1. Introduction to Marketing Management.ppt
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Brief introduction of the module
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1. Introduction to Marketing Management.ppt
- 1. Slide 1 of 25 1
- 2. Kotler • Keller Phillip Kevin Lane Marketing Management • 14e
- 3. Defining Marketing for the 21st Century
- 4. Slide 4 of 25 Discussion Questions 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts? 4. How has marketing management changed in recent years? 5. What are the task necessary for successful marketing management?
- 5. Slide 5 of 25 Marketing Demand Revenue Jobs Profits Giving
- 6. Slide 6 of 25 6
- 7. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 7 of 25 Resources • Book : Marketing Management by Philip Kotler, 15th edition • Googlesites: • https://sites.google.com/site/hemrajdit/ 7
- 8. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 8 of 25 8 What is Marketing…?? •
- 9. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 9 of 25 9 What is Marketing…?? • Selling? •
- 10. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 10 of 25 10 What is Marketing…?? • Selling? • Advertising?
- 11. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 11 of 25 11 What is Marketing…?? • Selling? • Advertising? • Promotions?
- 12. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 12 of 25 12 What is Marketing…?? • Selling? • Advertising? • Promotions? • Making products available in stores?
- 13. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 13 of 25 13 What is Marketing…?? • Selling? • Advertising? • Promotions? • Making products available in stores? • Maintaining inventories? •
- 14. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 14 of 25 14 What is Marketing…?? • Selling? • Advertising? • Promotions? • Making products available in stores? • Maintaining inventories? • All of the above, plus much more!
- 15. Slide 15 of 25 Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large.
- 16. Slide 16 of 25 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.
- 17. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 17 of 25 • Experiences • Events • Properties • Organizations • Information • Ideas What is Marketed? Places Persons Services Goods
- 18. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 18 of 25 Who markets? Marketer Prospect Attention Purchase Donation Vote Response
- 19. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 19 of 25 Types of Demand Negative • Nonexistent • Latent • Full • Overfull Declining Unwholesome Irregular
- 20. Slide 20 of 25 Markets
- 21. Slide 21 of 25 Simple Marketing System
- 22. Slide 22 of 25 Key Customer Markets Global Markets Business Markets Government Market Consumer Market
- 23. Slide 23 of 25 Markets Marketplaces Marketspaces Metamarkets: Cluster of complimentary product and services which are closely related in the minds of consumers
- 24. Slide 24 of 25 Core Marketing Concepts Needs, Wants, and Demands Target Markets, Positioning, and Segmentation Offerings and Brands Value and Satisfaction Customer value triad= qsp
- 25. Slide 25 of 25 Core Marketing Concepts Marketing Channels Competition Marketing Environment Supply Chain
- 26. Slide 26 of 25 The New Marketing Realities New Company Capabilities Major Societal Forces Information Technology Globalization Increased Competition Consumer Information Communicate w/Customer Collect Information Differentiate Goods
- 27. Slide 27 of 25 Who is Responsible for Marketing? Chief Marketing Officer (CMO) Entire Organization Marketing Department
- 28. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 28 of 25 Holistic Marketing Marketing Concepts Selling Product Production Mass production Mass distribution Quality Innovation Unsought goods Overcapacity Create, deliver, and communicate value
- 29. Slide 29 of 25 Holistic Marketing Dimensions
- 30. Slide 30 of 25 Relationship Marketing Build long-term relationships Develop marketing networks
- 31. Slide 31 of 25 Integrated Marketing Create, communicate, and deliver customer value
- 32. Slide 32 of 25 The Four P’s of the Marketing Mix
- 33. Slide 33 of 25 THE NEW 4 P’S Old 4 P’s New 4 P’s Product People Place Processes Promotion Programs Price Performance • People reflect internal marketing and the fact that employees are critical to marketing success. • Processes reflect all the creativity, discipline, and structure brought to marketing management. • Programs reflect all of the firm’s consumer-directed activities. • Performance is holistic marketing to capture the range of possible outcomes/measures that have financial and non-financial implications, and implications beyond the company itself. SIVA- • Solution • Information • Value • Availability
- 34. Slide 34 of 25 Internal Marketing
- 35. Slide 35 of 25 Performance Marketing Social Responsibility Financial Accountability
- 36. Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 36 of 25 • Developing market strategies and plans • Capturing marketing insights • Connecting with customers • Building strong brands • Shaping market offerings • Delivering value • Communicating value • Creating long-term growth Marketing Management Tasks
Editor's Notes
- Marketing creates demand for a product, which in turn drives revenue. Greater demand creates the need for companies to hire new workers, while revenue (top line) contributes to a company’s bottom line (profits), which allow the company to be more fully engaged in socially responsible activities.
