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Only then can the marketing process begin to consider the product as well as the price, promotion, and distribution elements that will optimally satisfy customer needs.Core Marketing Concepts: Core Marketing Concepts Needs describe basic human requirements such as food, air, water, clothing, shelter, recreation, education, and entertainment. Needs become wants when they are directed to specific objects that might satisfy the need. (hunger/Big Mac) Demands are wants for specific products backed by an ability to pay.What Can Be Marketed?: What Can Be Marketed? Goods/Products Durables, nondurables Services 70/30 Events Olympic Games 150th Anniversary SJSU Persons Political Candidates Celebrities Places Consumers and business Organizations Institutional advertising Nonprofit organizations Information Consumer Reports CNET Ideas Floss, vote, safe sex, Overlap between categories Core Marketing Concepts: Core Marketing Concepts A product is any offering that can satisfy a need or want, while a brand is a specific offering from a known source. When offerings deliver value and satisfaction to the buyer, they are successful. Formulae Value = Benefits/Cost Satisfaction = Value Received/ValueExpected Core Marketing Concepts: Core Marketing Concepts Marketers can enhance the value of an offering to the customer by: Raising benefits (same price). Free accessory package Reducing costs (same product). Year-end sale Raising benefits while lowering costs Difficult; newer versions/econ of scale Lowering benefits by less than the reduction in costs Mercedes C-classCore Marketing Concepts: Core Marketing Concepts Relationship marketing aims to build long-term mutually satisfying relations with key parties, which ultimately results in marketing network between the company and its supporting stakeholders. Cost/Benefit of existing versus new customers Core Marketing Concepts: Core Marketing Concepts Target markets & segmentation Differences in needs, behavior, demographics or psychographics are used to identify segments. The segment served by the firm is called the target market. Positioning is occurs when you adjust your marketing mix to the needs of your target market.Core Marketing Concepts: Core Marketing Concepts Figure 1-3: The Four P Components of the Marketing Mix The New Economy: The New Economy Consumer benefits from the digital revolution include: Increased buying power. Currently in slowdown Greater variety of goods and services. Internet enhanced Increased information. Search engines! Enhanced shopping convenience. Internet enhanced. Greater opportunities to compare product information with others. Search engines.The New Economy: The New Economy CNET is one of many sites that provides shopping comparison toolsThe New Economy: The New Economy Firm benefits from the digital revolution include: New promotional medium. Access to richer research data. Enhanced employee and customer communication. Ability to customize promotions.The New Economy: The New Economy Amazon is known for customizing consumer promotionsCore Marketing Concepts: Core Marketing Concepts Target markets and market segmentation Needs, wants, demands Product offering and brand Value and satisfaction Exchange, transactions Relationships Marketing channels Supply chain Competition Marketing environment Marketing mixCore Marketing Concepts: Core Marketing Concepts Marketing Channels Communication channels Distribution channels Service channels Deliver messages to and receive messages from target buyers. Includes traditional media, non-verbal communication, and store atmospherics. Core Marketing Concepts: Core Marketing Concepts Marketing Channels Communication channels Distribution channels Service channels Display or deliver the physical products or services to the buyer / user. Core Marketing Concepts: Core Marketing Concepts Marketing Channels Communication channels Distribution channels Service channels Carry out transactions with potential buyers by facilitating the transaction (banks, insurance, eBay, PayPal). Core Marketing Concepts: Core Marketing Concepts A supply chain stretches from raw materials to components to final products that are carried to final buyers. Each company captures only a certain percentage of the total value generated by the supply chain. Strategic view of channelCore Marketing Concepts: Core Marketing Concepts Brand competition Industry competition Form competition Generic competition Four Levels of CompetitionDiscussion : Discussion Audi A4 Avant/Levels of Competition Sport Wagon (Matrix, Passat Wagon, Outback, …) Automobile (sedan, coupe, SUV, minivan …) Personal Transp. (auto, motorcycle, scooter, …) Transportation (public, private, at-home) Other products (vacation, home, education,…) Core Marketing Tools: Core Marketing Tools Forces Impacting the Broad Environment Socio-cultural Environment Technological Environment Legal-Political Environment Natural Environment Demographics EconomicsThe Marketing Concept: The Marketing Concept Achieving organizational goals requires that company be more effective than competitors in creating, delivering, and communicating customer value. Three pillars of the marketing concept: Customer needs of target market(s) Integrated marketing ProfitabilityCompany Orientations: Company Orientations Societal Marketing Concept The orientation of the firm typically guides marketing efforts Marketing Concept Product Concept Selling Concept Production Concept You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.