21st Century Marketing
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21st century marketing involves meeting customer needs profitably through 7 key tasks: developing strategic plans, capturing market insights, connecting with customers, building strong brands, shaping market offerings, communicating and delivering value, and capturing long term growth. It is used for everything from goods to ideas, is everyone's responsibility, and must be adapted as the competitive environment changes with more demanding customers and new technologies. Core concepts around needs, wants, and demands remain important.
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21st Century Marketing
- 1. www.josephdeungria.com 1 DEFINING MARKETING for the 21st CENTURY Prof. Bong De Ungria Ateneo Graduate School of Business Understanding Marketing Management
- 2. www.josephdeungria.com Outline: 21st century marketing is… 1. Important to business success (why?) 2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
- 3. www.josephdeungria.com 21st Century Marketing Concept 1: Marketing is important for business success • Delivers top-line growth (revenue) • Customer retention/ loyalty communicating and creating, delivering value to
- 4. www.josephdeungria.com 1. Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas 21st Century Marketing Concept 2: Everything (10) is marketed !
- 5. www.josephdeungria.com 1. Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas 21st Century Marketing Concept 2: Everything (10) is marketed ! Pnoy Challenge: Name 1 entity that does not need Marketing
- 7. www.josephdeungria.com 1. Marketing 2. Finance 3. Operations 4. HR 21st Century Marketing Concept 3: Every employee is a marketer!
- 8. www.josephdeungria.com 1. Marketing 2. Finance 3. Operations 4. HR Including: – Delivery personnel – Security guards – Secretaries – Collectors – Messenger 21st Century Marketing Concept 3: Every employee is a marketer!
- 9. www.josephdeungria.com 21st Century Marketing Concept 3: Everything counts! (All actions are counted, scored by the customer)
- 10. www.josephdeungria.com Outline: 21st century marketing is… 1. Important to business success (why?) 2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
- 11. www.josephdeungria.com Model Mastering 101 Key Marketing Concepts
- 13. www.josephdeungria.com What is Marketing? System of profitably
- 14. www.josephdeungria.com What is Marketing? System of profitably creating,
- 15. www.josephdeungria.com What is Marketing? System of profitably communicating and creating,
- 16. www.josephdeungria.com What is Marketing? System of profitably communicating and creating, delivering value to
- 17. www.josephdeungria.com What is Marketing? System of profitably Satisfy customer communicating and creating, delivering value to
- 18. www.josephdeungria.com What is Marketing? System of profitably Satisfy customer needs, wants and demands communicating and creating, delivering value to
- 19. www.josephdeungria.com What is Marketing? System of profitably Satisfy customer needs, wants and demands Better than competition communicating and creating, delivering value to
- 20. www.josephdeungria.com Maslow’s Hierarchy of Needs= a basic, constant reference Self- Actualization Esteem Needs (Recognition, Status) Social Needs (sense of belonging, love) Safety Needs (security, protection) Physiological needs (food, water, shelter) Reference: Marketing Management, 11th ed, Philip Kotler
- 21. www.josephdeungria.com Food example To understand Needs, Wants & Demands. Need Basic necessity Feel deprived if this is absent Food Want Given choices, this is what you prefer Chicken, Burger, Steak dinner Demand A want that is supported by a decision and capacity to buy Only burger is within my budget!
- 22. www.josephdeungria.com 21st Century Same Concept 3 and 4: Marketing meets demand (thus, meets needs too!)
- 23. www.josephdeungria.com Needs are still basic, universal human requirements. Respond to 5 Types of needs: 1. Stated 2. Unstated 3. Real 4. Delight 5. Secret Basic needs have not changed. No NEED added or deleted in 50 years
- 24. www.josephdeungria.com Heart is a 3 cornered shape For 3 Strategic Cs
- 25. www.josephdeungria.com CUSTOMER First side is Customer
- 26. www.josephdeungria.com COMPANY CUSTOMER 2nd side is Company who creates, communicates & delivers value
- 27. www.josephdeungria.com COMPANY CUSTOMER COMPETITION 3rd side is Competition
- 28. www.josephdeungria.com COMPANY CUSTOMER NEEDS, WANTS, DEMANDS COMPETITION For customers, we meet demands
- 29. www.josephdeungria.com Outline: 21st century marketing is… 1. Important to business success (why?) 2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
- 30. www.josephdeungria.com In 21st Century Marketing Many Things Changed (Increased!)
- 31. www.josephdeungria.com 1. Globalization 2. Technology 3. Deregulation 4. Privatization 5. More Competition 6. Industry Convergence 7. Consumer resistance 8. Retail Transformation 21st Century Marketing Difference 1: Competition increased due to
- 32. www.josephdeungria.com 1. Globalization 2. Technology 3. Deregulation 4. Privatization 5. More Competition 6. Industry Convergence 7. Consumer resistance 8. Retail Transformation The Following changed or disappeared: Economic Boundaries Brick and Mortar Business Rules Monopolies & Dinosaurs Way of Doing Business 21st Century Marketing Difference 1: Competitive Rules changed!
- 33. www.josephdeungria.com 1. Buying Power 2. Choices 3. Information 4. Voice EASIER 5. Ordering 6. Comparison Customer is King! INCREASED 21st Century Marketing Difference 1: Customers are more powerful and demanding
- 34. www.josephdeungria.com 1. Internet 1. Social Media 2. Sales Channel 3. Research 4. On and Off-line buzz 5. Blogs 6. Purchasing savings 2. Niche magazines 3. Mobile 21st Century Marketing Difference 3: Companies must use more capabilities too!
