Defining Marketing for 21st Century

7/31/2019 Defining Marketing for 21st Century

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What is Marketing Management?

Marketingmanagement is theart and science

of choosing target marketsand getting, keeping, and growing

customers through

creating, delivering, and communicatingsuperior customer value.


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Selling is only the tip of the iceberg

There will always be a need forsome selling. But the aim of marketingis to make selling superfluous. The aim

of marketing is to know and understandthe customer so well that the product orservice fits him and sells itself. Ideally,marketing should result in a customer

who is ready to buy. All that should beneeded is to make the product or

service available.Peter Drucker


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What is Marketed?Goods

Services

Events & Experiences

Persons

Places & Properties

Organizations

Information

Ideas


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Structure of Flows in a Modern

Exchange Economy


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A Simple Marketing System

A.K.A. The Exchange Process


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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.


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Core Marketing Concepts

Needs, wants, and

demands

Target markets,

positioning,

segmentation

Offerings and

brands

Value and

satisfaction

Marketing channels

Supply chain

Competition

Marketing

environment


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Target markets

Examples: CVS

Caremark's target

women WWE: target young

males


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Segmentation

Geographic segmentation is basedon regional variables such as region,climate, population density, andpopulation growth rate.

Demographic segmentation is based

on variables such as age, gender,ethnicity, education, occupation,income, and family status.

Psychographic segmentation isbased on variables such as values,attitudes, and lifestyle.

Behavioral segmentation is based onvariables such as usage rate and

patterns, price sensitivity, brandloyalty, and benefits sought.


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Offering and Brand

Offering is combination ofproducts, services, information,or experiences offered to amarket to satisfy a need or

want A brand is a "Name, term,

design, symbol, or any otherfeature that identifies oneseller's good or service asdistinct from those of othersellers


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Value and Satisfaction

Value delivery system includes all theexperiences the customer will have on the

way to obtaining & using the offering. Satisfaction is a persons feeling

of pleasure or disappointment resultingfrom comparing a products perceivedperformance in relation to his or herexpectations.


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Marketing channels

system of marketing

institutions that promotes

the physical flow of goods

and services, along withownership title, from

producers to consumer or

business user; also called

a distribution channel

Marketing channels

Direct channelsEx Dell computers

Indirect channels


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Marketing channels

Direct channels

Ex dell computers

Indirect channels

Ex grocery store


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Supply chain:


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Competition

Competition causesbusinesses to try newways to attractcustomers bylowering prices,improving quality anddeveloping new

products andservices.


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Economists actually divide the

types ofmonopolies into four

categories: monopoly

pure competition

monopolisticcompetition

oligopoly.


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Market environment

Micro environment Macroenvironment Meso environment


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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

Production

Selling Marketing

Product


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Earlier approaches

ORIENTATION PROFIT

DRIVER

WESTERN

EUROPEAN

TIMEFRAMEProduction Production method Until 1950s

Product Quality of the product Until 1960s

Selling Selling method 1950s and 1960s

Marketing Needs and wants ofcustomer 1970 to present day


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Contemporary approaches

Orientation Profit driver WesternEuropeantimeframe

Relationship marketing/ Relationshipmanagement

Building and keepinggood customer relations

1960s to present day

Business marketing /Industrial marketing

Building and keeping

relationships between

organizations

1980s to present day

Social marketing Benefit to society 1990s to present day

Branding Brand value 1980s to present day
http://en.wikipedia.org/wiki/Relationship_marketinghttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Business_marketinghttp://en.wikipedia.org/wiki/Industrial_marketinghttp://en.wikipedia.org/wiki/Organizationhttp://en.wikipedia.org/wiki/Social_marketinghttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Social_marketinghttp://en.wikipedia.org/wiki/Organizationhttp://en.wikipedia.org/wiki/Industrial_marketinghttp://en.wikipedia.org/wiki/Business_marketinghttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Relationship_marketing


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The Four Ps


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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


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THANK YOU


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Documents

Defining Marketing for 21st Century