Chapter Thirteen Building Customer Relationships Through Effective Marketing
Learning Objectives 1. Understand the meaning of marketing and explain how it creates utility for purchasers of products. 2. Trace the development of the marketing concept and understand how it is implemented. 3. Understand what markets are and how they are classified. 4. Identify the four elements of the marketing mix and be aware of their importance in developing a marketing strategy. 5. Explain how the marketing environment affects strategic market planning. Copyright © Houghton Mifflin Company. All rights reserved. 2
Learning Objectives (cont’d) 6. Understand the major components of a marketing plan. 7. Describe how market measurement and sales forecasting are used. 8. Distinguish between a marketing information system and marketing research. 9. Identify the major steps in the consumer buying decision process and the sets of factors that may influence this process. 10. Describe three ways of measuring consumer income. Copyright © Houghton Mifflin Company. All rights reserved. 3
Marketing • 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 objectives Copyright © Houghton Mifflin Company. All rights reserved. 4
Exchange Between Buyer and Seller Source: William M. Pride and O. C. Ferrell, Marketing: Concepts and Strategies, 12 th ed. Copyright © 2003 by Houghton Mifflin Company, Adapted with permission. Copyright © Houghton Mifflin Company. All rights reserved. 5
Copyright © Houghton Mifflin Company. All rights reserved. 6
Copyright © Houghton Mifflin Company. All rights reserved. 7
Copyright © Houghton Mifflin Company. All rights reserved. 8
Utility: The Value Added by Marketing • The ability of a good or service to satisfy a human need • Form utility – Created by converting production inputs into finished products • Place utility – Created by making a product available at a location where customers wish to purchase it • Time utility – Created by making a product available when customers wish to purchase it • Possession utility – Created by transferring title (or ownership) of a product to the buyer Copyright © Houghton Mifflin Company. All rights reserved. 9
Types of Utility Copyright © Houghton Mifflin Company. All rights reserved. 10
The Marketing Concept • To achieve success, a business must – Talk to its potential customers to assess their needs – Develop a good or service to satisfy those needs – Continue to seek ways to provide customer satisfaction • A business philosophy that involves the entire organization in the process of satisfying customers’ needs while achieving the organization’s goals • Relationship marketing – Developing mutually beneficial long-term partnerships with customers to enhance customer satisfaction and to stimulate long-term customer loyalty Copyright © Houghton Mifflin Company. All rights reserved. 11
Copyright © Houghton Mifflin Company. All rights reserved. 12
Implementing the Marketing Concept • Obtain information about present and potential customers – Their needs; how well those needs are being satisfied; how products might be improved; customer opinions about the firm • Pinpoint specific needs and potential customers toward which to direct marketing activities and resources Copyright © Houghton Mifflin Company. All rights reserved. 13
Implementing the Marketing Concept (cont’d) • Mobilize marketing resources to – Provide a product that will satisfy customers – Price the product at an acceptable and profitable level – Promote the product to potential customers – Ensure distribution for product availability when and where wanted • Obtain information on the effectiveness of the marketing effort and modify efforts as necessary Copyright © Houghton Mifflin Company. All rights reserved. 14
Markets and Their Classification • Market – A group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products • Consumer markets – Purchasers and/or households members who intend to consume or benefit from the purchased products and who do not buy products to make a profit • Business-to-business (industrial) markets – Producer, reseller, governmental, and institutional customers that purchase specific kinds of products for use in making other products for resale or for day-today operations Copyright © Houghton Mifflin Company. All rights reserved. 15
Developing Marketing Strategies • Marketing strategy – A plan that will enable an organization to make the best use of its resources and advantages to meet its objectives – Consists of • The selection and analysis of a target market • The creation and maintenance of an appropriate marketing mix (a combination of product, price, distribution, and promotion developed to satisfy a particular target market) Copyright © Houghton Mifflin Company. All rights reserved. 16
