Marketing 201 Slides

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Today’s Lecture


Go over the course outline What is marketing?  The marketing process



The Course Outline

What is Marketing?

The Marketing Process
Understand the marketplace and customer needs and wants Design a customer-driven marketing strategy Construct a marketing program that delivers superior value

Build Profitable Relationships and Create Customer Delight

Capture value from customers to create profits and customer equity

Step1: Understand


Understand the marketplace and customer needs and wants

Research customers and the marketplace Manage marketing information and customer data

How do I manage marketing information and customer data?


Marketing Information System
 



Assess needs Develop needed information Analyze and use information

How do I research customers and the marketplace?


Collect primary data
  

Observation Survey Experiment



Collect/Use secondary data

 

Companies internal databases Buying from other sources Government sources

Step2: Design
Design a customer-driven marketing strategy

Select customers to serve: market segmentation and targeting Decide on a value proposition: differentiation and positioning

Segmentation and targeting


Cannot serve all customers. Why?


Those that can be served and are profitable



Get rid of customers? Why?

Value Proposition


“A company’s value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.”


Differentiate the brand – why your brand and not the competition’s?

Marketing Strategy Philosophies




 



Production concept – available and cheap Product concept – quality and innovation Selling concept – heavy sales emphasis Societal marketing concept – well-being of customer and society Marketing concept – know needs and satisfy them

Step 3: Construct
Construct a marketing program that delivers superior value

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