BCPC 205 - Elements of Marketing Overview

BCPC 205 - Elements of Marketing - Overview

• The course covers the definition, functions, and nature of marketing.
• The American Marketing Association (AMA) defines marketing as the activity, institutions, and processes of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
• Marketing is a management process for identifying, anticipating, and satisfying consumer needs profitably. (CIM-UK)
• Identifying and anticipating consumer needs involves activities like market research and strategic marketing planning.
• Satisfying consumer needs involves product development, pricing, promotion, distribution, and personal selling.
• Marketing is a concept, function of business, and an umbrella term for multiple techniques.
• It's an ongoing process that operates as a system.

Assumptions About Marketing

• Common misconceptions about marketing include equating it with advertising, selling, or manipulating consumers into buying products they don't need.

Why Study Marketing

• Marketing offers various career options, including advertising, sales, product management, retail store management, and customer relationship management.
• Studying marketing principles enhances productivity and value as a co-worker.
• Marketing skills are applicable across different business functions and empower informed consumer choices.

Functions of Marketing

• Distribution
• Financing
• Marketing information management
• Product/service management
• Promotion
• Selling

The Marketing Process

• Understanding the marketplace and customer needs (e.g., needs, wants, demands, market offerings, value, satisfaction, exchanges, and relationships)
• Creating value for customers and building customer relationships (e.g., designing customer-driven marketing strategy, constructing integrated marketing programs that deliver superior value, building profitable relationships and creating customer delight)
• Capturing value from customers (e.g., profit creation and customer equity)

Understanding The Marketplace and Customer Needs

• Needs, wants, and demands
• Marketing offerings (products, services, and experiences)
• Value and satisfaction
• Customer-exchange relationships
• Markets (suppliers, companies, competitors, marketing intermediaries, and consumers)

Customer Value and Satisfaction

• Consumers face multiple product and service choices and form value-based decisions.
• Satisfied customers are crucial and dissatisfied customers often switch, thus impairing profits.

Exchanges and Relationships

• Exchange involves obtaining a desirable item or service in return for something of value.

Markets

• Markets represent potential and actual buyers of products, possessing shared needs or desires.
• Managing markets efficiently creates profitable relationships between sellers and buyers.

Designing a Customer-Driven Marketing Strategy

• Value proposition: A promise of benefits or values from a company to satisfy customer needs.

Marketing Management Orientations

• Production, Product, Selling, Marketing, Societal Marketing concepts

Preparing an Integrated Marketing Plan and Program

• The marketing mix (4Ps): product, price, promotion, and place.
• Integrated marketing program: A comprehensive marketing plan to communicate and deliver value to a target customer.

Building Customer Relationships

• Partner Relationship Management: Working closely with internal and external partners to deliver higher value to customers.
• Cross-functional teams and electronic interactions.
• Building and maintaining profitable customer relationships by understanding their needs and delivering superior customer value and satisfaction.

Explore the foundational concepts of marketing in this overview of BCPC 205. Learn about marketing's functions, definitions, and how it relates to consumer needs, along with common misconceptions about the field. This quiz will help you understand the strategic planning needed to satisfy customer requirements effectively.