...Agenda • • • • • • • What is marketing Evolution of Marketing Marketing philosophies Scope of marketing The concept of exchange The concept of value The need to study Marketing Marketing at its very core is the Process through which VALUE is exchanged The official definition Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders American Marketing Association Definition Marketing is not a function It is a way of doing business Modern Focus on Customer Marketing is any and all activities that directly or indirectly influence the choices that individuals or organizations make. Marketing Is it an Art or Science? Marketing is both Science and Arts • Science, by itself remains on an abstract level. • When science and art unite beauty of the subject blossoms into its fullness. • One may know the theory of the music but only when one masters the art of singing, the many splendored beauty of the nad brahma comes to life Marketing Components A Philosophy An Attitude A Perspective A Management Orientation Set of Activities, including: Products Pricing Promotion Distribution What is Perceived Customer Value? Product value Services value Personnel value Image value Monetary cost Time cost Energy cost Total customer benefit Customer delivered value Total customer cost Psychic...
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...MARKETING CONCEPT? * A)What is marketing? * * What exactly is marketing and why is it important to you as a MANAGER? Simply stated, marketing is everything you do to place your product or service in the hands of potential customers. * It includes diverse disciplines like sales, public relations, pricing, packaging, and distribution. In order to distinguish marketing from other related professional services, S.H. Simmons, author and humorist, relates this anecdote. * "If a young man tells his date she's intelligent, looks lovely, and is a great conversationalist, he's saying the right things to the right person and that's marketing. If the young man tells his date how handsome, smart and successful he is — that's advertising. If someone else tells the young woman how handsome, smart and successful her date is — that's public relations." * You might think of marketing this way. If business is all about people and money and the art of persuading one to part from the other, then marketing is all about finding the right people to persuade. * Marketing is your strategy for allocating resources (time and money) in order to achieve your objectives (a fair profit for supplying a good product or service). * Yet the most brilliant strategy won't help you earn a profit or achieve your wildest dreams if it isn't built around your potential customers. A strategy that isn't based on customers is rather like a man who knows a thousand ways to make...
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...SIMULATION TITLE: What is Marketing? SIMULATION DESCRIPTION: Holden Evan, Inc., has long been the premium dog food market leader with its flagship Grand Champion brand. The brand targets breeders, trainers, and owners of purebred dogs willing to pay higher prices for superior nutritional and health benefits. During an economic downturn, the Grand Champion brand suffered a sharp and prolonged decline in sales. The Marketing Manager must re-evaluate the brand's marketing strategy and marketing management orientation to determine if they need revision. You earned 100 percent. Background Holden Evan, Inc., has long been the premium dog food market leader with its flagship Grand Champion brand. The brand targets breeders, trainers, and owners of purebred dogs willing to pay higher prices for superior nutritional and health benefits. During an economic downturn, the Grand Champion brand has suffered a sharp and prolonged decline in sales. The brand has become unprofitable. The marketing team is concerned that customer needs and wants may have shifted. Your objective as Marketing Manager is to re-evaluate the brand's marketing strategy and marketing management orientation to determine if they need revision. Background Your supervisor, the Vice President of Marketing, describes your assignment. "We have traditionally been the market leader in the premium dog food market with our Grand Champion brand. However, during the recent economic downtown, the brand suffered a sharp drop in...
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...Problem Set 1: What is marketing? 1.) Lifetime value of a customer. Nowadays, most successful companies heavily focus on building strong customer relationships with their customers in order to get their satisfaction and customer delight. This becomes one of the main strategies of companies because it has a huge impact on the whole success and future well-being of the company. Satisfied customers will be loyal toward the company’s products and services and they will promote them to others. That’s why companies strive to satisfy every customer that gets in their stores. According to the chapter 1 of the reading “Principles of Marketing” losing a customer means losing more than a single sale. Here comes a term customer lifetime value, which means losing one customer can bring negative impact on the entire stream of purchases that the customer would make over a lifetime of patronage. By other words, it is expected profit from customer over time. The usual customer goes to stores during his/ her whole life cycle in order to satisfy his/ her needs and wants and that’s why it is very important to get the customer’s satisfaction and delight. Example. Let’s say you satisfy needs and wants of one single customer that gets in your store. The company can be sure that customer will come back again to shop in their store. He will be coming back again and again and the company will enjoy customer satisfaction and loyalty during the life cycle of that customer. So, company will be...
