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Defining Marketing
for the 21st Century
LECTURE
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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?
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What is Marketing?
Marketing is an organizational function
and a set of processes for creating,
communicating, and delivering valueto customers and for managing
customer relationships
in ways that benefit the
organization and its stakeholders.(American Marketing Association Formal Definition)
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What is Marketing?
Marketing is an organizational function
and a set of processes for creating,
communicating, and delivering valueto customers and for managing
customer relationships
in ways that benefit the
organization and its stakeholders.(American Marketing Association Formal Definition)
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What is Marketing Management?
Marketing management is the
art and science
of choosing target marketsand getting, keeping, and growing
customers through
creating, delivering, and communicatingsuperior customer value.
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What is Marketed?
Goods
Services
Events and experiences Persons
Places and properties
Organizations
Information Ideas
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Demand States
Negative Demand Consumers dislike the
product e.g. Vaccination, Dental work
Nonexistent Demand Consumers may be unaware
of the product e.g. Foreign Languagecourse
Latent Demand Consumers may share a
strong need that cant be
satisfied with existing producte.g. Harm less cigarettes, Fuel Efficient cars
Declining Demand Consumers begins to buy the
product less frequently e.g.churches, Govt. Schools
Irregular Demand Consumers purchases vary on a
seasonal, monthly, weekly, daily
or hourly e.g. Museums on week days,Travelling Peak Off Peak time
Unwholesome Demand Consumers attracted to
products that have undesirable
social consequences e.g. Cigarettes,Alcohol, Drugs
Full Demand Consumers are adequately
buying all products.
Overfull Demand
More consumers would like tobuy than can be satisfied.
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Key Customer Markets
Consumer markets
Business markets
Global markets
Nonprofit/Government markets
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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.
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Core Marketing Concepts
Needs, wants, anddemands
Target markets,
positioning,
segmentation Offerings and brands
Value and
satisfaction
Customer value TriadQuality, Service & Price (QSP)
Marketing channels Communication Channels e.g.
Newspapers, Magazines Radio., Television, Mail,
Telephone, Billboards, Posters, Fliers, CDs, Audio
Tapes & Internet
Distribution Channels e.g. Distributors,Wholesalers, Retailers, & Agents
Supply chain
Competition
Marketing environment
Task Environment e.g. Company,Suppliers, Distributors, Dealers & Target
Customers
Broad Environment e.g. Demographic,PESTL
Marketing planning
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The New Marketing Realities
Network information technology
Globalization
Deregulation
Privatization
Heightened competition
Industry convergence
Consumer resistance
Retail transformation
Disintermediation
Major Societal Forces
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New Consumer Capabilities
A substantial increase in buying power
A greater variety of available goods andservices.
A great amount of information aboutpractically anything.
Greater ease in interacting and placing andreceiving orders.
An ability to compare notes on products andservices.
An amplified voice to influence public opinion.
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Company Orientations Toward The
Market Place
The Production Concept Consumers will prefer products that are widely available &
inexpensive e.g. Lenovo, Haier etc.
The Product Concept
Consumer favor products that offer the most quality,performance, or innovative features e.g. Rolex etc.
The Selling Concept Consumers & businesses, if left alone, wont buy enough of
the organizations products e.g. Insurance, Encyclopedias etc.
The Marketing Concept Emerged in mid 1950s Customer-Centered Sense &
Respond e.g. Dell Computer etc.
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Marketing Mix and the Customer
Four Ps
Product Product Variety/Quality/ Design/
Features/Brand Name/ Packaging/
Sizes/Services/Warranties/Returns
Price List Price/Discounts/Allowances/
Payment Period/Credit Terms
Place Channels/Coverage/Assortments/
Locations/Inventory/Transport
Promotion Sales Promotion/Advertising/Sales
Force/Public relations/ Direct
Marketing
Four Cs
Customer solution
Customer cost
Convenience
Communication
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The Holistic Marketing Concept
Relationship Marketing Relationship marketing is a strategy designed to foster
customer loyalty, interaction and long-term engagement.
Integrated Marketing Communication
Integrated marketing communication (IMC) is a process
for planning, executing and monitoring the brand
messages that create customer relationship.
Internal Marketing Internal marketing is the task of hiring, training, and
motivating able employees who want to serve customers
well.
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The Holistic Marketing Concept
Performance Marketing
Financial Accountability
Social Responsibility
Marketing
Corporate Social Initiatives
Corporate social
marketing Cause marketing
Corporate philanthropy
Corporate community
involvement
Socially responsible
business practices
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"Unless you try to do something beyond what you havealready mastered, you will never grow."
- Ronald E. Osborn
The End
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