Principles of Marketing Lecture-5
Summary of Lecture-4
How has Marketing Changed Over Time?
Production orientation Sales orientation Marketing orientation Social marketing orientation The stages in the evolution of marketing
SOCIETAL MARKETING CONCEPT PRODUCTION CONCEPT PRODUCT CONCEPT MARKETING CONCEPT KEY MARKETING PHILOSOPHIES SELLING CONCEPT
Society (Human Welfare) Society (Human Welfare) Consumers (Satisfaction) Consumers (Satisfaction) Company (Profits) Company (Profits) Societal Marketing Concept Societal Marketing Concept
The customer as the controlling function and marketing as the integrative function Customer Marketing Production Human resources Finance
Today’s Topics
Marketing Challenges in the 21st century
Porter’s 5 Forces Model of Competition
Threat of New Entrants Threat of Substitute Products Threat of New Entrants Bargaining Power of Buyers Bargaining Power of Suppliers Rivalry Among Competing Firms in Industry *
Marketing Challenges
The Information Technology Boom Rapid Globalization The Changing World Economy The Call for more ethical and social Responsibility The New Marketing Landscape
The Information Technology Boom
Major Forces Shaping the Digital Age
Digitalization and Connectivity – The flow of digital information requires connectivity Intranets, Extranets, and the Internet The Internet Explosion – Key driver of the “new economy”
New Types of Intermediaries Connecting with Customers Connecting with Marketing Partners Connecting Inside the Company Connecting with the World around us
E-business: – uses electronic means and platforms to conduct business. E-commerce: – facilitates the sale of products and services by electronic means.
E-marketing: – Includes efforts that inform, communicate, promote, and sell products and services over the Internet. E-commerce benefits both buyers and sellers Technology for Connecting
Electronic Commerce Financial Institution consumer retailer / manufacturer Internet
The Digital Revolution
The Digital Revolution: one of the biggest changes in the world of marketing. Changes in technology are transforming the ways we: – communicate, – buy, – sell, – learn, and – work.
Rapid Globalization
“Global Village”
The Changing World Economy
The Call for more ethical and social Responsibility
The New Marketing Landscape
Enough for today...
Summary
Marketing Challenges in the 21st century
Threat of New Entrants Threat of Substitute Products Threat of New Entrants Bargaining Power of Buyers Bargaining Power of Suppliers Rivalry Among Competing Firms in Industry *
The Information Technology Boom Rapid Globalization The Changing World Economy The Call for more ethical and social Responsibility The New Marketing Landscape
Next….
Marketing Process Analyzing marketing opportunities Selecting target markets
Principles of Marketing Lecture-5