1 Defining Marketing for the 21st Century
• Why is marketing important? • What is the scope of marketing? • What are some of the fundamental marketing concepts? • How has marketing management changed? • What are the tasks necessary for successful marketing management? 1-2
Good Marketing is No Accident
Boston Beer C o m p a n y, maker of S a m u e l A d a m s , constantly innovates
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. 1-4
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. 1-5
Selling is only the tip of the iceberg
“There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.” Peter Drucker
Designing the “Right” Product
Only the best is good enough for Lexus customers
For an exchange to occur….
• There are at least two parties. • Each party has something that might be of value to the other party. • Each party is capable of communication and delivery. • Each party is free to reject the exchange offer. • Each party believes it is appropriate or desirable to deal with the other party. 1-10
Are both forms of exchange?
What is Marketed?
Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas 1-12
Marketing Ideas: Friends Don’t Let Friends Drive Drunk This is the watch Stephen Hollingshead, Jr. was wearing when he encountered a drunk driver. Time of death 6:55 p.m. 1-14
Figure 1.1 Structure of Flows in a Modern Exchange Economy
Figure 1.2 A Simple Marketing System
Key Customer Markets
Consumer Markets Global Markets
Nonprofit/ Government Markets
Coke is represented at the first China International Beverage Festival in Beijing in 2003
The marketplace isn’t what it used to be…
Changing technology Globalization Deregulation Privatization Empowerment Customization Convergence Disintermediation 1-20
Figure 1.3 Holistic Marketing Dimensions
Puma’s rebirth attributed to holistic marketing
Figure 1.4 The Four P’s
Figure 1.5 Marketing-Mix Strategy
Marketing Mix and the Customer
Four P’s • Product • Price • Place • Promotion Four C’s • Customer solution • Customer cost • Convenience • Communication
Corporate Social Initiatives
Corporate Social Initiatives
• Needs, wants, and demands • Target markets, positioning, segmentation • Offerings and brands • Value and satisfaction • • • • Marketing channels Supply chain Competition Marketing environment • Marketing planning
I want it, I need it…
5 Types of Needs • • • • • Stated needs Real needs Unstated needs Delight needs Secret needs
Figure 1.6 Factors Influencing Marketing Strategy
Marketing Management Tasks
• Developing marketing strategies • Capturing marketing insights • ...
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