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...Marketing –the activity, set of institution, and processes for creating, communicating, delivering and exchanging offerings Exchange – people will give up something in order to receive something they would rather have The conditions in exchanging 1. There must be at least to parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer 5. Each party believes it is desirable to deal with the other party Marketing Management Philosophies 1. Production Orientation – Focuses on the internal capabilities of the firm rather than the needs and desires of the market place 2. Sales Orientation – people will buy more goods and services if aggressive sales techniques are used 3. Market Orientation – customers decision to purchase the products a. Marketing Concept – social and economic justification for an organization’s existence is the satisfaction of costumers wants and needs while meeting organizational objectives 4. Social Marketing Orientation – preserves or enhance individual’s and society’s long term best interest Differences between SALES and MARKET Orientations are substantial. Can be compared in terms of 5 characteristics: 1. The Organization’s Focus – “inward looking”, selling what the organization makes rather than what the Market wants a. Costumers Value – relationship between benefits...
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...What is marketing? Jennifer Nigro February 28, 2014 MKT 421 Henry Tran What is marketing? The first thing that pops into my head when I think of marketing is advertisement. There are many different ways to define marketing. One is defined as “the management process through which goods and services are moved from concept to the customer” ("What Is Marketing ", 2014). This also includes the four P’s. The four P’s are Product, Price, Place and Promotion. Another varying form of the definition of marketing is “the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” (Mikoluk, 2013). From both source’s they use the four P’s. The company needs to identify the Product. This does not have to be an actual item. This can also be a service. The determination of the Price for the goods or service. We need to know the numbers for what the good or service is going to cost and then price it accordingly. If this is something that a leading competitor has then we need to see what they value the good or service as and model price it. A Place to present this good or service. If we are going to be using a product then we need to determine what type of location this will be presented in. The last P is Promotion or Promotional Strategy. As a marketer we need to develop and implement a strong promotional strategy to help launch or reinvent the good or service. For me marketing is how one company gets...
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...What is Marketing MKT 421 What is Marketing What exactly is marketing and why is it important to you as an entrepreneur? Simply stated, marketing is everything you do to place your product or service in the hands of potential customers. It includes diverse disciplines like sales, public relations, pricing, packaging, and distribution. In order to distinguish marketing from other related professional services, S.H. Simmons, author and humorist, relates this anecdote. "If a young man tells his date she's intelligent, looks lovely, and is a great conversationalist, he's saying the right things to the right person and that's marketing. If the young man tells his date how handsome, smart and successful he is -- that's advertising. If someone else tells the young woman how handsome, smart and successful her date is -- that's public relations." You might think of marketing this way. If business is all about people and money and the art of persuading one to part from the other, then marketing is all about finding the right people to persuade. Marketing is your strategy for allocating resources (time and money) in order to achieve your objectives (a fair profit for supplying a good product or service). Yet the most brilliant strategy won't help you earn a profit or achieve your wildest dreams if it isn't built around your potential customers. A strategy that isn't based on customers is rather like a man who knows a thousand ways to make love to a woman, but doesn't know any women...
