OAD31863 Marketing Dr Jenne Meyer Week 1 OAD31863 Marketing Introductions —Who are you? —Where do you work? —Experience with Marketing, Communications or Public Relations? —Expectations of this course? —Fun fact OAD31863 Marketing Faculty Expectations Syllabus —Article presentations —Team Assignment Chapter 1 Marketing: The Art and Science of Satisfying Customers Chapter Objectives 1. Define marketing, explain how it creates utility, and describe its role in the marketplace. 2. Contrast marketing activities during the four eras in the history of marketing. 3. Explain the importance of avoiding marketing myopia. 5. Identify and briefly explain each of the five types of nontraditional marketing. 6. Explain the shift from transaction-based marketing to relationship marketing. 7. Identify the universal functions of marketing. 8. Demonstrate the relationship between ethical business practices, social responsibility, and marketplace success. What is Marketing? Production and marketing together create utility Utility - The want-satisfying power of a good or service Marketing “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.” (Marketing Power) Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (AMA) Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.” (Kotler) A Definition of Marketing Marketing - An organizational function and a set of processes for: —Creating, communicating, and delivering value to customers —Managing customer relationships in ways that benefit the organization and its stakeholders Four Eras in the History of Marketing Exchange process - Activity in which two or more parties give something of value to each other to satisfy perceived need The Production & Sales Era Production orientation - Stressing efficiency in producing a quality product, with the attitude toward marketing that “a good product will sell itself” —Characterized by production shortages and intense consumer demand Sales orientation - Customers will resist purchasing nonessential items —Task of personal selling and creative advertising is to persuade them to buy The Marketing Era Emergence of the marketing concept —Shift from a seller’s market to a buyer’s market —A strong buyer’s market created the need for consumer orientation —Marketing concept - A companywide consumer orientation to achieve long-run success —A strong market orientation improves market success and overall performance The Relationship Era Relationship marketing - Developing long-term, value-added relationships over time with customers and suppliers Strategic alliances and partnerships benefit everyone Nontraditional Marketing From Transaction-Based Marketing to Relationship Marketing Transaction-based marketing - Buyer and seller exchanges characterized by limited communications and little or no ongoing relationships between the parties Marketers realize that consumers are becoming more and more sophisticated Relationship marketing gives a company new opportunities to gain a competitive edge by moving customers up a loyalty ladder —It starts with determining what customers need and want, then developing high-quality products to meet those needs Using Interactive and Social Marketing to Build Relationships Mobile marketing - Marketing messages transmitted via wireless technology Interactive marketing - Buyer–seller communications in which the customer controls the amount and type of information received from a marketer Social marketing - The use of online social media as a communications channel for marketing messages Buzz marketing - Word of mouth messages that bridge the gap between a company and its products Partnerships and Strategic Alliances Relationship marketing extends to business-to- business relationships with suppliers, distributors, and other partners Strategic alliances provide firms competitive advantage Forms of alliances —Product development partnerships —Vertical alliances Eight Universal Marketing Functions Ethics and Social Responsibility Ethics - Moral standards of behavior expected in a society Most businesses follow ethical practices, although there have been breaches at times Social responsibility - Marketing philosophies, policies, procedures, and actions whose primary objective is to enhance society Ethics and Social Responsibility Sustainable products - Products that can be produced, used, and disposed of with minimal impact on the environment Firms stand to gain needed credibility from their efforts to protect the environment Video Watch Marketing: Satisfying Customers at Flight 001 How important are Flight 001’s strategic alliances to their marketing? What other companies or industries would be a good fit with Flight 001? What role does the design of the store play in marketing Flight 001? Discussion Key learnings? Next weeks assignments.
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