Transcript Mgmt 120 Principles of Marketing

Marketing is a communication
Management
Marketing Management
• What is the definition of Marketing?
Marketing Management
Marketing Management
• Definition of Marketing
– The complex, interrelated series of activities
involved in creating products and services,
promoting their existence and attributes, and
making them physically available to identified
target buyers. (American Management Association)
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Marketing Management
• This is the standard model of communication
• Marketing texts use the model to introduce promotion
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Sender
I prefer this model to explain the marketing process
It is applicable to any form of interaction
Explains the marketing curriculum and strategies
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Feedback
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Marketing Management
• Marketing (Jensen’s definition):
– A communication process that exists between producer
and consumer for the purpose of optimizing satisfaction
of both parties.
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Marketing Management
Sender
• The sender originates
the action
• The sender could also
be known as the
Producer of an offering
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Marketing Management
Receiver
• The receiver is the
target of the action
• The target could also be
known as the Consumer
of an offering
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Marketing Management
Message
• The message is the
offering
• The message could also
be known as the product
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Marketing Management
Decode
• The way the Receiver decodes
is of vital importance to the
Sender
• Need to know who the target
is; in as many ways possible
• Therefore, we study
Consumer Behavior and
Marketing Research
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Encode
• Knowing the way the Receiver
decodes guides the Sender in
developing the offering
• All aspects of the offering
serve as communication tools
• Therefore, we have the
Marketing Strategies:
Product, Price, Place and
Promotion
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Product as a Communicator
Label is full of information about the product
Packaging-balancing Protection against Comparison
Packaging-enhancing product image
– Popin’s
• Branding-creating identification and allegiance
– NABISCO’s “triangle”
• Product
– Coffee Study and Convenience Goods
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Price as a Communicator
Discounts and Deals
Price as a measure of quality
The economist’s nightmare – a positively sloped
demand curve
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Marketing Management
• Place as a Communicator
• Place of purchase as indicator of quality
– Bonney & Gordon
• Control of the Channel of Distribution
– Private Branding versus National Brands
• Retailing and Display
– Product placement
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Marketing Management
• Promotion as a Communicator (the obvious one)
• Advertising - communicating with the masses
• Personal Sales - communicating one-to-one
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Marketing Management
• This model allows a user to view any
transaction from a marketing perspective
and analyze the successes and failures
Sender
Encode
Message
Feedback
Marketing Management
Decode
Receiver
Marketing Management
• For Example
• I firmly maintain that Marketing Students SHOULD
expect the job of their dreams upon graduation
• Their academic career was spent learning how to
market a product – in this case, getting the job
• If they have learned anything it should have been
how to market themselves
• And applying the model is a positive approach
Marketing Management
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Who is the Receiver (Target)
How do they Decode
What is the Product
What Packaging is appropriate
Is Branding a factor
What are the Price factors
What are the Place factors
What Advertising is involved
What Personal Selling is involved
Marketing Management
Marketing Management
• Marketing: A communication
process that exists between
producer and consumer for the
purpose of optimizing
satisfaction of both parties.
Marketing Management