LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 1, YOU SHOULD BE ABLE TO:
Define marketing and identify the diverse factors influencing marketing actions.
Explain how marketing discovers and satisfies consumer needs.
Distinguish between marketing mix factors and environmental forces.
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Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Define marketing and identify the diverse factors influencing marketing actions.Explain how marketing discovers and satisfies consumer needs.Distinguish between marketing mix factors and environmental forces.LO 1-3LO 1-2LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 1, YOU SHOULD BE ABLE TO:LO 1-11-*LO 1-5LEARNING OBJECTIVES (LO)AFTER READING CHAPTER 1, YOU SHOULD BE ABLE TO:LO 1-4Explain how organizations build strong customer relationships and customer value through marketing.Describe how today’s customer relationship era differs from prior eras.1-*LAUNCHING A NEW BILLION-DOLLARFOOD CATEGORY—IN JUST SEVEN YEARS!Developing Chobani’s Unique Greek YogurtReaching CustomersChobani TodayChobani, Marketing,and You1-*Marketing is NOT EasyWHAT IS MARKETING?You Are a Marketing Expert AlreadyInvolved in 1,000s of Buying DecisionsInvolved in Some Selling DecisionsLO 1-11-*TrueTrue(c) plastic bottlesFIGURE 1-1 The see-if-you’re-really-a-marketing-expert test1-*You Too Could Start a Successful Business While in College! WHAT IS MARKETING?Marketing and Your CareerGoal is to “Do Marketing!”Small Businesses Offer Marketing CareersLO 1-11-*WHAT IS MARKETING?DELIVERING BENEFITSLO 1-1Marketing Seeks to:ExchangeDiscover Needs and Wants of CustomersSatisfy ThemAMA Definitionof Marketing1-*WHAT IS MARKETING?DIVERSE ELEMENTS INFLUENCE MARKETING ACTIONSLO 1-1The Organization Itself and Its DepartmentsSocietyEnvironmental Forces1-*FIGURE 1-2 A marketing department relates to many people, organizations, and environmental forces1-*WHAT IS MARKETING?REQUIREMENTS FOR MARKETING TO OCCURLO 1-1Two + Parties withUnsatisfied NeedsA Desire and Abilityto be SatisfiedA Way for the Partiesto CommunicateSomethingto Exchange1-*HOW MARKETINGDISCOVERS CONSUMER NEEDSTHE CHALLENGE: NEW PRODUCTSLO 1-2Consumers May Not Know or Cannot Describe What They Need or WantMost New Products Fail“Focus on the Consumer Benefit”“Learn From Past Mistakes”The Challenge:1-*Dr. Care Vanilla-Mint Aerosol ToothpasteWhat “benefits” and what “showstoppers?”LO 1-21-*Terrafugia TransitionWhat “benefits” and what “showstoppers?”LO 1-21-*Pepsi NextWhat “benefits” and what “showstoppers?”LO 1-21-*HOW MARKETINGDISCOVERS CONSUMER NEEDSNEEDS VS. WANTSLO 1-2NeedWantDoes Marketing PersuadePeople to Buy the“Wrong” Things? Market1-*FIGURE 1-3 Marketing seeks to discover consumer needs through research and then satisfy them with a marketing program 1-*HOW MARKETINGSATISFIES CONSUMER NEEDSTHE FOUR PsLO 1-3PromotionPlaceTarget MarketThe 4 Ps: Controllable Marketing Mix FactorsProductPrice $4991-*HOW MARKETINGDISCOVERS CONSUMER NEEDSENVIRONMENTAL FORCESLO 1-3TechnologicalRegulatoryUncontrollable Environmental ForcesSocialEconomicCompetitiveCustomer Value Proposition1-*THE MARKETING PROGRAMCUSTOMER VALUELO 1-4Best PriceBest ServiceCustomer ValueBest ProductValue Strategies1-*Target, Starbucks, and US BankWhat customer value strategy?LO 1-41-*THE MARKETING PROGRAMRELATIONSHIP MARKETINGLO 1-4Easy to UnderstandRelationship MarketingHard to DoMarketing ProgramMarket Segments1-*3M’S STRATEGY & MARKETING PROGRAMDISCOVERING & STATISFYING STUDENT STUDY NEEDSLO 1-4+Felt Tip Highlighters=3M product thatwill combinePost-it® Notes or Post-it® Flags andHighlighters3M Post-it® Notes or Post-it® Flags1-*3M’S STRATEGY & MARKETING PROGRAMDISCOVERING & STATISFYING STUDENT STUDY NEEDSLO 1-4Move from Ideas toa Marketable Highlighter Product Add the Post-it®Flag PenDevelop a Marketing Program for thePost-it® Flag Highlighter and Pen1-*FIGURE 1-4 Marketing programs for two new 3M Post-it® brand products targeted at college students and office workers1-*3M’S STRATEGY & MARKETING PROGRAMDISCOVERING & STATISFYING STUDENT STUDY NEEDSLO 1-4Developed ThirdGeneration Post-it®Flag Highlighter Appeared onThe Oprah Winfrey Show1-*FIGURE 1-5 Four different orientations in the history of American businessProduction EraSales EraMarketing Concept EraCustomer Relationship EraMarket Orientation1-*HOW MARKETING BECAME IMPORTANTEVOLUTION OF THE MARKET ORIENTATIONLO 1-5Customer RelationshipManagement (CRM)Customer ExperienceWhat Firms Think They Offer CustomersWhat Customers Say They Receive1-*HOW MARKETING BECAME IMPORTANTETHICS AND SOCIAL RESPONSIBILITYLO 1-5EthicsSocial ResponsibilitySocietal Marketing Concept1-*HOW MARKETING BECAME IMPORTANTBREADTH AND DEPTH OF MARKETINGLO 1-5Who Markets?What Is Marketed?Products(Goods)ServicesIdeas1-*HOW MARKETING BECAME IMPORTANTBREADTH AND DEPTH OF MARKETINGLO 1-5Who Benefits?Who Buys & Uses What Is Marketed?Ultimate ConsumersOrganizational BuyersHow Do Consumers Benefit?: UtilityForm UtilityPlace UtilityTime UtilityPossession Utility1-*CHOBANI: MAKING GREEK YOGURTA HOUSEHOLD NAMEVIDEO CASE 11-*