1 Defining Marketing for the 21 st Century
- Slides: 17
1 Defining Marketing for the 21 st Century Marketing Management, 13 th ed
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? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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 © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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 © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -4
What is Marketed? • Goods • Services • Events and experiences • Persons • Places and properties • Organizations • Information • Ideas Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -5
Demand States • • Negative Nonexistent Latent Declining • • Irregular Unwholesome Full Overfull Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -6
Key Customer Markets • • Consumer markets Business markets Global markets Nonprofit/Government markets Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -7
Company Orientations • • Production Product Selling Marketing Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -8
Marketing Mix and the Customer Four Ps • Product • Price • Place • Promotion Four Cs • Customer solution • Customer cost • Convenience • Communication Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -9
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 © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -10
Marketing Management Tasks • Developing marketing strategies • Capturing marketing insights • Connecting with customers • Building strong brands • Shaping market offerings • Delivering value • Communicating value • Creating longterm growth Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -11
Functions of CMOs • Strengthening the brands • Measuring marketing effectiveness • Driving new product development based on customer needs • Gathering meaningful customer insights • Utilizing new marketing technology Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -12
Figure 1. 3 Improving CMO Success (cont. ) • Make the mission and responsibilities clear • Fit the role to the marketing culture and structure • Ensure the CMO is compatible with the CEO • Remember that show people don’t succeed • Match the personality with the CMO type • Make line managers marketing heroes • Infiltrate the line organization • Require right-brain and left-brain skills Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -13
New Consumer Capabilities • A substantial increase in buying power • A greater variety of available goods and services • A great amount of information about practically anything • Greater ease in interacting and placing and receiving orders • An ability to compare notes on products and services • An amplified voice to influence public opinion Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -14
Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -15
Performance Marketing • Financial Accountability • Social Responsibility Marketing • Social Initiatives • Corporate social marketing • Cause marketing • Corporate philanthropy • Corporate community involvement • Socially responsible business practices Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -16
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 © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1 -17
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