01 BADM 320 Overview of Marketing

What do you think marketing is?
Tweet #woltersworld
Overview of Marketing
www.woltersworld.com
Chapter 1 Grewal Prof. Mark Wolters BADM 320: Principles of Marketing www.woltersworld.com
Today
Administration Issues,
What is marketing,
The 4 Ps of marketing, A bit on the history of marketing, Value based marketing, Why is marketing important? What topics from class you would like summary
videos for,
Administration Issues
I cannot enroll you in the class,
I do not have the override to put anyone in the class, The College informed me that anyone that did not meet
the prerequisites would be dropped from the class and I cannot override the College, If you have issues talk to Jeff Headtke the academic adviser for the Department of Business Administration, 3rd floor Wohlers,
Viral Marketing is full,
If you are interested in taking part send me an email
(mwolter@illinois.edu) and if anyone drops out I will give you their video, If you do not want to take part PLEASE let me know so I can give to other students to earn Extra Credit,
4 Overview of Marketing www.woltersworld.com
Administration Issues
Bought different versions of the book?
Each slide set will have the title of the chapter on its
Title Slide,
Non-Profit Marketing Plan Extra Credit,
I have spoken to a few non-profits and they would
love your help, so if you do not have a non-profit to work for, we have some for you,
Please subscribe to
www.youtube.com/woltersworld Please subscribe to www.twitter.com/woltersworld Please Like Wolters World on Facebook, Exam & class questions Email: badm320uiuc@gmail.com Overview of Marketing www.woltersworld.com Viral Marketing Questions: mwolter@illinois.edu
What do you think marketing is? Tweet #woltersworld
What is marketing?
Definition AMA: marketing is the activity, set of
institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
Everything it takes to get a product from idea to clients
hand,
The Core Aspects of Marketing,

7
Satisfying Customer Wants & Needs, An Exchange, goods/services for $$$, The Marketing Mix (4Ps of Marketing), Can be performed by individuals or organizations, Marketing occurs anywhere, Marketing helps create value,
It is not just selling & promoting,
Determine Customers Needs & Wants & Satisfy Them!

We need to determine who our clients should be,
Then we figure out how they tick,

What do they want from our product? What do they need from our product? How do they buy our product? Why do they buy our product?
Find your niche & you can be a success, Target those who WANT your product as well as
those that can AFFORD your product, And deliver on those wants & needs,
Basics of Segmentation, Targeting & Positioning

Market Segmentation
Divide up the market into smaller submarkets (find your niche) Base submarkets on certain criteria Wants & Needs, Purchasing Behavior, Demographics, Psychographics & Many More
Target Marketing
Evaluate each market segment Decide on which markets are most worthy of investing who can afford your product/service/idea,
Positioning
Communicating sources of value to customers, connect to needs and wants of specific market Develop unique marketing mixes for specific groups
Determine Customers Needs & Wants & Satisfy Them!

We cannot sell our products to everyone, and
even if we could we may not want to,

Does Ferrari want to see a Ferrari in every house?
Or does it want to keep an air of exclusivity? See the Mercedes Brand, A-Class vs SLR, has having cheaper cars hurt their brand image?
10
What do you Need from your phone & what do you Want from your phone #woltersworld
11
What Phone Do You Have & Why? Does it satisfy your needs/wants? #woltersworld
12
Marketing Entails an Exchange

The exchange of
13
things of value between a buyer & a seller, You build relationships up via exchanges in order to get people to come back for more, Customer service goes into marketing, Good Service = Returning Customer = Overview of Marketing More $$$,
Decisions on the 4 Ps of Marketing

The Marketing Mix is
14
the KEY part of determining your product/services delivery and perception to customers, Product Creates value, Price captures the value of the product, Place delivers that value to the customer, Promotion communicates the Overview of Marketing value,
4Ps Product: Creating Value

