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Wells02 Basic
Wells02 Basic
Chapter Outline
I. II. III. IV. V. VI. VII. Chapter Key Points What is Marketing? The Key Players and Markets The Marketing Process How Agencies Work International Marketing The Dynamics of Modern Marketing
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Key Points
Define the role of advertising within marketing Explain how the four key concepts in marketing relate to advertising Identify the key players in marketing and how the organization of the industry affects advertising List and explain the six critical steps in the marketing process Summarize the structure of the advertising agency industry Analyze the changes in the marketing world and what they portend for advertising
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What is Marketing? The way a product is designed, tested, produced, branded, packaged, priced, distributed, and promoted
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Key Concepts in Marketing The marketing concept Exchange Branding Added value
Marketing should focus first on identifying the needs and wants of the customer To compete effectively, marketers must focus on the customers problems and try to develop products to solve them
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Key Concepts in Marketing The marketing concept Exchange Branding Added value
The act of trading a desired product or service to receive something of value in return Money is exchanged for goods
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Key Concepts in Marketing The marketing concept Exchange Branding Added value
The process of creating a distinctive and special meaning for a product Brand equity is reputation, meaning, and value that the brand name or symbol has acquired over time
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Key Concepts in Marketing The marketing concept Exchange Branding Added value
A marketing or advertising activity makes a product more valuable, useful, or appealing
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The Key Players and Markets The marketer Suppliers and vendors Distributors and retailers
The organization, company, or manufacturer producing the product and offering it for sale The advertiser or client (from the agencys point of view)
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The Key Players and Markets The marketer Suppliers and vendors Distributors and retailers
Other companies that manufacture the materials and ingredients used in producing the product
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The Key Players and Markets The marketer Suppliers and vendors Distributors and retailers
Various companies that are involved in moving a product from its manufacturer to the buyer
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Types of Markets
Market
Where the exchange between buyer and seller takes place A particular type of buyer
Consumer
Business-tobusiness
Market share
The percentage of the total market in a product category that buys a particular brand
Institutional
Channel
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Types of Markets
Consumer Business-to-business (Industrial) Institutional Channel
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International Marketing
An international brand is available virtually anywhere in the world The shift requires new tools for advertisers, including one language, one control mechanism, and one strategic plan The choice of an agency depends on the decision to standardize messages or localize them to accommodate local cultures
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Relationship marketing
Marketing that considers all the firms stakeholders
Permission marketing
Inviting prospective customers to self-select into a brands target market in order to receive marketing communication
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