Transcript Company Orientations Marketing Concept

Chapter 1
Marketing in the 21st Century
The New Economy:
• A substantial increase in buying power
• A greater variety of goods and services
• A great amount of information about practically
anything
• A greater ease in interacting and placing and receiving
orders
• An ability to compare notes on products and services
Marketing in the 21st Century
Implications for companies
• Collect fuller and richer information about markets,
customers, prospects, and competitors
• Faster flow of information
• Greater
and
of production,
marketing, and communications
Key Definitions and Concepts
Marketing Management:
and
of choosing target markets and
getting, keeping, and growing customers
through creating, delivering, and
communicating superior customer
(p. 6)
Key Definitions and Concepts
Offering:
combination of products, services, information,
and experiences
Value:
combination of quality, service, and price
(QSP)
Value = _________________
Key Definitions and Concepts
Value = Benefits to consumer
Costs to Consumer
Benefits to consumer:
Costs to consumer:
Defining Marketing – Simple Model
Core Marketing Concepts
Company
Offering - combination of products, services,
information, and experiences
Overall objective: __________
Costs: ________________________
Implications: company decisions must
consider its offerings, objective, and costs
Core Marketing Concepts
Customer
Overall objective:____________
Why does value change over time?
What do we (consumers) value and why?
Implications: research trends in the environment
Core Marketing Concepts
Competition
All the actual and potential rival offerings and
substitutes that a buyer might consider
Implications: Know your competitor; How might
the company exceed competition in delivering
value? Who is the competitor(s)?
Company Orientations Toward the
Marketplace
Production Concept:
Consumers prefer products that are _________
and inexpensive
Company Orientations
Product Concept:
Consumers favor products that offer the most
quality, performance, or innovative features
Problem: customer input? _________________
Company Orientations
Selling Concept:
Consumers will buy products only if the company
aggressively promotes/sells these products
Problem: customer dissatisfaction
Company Orientations
Marketing Concept: key to achieving
organizational goals consists of the company
being more effective than __________ in creating,
delivering, and communicating superior _____ to
its chosen target markets (pp. 13, 14)
Customer Concept: Focuses on needs and wants of
______________ and delivering value better than
competitors
Company Orientations
Societal Marketing Concept:
determine needs, wants, and interests of target
markets and to deliver the desired satisfactions
more effectively and efficiently than competitors
in a way that preserves or enhances the
consumer’s and _________ well-being.
How Business and Marketing are
Changing (Trends)
Customers increasingly expect higher quality
and service and some customization (greater
value)
Manufacturers face greater ____________
resulting in higher promotion costs and
shrinking profit margins
Store-based Retailers face ___________ from
giant retailers and non-store retailers
Business Response to Changes
Outsourcing
E-commerce
Benchmarking
Form alliances
etc.
Marketer Response to Changes
Customer relationship marketing: build long-term,
profitable customer relationships by focusing on their
most profitable customers, products, and channels
Target Marketing: serve well-defined target markets
Integrated marketing communications
Every employee is a marketer
Key Points
Explain how company, customer, and
competition are inter-related. Give an
example.
_____________________________:
generate profits, deliver value to customers,
exceed competition, adapt accordingly.
____________________: how do we obtain
best value for the money?