Developing Marketing Strategies (cont’d) • Target market selection and evaluation – Target market • A group of individuals, organizations, or both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group – Market segment • A group of individuals or organizations within a market that share one or more common characteristics – Market segmentation • The process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market Copyright © Houghton Mifflin Company. All rights reserved. 17
General Approaches for Selecting Target Markets Source: William M. Pride and O. C. Ferrell, Marketing: Concepts and Strategies, 12 th ed. Copyright © 2003 by Houghton Mifflin Company, Adapted with permission. Copyright © Houghton Mifflin Company. All rights reserved. 18
General Approaches for Selecting Target Markets (cont’d) Source: William M. Pride and O. C. Ferrell, Marketing: Concepts and Strategies, 12 th ed. Copyright © 2003 by Houghton Mifflin Company, Adapted with permission. Copyright © Houghton Mifflin Company. All rights reserved. 19
General Approaches for Selecting Target Markets (cont’) Source: William M. Pride and O. C. Ferrell, Marketing: Concepts and Strategies, 12 th ed. Copyright © 2003 by Houghton Mifflin Company, Adapted with permission. Copyright © Houghton Mifflin Company. All rights reserved. 20
Copyright © Houghton Mifflin Company. All rights reserved. 21
Class Exercise • Identify one or several characteristics or variables that could be used to segment the markets for each of these products. – – – – – Recreational vehicles (RVs) Baby food Rolls Royce automobiles Snow tires Hotel rooms Magazines Soft drinks Movies Shoes Bicycles Copyright © Houghton Mifflin Company. All rights reserved. 22
Class Exercise (cont’d) • Identify one or several characteristics or variables that could be used to segment the markets for each of these products. – – Air passenger service Cameras Swimsuits Restaurants Copyright © Houghton Mifflin Company. All rights reserved. 23
The Marketing Mix and the Marketing Environment Source: William M. Pride and O. C. Ferrell, Marketing: Concepts and Strategies, 12 th ed. Copyright © 2003 by Houghton Mifflin Company, Adapted with permission. Copyright © Houghton Mifflin Company. All rights reserved. 24
Chapter Quiz 1. By selling Christmas trees from late November through December, Home Improvement is providing _____ utility. a) b) c) d) e) form possession place time marketing 2. Markets are classified as either a) b) c) d) e) producer or consumer. institutional or reseller. governmental or institutional. reseller or consumer or business-to-business Copyright © Houghton Mifflin Company. All rights reserved. 25
Chapter Quiz 3. The elements of the marketing mix are a) b) c) d) e) product, price, merchandising, and promotion. markets, goods, pricing, and transportation. product, buyers, sellers, and price. product, price, distribution, and promotion. product, markets, buyers, and sellers. 4. The effects of economic conditions on consumers’ ability and willingness to buy would best be called _____ forces. a) b) c) d) e) technological Sociocultural competitive economic legal and regulatory Copyright © Houghton Mifflin Company. All rights reserved. 26
Chapter Quiz (cont’d) 5. The first stage in the development of a marketing plan is to a) b) c) d) e) formulate a detailed marketing objective. select a target market. assess the marketing environment. develop a new product. monitor and evaluate the marketing program. Copyright © Houghton Mifflin Company. All rights reserved. 27
Answers to Chapter Quiz 1. By selling Christmas trees from late November through December, Home Improvement is providing _____ utility. a) b) c) d) e) form possession place time marketing 2. Markets are classified as either a) b) c) d) e) producer or consumer. institutional or reseller. governmental or institutional. reseller or consumer or business-to-business Copyright © Houghton Mifflin Company. All rights reserved. 28
Answers to Chapter Quiz (cont’d) 3. The elements of the marketing mix are a) b) c) d) e) product, price, merchandising, and promotion. markets, goods, pricing, and transportation. product, buyers, sellers, and price. product, price, distribution, and promotion. product, markets, buyers, and sellers. 4. The effects of economic conditions on consumers’ ability and willingness to buy would best be called _____ forces. a) b) c) d) e) technological Sociocultural competitive economic legal and regulatory Copyright © Houghton Mifflin Company. All rights reserved. 29
Answers to Chapter Quiz (cont’d) 5. The first stage in the development of a marketing plan is to a) b) c) d) e) formulate a detailed marketing objective. select a target market. assess the marketing environment. develop a new product. monitor and evaluate the marketing program. Copyright © Houghton Mifflin Company. All rights reserved. 30
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