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Ch1 defining marketing for the 21st century abendan

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  • 1. TOP 10 Learning Concepts for CHAPTER 1: DEFINING MARKETING FOR THE 21 ST CENTURY Ria Abendan April 2011
  • 2. Outline: 21 ST Century Marketing
    • What is Marketing?
    • What is Marketed?
    • Flows in a Modern Exchange Economy
    • Core Marketing Concepts
    • 5 Types of Needs
  • 3. Outline: 21 ST Century Marketing
    • New Marketing Realities
    • New Consumer Capabilities
    • Company Orientations
    • Four Ps
    • Marketing Management Tasks
  • 4. Concept #1: What is Marketing?
    • An organizational function
    • A set of processes for
    • C reating
    • C ommunicating, and
    • D elivering value
    • Entails managing customer relationships in ways that benefit the organization and its stakeholders .
    C C D
  • 5. Concept #1: What is Marketing?
    • Marketing Management
    • The art and science of:
      • Choosing target markets
      • Getting, keeping, and growing customers
      • C reating, C ommunicating, and D elivering superior customer value
    C C D
  • 6. Concept #2: What is Marketed?
  • 7. Examples Concept #2: What is Marketed?
  • 8. Examples Concept #2: What is Marketed?
  • 9. Examples Concept #2: What is Marketed?
  • 10. Examples Concept #2: What is Marketed?
  • 11. Examples Concept #2: What is Marketed?
  • 12. Examples Concept #2: What is Marketed?
  • 13. Examples Concept #2: What is Marketed?
  • 14. Examples Concept #2: What is Marketed?
  • 15. Examples Concept #2: What is Marketed?
  • 16. Examples Concept #2: What is Marketed?
  • 17. Concept #3: Flows in a Modern Exchange Economy Manufacturer Markets Consumer Markets Intermediary Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money services taxes services, money taxes, goods services, money taxes, goods taxes, goods services, money
  • 18. Concept #3: There are five basic markets in a modern economy Manufacturer Markets Consumer Markets Intermediary Markets Resource Markets Government Markets
  • 19. Concept #3: Consumers sell labor to resource markets Manufacturer Markets Consumer Markets Resource Markets Government Markets resources money
  • 20. Concept #3: Manufacturers buy resources… Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources money money
  • 21. Concept #3: …turn them to goods & services and sell to intermediaries Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services money money money
  • 22. Concept #3: Intermediaries sell finished goods to consumers Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money
  • 23. Concept #3: The government collects tax revenues to buy goods Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money taxes taxes, goods taxes, goods taxes, goods
  • 24. Concept #3: And uses these goods and services to provide public service Manufacturer Markets Consumer Markets Resource Markets Government Markets resources resources goods and services goods and services money money money money taxes taxes, goods taxes, goods taxes, goods services services, money services, money services, money
  • 25. Concept #4: Core Marketing Concepts Needs, Wants and Demands Source: www.akri.org
    • Need = basic human requirement
    • Can be objective / physical (ex. Food)
    • Can be subjective / psychological (ex. Self-esteem)
  • 26.
