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1、Introduction to Buisiness,1,Marketing:Background&Concepts,Introduction to Buisiness,2,What is Marketing,Social definitionA societal process by which individuals and groups obtain what they need and want through creating,offering and freely exchanging products and services of value with others.,Intro
2、duction to Buisiness,3,What is Marketing?,Management DefinitionIt 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.,Introduction to Buisiness,6,The Marketing Con
3、cept,A customer orientation,Backed by integrated marketing,Aimed at generating customer satisfaction&repurchase as the key to satisfying the organizational goals,Meeting the needs and wants of customers,Introduction to Buisiness,7,The Marketing Concept(Contd),Sales Concept vs.Marketing Concept,Intro
4、duction to Buisiness,8,Marketing Focus vs.Sales Focus,The focus of marketing concept is on customers needs and wants,not the product itself.,Introduction to Buisiness,9,Customer Satisfaction&Dow Jones,Introduction to Buisiness,10,Customer Satisfaction&Profits,Profits through customer satisfaction(on
5、e customer),Introduction to Buisiness,11,Cost of Losing/Attracting Customers,Cost of Lost Customers#Accounts=64000Loss=5%for poor service=3200 accountsLoss in Revenue/Account=$40000Total Revenue Loss=$128 MMMargin=10%Loss in Profits=$12.8 MMHow to Increase Retention Rate?,Cost of Average Sales Call=
6、$300Average#Calls to Convert Customer=4Cost of New Customer=$1200Annual Revenue from Customer=$5000#Loyal Years=2Profit Margin=10%Lifetime Value=$1000Firm is spending more on attracting new customers than they are worth!,Introduction to Buisiness,12,Cost of attracting a new customer can be up to 5 t
7、imes the cost of keeping a current one happy.Cost of Offensive Marketing Cost of Defensive MarketingSome companies have increased profits from 25%to 85%by reducing defections by 5%.,Cost of Losing/Attracting Customers,Introduction to Buisiness,13,Implement marketing strategy via marketing mix,Evalua
8、te the success of marketing plan,Conduct a marketing review,Build a marketing strategy,Developing an Effective Marketing Plan,Introduction to Buisiness,14,Conduct a Marketing Review,3-C Analysis,Opportunity Identification,Analysis of CUSTOMER needs,trends,perceptions&behavior,Assessment of COMPANY c
9、apabilities¤t marketing position,Analysis of COMPETITORS current position,capabilities&actions,Introduction to Buisiness,15,Segmentation,What it isThe process of partitioning markets into groups of potential customers with similar needs and/or characteristics who are likely to exhibit similar
10、purchase behavior.Demographic(age,gender,occupation,income,education,ethnicity,etc.)GeographicPsychographics(social class,life style,personality)Behavioral(purchase occasions,benefits sought,usage rate,loyalty status,etc.),Introduction to Buisiness,16,The Competitive Environment,Degree of captivityE
11、xpanding,static,stagnant or decliningEthical&non-ethicalEntry barriersExit barriersLegal constraintsDifferentiation,Luxury goodsGood valuesRivalryBuyer groupsSupplier groupsOrganizational standpointInternal marketing,Introduction to Buisiness,17,Build a Marketing Strategy,Introduction to Buisiness,1
12、8,Marketing Strategies,7 Categories of Strategies(p.247)Pioneering or“first in the field”“Follow the leader”“Me too”or“all-comers”Supply ledTechnology ledStaff ledMarket led,Introduction to Buisiness,19,Implementation:The Marketing Mix,4 Ps:-Tools an organization uses to pursue its marketing objecti
13、ves.,Product,Price,Place,Promotion,Introduction to Buisiness,20,Product,A product is any offering catered to satisfy customer needs and wants.Needs:basic human requirements.Wants:needs directed to specific objects/services that might satisfy the need.Demand:the wants for specific products backed by
14、an ability to pay.,Introduction to Buisiness,21,Product,Variety Product ranges&portfolios:total range of products offered by an organization.,Market Share,Market Growth,High,High,Low,Low,Cash Cow,Dog,Star,Question Mark,Introduction to Buisiness,22,Product,Branding&QualityBranding:known resource,give
15、s credence&confidence.Quality&durabilityPackagingUsed to present the product to its best advantage and to protect it up to the point of consumption.Appearance&Design,Introduction to Buisiness,23,Product Levels,Introduction to Buisiness,24,Product Life Cycle,Development,Time,Withdrawal,Sales,Sales,In
16、troduction,Growth,Maturity,Saturation,Decline,Profit Curve,Introduction to Buisiness,25,Ansoffs Product-Market Grid,Useful in business unit strategy process to determine business growth opportunities.,Introduction to Buisiness,26,Price,+,=,Price,Profit,Cost,List prices,discounts,financing,allowances
17、,etc.,Introduction to Buisiness,27,Price,Factors affecting the pricing policyCostsPrice Total Average CostIn short-term,okay to price below TAC,but greater than marginal cost.Competitors,Monopolist,Perfect Competition,Introduction to Buisiness,28,Price,Factors affecting the pricing policyCustomers E
18、xpectations about price and capability to pay.Business objectivesTo maximize profitsTo achieve a target return on investmentTo achieve a target sales figureTo achieve a target market shareTo match the competition,rather than to lead the market,Introduction to Buisiness,29,Promotion,What it isCombina
19、tion of methods used to generate public awareness,identity,confidence,desire and conviction in a product and ultimately its adoption and usage by the general public.Advertising,public relations,message,direct sales,sales,media,budget,etc.Image&IdentityInternal promotionMeans by which confidence and
20、awareness of the organizations products&services is generated among its staff.,Introduction to Buisiness,30,Public Relations,What it isManagement of relationship b/e the organization and the public at large(the community,its customers and clients,and the media,etc.)in order to maintain,preserve,and
21、improve positive and effective images and relationships;to build confidence and credibility;and to resolve problems when they arise.Issuing of brochures&information on different media about organization Placement of stories favorable to themselvesEngagement in more general customer and market liaiso
22、n activitiesEngagement in positive PR in relation to their staff,Introduction to Buisiness,31,Place,Place includes company activities involved in making the product available to target consumers.Channels of distributionExtent of market coverageManaging discrepancies of quantity and assortment Retail
23、 locationsManagement of inventory,transportation,and logistics.,Introduction to Buisiness,32,Distribution Channels,Intermediaries,Introduction to Buisiness,33,3C/4P Framework,CustomerCompanyCompetitor,Product Price Place Promotion,Tactics,Strategy,Introduction to Buisiness,34,Marketing System,Short
24、Term Controllable FactorsProductPlace PricePromotion,Long Term FactorsTechnological,Economic,Socio/Cultural,Legal,Introduction to Buisiness,35,Marketing Research&Development,Find out as much as possible about the market before being committed to an irretrievable step.,What does the customer need?Who is the target audience and how much can you find out about them?What is the competition?Are there any gaps in the market?Would the product be acceptable in the market?,What are the organization capabilities and capacities?,Introduction to Buisiness,36,Question&Answer,
