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Defining Marketing for the Twenty-First Century
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Defining Marketing for the Twenty-First Century


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Defining Marketing for the Twenty-First Century …

Defining Marketing for the Twenty-First Century

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  • 1. Chapter 1 Defining Marketing for the Twenty-First Century PowerPoint by Karen E. James Louisiana State University - Shreveport
  • 2. Objectives
    • Understand the new economy.
    • Learn the tasks of marketing.
    • Become familiar with the major concepts and tools of marketing.
    • Understand the orientations exhibited by companies.
  • 3. Objectives
    • Learn how companies and marketers are responding to new challenges.
  • 4. The New Economy
    • Consumer benefits from the digital revolution include:
      • Increased buying power.
      • Greater variety of goods and services.
      • Increased information.
      • Enhanced shopping convenience.
      • Greater opportunities to compare product information with others.
  • 5. The New Economy
    • Firm benefits from the digital revolution include:
      • New promotional medium.
      • Access to richer research data.
      • Enhanced employee and customer communication.
      • Ability to customize promotions.
  • 6. Marketing Tasks
    • Marketing practices may pass through three stages:
      • Entrepreneurial marketing
      • Formulated marketing
      • Intrepreneurial marketing
    • As marketing becomes more formulated, creativity is inhibited.
  • 7. What Can Be Marketed?
    • Goods
    • Services
    • Experiences
    • Events
    • Persons
    • Places
    • Properties
    • Organizations
    • Information
    • Ideas
  • 8. Marketing Defined
    • Kotler’s social definition:
      • “ 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.”
  • 9. Marketing Defined
    • The AMA managerial definition:
      • “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
  • 10. Core Marketing Concepts
    • Target markets and market segmentation
    • Marketplace, market-space, metamarkets
    • Marketers & prospects
    • Needs, wants, demands
    • Product offering and brand
    • Value and satisfaction
    • Exchange and transactions
    • Relationship and networks
    • Marketing channels
    • Supply chain
    • Competition
    • Marketing environment
    • Marketing program
  • 11. Core Marketing Concepts
    • Target markets & segmentation
      • Differences in needs, behavior, demographics or psychographics are used to identify segments.
      • The segment served by the firm is called the target market.
      • The market offering is customized to the needs of the target market.
  • 12. Core Marketing Concepts
    • Shopping can take place in a:
      • Marketplace (physical entity, Lowe’s)
      • Marketspace (virtual entity, Amazon)
    • Metamarkets refer to complementary goods and services that are related in the minds of consumers.
    • Marketers seek responses from prospects .
  • 13. Core Marketing Concepts
    • Needs describe basic human requirements such as food, air, water, clothing, shelter, recreation, education, and entertainment.
    • Needs become wants when they are directed to specific objects that might satisfy the need. (Fast food)
    • Demands are wants for specific products backed by an ability to pay.
  • 14. Core Marketing Concepts
    • A Product is any offering that can satisfy a need or want, while a brand is a specific offering from a known source.
    • When offerings deliver value and satisfaction to the buyer, they are successful.
  • 15. Enhancing Value
    • Marketers can enhance the value of an offering to the customer by:
      • Raising benefits.
      • Reducing costs.
      • Raising benefits while lowering costs.
      • Raising benefits by more than the increase in costs.
      • Lowering benefits by less than the reduction in costs.
  • 16. Core Marketing Concepts
    • Exchange involves obtaining a desired product from someone by offering something in return. Five conditions must be satisfied for exchange to occur.
    • Transaction involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.
  • 17. Core Marketing Concepts
    • Relationship marketing aims to build long-term mutually satisfying relations with key parties, which ultimately results in marketing network between the company and its supporting stakeholders.
  • 18. Core Marketing Concepts
    • Marketing Channels
    • Communication channels
    • Distribution channels
    • Service channels
    • Deliver messages to and receive messages from target buyers.
    • Includes traditional media, non-verbal communication, and store atmospherics.
  • 19. Core Marketing Concepts
    • Marketing Channels
    • Communication channels
    • Distribution channels
    • Service channels
    • Display or deliver the physical products or services to the buyer / user.
  • 20. Core Marketing Concepts
    • Marketing Channels
    • Communication channels
    • Distribution channels
    • Service channels
    • Carry out transactions with potential buyers by facilitating the transaction.
  • 21. Core Marketing Concepts
    • A supply chain stretches from raw materials to components to final products that are carried to final buyers.
    • Each company captures only a certain percentage of the total value generated by the supply chain.
  • 22. Core Marketing Concepts
    • Four levels of competition can be distinguished by the level of product substitutability:
      • Brand competition
      • Industry competition
      • Form competition
      • Generic competition
  • 23. Core Marketing Concepts
    • The following forces in the broad environment have a major impact on the task environment:
      • Demographics
      • Economics
      • Natural environment
      • Technological environment
      • Political-legal environment
      • Social-cultural environment
  • 24. Core Marketing Concepts
    • The marketing program is developed to achieve the company’s objectives. Marketing mix decisions include:
      • Product: provides customer solution.
      • Price: represents the customer’s cost.
      • Place: customer convenience is key.
      • Promotion: communicates with customer.
  • 25. Company Orientations
    • The orientation or philosophy of the firm typically guides marketing efforts. Several competing orientations exist:
      • Production concept
      • Product concept
      • Selling concept
      • Marketing concept
      • Customer concept
      • Societal marketing concept
  • 26. The Marketing Concept
    • Achieving organizational goals requires that company be more effective than competitors in creating, delivering, and communicating customer value.
    • Four pillars of the marketing concept:
      • Target market
      • Customer needs
      • Integrated marketing
      • Profitability
  • 27. Changes in the Marketplace
    • Globalization, technological advances, and deregulation have created many challenges:
      • Customers
      • Brand manufacturers
      • Store-based retailers
    • Both companies and marketers have been forced to respond and adjust.