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1 Defining Marketing

for the 21st Century

Marketing Management, 14th edition


MQC
Marketing Quality Circle
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
successful marketing management?
What is Marketing?

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 includes:

•Production management
•Brand management
•Customer management
What is Marketing Management?

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.
Why Marketing?

•Importance of Marketing
•Scope of Marketing
What is Marketed?

 Goods  Places and properties


 Services  Organizations
 Events and  Information
experiences  Ideas
 Persons
Demand States

 Negative  Irregular
 Nonexistent  Unwholesome
 Latent  Full
 Declining  Overfull
Key Customer Markets

 Consumer markets
 Business markets
 Global markets
 Nonprofit/Government markets
Company Orientations

 Production
 Product
 Selling
 Marketing
Marketing Mix and the Customer

Four Ps Four Cs
 Product  Customer
 Price solution
 Place  Customer cost
 Promotion  Convenience
 Communication
Core Concepts
 Needs, wants, and  Marketing channels
demands  Supply chain
 Target markets,  Competition
positioning,  Marketing
segmentation environment
 Offerings and  Marketing planning
brands
 Value and
satisfaction
Functions of CMOs

 Strengthening the brands


 Measuring marketing effectiveness
 Driving new product development based on
customer needs
 Gathering meaningful customer insights
 Utilizing new marketing technology
Figure 1.3 Improving CMO Success (cont.)

 Make the mission and responsibilities clear


 Fit the role to the marketing culture and
structure
 Ensure the CMO is compatible with the CEO
 Remember that show people don’t succeed
 Match the personality with the CMO type
 Make line managers marketing heroes
 Infiltrate the line organization
 Require right-brain and left-brain skills
New Consumer Capabilities
 A substantial increase in buying power
 A greater variety of available goods and services
 A great amount of information about practically
anything
 Greater ease in interacting and placing and
receiving orders
 An ability to compare notes on products and
services
 An amplified voice to influence public opinion
Dual
Dual Goal
Goal of
of
What is marketing? marketing
marketing

Adam Smith of
Core concepts
Why marketing?
marketing
es s io n1
Scientificof
Importance S er 1
marketing
Management Chapt
Customer satisfaction
General
General
Scope
Scope of
of marketing
marketing
Administrative
Quality
Customer Administrative
Quality
Customer Theory
Manageme
Satisfaction Theory Consumer
Manageme
Satisfaction
nt
nt Customer resistance
Customer Customer
Dissatisfactio Customer
Dissatisfactio Delight
n Delight Convergence
II n
Market changes
Information
Information Globalizatio Deregulation
Deregulation Privatization Competition
technology
technology n Organization
MARKETING IN 21 st
st

Century

What is Marketed Goods Services Persons Places, Information Ideas


Properties

Negative Latent Unwholeso Hawthorn Organizatio


Organizatio
Demand States me
Declining
Declining Full
Full
e Studies
Overfull
Overfull
nal
nal
Behavior
Behavior

Organizatio
Organizatio
Irregular
Irregular
Company nal
nal
Production
Production Holistic
Holistic Selling
Selling Marketing
Marketing Behavior
Behavior
Orientations
Organizatio
Organizatio
Nonexistent
Nonexistent
nal
Marketing Mix Product Price Place nal
Product
Product Behavior
Behavior

•• Develop
Develop marketing
marketing
Marketing strategies
strategies and
and plans
plans •• Shape
Shape market
market offerings
offerings
•• Capture
Capture marketing
marketing •• Deliver
Deliver value
value
Management Tasks •• Communicate Promotion
insights
insights Communicate value
value
•• Connect
Connect with
with customers
customers •• Create
Create long-term
long-term growth
growth
•• Build
Build strong
strong brands
brands

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