- Experiences include a trip to Disney World, Fantasy baseball camp, a cruise. Events can include trade shows, the Olympics, Super Bowl, etc. Properties include real estate as well as stocks and bonds. Organizations use marketing to connect with their target market. Information is marketed by universities, textbook publishers, newspapers, etc. Ideas include “Friends don’t let friends drive drunk”
- Marketers are individuals, groups, associations, companies, etc. that seek a response, such as attention, a purchase, donation, vote, etc., from another party which is called the prospect.
- Negative – consumer’s dislike a product and may pay to avoid, such as with dental work Nonexistent – consumers are unaware of or uninterested in the product or service Latent – There is no product on the market that can satisfy consumer needs Declining – Consumers purchase a product less and less frequently, or not at all. For example, the sale of albums (vinyl and CD’s) are declining significantly. Irregular – A products demand varies by time, such as on a seasonal basis. Full – Consumers are buying all the products that enter into the market. Overfull – There are more buyers than product available. Unwholesome – Consumers are attracted to products that have undesireable social consequences, such as cigarettes or gambling.
- Economist describe a market as a collection of buyers and sellers who transact over a particular product or product class. There are five basic markets – Manufacturer, resource (financial, labor, raw materials), intermediary (wholesalers, resellers, etc), consumer, and government.
- Marketplace – physical locations (such as retail store) Marketspace – digital location (online retailer) Metamarkets – The cluster of complementary products and services related in consumers mind, but spread across diverse set of industries.
- Major societal forces, such as information technologies, globalization, increased competition, and a more informed consumer have altered the marketplace has changed significantly. While these have created challenges, organizations have responded with new capabilities
- CMOs must have strong quantitative skills, to accompany their qualitative skills. Must be entrepreneurial as well as a team player. However, the CMO nor the marketing department can be solely responsible for marketing. It must be undertaken by the entire organization. David Packard of Hewlett-Packard is quoted as saying: “Marketing is far to important to be left to the marketing department.”
- The five distinct marketing concepts are: Production, Product, Selling, Marketing, and Holistic. These philosophies have evolved over time and began with the production concept. The evolution of a new marketing concept does not mean that all companies are changing. Many companies continue to operate under the production concept. Under a production philosophy the company will seek to mass produce products and to distribute them on a wide scale. The belief is that consumers prefer products that are widely available and inexpensive. The product concept proposes that consumers prefer products that have higher quality, performance, or are more innovative. Often, managers focus too much on the product (a better mousetrap) but this does not always equal success. The selling concept argues that members of a market will not purchase enough product on their own so companies use the “hard-sell” to increase demand. Typically used with unsought goods such as insurance or cemetery plots, or when companies face overcapacity. The marketing concept first emerged in the 1950’s and focuses more on the customer with a “sense-and-respond” attitude. Companies that have embraced the marketing concept have been shown to achieve superior performance than competitors. The holistic concept takes a philosophy that everything matters in marketing. Next slide outlines the Holistic Marketing Concept.
- The Holistic Marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognises that “everything matters” in marketing- and that a broad, integrated perspective is often necessary.
- Relationship marketing seeks to build mutually beneficial, long-term relationship with key constituents in order to earn and retain their business. The four key constituents are: customers, employees, partners, and member of the financial community. Attracting a new customer can cost five times as much as retaining existing customers so building long-term relationships makes financial sense for the company. Marketing networks consist of the company and its supporting stakeholders who have built a mutually profitable business relationship. The operating principle: build an effective network of relationships with key stakeholders, and profits will follow.
- Integrated marketing holds that all activities undertaken by the company should create, communicate, and deliver value. Further, all new activities should take into consideration all other marketing activities.
- Internal marketing is the task of hiring, training, and motivating able employees to serve customers well. You can’t promise excellent service if you can’t deliver excellent service.
- Marketers must understand both the financial and nonfinancial returns to a business and society from marketing programs and activities. Financial accountability involves the justification of marketing expenditures in terms of financial returns. But they must also think about the ethical, environmental, legal, and social aspects of their activities.