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Understanding And Managing

Marketing Strategies

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Chapter 1

An Overview of

Strategic Marketing

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Objectives

Define marketing as focused on customers

Identify important marketing terms

Become aware of the marketing concept and

marketing orientation

Understand importance of building customer

relationships

Learn the process of marketing management

Recognize role of marketing in society

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Marketing

The process of creating, distributing,

promoting, and pricing goods, services,

and ideas to facilitate satisfying

exchanges with customers and developand maintain favorable relationships with

stakeholders in a dynamic environment.

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Customers

The purchasers of organizations products;

the focal point of all marketing activities.

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Components ofStrategic Marketing

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Target Market

A specific group of customers on whom an

organization focuses its marketing efforts.

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Marketing Mix

Product

Distribution

Promotion

Pricing

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Product Variable

A good, a service, or an idea.

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Distribution Variable

Make products available in quantities desired

Costs:

Inventory

Transportation

Storage

Select/Motivate intermediaries

Establish/Maintain inventory control

Develop/Manage transportation &

storage systems

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Promotion Variable

Activities to inform individuals or groups

about the organization and its products

aim is to increase awareness of the

organization and new or existing products.

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Price Variable

Decisions and actions associated with

establishing pricing objectives and policies

and determining product prices

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Exchange

The provision or transfer of goods, services,

or ideas in return for something of value

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Exchange BetweenBuyer and Seller

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Stakeholders

Constituents who have a stake or claim in

some aspect of a companys products,

operations, markets, industry, and outcomes.

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Conditions of Exchange

1) Two or more must participate and possess

something of value other party desires

2) Exchange should providebenefit/satisfaction to both parties

3) Party have confidence in promise of

something of value held by the other4) Parties must meet expectations

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Marketing Concept

A philosophy that an organization should try

to provide products that satisfy customers

needs through a coordinated set of activities

that also allows the organization to achieveits goals.

f

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Evolution of theMarketing Concept

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Marketing Orientation

An organization-wide commitment

to researching and responding to

customer needs.

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Relationship Marketing

Establishing long-term, mutually satisfying

buyer-seller relationships.

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Relationship Development

Acquire new customers

Enhance profitability of existing customers

Extend duration of customer relationship

C t

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CustomerRelationship Management

Using information about customers to create

marketing strategies that develop and

sustain desirable customer relationships.

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Marketing Management

The process of planning, organizing,

implementing, and controlling marketing

activities to facilitate exchanges effectively

and efficiently.

I t f M k ti i th

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Importance of Marketing in theGlobal Economy (Pt.1)

Costs consume sizable portion of

buyers dollars

Used in nonprofit organizations

Important to business and economy

Fuels the global economy

I t f M k ti i th

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Importance of Marketing in theGlobal Economy (Pt. 2)

Knowledge enhances consumer awareness

Connects people through technology

Promotes welfare of customers and society

Offers many exciting career prospects