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Marketing

Marketing

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Published by: Jerry Jose on Oct 11, 2012
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Topic 9 : Marketing (1

)

Lecturer: Zhu Wenzhong

Copyright © 2002 by Harcourt, Inc. All rights reserved.

All rights reserved. Inc. 4.LEARNING GOALS • Key learning goals: This topic will mainly discuss the definition of marketing. State the definition of marketing State the important features of marketing Explain what factors have made marketing so important in today’s business environment. 2. Copyright © 2002 by Harcourt. . 3. Explain the difference between market orientation and product orientation Explain the main advantages of market orientation for a business? 1. 5. the importance of marketing and the difference between product and customer orientation.

either. It generates the strategy that underlies sales techniques. Differences between marketing and selling or advertising Marketing is not the same as selling. business communication. Inc. Other methods include promotions. Copyright © 2002 by Harcourt. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.Definition of marketing  • • Marketing is the management of process involved in identifying. and business development. . or is just one part of the marketing process.Marketing (1)  What is meant by the term marketing? . Marketing is the process by which companies create customer interest in products or services. such as free gifts or competition activities. All rights reserved. Advertising is just one of a number of tactics used by marketing departments in a business. anticipating and satisfying consumer requirements profitably. Selling is only one of many marketing functions. Marketing and advertising are not the same thing.

Marketing has at least the following characteristics: Marketing is aimed at finding out consumer needs and meeting these needs. Copyright © 2002 by Harcourt. . 4. Inc. The marketing process has no start or end (see next slide). 3.Marketing (1) -Important features of marketing  1. Marketing must consider profit as its main objective. All rights reserved. 2. Businesses must be prepared to respond to the consumer reactions and changes all the time. Marketing is ongoing all the time.

All rights reserved.Marketing (1) -Important features of marketing Figure 9-1 Ongoing Marketing Process Analyze and design marketing strategy Reconsidering consumer reactions Monitor consumer reactions Adapt the marketing strategy Copyright © 2002 by Harcourt. . Inc.

It can be said that “no marketing means no business”.Marketing (1) -Importance of marketing • Marketing is playing a more and more important role in the success of a business. . There are generally some key factors which have made marketing so important for businesses today. Inc. All rights reserved. The factors can be seen as in the following table: • Copyright © 2002 by Harcourt.

businesses must rely on marketing strategy to win in the marketplace. So demand for products and services will be increased. technology 4. Through marketing. Facing more and more fierce competition. competition . Marketing makes it possible for businesses to reach these changing customers. businesses can promote their new products and services. Copyright © 2002 by Harcourt. 2. Considerable changes in fashion and consumer taste force businesses to produce more new products and services. New technology has helped the business to create new or high quality products. fashion 3. It is marketing that can makes customers be aware of these new products. All rights reserved. Inc. economic growth Explain how Economic growth leads to an increase of consumers’ incomes.Marketing (1) -Importance of marketing Table 9-1 Factors leading to the increasing importance of marketing Factors 1.

Inc. relates to a perception or attitude a firm holds towards its product or service.• • Marketing (1) -Evolution of marketing An orientation. Throughout history. New forms of marketing also use the internet and are therefore called internet marketing or more generally e-marketing. online marketing. personalized marketing or one-to-one marketing. essentially concerning consumers and end-users. All rights reserved. marketing has changed considerably as consumer tastes are changing faster. Recent approaches in marketing is the relationship marketing with focus on the customer. . The marketing orientation evolved from earlier orientations namely the production orientation (1950s). in the marketing context. Copyright © 2002 by Harcourt. the business marketing or industrial marketing with focus on an organization or institution and the social marketing (1990s) with focus on benefits to the society. the product orientation (1960s) and marketing orientation (1970s).

All rights reserved. However. today there are still some businesses which are product orientated. the Concorde airplane company (high technology. but less focus on meeting consumer needs in the market. such as the radios when just invented. For example. Many businesses in the past were product orientated when there were quite few competitors and when they produced the unique products in the world. . Inc. Copyright © 2002 by Harcourt. More emphasis on technology and quality.Marketing (1) -Product orientation and market orientation Theories  What is product orientation? • Product orientation means that the business places the main • • focus of attention on the production process and the product itself. but expensive so not many customers taking their planes).

It involves a firm essentially basing its marketing plans around the marketing concept. and thus supplying products to suit new consumer tastes. Marketing (1) -Product orientation and market orientation Theories • • . These advantages are seen in the following table: Copyright © 2002 by Harcourt. Market orientation is perhaps the most common orientation used in contemporary marketing. Inc. A market orientation may have some advantages over product orientation. The implication is that businesses should try best to meet the need of customers in marketing management. All rights reserved.What is market orientation? • Market orientation or consumer orientation means that the business places the needs or requirements of consumers at the center of the decision-making process.

Inc. . 3. Some advantages of a market-orientated business over a product-orientated business: More able to anticipate market changes Respond quickly to market changes More capable of meeting the challenges of new competition More successful in new product development Able to produce to produce and sell the right product at the right time and the right place … Copyright © 2002 by Harcourt. 6. 2. All rights reserved.Marketing (1) -Product orientation and market orientation Theories  1. 5. 4.

3. . Produce the product in the quantities that consumers want to buy. 2. 5. Set the price of the product which can be acceptable by most consumers. Design the product according to the consumers’ needs and wants. 4. Respond to consumer changes quickly… Copyright © 2002 by Harcourt. Marketing (1) -Product orientation and market orientation Theories What might a market-orientated business do in its marketing management? Do market research continuously. 1. All rights reserved. Inc.

. Inc. product-orientated business? What are the possible disadvantages of a market-orientated business? Copyright © 2002 by Harcourt.• Marketing (1) -Product orientation and market orientation Theories Questions for your critical thinking: 1. What are the possible shortcomings of a 2. All rights reserved.

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