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15/02/15
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1 Defining Marketing for the 21st Century
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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?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2
What is Marketing?
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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.
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What is Marketing Management?
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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.
What is Marketed?
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• Goods
• Services
• Events
• Experiences
• Persons
What is Marketed?
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• Places
• Properties
• Organizations
• Information
• Ideas
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Demand States
§ Negative § Nonexistent § Latent § Declining
§ Irregular § Unwholesome § Full § Overfull
Figure 1.1 Structure of Flows in Modern Exchange Economy
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Figure 1.2 A Simple Marketing System
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Key Customer Markets
§ Consumer markets § Business markets § Global markets § Nonprofit/Government markets
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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Types of Needs
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Stated
Real
Unstated
Delight
Secret
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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
Marketing Environment
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Demographic Economic
Socio-cultural
Natural Technological
Political-legal
Major Societal Forces
§ Network information technology
§ Globalization § Deregulation § Privatization § Heightened competition
§ Industry convergence § Retail transformation § Disintermediation § Consumer buying power § Consumer participation § Consumer resistance
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-18
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Company Orientations
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Production
Product
Selling
Marketing
Holistic Marketing
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Relationship Marketing
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Customers
Employees
Marketing Partners
Financial Community
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Integrated Marketing
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Internal Marketing
Internal marketing is the task of hiring, training, and motivating able employees
who want to serve customers well.
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Performance Marketing
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Financial Accountability
Social Responsibility Marketing
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Types of Corporate Social Initiatives
§ Corporate social marketing § Cause marketing § Cause-related marketing § Corporate philanthropy § Corporate community involvement § Socially responsible business practices
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The Marketing Mix
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The New Four Ps
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Processes
People
Programs
Performance
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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
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-28
For Review
§ 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?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-29
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