What is Marketing?• The process by which companies create, communicate and deliver value for the target customers in order to get value in return.
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.
Marketing is about;
Demand Types & Structure• Negative demand-Consumers dislike the product and may even pay a price to avoid it.• Latent demand- Consumers may share a strong need that cannot be satisfied by an existing product.• 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.• Unwholesome demand: Consumers may be attracted to products that have undesirable social consequences
What is Marketed?• Goods• Services• Events and experiences• Persons• Places and properties• Organizations• Information• Ideas
Key Customer Markets• Consumer markets• Business markets• Global markets• Nonprofit/Government markets.
Company Orientations• Production• Product• Selling• Marketing
Core Concepts• Needs, wants, and • Marketing channels demands • Supply chain• Target markets, • Competition positioning, • Marketing segmentation environment• Offerings and brands • Marketing planning• Value and satisfaction
Core ConceptsMarkets: ???B2C, B2B, Global, Govt. & Non-profits,C2C.• The marketplace is physical, such as a store you shop in;• Market-space is digital, as when you shop on the Internet.J4• Meta-market a cluster of complementary products and services that are closely related in the minds of consumers, but spread across a diverse set of industries.
Marketing Mix and the CustomerFour Ps Four Cs• Product • Customer solution• Price • Customer cost• Place • Convenience• Promotion • Communication
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
Holistic Marketing• The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies. Holistic marketing recognizes that "everything matters" in marketing-and that a broad, integrated perspective is often necessary.
• Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business.• Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.
Integrated Marketing• Two key themes of integrated marketing are that:1.Many different marketing activities communicate and deliver value and2.When coordinated, marketing activities maximize their joint effects. In other words, marketers should design and implement anyone marketing activity with all other activities in mind.
Performance Marketing• Financial Accountability• Social Responsibility Marketing• Social Initiatives• Corporate social marketing• Cause marketing• Corporate philanthropy• Corporate community involvement• Socially responsible business practices