1. Chapter 1 Marketing in the 21st Century
The New Economy:
• A substantial increase in buying power
• A greater variety of goods and services
• A great amount of information about practically anything
• A greater ease in interacting and placing and receiving orders
• An ability to compare notes on products and services

2. Marketing in the 21st Century
Implications for companies
• Collect fuller and richer information about markets, customers, prospects, and competitors
• Faster flow of information
• Greater and of production, marketing, and communications

3. Key Definitions and Concepts
Marketing Management:
and of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer (p. 6)

4. Key Definitions and Concepts
Offering:
combination of products, services, information, and experiences
Value:
combination of quality, service, and price (QSP)
Value = _________________

5. Key Definitions and Concepts
Value = Benefits to consumer
Costs to Consumer
Benefits to consumer:
Costs to consumer:

6. Defining Marketing – Simple Model

7. Core Marketing Concepts
Company
Offering - combination of products, services, information, and experiences
Overall objective: __________
Costs: ________________________
Implications: company decisions must consider its offerings, objective, and costs

8. Core Marketing Concepts
Customer
Overall objective:____________
Why does value change over time?
What do we (consumers) value and why?
Implications: research trends in the environment

9. Core Marketing Concepts
Competition
All the actual and potential rival offerings and substitutes that a buyer might consider
Implications: Know your competitor; How might the company exceed competition in delivering value? Who is the competitor(s)?

10. Company Orientations Toward the Marketplace
Production Concept:
Consumers prefer products that are _________
and inexpensive

11. Company Orientations Product Concept:
Consumers favor products that offer the most quality, performance, or innovative features
Problem: customer input? _________________

12. Company Orientations Selling Concept:
Consumers will buy products only if the company aggressively promotes/sells these products
Problem: customer dissatisfaction

13. Company Orientations
Marketing Concept: key to achieving organizational goals consists of the company being more effective than __________ in creating, delivering, and communicating superior _____ to its chosen target markets (pp. 13, 14)
Customer Concept: Focuses on needs and wants of ______________ and delivering value better than competitors

14. Company Orientations Societal Marketing Concept:
determine needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and _________ well-being.

15. How Business and Marketing are Changing (Trends)
Customers increasingly expect higher quality and service and some customization (greater value)
Manufacturers face greater ____________ resulting in higher promotion costs and shrinking profit margins
Store-based Retailers face ___________ from giant retailers and non-store retailers

16. Business Response to Changes
Outsourcing
E-commerce
Benchmarking
Form alliances
etc.

17. Marketer Response to Changes
Customer relationship marketing: build long-term, profitable customer relationships by focusing on their most profitable customers, products, and channels
Target Marketing: serve well-defined target markets
Integrated marketing communications
Every employee is a marketer

18. Key Points
Explain how company, customer, and competition are inter-related. Give an example.
_____________________________:
generate profits, deliver value to customers, exceed competition, adapt accordingly.
____________________: how do we obtain best value for the money?