Overview of Marketing (S)
Overview of Marketing (S)
Textbook: recommended
Marketing, 3rd Canadian Edition
McGraw-Hill-Ryerson by Grewal, Levy,
Lichti & Persaud (2015)
LEARNING OBJECTIVES
LO1 Define the role of marketing and explain its core concepts
LO2 Describe how marketers create value for a product or service
LO3 Summarize the four orientations of marketing
LO4 Understand the importance of marketing both within and outside the
firm
What is Marketing
Marketing is satisfying consumer needs and wants
profitably.
The delivery of Customer Satisfaction in a way that benefits
the organization and its stakeholders!
• Personal Selling
• Advertising
• Making products available in stores
• Managing relationship with customers
• Designing new products
6
What is a Market?
• Traditional view
• A Market is a physical place where buyers and sellers
gathered to buy and sell good.
7
What is a Market?
• Traditional view
• A Market is a physical place where buyers and sellers
gathered to buy and sell good.
8
What is a Market?
What is Marketed?
Everything that can be exchanged!
What is Marketing?
11
What is Marketing?
= Marketer’s Task
=What marketers are doing in the market!
12
Marketer’s First Task|
Discover consumer’s needs
Marketer’s Second Task|
Satisfying consumer needs
• Satisfying consumer needs by finding the right combination of
Product, Price, Promotion and Place.
Controllable
factors
What is Marketing?
I need/want
...
Marketer Market
Understand
consumers and
the environment
Develop a proper
Marketing Mix
• Something to exchange
LO1
Communications/Delivery
Money/Information
Customers/
Consumers (Buyers)
Goods/Services
Producers (Sellers)
LO1
• Can be an exchange of
information for
convenience
Key concepts in Marketing:
Exchange and relationship
Exercise:
Price/promotion/place/product
money
time
energy
Marketing Mix
Target
customers
Uncontrollable Factors:
The Marketing Environment
What is marketing?
Goods
Services
Ideas
LO2
time
LO2
• Community involvement:
• Promotions:
49
Product Orientation
52
Market Orientation
53
Market Orientation
=> Value-based Orientation
• Focus on customer satisfaction
Value-based orientation
Value:
Safety
Dependability
Courtesy service
In-flight
entertainment
Online check-in
Sharing information
• Understand key
benefits.
• Focus on key
benefits.
• Eliminate cost of
less strategic
benefits.
LO3
61
Value-Based Concept
Customer
Life-Time Value
62
LO3