    • Wants = dictated by society
    • Demands = wants backed by an ability to pay
    WANTS DEMANDS NEEDS Concept #4: Core Marketing Concepts Needs, Wants and Demands
  • 27. Example: NEED: Rice WANT: Fried Rice DEMAND: Quality Rice Concept #4: Core Marketing Concepts Needs, Wants and Demands
  • 28. Example: NEED: Education WANT: World’s Top Schools DEMAND: Quality Education Concept #4: Core Marketing Concepts Needs, Wants and Demands
  • 29. Concept #4: Core Marketing Concepts Target Markets, Positioning, Segmentation Example:
    • Relevant features
    • 24/7 Customer Service
  • 30. Concept #4: Core Marketing Concepts Offerings and Brands
    • Value Proposition:
    • Set of benefits companies offer to consumers to satisfy their needs
  • 31. Concept #4: Core Marketing Concepts Offerings and Brands
    • Brand:
    • An offering from a known source
    • Famous local brands:
  • 32. Concept #4: Core Marketing Concepts Value and Satisfaction
    • Value = sum of customers’ perceived benefits and costs
    • Combination of the customer value triad (QSP)
    VALUE QUALITY SERVICE PRICE
  • 33. Concept #4: Core Marketing Concepts Value and Satisfaction
    • Satisfaction = reflects judgment of perceived performance vs. expectations
  • 34. Concept #4: Core Marketing Concepts Marketing Channels Communication Channels radio tv print billboards launch events Examples:
  • 35. Concept #4: Core Marketing Concepts Marketing Channels Distribution Channels wholesalers retailers door to door agents Examples:
  • 36. Concept #4: Core Marketing Concepts Marketing Channels Service Channels Example: banks warehouses
  • 37. Concept #4: Core Marketing Concepts Supply Chain
    • From raw materials to finished goods that are carried to final buyers
    • Company’s aim is to capture a higher percentage of supply chain value
  • 38. Concept #4: Core Marketing Concepts Competition Direct competitors Substitutes
  • 39. Concept #4: Core Marketing Concepts Marketing Environment Task Environment Company Customer Supplier Competition
  • 40. Concept #4: Core Marketing Concepts Marketing Environment Broad Environment Company Customer Supplier Competition Demographic Political-Legal Social-Cultural Technological
  • 41. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want an inexpensive TV.”
  • 42. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want a TV whose maintenance cost, not initial price, is low.”
  • 43. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want good service from the manufacturer.”
  • 44. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want it to come with a home theater system.”
  • 45. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs “ I want my friends to see me as a smart consumer.”
  • 46. Concept #5: 5 Types of Needs Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs To gain competitive edge, marketers must help customers learn what they want.
  • 47. Concept #6: New Marketing Realities Information Technology Globalization Deregulation Privatization Competition Convergence Consumer Resistance Retail Transformation
  • 48. Concept #6: New Marketing Realities Information Technology
    • Creation of the Information Age
  • 49. Concept #6: New Marketing Realities Globalization
    • Technological advances made it easier to market to other countries
  • 50. Concept #6: New Marketing Realities Deregulation
    • Less government laws create greater competition and growth opportunities
  • 51. Concept #6: New Marketing Realities Privatization
    • Example is the privatization of Meralco
  • 52. Concept #6: New Marketing Realities Competition
    • Competition from both local and foreign products
  • 53. Concept #6: New Marketing Realities Convergence
    • Blurring of industry boundaries
  • 54. Concept #6: New Marketing Realities Consumer Resistance
    • High market saturation, especially in urban areas
  • 55. Concept #6: New Marketing Realities Retail Transformation
    • From retail stores to online stores
  • 56. Concept #7: New Consumer Capabilities Substantial increase in buying power Greater variety of available goods & services Great amount of information Greater ease in interacting and placing & receiving orders Ability to compare notes on products & services Amplified voice to influence public opinion
  • 57. Concept #8: Production Marketing Product Selling Company Orientations
  • 58. Concept #8: Company Orientations Production
    • Focus on production efficiency
  • 59. Concept #8: Company Orientations Product
    • Focus is on quality and continuous innovation
  • 60. Concept #8: Company Orientations Selling
    • Push of sellers to increase profit
    • Applies mostly to unsought goods
    • Example: cemetery plots
  • 61. Concept #8: Company Orientations Marketing
    • Finding the right products for your customers through research
  • 62. Concept #9: Marketing-Mix Tools http://pauldunay.com/wp-content/uploads/2010/01/4ps.png
  • 63. Concept #10: 8 Marketing Management Tasks
    • Develop Market Strategies and Plans
    • Capture Market Insights
    • Connect with Customers
    • Build Strong Brands
    • Shape Market Offerings
    • Deliver Value
    • Communicate Value
    • Create Long-Term Growth
  • 64. Summary: 21 ST Century Marketing
    • What is Marketing?
    • What is Marketed?
    • Flows in a Modern Exchange Economy
    • Core Marketing Concepts
    • 5 Types of Needs
    • New Marketing Realities
    • New Consumer Capabilities
    • Company Orientations
    • Four Ps
    • Marketing Management Tasks
  • 65. TOP 10 Learning Concepts for CHAPTER 1: DEFINING MARKETING FOR THE 21 ST CENTURY Ria Abendan April 2011