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welcome to this overview
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of principles of marketing. basically
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many people don't really understand what marketing is.
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we see advertising
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and have experienced working with salespeople
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but that's really only a small small part
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marketing. so what we're going to do in this module
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is to look at what marketing is.
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the American Marketing Association in July of 2013
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gave this definition of marketing. marketing
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is the activity, set up institutions
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and the processes. so marketing is the activities and processes
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for creating offerings and when we talk about
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offerings we mean products but also
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services and ideas that meet
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other individuals' needs. so marketing
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is the processes for creating offering,
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communicating those offerings,
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delivering those offering,
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and exchanging those offerings
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so that there's a perceived value
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from customers, clients, partners
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and society at large. so a large part
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marketing is doing all this so that
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potential customers see the value in what our organization
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offers.
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the midwest higher education compact is comprised of a number of universities in
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higher ed
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and they had a team with people from
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Indiana Illinois and Kentucky -- professors from
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private and public two and four-year
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institutions -- that looked at what are the competency
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or what students be able to know
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and do when they complete their degree in marketing.
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and so what we're to teach you
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about marketing based upon those identified competencies.
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the first competency identified
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is market sensing and this basically means that marketers should be
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able to sense
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or know what's going on in their external market
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by collecting and analyzing
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data and this means data about
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competitors, about the economy, about changes in technology,
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about changes in our society and culture
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and what they value, changes in demographic
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trends, changes in our legal
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and political environment as well as international and ecological factors.
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marketers also sense
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things that are little bit more internal to the organization
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like market share, what customer needs and
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industry trends and data. so
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the first aspect of marketing is to be able to sense
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what's happening in the marketplace. the next
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major competency of marketers is to
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then interpret that market so that we can see
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the meaning and the relationships between
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consumers and our organizations
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and our products so that we can facilitate
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that value creation we talked about earlier
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in the definition of marketing. another major
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aspect marketing is, after sensing
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and interpreting the market, to actually go about
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creating value with our products or services
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and we do that by developing what's called
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a marketing mix -- we will address that later today --
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that reflect both the
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needs and characteristics of the markets that we
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are targeting as a result of the information we've gathered.
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so the major competencies that marketers
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have are to sense the market, interpret the market,
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create value for the market but then
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also to analyze how well we did that
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and get feedback so that we can
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understand any gaps that might exist
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in meeting the goals that we established in the previous step
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and making changes so that we can better
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meet needs of whoever it is we're trying to serve --
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of our target market. one other major
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characteristic
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or competency of marketers is that they're very good
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at personally communicating the value
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of there personal brand -- their unique talents
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and strength and characteristics and
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packaging those together so that
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in interviewing or in other ways
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they can't differentiate themselves in the market
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and show the unique value that they add.
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so what we're going through the study of
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these principles of marketing is to study market sensing,
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market interpretation, market value creation,
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and market analytics feedback and control.
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this next slide shows how
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each of these stages are then broken-down
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in to separate aspects. for example
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when we study market sensing, we will be looking at
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environmental analysis and researching
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consumer behavior and other aspects of marketing.
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when we study market interpretation we will be
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studying segmentation targeting positioning
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and marketing strategy. and I understand these words really don't make a lot of
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sense to you now
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but if we were to revisit the slide at the of this study of the principles of
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marketing
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all these terms should make much sense to you.
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in this study of market value creation will be looking at
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product, pricing, our supply change
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management and integrated marketing communications
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activities. additionally when we look at market analytics
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feedback and control, will be looking at
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some metrics and how to manage these customer
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relationships. so again this isjust a little bit more depth
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on these 4 major competencies
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and breaks these competencies
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into sub competencies.
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an interesting thing question might be
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why should I study marketing or what makes me different
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as a marketer from other people? again
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this comes a presentation that was made
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from the MHEC
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marketing turning team to the fall
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educators conference and we've got some quantitative research
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there
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which shows there area some key differences between
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marketers and other majors in a college --
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are even other business majors. so let's look at some things that make marketers
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different. first of all
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marketers are very results driven and
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we know that in business we
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have financial, budgeting
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and forecasting-- what's gonna happen in the marketplace,
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how much are we gonna sell, how much profit are we going to make,
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how are we going to achieve these sales -- so
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while other people might be good communicators,
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marketers are very results driven for organizations.
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and companies need that. another key aspect
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other about marketers is that we tend to be
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futuristic. we look at how much we're going to sell
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in the future and how we're going to do that. marketers
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also tend to be fairly adaptable.
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they are able to work in changing
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circumstance. another major characteristic of
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marketers is they seem to be the one person in the organization
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that is extremely external or customer
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oriented. they're very focused
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on what's best for the customer and so this is very
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key. marketers also tend to be
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very interdisciplinary. they work very well and understand their relationship
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with
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other business disciplines t like accounting & finance and operations.
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and they also work with disciplines out of
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marketing. in fact much of marketing is based on social sciences
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like psychology and sociology but these things
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are applied to a business setting and so that makes marketers
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very unique and very different and also very valuable to businesses.
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some people think that there's no difference between
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marketing and selling or advertising because actually selling or
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advertising is really the only aspect of marketing
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that the general public really sees very often
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other than the actual product. marketing thought
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is focusing on creating
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that value and creating long-term relationships to meet customer needs.
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so what's interesting is that while
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a peddler or a sales person or a advertiser
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might be interest in making this sale,
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marketers really interested in
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repeat sales and strong relationships to meet customer needs over time.
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good salespeople, by the way, are also
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very interested in making those relationships.
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so what happens is marketers look at this customer
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out there in the marketplace -- we might call that our target market --
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and try to create and exchange
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between our marketing mix -- and that is
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our product, our price, our promotion,
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our distribution -- to create value.
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so where does advertising or selling
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it in all of this? well it's very
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interesting to note that advertising is part of promotion
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which is part of the marketing mix which is part of
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marketing. so I hope you can begin to see
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how marketing is much more than just promotion
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which is much more than just advertising or selling --
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in fact there other ways to promote which will study this semester.
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so i hope you begin to see that marketing is
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much different than just advertising or selling
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and and it has a much broader perspective which we will be covering
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the semester.
