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What Is Marketing?
What Is Marketing?
Dr. Yilmaz
History of marketing
thought and practice
Production concept:
Product concept:
Selling concept:
Marketing concept:
Dr. Yilmaz
Evolving Views of
Marketings Role
Production
Marketing
Finance
Production
Human
resources
Human
resources
a. Marketing as an
equal function
Finance
Marketing
b. Marketing as a more
important function
Dr. Yilmaz
Evolving Views of
Marketings Role
Customer
e
c
n
a
n
c. Marketing as the
major function
M
ar
ke
tin
g
re Hu
so m
ur an
ce
s
n
ma ces
Hu ur
so
re
Fi
ce
Marketing
n
na
Fi
n
o
ti
c
u
d
o
r
P
Production
Evolving Views of
Marketings Role
Production
Marketing
n
ma ces
Hu ur
so
re
Customer
e
c
n
a
n
i
F
Key Terms
Buy more.
Loyalty (5 % migration rate).
Positive WOM
Less price sensitive.
Less attentative to competitors
marketing efforts.
More profitable (valuable) customers.
Dr. Yilmaz
Dissatisfied customers:
Buy less.
Switch to competitors (40 %).
Do not complain to the company (96
% never report).
Complain to others; negative WOM
Dr. Yilmaz
Share
Shareof
ofmarketing-related
marketing-relatedexpenditures
expendituresin
inproduct
productcosts
costsisis
substantially
substantiallyhigh;
high;why,
why,then,
then,do
dowe
weneed
needmarketing?
marketing?
Modern marketing
philosophy
Key Terms
Customer Motivation:
Key Terms
Quality
* Functionality
* Performance
* Dependability
* Reliability and Precision
* Aesthetics
* Comfort, practicality, and usableness
* Safety
etc.)
Key Issues
Perceived quality and individual differences in
quality assessments.
Price-Quality relationship.
How does satisfaction develop?
When?
Based on what criteria?
How much should be invested in satisfaction
improvement?
Customer oriented versus customer driven?
How does problem resolution affect satisfaction?
How can customer satisfaction levels be measured and
monitored?
Dr. Yilmaz
Dr. Yilmaz
Relationship Marketing
Dr. Yilmaz
Dr. Yilmaz
External Partnerships
Internal Teamwork
Existing buyers
Potential buyers
HOW DO FIRMS
COMPETE?
Societal Resources
Societal Institutions
Resources
Market Position
Financial Performance
.Comparative Advantage
.Parity
.Comparative Disadvantage
.Competitive Advantage
.Parity
.Competitive Disadvantage
.Comparative Advantage
.Parity
.Comparative Disadvantage
Competitors-Suppliers
Consumers
Public Policy
NOTE: Read: Competition is the disequilibrating, ongoing process that consists of the constant struggle among firms for a comparative advantage in
resources that will yiels a marketplace position of competitive advantage and, thereby, superior financial performance. Firms learn through competition as
a result of feedback from relative financial performance signaling relative market position, which, in turn, signals relative resources.
SOURCE: Hunt & Morgan 1997, Journal of Marketing, (Oct.) p. 78.
Dr. Yilmaz
11
Discussion
DiscussionIssues:
Issues:(1)
(1)The
Theproblem
problemof
ofidentifying
identifyingthe
thetrue
truecompetitors.
competitors.
(2)
(2)The
Theproblem
problemof
ofpseudo
pseudosuperiority
superiorityperceived
perceivedin
ingrowing
growingmarkets.
markets.
Accounting profits.
Return on assets.
An industry average.
Measuring Marketing
Performance