Chapter 1 MARKETING 16

Chapter 1 An overview of strategic marketing - Pham Khac Thong, MBA obtain what they need and want through creating, offering, and exchanging products and value with others... Chapter

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Part 1: Marketing Strategy &

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THE PURPOSE OF A BUSINESS IS TO

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The role of marketing

the Old and new Concepts

Conflicting Management Philosophies

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Warm up

• 1 How would you define the function of

marketing?

• 2 Do you agree with Peter Drucker when

he said, “ the aim of marketing is to

make selling superfluous” ?

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marketing - Pham Khac Thong, MBA

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Chapter 1 An overview of

strategic marketing - Pham

Khac Thong, MBA

obtain what they need and want

through creating, offering, and

exchanging products and value with others

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Chapter 1 An overview of strategic

marketing - Pham Khac Thong, MBA 7

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Khac Thong, MBA

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Khac Thong, MBA

Advertising

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Core Marketing Concepts

Needs, wants, and demands

Products

Value, satisfaction, and quality

Exchange, transactions, and relationships

Markets

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Need, Wants, Demands

• Need. A human need is a state of felt deprivation Examples include the need for food, clothing,

warmth and safety.

• Wants. Wants are how people communicate their needs A hungry person may want a hamburger, noodles, or cheese and bread.

• Demands. When backed by buying power, wants become demands

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Product

A product is anything that can be offered to satisfy a need or a want.

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Value, Satisfaction, and Quality

• Customer value is the difference between the

benefits that the customer gains from owning

and/or using a product and the costs of obtaining the product

• Customer satisfaction depends on a product’s

perceived performance in delivering value relative

to a buyer’s expectations

• Quality begins with customer needs and ends with

customer satisfaction

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Khac Thong, MBA

1 = Very Satisfied, 7=Very Dissatisfied

* Even though 3 is still a "positive"

score on the above 7 point scale, few customers giving that rating will return

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Khac Thong, MBA

• Some customers shop for the best price

-differentiate your product

• Some customers like to have different purchase experiences – like to stay or dine at different

places

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Why Managers Should Be Concerned

About Customer Loyalty

• Customer loyalty leads to increased profit

• Customer loyalty leads to increased

partnership

• Lower marketing and sales costs

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Exchange, Transactions, and Relationships

• Exchange is the act of obtaining a desired object

from someone by offering something in return

• A transaction is marketing’s unit of measurement

and consists of a trade of values between two

parties

• Relationship marketing builds relationships with

valued customers, distributors, dealers, and

suppliers by promising and consistently delivering high-quality products, good service, and fair

prices

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Importance of Customer Retention

 5% increase adds 25 - 125% to bottom line

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Example

 Corporate business traveler - 4x a year, 2 nights per visit, $200 per visit = $800 a year

 Average life is 4 years

 4 yrs x $800 = $3200 lifetime value

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Markets

A market is a set of actual and potential buyers

who might transact with a seller.

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The old and new concepts of marketing

Concept

DIFFERENCES

OLD

Sales

Task: figuring out

how to sell the

product

Marketing

 customer’s

Needs & wants

Task: finding out what customer needs/wants

&trying to satisfy them with

a profit

23Chapter 1 An overview of strategic

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Marketing and Sales Concepts Contrasted

Factory Products Existing Selling and

Promoting

Profits through Volume

The Selling Concept

Starting

Market Customer Needs Integrated Marketing through Profits

Satisfaction

The Marketing Concept

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Transfer- Discuss

• The days of the traditional salesman are over.

• The eighties enhanced the role of marketing; the

nineties are likely to downgrade it.

• Suggestive ideas

• Figuring out how to sell products by sale and promotion is now out of date; nowadays goods should be produced only if

it can be bought.

• The eighties focuses on market research; however, the

nineties have seen the globalization and technologies that lead to satisfy the needs and wants of customers

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Marketing Management

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5 conflicting management philosophies

=> ensure to strengthen Social benefits equal with other factors

=>satisfying customer’s needs and

wants for higher profits

=> efficient selling skills to convince customers

=>improved quality + attractive design

=>higher quantity+ low cost

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Societal Marketing Concept

• Consumers favor products that are available and highly affordable.

• Improve production and distribution.

• Consumers favor products that offer the most quality, performance, and innovative features.

• Consumers will buy products only if the company promotes/ sells these products.

• Focuses on needs/ wants of target markets & delivering satisfaction better than competitors.

• Focuses on needs/ wants of target markets & delivering superior value.

Marketing Management Philosophies/ Consumers’views

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Marketing’s Future

• “It (marketing) encompasses the entire

business It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view.”

• Peter Drucker

• Marketing has become the job of everyone.

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Transfer Discuss

• * A traditional family-run company

manufacturing machine tools

• * A young, high-tech company operating in

state-of-the-art electronics.

• * A large national utility providing a service

throughout the country

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