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Contemporary Issues in

Business Week 1

Marketing Review

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Some Ground Rules..

Course Outline Review

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The Nature and Scope of Marketing

Who Needs Marketing ? Organizations Businesses, Public, Non-Profit/Social Individuals

Exchange as a focus Marketing can occur any time a person or

organization strives to exchange something of

value with another person or organization One of the three ways; make, steal/snatch,

exchange , to satisfy needs

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The Nature and Scope of Marketing

Conditions of an Exchange

Involvement of Two or more parties

Voluntary involvement Each party having something of value to offer Presence of some form of communication

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Evolution of Marketing

Why is marketing important? What is the scope of marketing? What are some fundamental marketing

concepts? How has marketing changed? What are the tasks necessary for

successful marketing?

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What is Marketing?

Marketing is an organizational functionand a set of processes for creating,

communicating, and delivering valueto customers and for managing

customer relationships

in ways that benefit theorganization and its stakeholders.

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Defining Marketing Marketing is a total system of business activities

designed to plan, price, promote and distribute want-satisfying products to target markets in order toachieve organizational objectives

Components of the definition A system Customer centric focus satisfying target markets One of the three ways; make, steal/snatch, exchange , to satisfy

needs

Objectives driven process Duration; endless loop, circle of want satisfying continues until

the wants are completely satisfied, sometimes even after that

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What is marketed?Goods

Services

Events & Experiences

Persons

Places & Properties

Organizations

Information

Ideas

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Consumer Markets

Business Markets

Global Markets

Nonprofit/ Government Markets

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Some Key Terms

Needs, wants,and demands

Target markets,positioning,segmentation

Offerings andbrands

Value andsatisfaction

Marketingchannels

Supply chain Competition Marketing

environment

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Class Activity

Five Types of Needs

Stated needs Real needs

Unstated needs Delight needs Secret needs

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Some Key Trends

Information technology

Globalization

DeregulationPrivatization

Competition

Convergence

Consumer resistance

Retail transformation

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The New Consumer A substantial increase in buying power A greater variety of available goods and

services

A great amount of information aboutpractically anything Greater ease in interacting and placing and

receiving orders

An ability to compare notes on products andservices An amplified voice to influence public opinion

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Holistic Marketing

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The Four Ps