Marketing the activity for creating communicating delivering and exchanging offerings that benefit its customers the organization its stakeholders and society at large To serve both buyers and seller marketing seeks to discover the needs and wants to prospective customers and to satisfy them To achieve so the idea of exchange trade of things of value between buyer and seller so that each is better off after a trade Missions and objectives determine what business it is in and what goals it seeks Marketing department is responsible for facilitating relationships partnerships and alliances with the organization s customers its shareholders suppliers and other organizations Environmental forces Social Economic Technological 1 2 3 4 Competitive 5 regulatory Four factors needed for marketing to occur Two or more parties with unsatisfied needs 1 2 A desire and ability on their part to be satisfied 3 A way for the parties to communicate 4 Something to exchange Potential consumers will make up a MARKET Target market one or more specific groups of potential consumers toward which an organization directs its marketing program a product and the market which the firm directs its marketing mix Is one particular group of potential customers that the org seeks to satisfy with FOUR P S CONTROLLABLE MARKETING MIX FACTORS Product A good service or idea to satisfy the consumer s needs Price What is exchanged for the product Promotion A means of communication between the seller and the buyer Place A means of getting the product to the consumer 1 2 3 4 ARE ALL ELEMENTS OF THE MARKETING MIX and are also CONTROLLABLE UNCONTROLLABLE ENVIROMENTAL FORCES Marketing concept idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization s goals Social Market concept the view that organizations should satisfy the needs of consumers in a way that provides for society s well being Ex recycling A PRODUCT is what is marketed Ultimate consumers the people who use products and services purchased for a household Organizational buyers manufactures wholesalers retailers and government agencies that buy products and services for their own use or for sale Organizations a legal entity that consists of people who share a common mission Business firm a privately owned organization that serves its customers to earn a profit so that it can survive Non profit organization a nongovernmental organization that serves its customers but does not have profit as an organizational goal goals may be operational efficiency or client satisfaction Firm company corporation and organization are all terms used interchanged with business firma and nonprofit organization Organizations that create similar offerings create an industry Strategy an organization s long term course of action designed to deliver a unique customer experience while achieving its goals Structure of today s organizations Corporate level management directs overall strategy for the entire organization Strategic business unit SBU Level a subsidiary division or unit of an organization that markets a set of related offering to a clearly defined group of customers o For less complex firms the corporate and business level may merge together as one Functional level groups of specialist actually create value for the organizations known as departments Cross functional teams smaller number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals o Organizational foundation Why Core values Mission vision Organizational culture organizational direction organizational strategies what Goals objectives short term vs long term Corporate How by level or Product by offering SBU Functional Service Idea Core values are fundamental passionate and enduring principles that guide over time Mission statement of the organizations function in the society that often identifies its customers markets products and technologies Interchangeable with vision mission statement Must be clear concise meaningful inspirational and long term GOALS Goals and objectives usually mean the same thing Profit Sales 1 2 3 Market Share the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including firm itself 4 Quality 5 Customer satisfaction Employee welfare 6 Social responsibility 7 Marketing dashboard the visual computer display of the essential information related to achieving a marketing objective Market Strategy means by which a marketing goal is achieved Market penetration current products in a current market o o Selling ben and jerry s normally Market development current products in a new market Selling ben and jerry s in brazil Product development new products in a current market Ben and jerry s selling children clothing o Diversification new products in new markets o High risk o Ben and jerry s sell children s clothes in brazil a Identify trends in the orgs industry b Analyze the organizations competitors c Asses the org itself d Research the present and prospective customers 2 Market product focus and goal setting 3 Marketing program 4 5 Implementation phase Evaluation phase Planning phase of strategic marketing process 1 Situational SWOT Analysis strengths weaknesses opportunities and threats Market segmentation aggregating prospective buyers into group that have common needs and will respond similarly to a marketing action based on similarities in their wants needs behaviors or other characteristics Is the process of dividing the total market into distinct submarkets or groups Demographics gender age ethnicity income and occupation Product Differentiation Exists when a product or brand is perceived as different from its competitors on any tangible or intangible characteristic The term also refers to the strategy in which one firm promotes the features of competitive products in the same market Situation Analysis Identifies the company s relative strengths and weaknesses as well as the opportunities and threats posed by its marketing environment Macroenvironmental Factors Uncontrollable forces 1 Demographics or Demography 2 Economic Conditions 3 Competition 4 Social and Cultural Factors 5 Political and Legal Factors Government 6 Technological Factors 1 Suppliers 2 Marketing intermediaries 3 Target Market Microenvironmental Factors External forces that impact each specific company uniquely Largely uncontrollable The Boston Consulting Group