Transcript LO1 - McGraw-Hill

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Chapter 10 –
Learning Objectives
 LO1: An understanding of the purpose of marketing
 LO2: Recognition of how marketing is linked to strategy
 LO3: Knowledge of the importance of positioning in the
formulation of marketing strategy
 LO4: An appreciation of the importance of marketing research,
segmentation, and targeting in the marketing process
 LO5: A base-level exposure to where, and how, marketers seek
opportunities for new product/service ideas, development and
growth
 LO6: An awareness of how an organization’s marketing team seeks
to influence customers and create loyalty for the products these
customers buy
Chapter 10 – The Marketing Challenge
(c) 2012 McGraw-Hill Ryerson Ltd.
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Marketing’s Purpose
LO1
 MARKETING = The process through which organizations
design, develop, and communicate the value of their
products/services
 Marketing is much more than just an advertising or media campaign
(which is the last step in the delivery of a marketing strategy)
 The purpose of marketing is to design, deliver and
communicate value
 Value in this context means communicating to existing and potential
customers why an organization’s products/services meet their needs
and why they should be judged superior to competitors’ offerings
 Value does not always have to be tangible based on functionality
 Value, real or perceived, can equally be based on intangible
attributes such as peer acceptance, status, emotional benefits, pride
of ownership, or brand loyalty
Chapter 10 – The Marketing Challenge
(c) 2012 McGraw-Hill Ryerson Ltd.