Marketing Management

Dawn Iacobucci

2010 South-Western, a part of Cengage Learning

What is Marketing

Chapter 1
Discussion Questions

What is marketing?
What can marketers market?
What types of decisions do marketers
make?
Marketing and Exchange

Marketing is an exchange between a firm

and customer

The customer seeks Customer The company offers

benefits from the company, benefits to its customers,
and expects to pay. and seeks profits.

Company
Discussion Questions

Why might an exchange NOT occur?

What is the long term benefit to having
satisfaction in an exchange?
What Can We Market?
What Can We Market?
Orientations

Product/Production
Build a better mousetrap

Selling Orientation
Lets make a Deal

Marketing/Customer
Building relationships with the customer
Discussion Question

Assume you are marketing pens. Can

you describe how you would market
under a product orientation compared to
a customer orientation?
Marketing IS the Business

Marketing should permeate the entire

organization

Chief Marketing Officers (CMO) need to

show results
Quantify results when possible
Marketing Framework

Start with a Situational Analysis using the 5Cs

Marketing Framework

Customers
Who are they?
What are they like?
Do we want to draw different customers?

Company
What are our strengths and weaknesses?
What customer benefits can we provide?
Marketing Framework

Context
What is happening in our industry that might
reshape our future business?

Collaborators
Can we address our customers needs while
strengthening our B2B partnerships?
Marketing Framework

Competitors
Who are the competitors we must consider?
What are their likely actions and reactions?
Marketing Framework

Proceed to Strategic Marketing Planning with STP

Marketing Framework

Segmentation
Customers arent all the same; they vary in
their preferences, needs, and resources
Targeting
Attracting some of those customers makes
better sense than going after others
Positioning
Communicate your benefits clearly to your
intended customers
Marketing Framework

Advance to Marketing Tactics with the 4Ps

Marketing Framework

Product
Will customers want what your company is
prepared to produce?

Price
Will customers pay what youd like to
charge?
Marketing Framework

Place
Where and how will customers purchase
your market offering?

Promotion
What can you tell your customers or do for
them to entice them to purchase?
Framework Considerations

5 Cs, STP and 4 Ps are interdependent

Marketers must understand how one
decision impacts other decisions

The 5 Cs are in flux

Marketers must consistently monitor and
adjust strategy accordingly
Discussion Question

How can one judge whether or not

marketers made the right decisions?
Types of Shopping
Types of Shopping
Purchase Decision Making
Models for How Buyers Decide

Lexicographic method
Compare brands by most important
attribute; brands that make the cut go into
consideration set; then compare on next
important attribute, etc.
Average method
One attribute cant make or break a brand
Use attribute importance
Assists with segmentation
B2B Customers

Classifications
Installations
Accessories
Raw materials
Components
Business services

Most important classification is whether a

business cares about a purchase
B2B Customers

More complex decision making due to

different roles within a business:
Initiators
Users
Influencers
Buyers

Each role may sleek slightly different

attributes
This Book

Assumes global customers

Assumes omnipresence of the Internet
Gives fresh, fun examples
Trains you to think like a marketer
Defines terms as necessary
Offers lists of factors to consider
Gives how to guidance when feasible
This Book

Each chapter opens with the Marketing

Framework to maintain a focus on the big picture
while also highlighting key concepts and tools
about to be covered.
This Book

Begins each chapter with coverage of What is

the topic and Why it should matter to you
Every chapter then addresses the question of
How do I do this successfully?
Book Layout
Discussion Questions

Do you think ALL marketers utilize the

marketing framework? Why or why not?