Fundamentals of Marketing PDF

Fundamentals of Marketing Unit 1: Introduction to marketing © Professors of Fundamentals of Marketing Content 1. The concept and importance of marketing 2. Marketing Management in companies 3. Marketing applications  1. The concept and importance of marketing The aim of marke...

Fundamentals of Marketing Unit 1: Introduction to marketing © Professors of Fundamentals of Marketing Content 1. The concept and importance of marketing 2. Marketing Management in companies 3. Marketing applications  1. The concept and importance of marketing The aim of marketing is… “…to know and understand the customer so well that the product or service fits the customer and sells itself ”. (Drucker, P.)  1. The concept and importance of marketing “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”. (American Marketing Association, 2017) 1. The concept and importance of marketing Marketing is… Create Communicate Deliver VALUE To satisfy the needs turned into desires of a group of people for the benefit of all. 1. The concept and importance of marketing Need = Need vs. Desire Desire = Desire, in marketing, goes one step further than need, it is more specific. It is the way in which an individual expresses a way to satisfy a need. 1. The concept and importance of marketing Marketing is… create value for the customer Need to find a Knowing the Need to talk to "place in the customer the market market" for our product Customer Satisfaction- involvement in Management of the processes expectations 1. The concept and importance of marketing Marketing is… to deliver value Facilitate the Sell purchase 1. The concept and importance of marketing Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing actions try to create, maintain, and grow desirable exchange relationships (Marketing function). 1. The concept and importance of marketing Inform Ask for Customize permission Create Discuss experience Relations Loyalty Knowledge Medium and Differentiate long-term thinking 1. The concept and importance of marketing Marketing is NOT… A series of dubious activities we have to do when our product does not "sell itself ”  Buying advertising  Sending unsolicited emails  Door-to-door sales  A perverse activity that basically consists of tricking customers into buying products they clearly do not need 1. The concept and importance of marketing Some authors like Jones (1912, p. 577) concluded: “Caveat emptor will not excuse moral deficiency in [a merchant] because he sells goods, any more than it will in a physician because he leaves medicines with his patients…The moral conception of the merchant as one who selects his stock of goods in the spirit of a friend selecting a present for a friend; who preserves the merchandise as one who feels that it already belongs to another, and is held in trust; who awaits trade with the spirit of accommodation in his heart; who charges for his service with that justice tempered with humanity which characterizes the best class of physicians; and who advises with that fidelity which makes the best attorneys, is the only conception which will attract the highest talent into this profession and will leave the pathway open for growth in functions and in efficiency”. 2. Marketing Management in companies Why is marketing important? Marketing as a philosophy It is a view, an attitude, a way to understand the exchange 2. Marketing Management in companies Marketing Management orientations  Production: Product availability. Low cost  Product: to improve the technical quality of the product  Selling: to sell what you have already produced 2. Marketing Management in companies Marketing Management orientations  Market: to satisfy customer’s needs better than competitors  Societal: to satisfy stakeholders and customer’s needs better than competitors 2. Marketing as a philosophy and a function: Marketing as a function It is the specific way of executing or carrying out the exchange Operational Strategic Marketing Marketing 2. Marketing as a philosophy and a function: Strategic Marketing Observation Analysis Selection Design of solutions potential buyers  2. Marketing as a philosophy and a function: Operational Marketing Short Action Budget Implementation term plan and and control objectives (Mk. schedule (KPIs) Mix) 2. Marketing Management in companies Marketing plan steps: Internal and external analysis Strategic Define and establish objectives marketing Propose strategies Develop action plan Operational Measurement and evaluation of marketing results-KPIs Marketing as a philosophy vs. a function  2. Marketing Management in companies What about marketing and other functional areas? Market research Cross-functional coordination R&D activities Unsatisfied needs and wants New product ideas Strategic Viable? Marketing Is there a need? Marketing program Target Investment program Operational Production and planning Production Marketing Management Marketing costs and Financial Operating and sales revenue Management investments costs  2. Marketing Management in companies Market Developing a Targeting Positioning suitable segmentation 2 3 Marketing 1 Mix Source: Kotler and Armstrong (2018)  2. Marketing Management in companies From the 4 Ps to the 4 Es of marketing Four Ps Four Cs Four Es Product Consumer wants/needs Experience and emotions Place Convenience to buy Omnichannel Promotion Communication/Conversation Evangelization Price Cost to satisfy Exchange The evolution of the mix of experiences 3. Marketing applications The extension of the exchange process 3. Marketing applications Political marketing Society project Vote 3. Marketing applications Social marketing Change proposal Change 3. Marketing applications Public marketing Public services Taxes Generative artificial intelligence and marketing  Artificial intelligence focuses optimization on the goal that people set. However, because it is constantly learning and improving, it can find new and more effective ways to achieve that goal.  Customer Relationship In-store experience Logistics Product design Content generation Automation Data analysis and prediction  Data security and privacy risk Ethical considerations Technical challenges Integration with existing business processes and systems  Gracias, Thanks Fundamentals of Marketing 2024-25