After reading this chapter, students should:
❑ Know why marketing is important
❑ Know what is the scope of marketing
❑ Know some of the fundamental marketing concepts
❑ Know how marketing management has changed
❑ Know are the necessary tasks for successful marketing management
From a managerial point of view, 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 stake holders. 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.
Marketers are skilled at managing demand: They seek to influence the level, timing, and composition of demand. Marketers are involved in marketing many types of entities: goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit.
Marketing is not done only by the marketing department. Marketing needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers.
Today’s marketplace is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. These forces have created new opportunities and challenges and marketing management has changed significantly in recent years as companies seek new ways to achieve marketing excellence.
There are five competing concepts under which organizations can choose to conduct their business: the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. The first three are of limited use today.
The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing recognizes that “everything matters” with marketing and that a broad, integrated perspective is often necessary. Four components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and socially responsible marketing.
The set of tasks necessary for successful marketing management includes developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, and creating long-term growth.
Marketing is too often confused and identified with advertising or selling techniques, and our practices and theories are all too often invisible to the average consumer. The instructor should spend some class time differentiating between advertising/promotion techniques and marketing.
Students who are not marketing majors will have some difficulty accepting the encompassing role that marketing has on the other functional disciplines within a firm. For those students who have never been exposed to marketing and its components, the instructor’s challenge is to educate the students about the world of marketing. The in-class and outside of class assignments noted in this text should help both educate and excite the students about the “world of marketing.”
TEACHING STRATEGY AND CLASS ORGANIZATION
1. Semester-Long Marketing Plan Project
An effective way to help students learn about marketing management is through the actual creation of a marketing plan for a product or service. This project is designed to accomplish such a task.
Dividing the class into groups, have each group decide...