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...What Is Marketing? As every marketing student learns, marketing is essentially about the four 'Ps' which stand for: product, price, place and promotion. Marketing is basically about selling the right product at the right price to carefully targeted people, using the best possible and most appropriate promotional methods. It is useful to be aware of the four 'Ps' and what they mean, but they should always be considered as an integral part of the planning process, rather than taken in isolation. The product is what you are selling, not just its features but also how it is different or better than competitors' products. In marketing terms, services are also referred to as 'products' even though they may not be tangible. For simplicity's sake this book does the same. In the tourism industry the product is often a complex mix of different services and products, which it might be better to regard as an 'experience'. For example, a sightseeing tour will include numerous components such as the coach and driver, guide's commentary, view from the coach window, entrance to visitor attractions and refreshments. Even a supposedly straightforward one-night stay in a bed and breakfast is made up of several components, ie the warmth of welcome, location, comfort and style of the bedroom and bathroom, and quality of the breakfast. The price obviously refers to the actual price of the product, as well as commission structures and discounts, etc. The place sometimes causes confusion as it...
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...The Ford Optimus Cycle will provide many attributes to society. One attributes will be the effect it has on the environment. The Ford Optimus is a low emission vehicle, using the Ford EcoBoost 3.5L engine that gets 19 MPG city. The Ford Optimus cycle has the valve train technology (twin independent variable camshaft timing, or Ti-VCT). The 3.5l engine has 285 horsepower with 253 pounds of torque. Because of the lack of covering on the Ford Optimus cycle no air condition unit is required that means less emission to the environment. Another attributes to society for the Ford Optimus Cycle is the inexpensiveness of the vehicle. The inexpensive does not mean cheap, but it is price reasonable for young individual that attend school or living on his or her own, insurance rates will be less as well. The Ford Optimus will move at a rapid pace for the first part of it life cycle. The reason for the rapid pace is cause by the sales to rental cars companies and overseas markets. There is no vehicle like the Ford Optimus on the road, no competition. In addition, consumers love a new product one of a kind, but commercial ads will have to focus so customer will thy product. The Ford would not earn a profit at that time. The market enjoys a reliable, inexpensive, environmentally friendly vehicle. The Ford Optimus is a safe vehicle for first time drivers As production of the vehicle floods the market, sales will begin to increase. The competition will begin producing its...
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...What is Marketing Strategy? Marketing strategy is defined by David Aaker as a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contributes to the goals of the company and its marketing objectives. Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps organization define vision, mission and business goals, and outlines the steps need to take to achieve these goals. Marketing strategy affects the way organization run entire business, so it should be planned and developed in consultation with team. It is a wide-reaching and comprehensive strategic planning tool that: * Describes business and its products and services * Explains the position and role of products and services in the market * Profiles customers and your competition * Identifies the marketing tactics will use * Allows building a marketing plan and measuring its effectiveness. A marketing strategy sets the overall direction and goals for organization marketing, and is therefore different from a marketing plan, which outlines the specific actions you will take...
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...People Make The Difference The simplest explanation of network marketing is that it is a method of marketing that utilizes independent representatives to reach potential customers that a company otherwise would not reach with traditional online or offline marketing methods. In order to accomplish this, network marketing companies and their associates recruit individuals I.E. “their sales force,” just like other companies and franchises, have done for years, take for example the insurance industry. How often have you seen ads on television that use the term, “Independent Insurance Agent or Associate?” Yet, as we watch these advertisements we naturally assume they are employees of the company, when in reality they are independent business owners! No doubt you have noticed as you have driven through your neighborhood many of these small businesses, they have signs and other advertisements designed to draw your attention to them. Yet, you will rarely see advertising from the approximately 13 million people who are either involved with direct selling, or in the network marketing industry according to figures by the Direct Selling Association (DSA). There is distinct difference between us and them, in most cases they are assigned an exclusive territory and therefore cannot market outside of their assigned territory. Where as in network marketing in most cases, you can market just about anywhere your company is established! Why are companies willing to pay you...
