chapter 1 marketing for the 21st century - md afnan hossain · chapter 1 –marketing for the 21st...

Chapter 1 – Marketing for the 21st Century

Md Afnan Hossain – Lecturer SouthEast UniversityCourse Code: Mkt 3123 (D,E)

Contents Source: Kotlar, Keller, Koshy, Jha (2014) Marketing Management.

Forbes, The Economist, Wall Street Journal, Financial Times, Business Week, CNN Business

Marketing Management

Objectives of Marketing:

Some Definitions:

The Customer is King

Where is Marketing?

Developing Concepts from 18th Century

A Marketing Cycle

Product or Service – can you tell the difference?

STP

Segmentation

Marketing Target

Positioning

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.

The marketplace isn’t what it used to

be…Changing technology (digital

revolution)

Globalization (transportation,

shipping, communication)

Deregulation (telecommunications,

electric utilities)

Privatization (British Airways)

Empowerment (Domestic, Foreign,

Store and Brands)

Customization

Convergence (Computing and

consumer electronics—Dell/ HP)

Disintermediation

Demand States

• Negative (dislike product

and may even pay a price to

avoid it)

• Nonexistent (unaware of

or uninterested in the product)

• Latent (need that cannot be

satisfied by existing product)

• Declining (buy the product

less frequently or not at all)

• Irregular (purchases vary on

a seasonal, monthly, weekly, daily,

or even hourly basis)

• Unwholesome (product

that have undesirable social

consequences)

• Full (adequately buying all

products put into the marketplace)

• Overfull (more consumers

would like to buy the product that

can be satisfied)

Production-Oriented and Marketing-Oriented

Managers Have Different Views of the

Market

Marketing Mix and the Customer

Four Ps

• Product

• Price

• Place

• Promotion

Four Cs

• Customer solution

• Customer cost

• Convenience

• Communication

Core Concepts

• Needs, wants, and

demands

• Target markets,

positioning (in mind

of target buyers),

segmentation

• Offerings (intangible

benefit made physical)

and brands (offering

from a know source)

• Value (set of benefits

and satisfaction)

• Marketing channels

(communications,

distribution, and

service)

• Supply chain

• Competition

• Marketing

environment

• Marketing planning

Marketing Management Tasks• Developing

marketing strategies

(strategic fit)

• Capturing marketing

insights (obtaining

information)

• Connecting with

customers

(relationships)

• Building strong

brands (understand

strengths and

weaknesses)

• Shaping market

offerings

• Delivering value

• Communicating

value

• Creating long-

term growth

(positioning and

new-product

development)

Holistic Marketing Dimensions