Marketing ManagementChapter 1

Defining Marketing for the 21st Century

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

What is Marketing?

What is Marketing?

•Marketing Defined: “Marketing is a social and managerial

process by which individuals and groups obtain what they need and want through creating and exchanging value with others”

•Marketing is about managing profitable customer relationships

–Attracting new customers–Retaining and growing current customers

4

What is Marketed?

Goods

Services

Events & Experiences

Persons

Places & Properties

Organizations

Information

Ideas

Company Orientations

Production

Selling Marketing

Product

CHP: 1&5-6

Production Concept

Product Concept

Selling Concept

Marketing Concept

Holistic Marketing Concept

•Consumers favor products that are available and highly affordable.•Improve production and distribution.•Consumers favor products that offer the most quality, performance, and innovative features.•Consumers will buy products only if the company promotes/ sells these products.•Focuses on needs/ wants of target markets & delivering satisfaction better than competitors.•Includes relationship, internal, integratedAnd social responsibility marketing .

Marketing Management Philosophies

Figure 1.3 Holistic Marketing Dimensions

Marketing Management is a business discipline which is focus on the practical application of marketing techniques and the management of a firm’s marketing

resources and activities.

What is Marketing?

Demand Management

Negative Demand

Nonexistent Demand

Latent Demand

Declining Demand

Irregular Demand

Full Demand

Overfull Demand

Unwholesome Demand