We have to have a product/service/idea to sell,
Product tangible/physical good to sell
Cars/Shoes/Phones, Service intangible Accounting Services, Travel Guide, Education, McKinley Health Center, Ideas philosophies/opinions/programs Use a Wolters World video on Top 10 Munich to have a better time at Oktoberfest, by using the information in the video they purchased the ideas,
Think Public Service Announcements,
15
Why does Apple have all these products & who are they for?
16
iPhone 5 vs iPhone 4S vs iPhone 4 Tweet #woltersworld

iPad 2,
The New iPad,

iPhone 4, iPhone 4S, iPhone 5, Macbook Pro, Macbook Air, iPod Touch, iPod Nano,
17
4Ps Price: Capturing Value

Price is everything a buyer gives up to obtain your
product,
The money, time, effort, energy, etc, It depends on the perception of Value, $1000 to New York, is it a good price? 7 nights in 4 star hotel included & transfers, YES! Just flight from Champaign to New York, Maybe Buy it for tomorrow $946, how much is it today? But 6 weeks ago, NO not a good price, We must look at what the customer feels is a good
price,
Historical prices, substitute products, ability to pay, quantity,
quality, etc. Xbox free with a PC, but I already have a Wii ($50 a game)
4Ps Place: Delivering the Value Proposition

Everything it takes to get the product (value) to
the right customer, when they want it,

Supply Chain: right amounts, right place, right
stores, right times, no excuses, excuses = lost customers, I want Svyturys (Lithuanian beer) & Vinho Verde (Portuguese green wine) Binnys did not have it when I went there, Friar Tuck did, I now only go to Friar Tuck to get alcohol,
19
4Ps Promotion: Communicating the Value Proposition

Even the Best Products Dont sell unless they are
promoted! We need to promote the value of the product to people in order to drum up interest, create value, if customers do not know why they need our product why will they want to buy it?
Facebooks IPO road show was so successful that they
were able to raise the IPO price (though it is at half its value now), Budweiser promoted Bud Light Platinum on the Super Bowl to get the word out, Papa Johns Monday Specials,
Promotion is the most common idea people have
about marketing,
20 Overview of Marketing Product =
engineers, Price = accountants,www.woltersworld.com Place = logistics, Promotion = advertising/marketing,
Some Commercials
Santa Claus & Coke
http://www.youtube.com/watch?v=lG-BTP91o0g
Mac vs PC Windows 7
http://www.youtube.com/watch?v=9DWLyrljLDk
Fiat
http://www.youtube.com/watch?v=VdS1Mgu11vg
21
What do these commercials promote? #woltersworld
22
Marketing is done by individuals & the firm

B2B Marketing: Selling products from a Business to
another Business.
Supplies: Goodyear sells tires to Ford, Farmer Bob sells
tomatoes to Subway, Products: Wolf Ovens to Home builders, Apple sells iPads to Wal-Mart,
B2C Marketing: Selling products from a Business to
Consumer,
Buy your phone at AT&T, your jeans at Old Navy, Text
books from Amazon,

C2C Marketing: Consumers selling their products to
other consumers,
Sell iPhone on ebay (you already bought the product &
used it now you are selling it), selling your BADM 320 notes to your friends (you purchased the knowledge by being here),
Marketing impacts various stakeholders

Marketing effects not only sales, but other
aspects of the company,

Employment marketing: PWC BBQ for students
(because they love you or because they want to WOW you?), Industry marketing: Got Milk ads, Retailers: Black Friday Sales designed by marketing team, they need to know what to stock up on, (Supply chain),
24
A Brief History of Marketing

Production Based: until 1920s: Henry Ford
we make it, they buy it, Customers can have any color they want so long as its black Sales Based: 1930s-50s: Door to Door Sales Hoover-Man, Market-Oriented: 60s-90s: customer is king! Value Based: Today: finding value in products from a consumers perspective and marketed towards those perceived feelings of value with competitive offerings,
25
Sams Club Bulk amounts (Value), $1 Menu at www.woltersworld.com McDonalds,
Value Based Marketing

What is value?
A deal? Lowest price? Price/quality ratio? What people perceive as value changes constantly, $1000 DVD player Marks U of I days, $25 today, New competitors change things, Nokia got nailed by Apple & Samsung, My buddy got a deal on a car, that is my new perceived value,
How do we become value driven?

