Defining Marketing for the 21st Century docx

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Defining Marketing for the 21st Century

Marketing Management, 13th ed

1

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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 and

experiences

• Persons

• Places and properties

• Organizations

• Information

• Ideas

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Demand States

• Negative

• Nonexistent

• Latent

• Declining

• Irregular

• Unwholesome

• Full

• Overfull

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Key Customer Markets

• Consumer markets

• Business markets

• Global markets

• Nonprofit/Government markets

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Company Orientations

• Production

• Product

• Selling

• Marketing

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Marketing Mix and the Customer

Four Ps

• Product

• Price

• Place

• Promotion

Four Cs

• Customer solution

• Customer cost

• Convenience

• Communication

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Core Concepts

• Needs, wants, and demands

• Target markets, positioning,

segmentation

• Offerings and brands

• Value and

• Marketing channels

• Supply chain

• Competition

• Marketing environment

• Marketing planning

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Marketing Management Tasks

• Developing marketing strategies

• Capturing marketing insights

• Connecting with customers

• Building strong brands

• Shaping market offerings

• Delivering value

• Communicating value

• Creating long-term growth

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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

(cont.)

• 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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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

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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

• 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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