

Marketing

Concept

is the idea that consumers will favor products that are

available or highly affordable. Focus is on efficiency of

internal operations. May lead to “Marketing Myopia”

Focus on satisfying customer needs and wants and

delivering the desired satisfaction better than competitors do

is the idea that consumers will not buy enough of the firm‟s

products unless it undertakes a large scale selling andpromotion effort. Focus on aggressive techniques for

overcoming customer resistance to buy

Product

Concept

is the idea that consumers will favor the products that will offerthe most quality, performance and features. Therefore the

organization should devote its energy to making continuous

improvements. May also lead to “Marketing Myopia”

13

8/13/2019 Lec 1-a


Philosophy Key Ideas

Societal

Marketing

Concept

Focus on satisfying customer needs and

wants while enhancing individual and

societal well-being

14

8/13/2019 Lec 1-a


Marketing Myopia

Marketing myopia:

Occurs when sellers pay more attention to

the specific products they offer than to the

benefits and experiences produced by theproducts.

8/13/2019 Lec 1-a


Marketing Management Orientations

8/13/2019 Lec 1-a


Marketing Management

Orientations

8/13/2019 Lec 1-a


8/13/2019 Lec 1-a


Value Creation for Tide History: Tide is an innovative

brand, historically positionedon the basis of superiorfunctional performance.

At Issue: Competitors cancopy product benefitsquickly, but can not copyfeelings toward the brand.

Challenge: Understand whatthe brand means toconsumers and how it fitsinto their lives.

Goal: “Speak eye-to-eye withconsumers.”

P&G’s Tide – Building Relationships

Case Study

Building Relationships Research Process: Explored the

emotional connections womenhave with their laundry viaconsumer immersion.

Findings: Women are linkedemotionally to clothing. Fabricsallow women to express theirattitudes, personality, and multiplefacets of being female.

“Tide Knows Fabrics Best” campaign featured rich visualimagery and meaningful emotionalconnections.

Result: 7% sales increase.19

8/13/2019 Lec 1-a


What is marketing?

The Marketing Process

20

http://localhost/var/www/apps/conversion/tmp/scratch_6/AMEX.wmv

8/13/2019 Lec 1-a


Class Next Week!!!

Recap session

„Term Project‟ outline discussion

Exploring the „marketing process‟

Introduction to the 4P‟s of marketing

21

Lec 1-a

Documents

Transcript of Lec 1-a