Lectures Marketing management: Chapter 1 - ThS. Nguyễn Tiến Dũng

Lectures Marketing management - Chapter 1: Defining marketing for the 21st century provides students with the knowledge: The importance of marketing, the scope of marketing, core marketing concepts, the new marketing realities, company orientation toward the, marketplace. Invite you to refer to the disclosures.

CHAPTER 1 DEFINING MARKETING FOR THE 21ST CENTURY

Nguyen Tien Dung, MBA Email: dung.nguyentien3@hust.edu.vn

Main Contents

1. The Importance of Marketing

2. The Scope of Marketing

3. Core Marketing Concepts

4. The New Marketing Realities

5. Company Orientation toward the

Marketplace

6. The New Four Ps

7. Marketing Management Tasks

1 The Importance of Marketing

● Financial success depends on

marketing ability

● Chief Marketing Officer (CMO)

● Marketing for business

2 The Scope of Marketing

● What Is Marketing?

● What Is Marketed?

● Who Markets?

What is marketing?

● Managerial definition of marketing:

● 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

● Social definition of marketing:

● A societal process by which individuals and

groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

What is marketing management?

● The art and science of choosing target

markets and getting, keeping and growing

customers through creating, delivering, and communicating superior customer value

● The Rolling Stones have done a masterful job of marketing their

rebellious form of rock and roll to audiences of all ages.

Places Marketing

● For a city like Las Vegas that thrives on tourism, good marketing is essential.

● Latent demand: unsatisfied

● Declining demand: falling

Idea Marketing

● One of the most important areas of marketing is the work that

social marketers do to promote socially desirable behaviors.

Structure of Flows in a Modern Exchange Economy

A Simple Marketing System

3 Core Marketing Concepts

● Needs, Wants, and Demands

● Market segmentation, target Markets,

Positioning

● Market places, market spaces, metamarkets

● Offerings and Brands

● Value and Satisfaction

● Marketing Channels

● Supply Chain

● Competition

● Marketing Environment

Five Types of Needs

4 The New Marketing Realities

● Major Societal Forces

● New Company Capabilities

● Marketing in Practice

Major Societal Forces

● Network information technology.

Marketing in Practice*

New Marketing Management Practice

New Marketing Forces

New Consumer Capabilities

New Company Capabilities

CMO: A challenging job*

● A well-publicized survey revealed that the average CMO tenure

at U.S companies is about 28 months, well below the average tenure of CEOs (54 months) or other C-level positions

● Reasons:

● Management expectations vary

● Combined skills:

● Quantitative skills & well-honed qualitative skills

● Have an independent, entrepreneurial attitude & Be able to work in close

harmony with other departments such as sales

● Capture the consumers’ viewpoint & Have a keen bottom-line understanding of how marketing creates value within their organization.

● One survey asked 200 senior-level marketing executives which innate and learned qualities were most important

● Innated qualities

● Learned qualities

● Cross-industry experience

● Digital focus

● Operational knowledge

*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

*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

5 Company Orientation toward the Marketplace

● The Production Concept

● The Product Concept

● The Selling Concept

● The Marketing Concept

● The Holistic Marketing Concept

Selling Concept

● Customers will not buy

your products if you do

not have great selling

and promotion efforts

● Focus: selling skills,

promotion programs

Marketing Concept

● Four pillars for business success:

● Choose right customers

● Understand right needs, wants and demands

● Satisfy these demands

● Efficiency: satisfy target customers more

efficiently than competitors do

Holistic Marketing Dimensions*

Corporate Social Responsibility (CSR)

6 The New Four Ps

Marketing Mix and the Customer

7 Tasks in Marketing Management

● Developing marketing strategies and plans

● Capturing marketing insights

● Connecting with customers

● Building strong brands

● Shaping market offerings

● Delivering value

● Communicating value

● Creating long-term growth