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Defining Marketingfor the 21st Century

Mr. Ajit Arya

Faculty-Marketing

Department of Business Studies

C. U. Shah College of Engg. & Tech.

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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 successfulmarketing management?

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What is Marketing?

Marketing is an organizational functionand a set of processes for creating,

communicating, and delivering value

to customers and for managingcustomer relationships

in ways that benefit the

organization and its stakeholders.

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Selling is only the tip of the iceberg

There will always be a need forsome 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 servicefits 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

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American Marketing Associations new official

definition of marketing released August 2004:

Marketin is an or anizational function and a set

of processes for creating, communicating anddelivering value to customers and for managing

customer relationships in ways that benefit the

organization and its stakeholders.

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Social Definition of Marketing

Marketing is a societal process by whichindividuals and groups obtain what they need and

want through creating, offering, and freely

exc ang ng pro ucts an serv ces o va ue w tothers.

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What is Marketing Management?

Marketing management is theart and science

of choosing target markets

and getting, keeping, and growingcustomers through

creating, delivering, and communicating

superior customer value.

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Exchange and Transactions MarketingMarketing ((KotlerKotler,, 19801980)):: HumanHuman activityactivity directeddirected asas satisfyingsatisfying

needsneeds andand wantswants throughthrough exchangeexchange processesprocesses..

ForFor exchangeexchange toto occur,occur, therethere mustmust bebe::

TwoTwo partiesparties

CapableCapable ofof communicationcommunication andand deliverydelivery FreeFree toto accept/rejectaccept/reject thethe offeroffer AgreementAgreement toto termsterms

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Goods

Services

Events & Experiences

The Scope Of Marketing -What is Marketed?

Persons

Places & Properties

Organizations

Information

Ideas

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Goods Marketing

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Services Marketing

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Event Marketing

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Place Marketing

- Attempt to attract people and organizations to aparticular geographic area.

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Organization Marketing

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Demand States

Nonexistent LatentNegative

Declining Irregular

Full UnwholesomeOverfull

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Markets - Structure of Flows in a ModernExchange Economy

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A Simple Marketing System

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Key Customer MarketsConsumer Markets Global Markets

Business Markets Nonprofit/ Government Markets

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Marketplaces, Marketspaces,Metamarkets

The marketplace is physical - Store The marketspace is digital Internet shopping

The metamarket is a cluster of complementary products

mind but spread across a diverse set of industries.

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Company Orientations

Production Product

Selling Marketing

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Holistic Marketing Concept

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The Four Ps Of Marketing

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Marketing-Mix Strategy

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Target markets,

Positioning, &Segmentation

Offerings &

Brands

Needs, Wants, &

Demands

Core Concepts

Value &Satisfaction MarketingChannels

Supply Chain Marketing

EnvironmentCompetition

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Major Societal ForcesChanging technology

Globalization

Deregulation

Privatization

Customer empowerment

Customization

Competition

Retail transformation

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New Consumer Capabilities

A substantial increase in buying power Greater variety of goods and services

Great deal of information available

Greater ease in interacting and placing andreceiving orders

Ability to compare notes on products and services

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New Company Capabilities

Internet

Research

Speed of internal information

Better target marketing

Mobile marketing

Differentiated goods

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Marketing Management Tasks

Develop market strategies and plans

Capture marketing insights Connect with customers

Build strong brands

Deliver value

Communicate value

Create long-term growth

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Thank You!!!