Understanding Marketing Management

 The importance of marketing  Marketing is everywhere  It is a vital ingredient for business success.

 It affects our day-to day lives

The Scope of Marketing

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What is Marketing?

Anticipating customer ’ s needs and wants Directing a flow of need-satisfying goods and services from producer to customer Accomplishing an organization ’ s objectives

Marketing Concept

 An organization aims all its efforts at satisfying its customers – at a profit.

Marketing Concept and Customer Value

   Customer ’ s perceived value reflects benefits and costs that are important Superior customer value attracts customers Building profitable relationships with customers

Marketing Management

   The art and science of choosing target markets Getting, keeping, and growing customers Through creating, delivering and communicating superior customer value. --Philip Kotler and Keller.

What is a Market?

     A market is a collection of buyers and sellers who transact over a particular product or product class (e.g., the auto market, the housing market ) Marketplace- as a physical store.

Marketspace- digital as shop on the internet Metamarket- a cluster of complementary products and services that are closely related in the minds of consumers.

Metamediary- such as Edmund ’ s web site.

Key Customer Markets

     Consumer markets Business markets Global markets Government markets Nonprofit markets

How Marketing is Changing

     Changing technology Globalization Deregulation Privatization Customer empowerment

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      Customization Heightened competition Industry convergence Retail transformation Disintermediation ( E-tailers) Reintermediation ( “ brick and click ” )

The Holistic Marketing Concept

  Holistic marketing recognizes that “ everything matters ” with marketing A broad, interdependent, and integrated perspective is often necessary

Four Components of Holistic Marketing

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Relationship marketing

– to build mutually satisfying long-term relationships with key parties in order to earn and retain their business Relationship mktg builds strong economic, technical, and social ties among partners.

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Integrated marketing

to consumers.

– to devise marketing activities and assemble fully integrated marketing programs to create, communicate, and deliver value All marketing activities are coordinated to maximize their joint effects.

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Internal marketing

senior management.

– to ensure that everyone in the organization embraces appropriate marketing principles, especially Various marketing functions must work well together.

Marketing must be embraced by other departments; they must “ think customer ” .

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Social responsibility marketing

context of marketing activities and programs.

– to understand broader concerns and the ethical, environmental, legal and social It requires that marketers carefully consider the role that they are playing in terms of social welfare.