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Defining Marketing for the 21st Century

Marketing Management
A South Asian Perspective, 13th ed

Good Marketing is No Accident


The roaring success of four-wheeler Tata Ace, in a market earlier dominated by three-wheeler load carriers, was due to a deep understanding of the market needs and customer requirements.

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.

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.

Selling is only the tip of the iceberg

There will always be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available. Peter Drucker

Figure 1.2 A Simple Marketing System

What is Marketed?
Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas

Marketing a Place: The incredible India advertising campaign promoting India as a tourist destination

Marketing Can Promote Ideas

Key Customer Markets


Consumer Markets Global Markets

Business Markets

Nonprofit/ Government Markets

Core Marketing Concepts


Needs, wants, and demands Segmentation, Target markets, Positioning Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment

Positioning: Luxury of a car & the thrill of an SUV


Press ads of the Scorpio focused on the functional features of the vehicle and the television ads focused on emotional benefits.

The marketplace isnt what it used to be


Information technology Globalization Deregulation Privatization Competition Convergence Consumer resistance Retail transformation

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

New Company Capabilities


Marketers are using internet as sales channel Use of intranet & extranet Researchers are able to collect richer information

Company Orientations

Production

Product

Selling

Marketing

Figure 1.5 The Four Ps

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 & Sales


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. Sales is an exchange/transaction where goods/services are exchanged between marketers & customers for an agreed value.

ORGANIZATION FUNCTIONS
TOP MANAGEMENT

Production

Finance

Marketing

HRM

Product
Promotions

Advertising Sales Promotions Direct Marketing

Price
Personal Selling Place Public Relations

Marketing & Sales


Goal of all marketing activities is to make the product sell in market Selling is a part of marketing activity Marketing activities generate demand; sales activity enables the exchange process

Tasks of Marketing & Sales

MARKETING Develop market strategies and plans Capture marketing insights Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth SALES

Implement a firms marketing strategies in the field.


Are authorized to spend company funds. Represent their company to customers and to society in general. Travel extensively, which takes time from home and family.

Marketing Debate: Take a Position!


Does marketing shape consumer needs? or Does marketing merely reflect the needs and wants of consumers?

Marketing Discussion
Consider the societal forces noted in the chapter (e.g., information technology, globalization, deregulation, consumer resistance, retail transformation). How have marketing practices shifted to accommodate and even leverage these forces?

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