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Defining Marketing
for the 21st Century
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.
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2
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.
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3
Types of Needs
Stated
Real
Unstated
Delight
Secret
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Marketing Environment
Demographic Economic
Socio-cultural
Political-legal
Technological Natural
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-5
Major Societal Forces
▪ Network information ▪ Industry convergence
technology ▪ Retail transformation
▪ Globalization ▪ Disintermediation
▪ Deregulation ▪ Consumer buying power
▪ Privatization ▪ Consumer participation
▪ Heightened competition ▪ Consumer resistance
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-6
Holistic Marketing
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Relationship Marketing
Customers
Employees
Marketing Partners
Financial Community
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-8
The Marketing Mix
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The New Four Ps
People
Processes
Programs
Performance
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-10