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...Marketing and selling. What difference? BY AIMABLE INEZA innezar@yahoo.fr 6 AUGUST, 2011 TABLE OF CONTENT PAGES I. INTRODUCTION ……………………………………………………………….. II. MARKETING AND SELLING CONCEPTS ……………………………......... 2.1. Marketing concept ………………………………………………………… 2.2. Selling concept ……………………………………………………………. 2.3. The difference between marketing and selling …………………………… III. COMPETITOR ANALYSIS IN ORGANIZATIONS …………………………. 3.1. Purpose of competitor analysis ……………………………………………. IV. CONCLUSION …………………………………….. .…………………………… REFERENCE …………………………………………………………………………. 1 1 3 5 5 5 6 7 8 I. INTRODUCTION Today’s businesses around the world cannot ignore the impact that the global economy is having on their performance. The advance of internet and information transparency has brought about an increasingly mobile workforce, rapidly changing technology and multiple business models. As a result, companies have become less capable of predicting and controlling the short-term shape of their very market. As a result, more and more companies are choosing to adopt a marketing-led philosophy to enable them to win market shares, capture and retain the hearts and minds of current and prospective customers. [World Marketing Network (www.gmnhome.com)] Palmer (2009) defines marketing as a business philosophy that puts customers at the center of an organization’s considerations. This philosophy...
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...Introduction............................................................................................. 1 2. Executive Summary ................................................................................. 2 3. What do marketer do.............................................................................. 3 4. The role of marketing............................................................................... 3 5. Strategy planning...................................................................................... 3 6. What marketer need to do. 1.1 Target market..................................................................................... 4 1.2 Observing the competition................................................................. 4 1.3 Pricing................................................................................................. 4 1.4 Promotion........................................................................................... 4 1.5 Distribution......................................................................................... 4 1.6 Treat supplier as a partner................................................................. 4 1.7 Marketing intermediaries.................................................................. 5 1.8 Knowing major force in the company environment.......................... 5 7. Market Research................................
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...Strategy without tactics is the slowest route to victory; tactics without strategy is the noise before defeat". Sun Tzu - The Art of War. Marketing Strategy is something that helps companies achieves Marketing objectives. Marketing objectives help achieve corporate objectives and corporate objectives aim to achieve a competitive advantage over rival organizations. Firstly, a Managing Director or senior management team, or executive board of directors (whoever is in charge) decides on overall corporate objectives. One corporate objective might be to increase sales by X%. In order to achieve this objective the board might split it into smaller bite sized objectives, assigned to different departments. Marketing might get the following objective - Identify 2 new customer segments, or increase brand awareness by X%. Do you see how business objectives filter down through the levels of organisation within a company? Corporate objectives - corporate strategy - individual department objectives - departmental strategy - departmental tactics - departmental administration. Marketing strategy is all about how to achieve Marketing objectives, Marketing tactics is how to implement strategies, and administration holds the whole thing together. Referring back to Sun Tzu, the Art of War is an ancient Chinese text about military strategy, which in more recent years has become a common fixture on the desks of many business managers and it is packed full of military strategies both offensive...
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...The word marketing means different things to different people. A salesman understands by marketing his selling activities of oral presentation with a view to effectuate the exchange of money for the benefits offered by his product. To an advertising man, it means advertising media selection and a host of activities related to the advertising function. However, advertising is much more than these activities and along with the work of the salesmen no doubt constitute part of the selling effort. marketing Image Courtesy : ampsmarketing.org/wp-content/themes/smallbiz/images/social_media_network_marketing_strategies.jpg High sounding definitions have been advanced for marketing such as “the delivery of a standard of living to society”. A factual or descriptive definition is provided by the American Marketing Association which defines marketing as “the performance of business activities that direct the flow of goods and services from producer to consumer or user.” However, these definitions are both incomplete. For example, the American Marketing Association’s definition is still “production-oriented” as it starts with a product and talks about its flow from the producer to the consumer. Marketing thinking must start even before there is a product. It is concerned with identifying existing needs and then converting them into a product or service. Besides, even after the product has reached the consumer or user, the marketing effort does not necessarily come to an end...
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