Assignment 1 marketing management

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1
Defining Marketing
for the 21st Century

Chapter Questions

Why is marketing important?
What is the scope of marketing?
What are some fundamental marketing concepts?
How has marketing management changed?
What are the tasks necessary for successful marketing management?

What is Marketing?

Marketing is an organizational function

and a set of processes for creating,

communicating, and delivering value

to customers and for managing

customer relationships in ways that

benefit the organization and its

stakeholders.

What is Marketing Management?

Marketing management is the

art and science

of choosing target markets

and getting, keeping, and growing

customers through

creating, delivering, and communicating

superior customer value.

What is Marketed?

Goods
Services
Events
Experiences
Persons

What is Marketed?

Places
Properties
Organizations
Information
Ideas

Demand States

Negative
http://www.bbc.com/news/uk-21335872
Nonexistent
For example, older iPhones
Latent
Beats by Dre
Declining
CD Players, DVDs

Irregular
Holiday packages
Unwholesome
Pirated movies, cigarettes
Full
Coca Cola
Overfull
http:// autoweek.com/article/green-cars/tesla-model-3-production-delays-start-take-toll-company

Figure 1.1 Structure of Flows in Modern Exchange Economy

Figure 1.2
A Simple Marketing System

Key Customer Markets

Consumer markets
Business markets
Global markets
Nonprofit/Government markets

Core Concepts

Needs, wants, and demands
Target markets, positioning, segmentation
Offerings and brands
Value and satisfaction

Marketing channels
Supply chain
Competition
Marketing environment
Marketing planning

Types of Needs

Stated

Real

Unstated

Delight

Secret

Target Markets,
Positioning & Segmentation

Offerings and Brands

Value and Satisfaction

Marketing Channels

Communication

Distribution

Service

Marketing Environment

Demographic

Economic

Socio-cultural

Natural

Technological

Political-legal

Major Societal Forces

Network information technology
More targeted communications
More accurate levels of production
Globalization
Companies such as Amazon are able to reach a global market.
Deregulation
Eg. US stock market
Privatization
Companies that were once government controlled are now more efficient

Heightened competition
More domestic competition
Chinese substitutes entering the market
Megabrands – i.e. Unilever
Industry convergence
Companies identify new areas of opportunity and merge two or more markets together.
Retail transformation
Traditional retail faces competition from e-tailers, and have to create a more complete buying experience
Disintermediation
Removal of intermediaries from the supply chain

Major societal forces cont.

Consumer buying power
We are able to compare prices online, find the best possible deals
Consumer information
We are more informed thanks to the Internet.
Consumer participation
https://cdn.artaic.com/wp-content/uploads/2015/11/Apple-Store-Mosaic-Workshop-2010-Left-Block-of-Stations.jpg
Consumer resistance
More customers tend to show less brand loyalty and become more price – and quality - sensitive

Company Orientations

Production

Product

Selling

Marketing

Holistic Marketing

Relationship Marketing

Customers

Employees

Marketing Partners

Financial Community

Integrated Marketing

Internal Marketing

Internal marketing is the task of

hiring, training, and motivating able employees

who want to serve customers well.

Performance Marketing

Financial

Accountability

Social Responsibility Marketing

Types of
Corporate Social Initiatives

Corporate social marketing
Cause marketing
Cause-related marketing
Corporate philanthropy
Corporate community involvement
Socially responsible business practices

https://pbs.twimg.com/media/CE_B81-WgAAjnjN.jpg:large

The Marketing Mix

Marketing Management Tasks

Develop market strategies and plans
Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth

For Review

Why is marketing important?
What is the scope of marketing?
What are some fundamental marketing concepts?
How has marketing management changed?
What are the tasks necessary for successful marketing management?