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Chapter One
1. Why is marketing important? 2. What is the scope of marketing? 3. What are some core marketing concepts? 4. How has marketing management changed in recent years? 5. What are the tasks necessary for successful marketing management?
MC Moon
Marketing is an Organizational function and a set of processes for creating, communicating, and delivering value to customers & for managing customer relationships in ways that benefit the organization and its stake holders.
Marketing is a Societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.
For a Managerial definition, marketing has often been described as the art of selling products. But actually the most important part of marketing is not selling! Selling is only the tip of the marketing iceberg.
Goods
Services Experiences Events Persons
Negative demand Situation where consumers avoid a product or firm with negative image or connotations, such as those associated with unfair labor policies or the practices that harm the environment. Declining demand Consumers begin to buy the product less frequently or not at all. Irregular demand Consumer purchases vary on a seasonal. monthly, weekly, daily, or even hourly basis. Full demand Consumers are adequately buying all products put into the marketplace.
In each case, marketers must identify the underlying causers of the demand state and then determine a plan for action to shift the demand to a more desired state.
Markets:
Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class.
Taxes, goods
Services, money Money Taxes, goods Intermediary Markets
Services
Consumer Markets Companies selling mass consumer goods and services. Business Markets Business buyers buy goods in order to make or resell a product to others at a profit. Global Markets Companies selling goods and services in the global marketplace.
Key Customer Markets Consider the following key customer markets: consumer, business, global, and nonprofit.
Non Profit & Governmental Markets Companies selling their goods for to nonprofit organizations
Needs, Wants, and Demands Needs are the basic human requirements. People need food, air, water, clothing, and shelter to survive, recreation, education, and entertainment. Needs become Wants when they are directed to specific objects that might satisfy the need. Wants are Demands for specific products backed by an ability to pay.
Then deciding which segments present the greatest opportunity-which are its target markets.
For each chosen target market, the firm develops a market offering.
The offering is positioned in the minds of the target buyers as delivering some central benefits. Companies do best when they choose their target markets carefully and prepare tailored marketing programs.
A brand name such as McDonald's carries many associations in the minds of people: hamburgers, fun, children, fast food, convenience, and golden arches. These associations make up the brand image.
Marketing Channels
To reach a target market, the marketer uses three kinds of marketing channels.
Communication channels, include newspapers, magazines, radio, television, mail, telephone, billboards, posters, fliers, CDs, audiotapes, and the Internet. Distribution channels, include distributors, wholesalers, retailers, and agents. Service channels, include warehouses, transportation companies, banks, and insurance companies that facilitate transactions.
Competition
Competition includes all the actual and potential rival offerings and substitutes that a buyer might consider.
Deregulation It is deregulating industries to create greater competition with opportunities. Privatization It is converting public companies to private ownership and management to increase their efficiency.
Globalization Technological advances in transportation, shipping, and communication made it easier for companies to market their products.
Customer empowerment Customers increasingly expect higher quality and service and some customization. They are more time-starved and want more convenience. They perceive fewer real product differences and show less brand loyalty. They are showing greater price sensitivity in their search for value.
Customization The ability of producing individually differentiated goods whether ordered in person, on the phone, or online. The capacity of interacting with each customer personally, to personalize messages, services, and the relationship. Almost no inventory involved. Heightened Competition
Brand manufacturers are facing intense competition from domestic and foreign brands which is resulting in rising promotion costs and shrinking profit margins.
Industry convergence
Pharmaceutical companies are now adding biogenetic research capacities in order to formulate new drugs, new cosmetics and new foods. Dell, Gateway, HewlettPackard released a stream of entertainment devicesfrom MP3 players to Plazma and LCD TVs LED TVs and camcorders.
In response, many traditional companies engaged in Reintermediation, adding online services to their existing offerings.
At this concept "everything matters" with marketing that abroad, integrated perspective is often necessary.
Updating The Four Ps One of the traditional marketing activities is in terms of the Marketing Mix, which has been defined as the set of marketing tools the firm uses to pursue its marketing objectives.
* Always Remember
* Since there are Four Ps, there are Four Cs