Lecture Business (4/e): Chapter 11 - Ferrell, Hirt, Ferrell

Chapter 11 - Customer-driven marketing. This chapter include objectives: Define marketing and describe the exchange process; specify the functions of marketing; explain the marketing concept and its implications for developing marketing strategies; examine the development of a marketing strategy, including market segmentation and marketing mix;...

Part 5

Marketing: Developing Relationships

© 2015 McGraw­Hill Education.

CHAPTER 11 Customer-Driven Marketing

CHAPTER 12 Dimensions of Marketing Strategy

CHAPTER 13 Digital Marketing and Social Networking

Learning Objectives

LO 11-1 Define marketing and describe the exchange process.

LO 11-2 Specify the functions of marketing.

LO 11-3 Explain the marketing concept and its implications

LO 11-4 Examine the development of a marketing strategy,

including market segmentation and marketing mix.

LO 11-5 Investigate how marketers conduct marketing

research and study buying behavior.

LO 11-6 Summarize the environmental forces that influence

marketing decisions.

11-3

The Nature of Marketing

Creating Value with Marketing

Customer Benefits

Customer

Costs Customer

Evolution of the Marketing Concept

Market Orientation

• An approach requiring organizations to gather information about

customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers

communication and learn what customers want

Selecting a Target Market

11-7

Ø Sellers of salt, sugar, and many agricultural products use a

total-market approach because everyone is a potential consumer of these products

Selecting a Target Market

Ø Women are the largest market segment, with 51%

of the U.S population

Ø Marketers are focusing on the growing Hispanic

population

Market Segmentation Approaches

11-9

Market Segmentation Approaches

©

• Companies segment markets on the basis of several variables:

Developing a Marketing Mix

11-11

A product whether a

ü Good – A physical entity you can touch (a car, computer, or adopted

kitten)

ü Service – The application of human and mechanical efforts to people

or objects to provide intangible benefits to customers (Air travel, dry cleaning, or haircuts)

ü Idea – Can be a concept, philosophy, image, or issue (attorney advise

or political parties)

Is a complex mix of tangible and intangible attributes that provide satisfaction and benefits

Price, Distribution & Promotion

Distribution

• Making products available to customers in the quantities desired

Marketing Research and Information Systems

11-13

Buying Behavior

Social Variables of Buying Behavior

11-15