Transcript Defining Marketing for the 21st Century

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Defining Marketing
for the 21st Century
Marketing Management, 13th ed
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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What is Marketing?
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.
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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.
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What is Marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
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Figure 1.1 Structure of Flows in a Modern
Exchange Economy
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Figure 1.2 A Simple Marketing System
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Demand States
Negative
Declining
Full
Latent
Nonexistent
Irregular
Overfull
Unwholesome
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Functions of CMOs
• Strengthening the brands
• Measuring marketing effectiveness
• Driving new product development
based on customer needs
• Gathering meaningful customer insights
• Utilizing new marketing technology
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Figure 1.3 Improving CMO Success
• Make the mission and responsibilities clear
• Fit the role to the marketing culture and
structure
• Ensure the CMO is compatible with the CEO
• Remember that show people don’t succeed
• Match the personality with the CMO type
• Make line managers marketing heroes
• Infiltrate the line organization
• Require right-brain and left-brain skills
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Core Marketing Concepts
• Needs, wants, and
demands
• Target markets,
positioning,
segmentation
• Offerings and
brands
• Value and
satisfaction
• Marketing channels
• Supply chain
• Competition
• Marketing
environment
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I want it, I need it…
Five Types of Needs
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Stated needs
Real needs
Unstated needs
Delight needs
Secret needs
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The marketplace isn’t what it used to be…
Information technology
Globalization
Deregulation
Privatization
Competition
Convergence
Consumer resistance
Retail transformation
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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
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Company Orientations
Production
Product
Selling
Marketing
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Figure 1.4 Holistic Marketing Dimensions
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Figure 1.5 The Four P’s
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Internal Marketing
Internal marketing is the task of
hiring, training, and motivating able
employees who want to serve
customers well.
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Performance Marketing
• Financial
Accountability
• Social
Responsibility
Marketing
Social Initiatives
• Corporate social
marketing
• Cause marketing
• Corporate philanthropy
• Corporate community
involvement
• Socially responsible
business practices
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Marketing Management Tasks
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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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