Share information on trends, competitors, customers,
suppliers throughout the firm: helps coordinate ways to promote the value of our products in comparison to all, Balance Benefits with Cost: keep up on needs/wants & know the balance, Southwest airlines/Ryanair = dirt cheap, not main airport, but for $35 bucks I dont care. Build relationships with customers: collect all info can on customers to deliver a tailored experience, so they come back, people value those relationships,
Why marketing is important

It helps us expand globally:
We know ourselves and what are local customers want, well
we can do that same analysis on our global customers and become a success, We know all the things the product/service offers & ways to sell it, promote it, etc,
Marketing flows throughout the Supply chain:
How much we sell (or plan to sell) influences our relationships
with suppliers, manufactures, logistics, retailers, consumers, Why does apple always have hip adds? So everyone associated with selling anything Apple can feel hip as well and convey that,
Spurs on Entrepreneurs: they see a need/want not met &
they satisfy it!

Jeff Bezos: Amazon (shopping from home via this new internet
27
thing), Reed Hastings: Netflix (its snowing out there! Im not going to Blockbuster), Overview of MarketingWolters World: There are no travel www.woltersworld.com Mark Wolters: guides that tell you the bad parts of where you go,
Summary
Marketing is not just advertising or a guy calling
you to buy stuff over the phone, The marketing mix is key to selling any product/service/idea to anyone or any group,
Product, Price, Place, Promotion,
Being a Value Driven firm helps lead to success,

Share information, balance costs & benefits, Build
relationships,
Marketing flows throughout the firm & the supply
chain,
Questions?
Comments?
I would not leave quite yet
29
Questions to think about

What is the difference between a need & a want

30
for customers? What are the 4 Ps of marketing & explain them? Think of the iPhone, iPad, iPod, how are the 4 Ps different & similar for each of these products, why, and for whom would a retailer try to sell each of these different products? Explain the differences between B2B, B2C & C2C marketing, What are the core aspects of marketing? How does marketing create value?
Which Topics Do You Want Videos From? #woltersworld
31

01 BADM 320 Overview of Marketing

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

01 BADM 320 Overview of Marketing

Caricato da

Copyright:

Formati disponibili

What do you think marketing is?

What do you think marketing is? Tweet #woltersworld

It is not just selling & promoting,

Determine Customers Needs & Wants & Satisfy Them!

Then we figure out how they tick,

Basics of Segmentation, Targeting & Positioning

Determine Customers Needs & Wants & Satisfy Them!

even if we could we may not want to,

Marketing Entails an Exchange

Decisions on the 4 Ps of Marketing

4Ps Product: Creating Value

iPhone 5 vs iPhone 4S vs iPhone 4 Tweet #woltersworld

The New iPad,

4Ps Price: Capturing Value

4Ps Place: Delivering the Value Proposition

the right customer, when they want it,

4Ps Promotion: Communicating the Value Proposition

engineers, Price = accountants,www.woltersworld.com Place = logistics, Promotion = advertising/marketing,

What do these commercials promote? #woltersworld

Marketing is done by individuals & the firm

books from Amazon,

Marketing impacts various stakeholders

aspects of the company,

A Brief History of Marketing

Sams Club Bulk amounts (Value), $1 Menu at www.woltersworld.com McDonalds,

Value Based Marketing

How do we become value driven?

Why marketing is important

they satisfy it!

Being a Value Driven firm helps lead to success,

Questions to think about

Which Topics Do You Want Videos From? #woltersworld

Potrebbero piacerti anche