Marketing Strategy
Chapter 1 an overview of marketing
Two facets of marketing:
1. A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction.
2. Marketing is an organization function and a set of processes used to implement this philosophy.
American Marketing Association Definition of Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Exchange is the provision or transfer of goods, services or ideas in exchange for something of value.
Exchange will not necessarily take place even if all these conditions exist.
Marketing can occur even if an exchange does not occur.
Marketing entails processes that focus on delivering value and benefits to customers, not just selling goods and services.
Value equation
Marketing Value for Consumers
Purple cows: http://www.youtube.com/watch?v=V82OwyF_vBg
Publishing: http://www.youtube.com/watch?v=zXGAAvGoXMc
Customer Value Requirements
Offer products that perform
Earn trust as an organization/brand
Avoid unrealistic pricing
Give the buyer facts
Service after the sale
Co-creation with customers
Marketing Management Philosophies Evolution
Production orientation: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace (Field of Dreams Orientation)
Falls short because it doesn’t consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace.
Sales orientation: the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
Problem: lack of understanding the needs and wants of the marketplace.
Danger: failing to understand what is important to the firm’s customers.
Market orientation: a philosophy that assumes that a sale does not depend on an
Two facets of marketing:
1. A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction.
2. Marketing is an organization function and a set of processes used to implement this philosophy.
American Marketing Association Definition of Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Exchange is the provision or transfer of goods, services or ideas in exchange for something of value.
Exchange will not necessarily take place even if all these conditions exist.
Marketing can occur even if an exchange does not occur.
Marketing entails processes that focus on delivering value and benefits to customers, not just selling goods and services.
Value equation
Marketing Value for Consumers
Purple cows: http://www.youtube.com/watch?v=V82OwyF_vBg
Publishing: http://www.youtube.com/watch?v=zXGAAvGoXMc
Customer Value Requirements
Offer products that perform
Earn trust as an organization/brand
Avoid unrealistic pricing
Give the buyer facts
Service after the sale
Co-creation with customers
Marketing Management Philosophies Evolution
Production orientation: a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace (Field of Dreams Orientation)
Falls short because it doesn’t consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace.
Sales orientation: the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
Problem: lack of understanding the needs and wants of the marketplace.
Danger: failing to understand what is important to the firm’s customers.
Market orientation: a philosophy that assumes that a sale does not depend on an