- 35. www.josephdeungria.com Heart Attack! Company does same things it did 5 or 10 years ago (even if these were the key success factors of the 20th century)
- 36. www.josephdeungria.com Must cover: 1. Customers (develop long term relationships) 2. Company (internal customers, employees, 4Ps) 3. Competition (performance) 21st Century Marketing Difference 4: Marketing has to be HOLISTIC
- 37. www.josephdeungria.com Outline: 21st century marketing is… 1. Important to business success (why?) 2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
- 38. www.josephdeungria.com 1. Develop Strategic Plans 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 39. www.josephdeungria.com 1. Develop Strategic Plans 2. Capture Market Insights 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 40. www.josephdeungria.com 1. Develop Strategic Plans 2. Capture Market Insights 3. Connect with Customers 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 41. www.josephdeungria.com 1. Develop Strategic Plans 2. Capture Market Insights 3. Connect with Customers 4. Build Strong Brands 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 42. www.josephdeungria.com 1. Develop Strategic Plans 2. Capture Market Insights 3. Connect with Customers 4. Build Strong Brands 5. Shape Market Offerings 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 43. www.josephdeungria.com 1. Develop Strategic Plans 2. Capture Market Insights 3. Connect with Customers 4. Build Strong Brands 5. Shape Market Offerings 6. Communicate & Deliver Value 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 44. www.josephdeungria.com 1. Develop Strategic Plans 2. Capture Market Insights 3. Connect with Customers 4. Build Strong Brands 5. Shape Market Offerings 6. Communicate & Deliver Value 7. Capture Long Term Growth 21st Century Marketing Difference 5: Marketing Must Fulfill 7 Tasks
- 45. www.josephdeungria.com In 20th century marketing: 20 was good and can win! 45www.josephdeungri a.com ACE + 9 = 20
- 46. www.josephdeungria.com 21st Century Marketing: Only “21” is acceptable ACE + 9 = 20 ACE + KING = 21!
- 47. www.josephdeungria.com 21st Century Marketing…. Meeting Demands Profitably NEEDS, WANTS, DEMANDS PROFITABLY Business Success
- 48. www.josephdeungria.com 21st Century Marketing…. Used for everything & involves everybody NEEDS, WANTS, DEMANDS PROFITABLY Business Success EVERYBODY
- 49. www.josephdeungria.com 21st Century Marketing…. Is Changing NEEDS, WANTS, DEMANDS PROFITABLY Business Success 10 ENTITIES INVOLVES EVERYBODY CHANGING
- 50. www.josephdeungria.com 21st Century Marketing…. Demanding Customers, Greater Competition, Stronger Companies NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING EVERYBODY
- 51. www.josephdeungria.com 21st Century Marketing…. Demanding Customers Demand a lot that can bankrupt companies NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING EVERYBODY
- 52. www.josephdeungria.com 21st Century Marketing…. Manages Demand (customer’s ability to pay) NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING EVERYBODY
- 53. www.josephdeungria.com 21st Century Marketing…. Manages Demand- Focus on 5 of 10 things that really matter to customer NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS EVERYBODY
- 54. www.josephdeungria.com 21st Century Marketing…. ST.P= Segments… NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS EVERYBODY
- 55. www.josephdeungria.com 21st Century Marketing…. ST.P= Segments…Targets… NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS EVERYBODY
- 56. www.josephdeungria.com 21st Century Marketing…. ST.P= Segments…Targets… Positions NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Promo Price Place EVERYBODY
- 57. www.josephdeungria.com 21st Century Marketing…. Positions with Brands NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place Positions with Br ANDS EVERYBODY
- 58. www.josephdeungria.com 21st Century Marketing…. Is Holistic NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick EVERYBODY
- 59. www.josephdeungria.com 21st Century Marketing…. Involves 7 Tasks NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS
- 60. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 1 Develop Plans NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS PLANeS
- 61. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 2 Captures Insights NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS DEVELOPS PLANeS CAPTURES Insights
- 62. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 3 Connects with Customers NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS DEVELOPS PLANeS CAPTURES Insights CONNECTS WITH CUSTOMERS
- 63. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 4 Builds Strong Brands NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS DEVELOPS PLANeS CAPTURES Insights CONNECTS WITH CUSTOMERS BUILDS BRANDS
- 64. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 5 Shapes Market Offerings NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS DEVELOPS PLANeS CAPTURES Insights CONNECTS WITH CUSTOMERS BUILDS BRANDS SHiPs OFFERING
- 65. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 6 Communicates & Delivers Value NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS DEVELOPS PLANeS CAPTURES Insights CONNECTS WITH CUSTOMERS BUILDS BRANDS SHiPs OFFERING COMMUNICATES AND DELIVERS VALUE
- 66. www.josephdeungria.com 21st Century Marketing…. 7 Tasks 7 Creates Long Term Growth NEEDS, WANTS, DEMANDS PROFITABLY Business Success CHANGING MANAGES DEMANDS Product Prom o Price Place POSTIONS with Br ANDS HOLE- Stick 7 TASKS DEVELOPS PLANeS CAPTURES Insights CONNECTS WITH CUSTOMERS BUILDS BRANDS SHiPs OFFERING COMMUNICATES AND DELIVERS VALUE LONG TERM GROWTH
- 67. www.josephdeungria.com Summary: 21st century marketing is… 1. Important to business success (why?) 2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
- 68. www.josephdeungria.com My Conclusion: 21st century marketing To be successful today requires less of luck Less of magic and more of marketing.
- 69. www.josephdeungria.com 69 DEFINING MARKETING for the 21st CENTURY Prof. Bong De Ungria Ateneo Graduate School of Business Understanding Marketing Management