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1Defining
Marketing for the 21st
Century
1
What is Marketing?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2
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.
What is Marketing Management?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3
Marketing management is theart and science
of choosing target markets and getting, keeping, and growing
customers throughcreating, delivering, and communicating
superior customer value.
What is Marketed?
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• Goods (products)
• Services
• Events
• Experiences
• Persons
• Places
• Properties
• Organizations
• Information
• Ideas
1-5
Marketing Can Promote Ideas
1-6
Selling is only the tip of the iceberg
“There will always be a 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
The Basic Profit Equation
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Profit =
The Basic Profit Equation
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Profit = Revenues – Costs
Figure 1.1 Structure of Flows in Modern Exchange Economy
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Figure 1.2 A Simple Marketing SystemA.K.A. The Exchange Process
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Core Concepts
Needs, wants, and demands
Target markets, positioning, segmentation
Offerings and brands
Value and satisfaction
Marketing channels Supply chain Competition Marketing
environment Marketing planning
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1-12
Needs - states of felt deprivation including physical needs for food, social needs for belonging and individual needs for self-expression. i.e. I am thirsty.Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Coca-Cola.Demands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola.
Needs. Wants. Demands.
1-13
Target Markets, Positioning & Segmentation
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Offerings and Brands
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Value and Satisfaction
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Marketing Channels
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Communication
Distribution
Service
Broad Marketing Environment
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Demographic Economic
Socio-cultural
NaturalTechnological
Political-legal
Company Orientations
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Production
Product
Selling
Marketing
Holistic Marketing
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Performance Marketing
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Financial Accountability
Social Responsibility Marketing
The Marketing MixThe Four Ps
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The New Four Ps
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Processes
People
Programs
Performance
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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