Defining marketing for the 21st century

1. 1
Defining Marketing
for the 21st
Century
1

2. 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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3. What is Marketing?
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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.

4. What is Marketing Management?
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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.

5. What is Marketed?
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• Goods
• Services
• Events
• Experiences
• Persons

6. What is Marketed?
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• Places
• Properties
• Organizations
• Information
• Ideas

7. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-7
Demand States

Negative

Nonexistent

Latent

Declining

Irregular

Unwholesome

Full

Overfull

8. Figure 1.1 Structure of Flows in
Modern Exchange Economy
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9. Figure 1.2
A Simple Marketing System
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10. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-10
Key Customer Markets

Consumer markets

Business markets

Global markets

Nonprofit/Government markets

11. 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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12. Types of Needs
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Stated
Real
Unstated
Delight
Secret

13. Target Markets,
Positioning & Segmentation
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14. Offerings and Brands
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15. Value and Satisfaction
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16. Marketing Channels
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Communication
Distribution
Service

17. Marketing Environment
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Demographic Economic
Socio-cultural
NaturalTechnological
Political-legal

18. 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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19. Company Orientations
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Production
Product
Selling
Marketing

20. Holistic Marketing
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21. Relationship Marketing
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Customers
Employees
Marketing Partners
Financial Community

22. Integrated Marketing
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23. Internal Marketing
Internal marketing is the task of
hiring, training, and motivating able employees
who want to serve customers well.
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24. Performance Marketing
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Financial
Accountability
Social Responsibility
Marketing

25. 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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26. The Marketing Mix
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27. The New Four Ps
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Processes
People
Programs
Performance

28. 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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29. 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 1-29