Lecture Marketing management: Chapter 1 – Nguyễn Thị Trang Nhung

Lecture Marketing management - Chapter 1: Defining Marketing for the 21st Century presentation of content: What does marketing involve, what marketing, the goal of marketing is, core marketing concepts, core marketing concepts, elements of a modern marketing system,... And other contents.

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=> but sound marketing is critical to the success ofevery organization – whether large or small, forprofit or non – profit, domestic or global.

What does marketing

 Making sure the customer knows about products

 Choosing how and where to sell products

Understanding Marketing as an expert

- Marketing, more than any other business function,deals with customers

 Analyze industries to identify emerging trends.

 Determine which national and international markets

to enter or exit.

 Conduct research to understand consumer behavior.

 Design integrated marketing mix

- Creating customer value and satisfaction are at the

very heart of modern marketing thinking and practice

“Marketing is the science and art of exploring,

creating and delivering value to satisfy the needs and wants of a target market maintaining loyalty

at a profit.”

Professor Philip Kotler

2) Marketing is a social and managerial

process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

What is Marketing?

(Definition)

3)Marketing: 'The management process

responsible for identifying , anticipating and satisfying customer requirements profitably‘ (The Chartered Institute of Marketing )

4)Marketing: 'satisfying needs and wants

through an exchange process‘ (Philip Kotler)

What is Marketing?

(Definition)

5) 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 (Philip Kotler)

The Goal of Marketing is:

- To attract customers by promising superior value, and to keep current customers by delivering satisfaction.

- Marketing is about managing profitable customer relationships

 Attracting new customers

 Retaining and growing current customers

Scope of marketing (What is Marketed?)

Scope of marketing (What is Marketed?)

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Core Marketing Concepts

To explain marketing definition, we examine the following

important terms :

Want Need

“Demand”

Core Marketing Concepts

Marketing offer

 Combination of products, services, information or experiences that satisfy a need or want

 Offer may include services, activities, people, places,

information or ideas

Need

 State of felt deprivation

 Example: Need food

Wants

 The form of needs as shaped

by culture and the individual

 Example: Want a Big Mac

Demands

 Wants which are backed by

buying power

What is a Market?

Potential consumers make up a market, which is:

specific product.

The Target Market

Because the organization

consumer needs, it must

concentrate its efforts on

group of potential consumers This is the

target market one or more specific

groups of potential consumers toward

which an organization directs its

marketing program.

Core Marketing Concepts

Value

 Customers form expectations regarding value

 Marketers must deliver value to consumers

 Value = functional benefits + emotional benefits

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Discussion Question: Customer Satisfaction

When have you,

Core Marketing Concepts

Exchange

 The act of obtaining a desired object from someone by offering something in return

 One exchange is not the goal, relationships with several exchanges are the goal

 Relationships are built through delivering

value and satisfaction

in the ownership of anything.

Elements of a Modern Marketing System

Structure of Flows in Modern

Marketing Management

Definition:

1 ) Marketing management is the art and science of choosing target

markets and building profitable

relationships with them.

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Marketing Management

This definition must include answers to two questions :

Selecting Customers and Creating Value:

 Customer Management

 What customers will we serve?

 Marketers select customers that can be served

profitably

 Value Proposition

 How can we serve these customers best?

 Includes the set of benefits or values a company promises to deliver to consumers to satisfy their needs

Marketing Management

Definition:

2) The analysis, planning,

implementation, and control of

programs designed to create, build, and maintain beneficial exchanges

with target buyers for the purpose of achieving organizational objectives

Marketing Management Involves:

desired level of demand for its products At any point

in time, There may be no demand, adequate demand,irregular demand, or too much demand, andmarketing management must find ways to deal withthese different demand states

Beyond designing strategies to attract new customersand create transactions with them, companies noware striving to retain current customers and buildlasting customer relationships

SELLING CONCEPT

MARKETING CONCEPT

SOCIETAL CONCEPT

Product Concept

Consumers will favor products that offer the most

in quality, performance, and innovative features

Make continuous product

improvements

Consumers will not buy

enough without a large scale selling and promotion effort

Push for more sales

Focus on satisfying the needs and wants of target markets.

«Find right customers for your product»

The Selling and Marketing

Concepts Contrasted

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

MARKETING CHALLENGES INTO THE NEW CENTURY

 GROWTH OF NON-PROFIT MARKETING

 THE INFORMANTION TECHNOLOGY BOOM

 RAPID GLOBALIZATION

 THE CHANGING WORLD ECONOMY

 THE CALL FOR MORE ETHICS AND SOCIAL RESPONSIBILITY

THE NEW MARKETING LANDSCAPE

The past decade taught business firmseverywhere a humbling lesson Domesticcompanies learned that they can no longerignore global markets and competitors.Successful firms in mature industries learnedthat they cannot overlook emerging markets,technologies, and management approaches.Companies of every sort learned that theycannot remain inwardly focused, ignoring theneeds of customers and their environment