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    LO1: Discuss The Importance of Marketing Management

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    Akki Patel
    This document discusses key concepts in marketing management including: 1. The importance of understanding customers and their satisfaction. 2. Core marketing concepts like the 4Ps and how marketing can be applied. 3. New realities in marketing like measuring success and understanding different business orientations. 4. Components of an effective marketing plan including situational analysis tools like the 5Cs and STP framework. The document uses McDonald's as an example to demonstrate how to apply the marketing framework in practice.

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    LO1: Discuss The Importance of Marketing Management

    Uploaded by

    Akki Patel
    28 views22 pages
    This document discusses key concepts in marketing management including: 1. The importance of understanding customers and their satisfaction. 2. Core marketing concepts like the 4Ps and how marketing can be applied. 3. New realities in marketing like measuring success and understanding different business orientations. 4. Components of an effective marketing plan including situational analysis tools like the 5Cs and STP framework. The document uses McDonald's as an example to demonstrate how to apply the marketing framework in practice.

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    MKTG600-LO1_Student (1).pptx

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    This document discusses key concepts in marketing management including: 1. The importance of understanding customers and their satisfaction. 2. Core marketing concepts like the 4Ps and how marketing can be applied. 3. New realities in marketing like measuring success and understanding different business orientations. 4. Components of an effective marketing plan including situational analysis tools like the 5Cs and STP framework. The document uses McDonald's as an example to demonstrate how to apply the marketing framework in practice.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    28 views22 pages

    LO1: Discuss The Importance of Marketing Management

    Uploaded by

    Akki Patel
    This document discusses key concepts in marketing management including: 1. The importance of understanding customers and their satisfaction. 2. Core marketing concepts like the 4Ps and how marketing can be applied. 3. New realities in marketing like measuring success and understanding different business orientations. 4. Components of an effective marketing plan including situational analysis tools like the 5Cs and STP framework. The document uses McDonald's as an example to demonstrate how to apply the marketing framework in practice.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 22

    MKTG600 – Marketing Management

    LO1: Discuss the importance


    of Marketing Management
    Learning Steps

    1 Discuss marketing and customer satisfaction.

    2 Explain core marketing concepts.

    3 Discuss new marketing realities.

    4 Identify the components of a marketing plan.

    2 2
    Define Marketing

    3 3
    Define Marketing

    Marketing is defined as an
    exchange relationship between
    a firm and its customers.

    4 4
    Core Marketing Concepts

    Marketing can be used in a myriad


    of ways:

    • Products & services


    • Experiences
    • People
    • Causes
    • Information
    • Industries
    • Places

    5 5
    Business Orientations

    Product Orientation:
    Focus on building products that you like

    6 6
    Business Orientations

    Sales Orientation:
    Focus on convincing the customer that your product works best for them

    7 7
    Business Orientations
    Customer Orientation:
    Focus on identifying what your customer wants and then designing the
    product to fulfill their need

    8 8
    New Marketing Realities

    9 9
    Customer Satisfaction

    “Customer satisfaction measures


    how products or services supplied
    by a company meet or surpass a
    customer's expectation.”

    10 10
    Marketing is a Philosophy

    • Accounting & Finance: effective


    marketing can drive the financial
    performance of the organization
    • Sales & Customer Service: frontline staff
    will be better positioned to meet
    customers needs and can provide
    feedback into marketing strategy
    • Research & Development: market
    research can support these functions in
    testing and developing product concepts

    11 11
    Measuring Marketing Success

    • Chief Marketing Officers (CMO) should


    quantify results when possible
    • Sometimes the effectiveness of
    marketing programs is easy to quantify
    •Did the coupon promotion lift
    sales?
    Measure the percentage sales increase
    •Did the direct mail campaign
    increase web usage?
    Measure the number of web visits, etc.

    12 12
    Measuring Marketing Success
    • Some marketing activities, however, are extremely difficult to quantify:
    •How effective was the market segmentation study?
    •Did the advertising campaign increase sales?

    13 13
    Marketing Management Framework

    14 14
    The 5 Cs of Situational Analysis

    Company Customer Competitor Collaborators Context

    15 15
    STP

    • Segmenting
    • Targeting
    • Positioning

    16 16
    4 Ps of Marketing (Marketing Mix)

    Product Price

    Place Promotion

    17 17
    Marketing Management Framework

    • Exercise: Discuss how the


    Marketing Framework
    applies for McDonald’s
    restaurants.
    • 5 Cs: Customer, Company
    Collaborators, Competitors,
    Context
    • STP: Segmentation, Targeting,
    Positioning
    • 4 Ps: Product, Price, Place,
    Promotion

    18 18
    Exercise: McDonald’s Marketing

    19 19
    Marketing Framework Considerations

    • The situation facing the company changes over time


    • Firm must consistently monitor the 5 Cs
    • All components of the Marketing Framework are interdependent

    The role of marketers is to understand these


    interdependencies and adapt to changing
    market conditions

    20 20
    Learning Outcome Recap

    • Discuss marketing and customer satisfaction.


    • Explain core marketing concepts.
    • Discuss new marketing realities.
    • Identify the components of a marketing plan.

    21 21
    Questions

    22 22

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