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DEFINING MARKETING for the 21st CENTURY

Prof. Bong De UngriaAteneo Graduate School of Business

Understanding Marketing Management

www.josephdeungria.com

Outline:

21st century marketing is…

1. Important to business success (why?)2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks

21st Century Marketing Concept 1:

Marketing is important for business success • Delivers top-line growth (revenue)

• Customer retention/ loyalty

communicating and

creating,

delivering value to

1. Goods2. Services3. Experiences 4. Events5. Persons6. Places7. Properties8. Organizations9. Information10.Ideas

Everything (10) is marketed !

1. Goods2. Services3. Experiences 4. Events5. Persons6. Places7. Properties8. Organizations9. Information10.Ideas

Everything (10) is marketed !

Pnoy Challenge:

Name 1 entity thatdoes not needMarketing

Who Is

InvolvedIn

Marketing(for your company?)

Raise your hands!

1. Marketing2. Finance3. Operations4. HR

Every employee is a marketer!

1. Marketing2. Finance3. Operations4. HR

Including: – Delivery personnel– Security guards– Secretaries– Collectors– Messenger

Every employee is a marketer!

Everything counts! (All actions are counted, scored by the customer)

Outline:

Mastering 101 Key Marketing Concepts

What is Marketing?

What is Marketing?System of profitably

creating,

communicating and

creating,

communicating and

creating,

delivering value to

Satisfy customer

communicating and

creating,

delivering value to

Satisfy customer

needs, wants and demands

communicating and

creating,

delivering value to

Satisfy customer

needs, wants and demands

Better than competition

communicating and

creating,

delivering value to

Maslow’s Hierarchy of Needs=a basic, constant reference

Self-Actualization

Esteem Needs (Recognition,

Status)

Social Needs (sense of belonging, love)

Safety Needs (security, protection)

Physiological needs (food, water, shelter)

Reference: Marketing Management, 11th ed, Philip Kotler

Food exampleTo understand Needs, Wants & Demands.

Need Basic necessityFeel deprived if this is absent

Want Given choices, this is what you prefer

Chicken, Burger, Steak dinner

Demand A want that is supported by a decision and capacity to buy

Only burger is within my budget!

21st Century Same Concept 3 and 4:

Marketing meets demand (thus, meets needs too!)

Needs are still basic, universal human requirements.

Respond to 5 Types of needs:

1. Stated2. Unstated3. Real4. Delight5. Secret

Basic needs have not changed. No NEED added or deleted in 50 years

Heart is a 3 cornered shapeFor 3 Strategic Cs

CUSTOMER

First side is Customer

COMPANY

CUSTOMER

2nd side is Company who creates, communicates & delivers value

COMPANY

CUSTOMER

COMPETITION

3rd side is Competition

COMPANY

CUSTOMER

NEEDS, WANTS,

DEMANDS

COMPETITION

For customers, we meet demands

Outline:

In 21st Century Marketing Many Things Changed

(Increased!)

1. Globalization2. Technology3. Deregulation4. Privatization5. More Competition6. Industry Convergence7. Consumer resistance8. Retail Transformation

21st Century Marketing Difference 1:

Competition increased due to

1. Globalization2. Technology3. Deregulation4. Privatization5. More Competition6. Industry Convergence7. Consumer resistance8. Retail Transformation

The Following changed or disappeared:

Economic BoundariesBrick and Mortar Business RulesMonopolies & DinosaursWay of Doing Business

Competitive Rules changed!

1. Buying Power2. Choices3. Information4. Voice

EASIER5. Ordering6. Comparison

Customer is

INCREASED

Customers are more powerful and demanding

1. Internet1. Social Media

2. Sales Channel

3. Research

4. On and Off-line buzz

5. Blogs

6. Purchasing savings

2. Niche magazines3. Mobile

Companies must use more capabilities too!

Heart Attack!Company does same things it did 5 or 10

years ago (even if these were the key success factors of the 20th century)

Must cover:1. Customers (develop long term relationships)

2. Company (internal customers, employees, 4Ps)

3. Competition (performance)

Marketing has to be HOLISTIC

Outline:

1. Develop Strategic Plans

Marketing Must Fulfill 7 Tasks

2. Capture Market Insights

3. Connect with Customers

4. Build Strong Brands

5. Shape Market Offerings

6. Communicate & Deliver Value

7. Capture Long Term Growth

In 20th century marketing:

20 was good and can win!

45www.josephdeungria.com

ACE + 9 = 20

21st Century Marketing:

Only “21” is acceptable

ACE + 9 = 20 ACE + KING = 21!

21st Century Marketing….

Meeting Demands Profitably

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

Used for everything & involves everybody

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

EVERYBODY

Is Changing

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

10 ENTITIESINVOLVES EVERYBODY

CHANGING

Demanding Customers, Greater Competition, Stronger Companies

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGINGEVERYBODY

Demanding Customers Demand a lot that can bankrupt companies

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGINGEVERYBODY

Manages Demand (customer’s ability to pay)

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGINGEVERYBODY

Manages Demand- Focus on 5 of 10 things that really matter to customer

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

EVERYBODY

ST.P= Segments…

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

EVERYBODY

ST.P= Segments…Targets…

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

EVERYBODY

ST.P= Segments…Targets… Positions

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

EVERYBODY

Positions with Brands

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

Positions with Br ANDS

EVERYBODY

Is Holistic

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

POSTIONS with Br ANDS

HOLE- Stick

EVERYBODY

Involves 7 Tasks

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

21st Century Marketing…. 7 Tasks

1 Develop Plans

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

PLANeS

2 Captures Insights

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

DEVELOPS PLANeS

CAPTURES Insights

3 Connects with Customers

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

DEVELOPS PLANeS

CAPTURES Insights

CONNECTS WITH CUSTOMERS

4 Builds Strong Brands

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

DEVELOPS PLANeS

CAPTURES Insights

BUILDS BRANDS

5 Shapes Market Offerings

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

DEVELOPS PLANeS

CAPTURES Insights

BUILDS BRANDS SHiPs OFFERING

6 Communicates & Delivers Value

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

DEVELOPS PLANeS

CAPTURES Insights

COMMUNICATES AND DELIVERS VALUE

7 Creates Long Term Growth

NEEDS, WANTS,

DEMANDS

PROFITABLY

Business Success

CHANGING

MANAGES DEMANDS

ProductPromo

HOLE- Stick

7 TASKS

DEVELOPS PLANeS

CAPTURES Insights

COMMUNICATES AND DELIVERS VALUE

LONG TERM

GROWTH

Summary:

My Conclusion:

21st century marketing

To be successful today requires

less of luckLess of magic

and more of marketing.

www.josephdeungria.com69

DEFINING MARKETING for the 21st CENTURY

Prof. Bong De UngriaAteneo Graduate School of Business

Understanding Marketing Management

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