1 Defining Marketing for the 21st Century

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Vishnu Parmar, IBA University of Sindh, Jamshoro

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Presentation transcript:

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 and new marketing realities? What are the tasks necessary for successful marketing management? Copyright © 2012 Pearson Education 1-2

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. Copyright © 2012 Pearson Education 1-3

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. Copyright © 2012 Pearson Education 1-4

What is Marketed? Goods Services Events Experiences Persons Copyright © 2012 Pearson Education 1-5

What is Marketed? Places Properties Organizations Information Ideas Copyright © 2012 Pearson Education 1-6

Figure 1.1 A Simple Marketing System Copyright © 2012 Pearson Education 1-7

Key Customer Markets Consumer markets Business markets Global markets Nonprofit/Government markets Copyright © 2012 Pearson Education 1-8

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 Copyright © 2012 Pearson Education 1-9

Types of Needs Stated Real Unstated Delight Secret (the customer wants an inexpensive car) Real (the customer wants a car whose operating cost is low, not initial price) Unstated (the customer expects good service from the dealer) Delight (the customer would like the dealer to include a GPS navigation) Secret (the customer wants to bee seen by friends as a savvy consumer) Copyright © 2012 Pearson Education 1-10

Target Markets, Positioning & Segmentation Copyright © 2012 Pearson Education 1-11

Offerings and Brands Copyright © 2012 Pearson Education 1-12

Value and Satisfaction Copyright © 2012 Pearson Education 1-13

Marketing Channels Communication Distribution Service Copyright © 2012 Pearson Education 1-14

Marketing Environment Demographic Economic Socio-cultural Political-legal Technological Natural . Copyright © 2012 Pearson Education 1-15

Major Societal Forces Network information technology Globalization Deregulation Privatization Heightened competition Industry convergence Retail transformation Disintermediation Consumer buying power Consumer participation Consumer resistance Copyright © 2012 Pearson Education 1-16

Company Orientations Production Product Selling Marketing Copyright © 2012 Pearson Education 1-17

Holistic Marketing Copyright © 2012 Pearson Education 1-18

Relationship Marketing Customers Employees Marketing Partners Financial Community Copyright © 2012 Pearson Education 1-19

Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Copyright © 2012 Pearson Education 1-20

Performance Marketing Financial Accountability Social Responsibility Marketing Copyright © 2012 Pearson Education 1-21

Types of Corporate Social Initiatives Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices Copyright © 2012 Pearson Education 1-22

The Marketing Mix Copyright © 2012 Pearson Education 1-23

The New Four Ps People Processes Programs Performance Copyright © 2012 Pearson Education 1-24

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 Copyright © 2012 Pearson Education 1-25

For Review Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts and new realities? What are the tasks necessary for successful marketing management? Copyright © 2012 Pearson Education 1-26