MARK 3001 1st Edition Lecture 1 Outline of Current Lecture I Target Market A Definition of Target Market II The 4 P s III Exchange of Value A Definition of Value B What makes up utility IV Assortment Long Term Relationship V B2B Business to Business Marketing A For B2B Marketing the 4 P s mean different things than between product and consumer B Marketing as a company philosophy C Purpose of the organization is to satisfy consumer needs and wants while meeting the organizational objectives D Key question E Other Orientations a Production b Sales c Example Ford s market share decline Current Lecture I B2B Business to Business Marketing F For B2B Marketing the 4 P s mean different things than between product and consumer a Product solutions b Place access c Price value d Promotion education II Marketing as a company philosophy B Purpose of the organization is to satisfy consumer needs and wants while meeting the organizational objectives C Key question What does the customer want The answer to this question is called the Marketing Concept D The Marketing Concept is created through the 4 P s which work to satisfy 3 concepts creating value delivering value and communicating value E The Marketing Concept is used over the long term to maintain the customer relationship F Other Orientations a Production i Focus is on the internal capability and technology ii Key question What does the firm do best b Sales i Focus is on aggressive sales techniques ii Key question How can we sell more of what we have iii We make what we can sell rather than We sell what we can make G Example Ford s market share decline a They had a reliance on SUVs b Also had a slow reaction to their consumer s shift in needs c Ford s not so true philosophy If you buy it they will build it d Recent success after adapting to consumer s desire for more energy efficient cars i 2010 Car of the Year ii 2010 Truck of the Year iii Only member of Big 3 automakers that did not declare bankruptcy or take bailout money during the US economic decline