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    PrinciplesofMarketing 01 WhatisMarketing

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    Marketing involves creating, pricing, promoting, and distributing goods and services to satisfy customer needs. It helps identify and retain customers while creating value for them. Effective marketing is guided by understanding customers and delivering superior value compared to competitors. It builds relationships with customers at each stage from initial contact to committed customer. Both for-profit and non-profit organizations use marketing to achieve their goals of increasing profits or promoting missions by attracting participants and raising awareness.

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    PrinciplesofMarketing 01 WhatisMarketing

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    mama
    30 views25 pages
    Marketing involves creating, pricing, promoting, and distributing goods and services to satisfy customer needs. It helps identify and retain customers while creating value for them. Effective marketing is guided by understanding customers and delivering superior value compared to competitors. It builds relationships with customers at each stage from initial contact to committed customer. Both for-profit and non-profit organizations use marketing to achieve their goals of increasing profits or promoting missions by attracting participants and raising awareness.

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    LESSON 1

    Original Title

    PrinciplesofMarketing_01_WhatisMarketing

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    Marketing involves creating, pricing, promoting, and distributing goods and services to satisfy customer needs. It helps identify and retain customers while creating value for them. Effective marketing is guided by understanding customers and delivering superior value compared to competitors. It builds relationships with customers at each stage from initial contact to committed customer. Both for-profit and non-profit organizations use marketing to achieve their goals of increasing profits or promoting missions by attracting participants and raising awareness.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    30 views25 pages

    PrinciplesofMarketing 01 WhatisMarketing

    Uploaded by

    mama
    Marketing involves creating, pricing, promoting, and distributing goods and services to satisfy customer needs. It helps identify and retain customers while creating value for them. Effective marketing is guided by understanding customers and delivering superior value compared to competitors. It builds relationships with customers at each stage from initial contact to committed customer. Both for-profit and non-profit organizations use marketing to achieve their goals of increasing profits or promoting missions by attracting participants and raising awareness.

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    Download as pptx, pdf, or txt
    of 25

    Principles of Marketing

    Module 1: What Is Marketing?


    What is Marketing?

    Marketing is a set of activities related to creating,


    communicating, delivering, and exchanging
    offerings that have value for others.
    It is conducted by individuals or
    organizations for the purpose of satisfying human
    wants.
    What is the function of marketing?

    Marketing brings value to customers, whom the business seeks to identify, satisfy, and retain.
    The Exchange Process

    The act of obtaining a desired object from someone by offering something of value in return
    • Customer (or buyer)
    • Product
    • Provider (or seller)
    • Transaction
    The Role of Marketing
    Marketing vs. Advertising

    • Advertising uses paid notices in different forms of media to draw public attention to a
    company, product, or message, usually for the purpose of selling products or services [1] 
    • Advertising is one of many tools marketers use
    Marketing vs. Branding

    • Branding is the process of “creating a unique name and image for a product in the
    consumer’s mind” [1]
    • Marketing builds brands, and branding is an important strategic consideration in marketing,
    but marketing is broader than branding
    Marketing vs. Sales

    • Sales is the process of actually selling products or services


    • Effective marketing aligns well with the sales process and leads to increased sales, but there
    is more to marketing than just supporting sales
    Company Orientations

    • The Marketing Concept


    • Success depends on doing better than competitors at understanding, creating,
    delivering, and communicating value to their target customers
    • The Product Concept
    • Success depends on creating the best, most innovative product for the lowest price
    • The Sales Concept
    • Success depends on a good sales team with the right tools and incentives.
    • The Production Concept
    • Success depends on low production costs, highly efficient processes, and mass
    distribution.
    Relationship Stages

    • Meeting and Getting Acquainted


    • Providing a Satisfying Experience
    • Sustaining a Committed Relationship
    Stage 1: Meeting and Getting Acquainted

    • Find desirable target customers, including those likely to deliver a high customer
    lifetime value
    • Understand what these customers want
    • Build awareness and demand for what you offer
    • Capture new business
    Stage 2: Providing a Satisfying Experience

    • Measure and improve customer satisfaction


    • Track how customers’ needs and wants evolve
    • Develop customer confidence, trust, and goodwill
    • Demonstrate and communicate competitive advantage
    • Monitor and counter competitive forces
    Stage 3: Sustaining a Committed Relationship

    • Convert contacts into loyal repeat customers, rather than one-time customers
    • Anticipate and respond to evolving needs
    • Deepen relationships, expand reach of and reliance on what you offer
    What is Customer Lifetime Value?

    Customer lifetime value predicts how much profit the


    company will make from the customer during his or her
    lifetime relationship with the company [1] 
    How Do Strong Customer Relationships Help a Business?

    Happy customers . . .
    • Return to buy more goods and services
    • Help market the business with positive reviews or word of mouth
    • Engage with the brand
    Goals of Marketing

    For profit companies Not for profit organizations


    Increase profits by selling products or Promote the mission by attracting donors or
    services to customers participants or by raising awareness of an
    issue or cause
    Difference Between Customers and Consumers

    • Customers are the individuals who buy the The customer and the consumer are not
    product always the same
    • Consumers are the individuals who • Example: A food distributor’s customer is
    actually use the product the restaurant, not the diner who is the
    consumer
    B2B vs. B2C

    • B2B or Business to Business companies sell products or services to other businesses


    • B2C or Business to Consumer companies sell directly to consumers
    Practice Question 1

    A B2B business would benefit most from


    a) Television advertisement
    b) Trade show
    c) Presentation at the rotary club
    Practice Question 2

    A B2C business would benefit most from


    a) Television advertisement
    b) Trade show
    c) Presentation at the rotary club
    Practice Question 3

    A Dual focus business would benefit most from


    a) Television advertisement
    b) Trade show
    c) Presentation at the rotary club
    How does Marketing Serve Customers?

    Marketing can help customers find goods and services that are valuable to them
    How Does Marketing Serve Society?

    • Marketing helps customers and businesses find each other to make exchanges that benefit
    them both
    • Marketing can spread ideas and innovation
    Quick Review

    • What is marketing?
    • Where do you experience marketing in everyday life?
    • What are the differences between marketing, branding, advertising, and sales? 
    • What is the marketing concept? How does it differ from the production concept, the product
    concept, or the selling concept?
    More Quick Review

    • What is the role of marketing in building and managing customer relationships?


    • How do different types of organizations, such as non-profits, consumer product (B2C) firms
    and business-to-business (B2B) organizations, use marketing?
    • How does marketing create value for the consumer, the company, and society?

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