8/27/2012

Agenda
•  Introductions – both students and instructor
–  Pass around email signup sheet
•  Syllabus
–  Show website
–  Show textbook sites
–  Show Markstrat
–  Show Ivey
•  Class Format
•  Expectations
•  Chapter 1
 What is Marketing??
•  Meeting needs through exchange

•  Art and a science

•  Used to create value

–  Leads to demand

•  Long term
 What is marketed?
•  Goods
•  Services
•  Events
•  Experiences
•  Persons
•  Places
•  Properties
•  Organizations
•  Information
•  Ideas
 Marketing Process
•  Analyze opportunities
•  Select targets
•  Design strategies
•  Develop programs
•  Manage the effort
 Definitions
•  Needs—basic human requirements.

•  Wants—directed to specific objects that might

satisfy the need.

•  Demands—wants for specific products backed

by an ability to pay.
Does marketing
create needs or
satisfy them?
 More definitions
•  Segmentation—identify and profile distinct
groups of buyers examining demographic,
psychographic, and behavioral differences.

•  Target markets—segments presenting the

greatest opportunity.

•  Positioning—what the offering means in the

minds of the target buyers as delivering some
central benefit(s).
 More definitions
•  Value proposition—a set of benefits offered
to satisfy customers’ needs.

•  Offering—a combination of products,

services, information, and experiences.

•  Brand—an offering from a known source.

 More definitions
•  Value—the sum of the perceived tangible and
intangible benefits and costs to customers.
–  “Customer value triad” = quality, service, and
price
•  Satisfaction—a person’s comparative
judgment of a product’s perceived
performance (or outcome) in relation to
expectation
 Marketing Eras
•  Production orientation

•  Sales orientation

•  Marketing concept
 Current Marketing Trends
•  Society
–  Social media
–  Technology
–  Globalization

•  Consumers
–  Price sensitivity
–  Resistance
–  Declining loyalty
–  Buying power

•  Company
–  Customization
–  Increased competition (int’l and online)
–  Giant power
 Relationship Marketing
•  Long term relationships
–  Customers, suppliers, employees

•  Customization

•  Dunkin Donuts example

 Internal Marketing
•  Customer centric focus permeates the firm

•  All departments

•  “begin with the customer in mind”

 Performance Marketing
•  Marketing is linked to financial performance

•  Must justify marketing’s value to organization

 Tasks
•  Develop strategies
•  Gather insights
•  Connect with customers
•  Build strong brands
•  Shape offerings
•  Communicate and deliver value
•  Create sustainable growth