defining marketing for 21 st century

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DEFINING MARKETING FOR 21ST CENTURY

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Marketing is an organizational function and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (AMA)

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

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What is Marketing?What is Marketing?

o GOODS o SERVICESo EVENTS o EXPERIENCESo PERSONSo PLACESo PROPERTIESo ORGANISATION

So INFORMATIONo IDEAS

What is Marketed?What is Marketed?

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GOODS

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GoodsGoods

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ServicesServices

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EventsEvents

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ExperiencesExperiences

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PersonsPersons

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PlacesPlaces

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PropertiesProperties

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OrganisationOrganisation

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InformationInformation

INDUSTRY MARKET

Communication

Information

Money

Goods/Services

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Simple Marketing SystemSimple Marketing System

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Simple Marketing SystemSimple Marketing System

o Needs, Wants and Demandso Target Markets, Positioning and Segmentationo Offerings and Brandso Value (qsp) and Satisfactiono Marketing Channelso Supply Chaino Competitiono Marketing Environment

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Core Marketing ConceptsCore Marketing Concepts

o The Production Concepto The Product Concepto The Selling Concepto The Marketing Concepto The Holistic Marketing Concept

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Co. Orientation Towards MarketplacesCo. Orientation Towards Marketplaces

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o Based on the development, design and implementation of marketing programs, processes and activities that recognizes their breadth and interdependencies.

o Recognizes that “Everything Matters”.o Comprises of following-

o Relationship Marketingo Integrated Marketingo Internal Marketingo Performance Marketing

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The Holistic Marketing ConceptThe Holistic Marketing Concept

o Developing Marketing Strategies and Planso Identify long run potential opportunities

o Capturing Marketing Insightso Collecting information about marketing environment

o Connecting with Customerso How to best create value for chosen tgt mkt & develop strong, profitable, long term relationship with customers

o Building strong Brandso Anticipating competitors’ moves & know how to react quickly & decisively.

o Shaping the Market Offeringso Tangible offering to the market includes product quality, features, design and packaging

o Delivering Valueo Deliver the value embodied in the products and services.

o Communicating Valueo Strong marketing communication to tell customers the value in the offering.

o Creating Long-term Growtho New product development

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Marketing Management TasksMarketing Management Tasks

Thank You

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