Defining Marketing for the 21st Century
Marketing Management Week 1 Assignment
Sorang Kim
BHU MBA 662 Marketing Management
Professor Sonya Young
May 21, 2013
I. Please answer the following questions to the following Chapters:
1. Chapter 1: Defining Marketing for the 21st Century a. Why is Marketing important? The first decade of the 21st century challenged firms to prosper financially and even survive in the face of an unforgiving economic environment. Marketing is playing key role in addressing those challenges. Finance, operations, accounting, and other business function won’t really matter without sufficient demand for products and services so the firm can make a profit. In other words, there must be a top line for there to be a bottom line. Thus financial success often depends on marketing ability. b. What is the scope of marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. c. What are the core marketing concepts? 1. Need, Wants, and Demands 2. Target Markets, Positioning, and Segmentation 3. Offerings and Brands 4. Value and Satisfaction 5. Marketing Channels 6. Supply Chain 7. Competition 8. Marketing Environment d. How has marketing management changed in recent years? Recently marketing management has focused on customers (versus products and selling) marketing globally and the various technology issues that impact the market. Modern retailers increasingly emphasize in-store experiences for their customers. e. What are the tasks necessary for successful marketing management? The set of tasks necessary for successful marketing management include developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, and creating
Sorang Kim
BHU MBA 662 Marketing Management
Professor Sonya Young
May 21, 2013
I. Please answer the following questions to the following Chapters:
1. Chapter 1: Defining Marketing for the 21st Century a. Why is Marketing important? The first decade of the 21st century challenged firms to prosper financially and even survive in the face of an unforgiving economic environment. Marketing is playing key role in addressing those challenges. Finance, operations, accounting, and other business function won’t really matter without sufficient demand for products and services so the firm can make a profit. In other words, there must be a top line for there to be a bottom line. Thus financial success often depends on marketing ability. b. What is the scope of marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. c. What are the core marketing concepts? 1. Need, Wants, and Demands 2. Target Markets, Positioning, and Segmentation 3. Offerings and Brands 4. Value and Satisfaction 5. Marketing Channels 6. Supply Chain 7. Competition 8. Marketing Environment d. How has marketing management changed in recent years? Recently marketing management has focused on customers (versus products and selling) marketing globally and the various technology issues that impact the market. Modern retailers increasingly emphasize in-store experiences for their customers. e. What are the tasks necessary for successful marketing management? The set of tasks necessary for successful marketing management include developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, and creating