Marketing Management (MKT 511) Delivered by: Dr.
Shilpa Iyanna
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1 Defining Marketing for the 21st Century
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?
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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.
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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.
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What is Marketed?
Goods Services Events Experiences Persons
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What is Marketed?
Places Properties Organizations Information Ideas
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Demand States
Negative Nonexistent Latent Declining
Irregular Unwholesome Full Overfull
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Figure 1.1 Structure of Flows in Modern Exchange Economy
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Figure 1.2 A Simple Marketing System
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Key Customer Markets
Consumer markets Business markets Global markets Nonprofit/Government markets
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Core Concepts
Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction
Marketing channels Supply chain Competition Marketing environment Marketing planning
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Types of Needs
Stated Real Unstated Delight
Secret
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Target Markets, Positioning & Segmentation
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Offerings and Brands
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Value and Satisfaction
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Marketing Channels
Communication
Distribution Service
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Marketing Environment
Demographic Economic
Political-legal
Socio-cultural
Technological
Natural
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Major Societal Forces
Network information technology Globalization Deregulation Privatization Heightened competition
Industry convergence Retail transformation Disintermediation Consumer buying power Consumer participation Consumer resistance
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Company Orientations
Production
Product Selling Marketing
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Holistic Marketing
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Relationship Marketing
Customers
Employees
Marketing Partners
Financial Community
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Integrated Marketing
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Internal Marketing
Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.
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Performance Marketing
Financial Accountability
Social Responsibility Marketing
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Types of Corporate Social Initiatives
Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices
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The Marketing Mix
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The New Four Ps
People
Processes Programs Performance
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Marketing Management Tasks
Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth
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For Review
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?
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall
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