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Marketing Management

MBA 621
Hayelom Nega
( MBA, Asst. Professor )
Marketing Overview
Discussion Questions
1. Why is marketing important?
2. What is the scope of marketing?
3. What are some fundamental
marketing concepts?
4. How has marketing management
changed in recent years?
5. What are the tasks necessary for
successful marketing management?
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Introduction
•The first decade of the 21st century challenged
firms to prosper financially and even survive in
the face of an unforgiving economic
environment.
•Marketing is playing a key role in addressing
those challenges.
•Finance, operations, accounting, and other
business functions won’ t really matter without
sufficient demand for products and services so
that the firm can make a profit.
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1.1 Importance of Marketing
Marketing’s broader importance extends to society
as a whole.
• Marketing has helped introduce and gain
acceptance of new products that have eased or
enriched people’s lives.
• Successful marketing builds demand for products
and services, which, in turn creates jobs.
• By contributing to the bottom line, successful
marketing also allows firms to more fully engage
in socially responsible activities.
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Marketing

Demand Jobs

Revenue Profits Giving

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1.2 Scope of Marketing

• To prepare to be a marketer, you need to


understand what marketing is, how it works,
who does it, and what is marketed.

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Marketing is the activity, set of
institutions, and processes for
creating, communicating, delivering,
and exchanging offers that have
value for customers, clients, partners,
and society at large.

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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?
Persons • Experiences
• Events
• Properties
• Organizations
• Information
• Ideas

Goods
Places
Services
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Who markets?

Response
Attention
Purchase
Donation
Vote

Marketer Prospect

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Types of Demand

Unwholesome Declining

• Nonexistent
• Latent
Irregular • Full
Negative • Overfull
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Markets
• Traditionally, a market was a physical place
where buyers and sellers gathered to buy and
sell goods.
• However, Economists describe a market as a
collection of buyers and sellers who transact
over a particular product or product class.
• Five basic markets and their connecting flows
are shown in the following figure.

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Markets

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Simple Marketing System

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Key Customer Markets
Global Markets

Consumer Market

Business Markets Government Market


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Markets

Marketplaces Marketspaces

Metamarkets
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1.3 Core Marketing Concepts
Needs, Wants, and Demands Segmentation, Target
Markets and Positioning

Offerings and Brands

Value and Satisfaction


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Core Marketing Concepts
Marketing Channels
•Communication
•Distribution
•Service

Supply Chain

Competition
•Within
•Substitute
Marketing Environment
•Task
•Broad
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1.4 The New Marketing Realities
Globalization Communicate
Information with Customer
Collect
Technology Information

Major Societal New Company


Forces Capabilities

Consumer Differentiate
Information Increased Goods
Competition

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Who is Responsible for Marketing?
Entire Organization
Marketing Department

Chief Marketing Officer


(CMO)

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1.5 Company Orientation towards the Market place:
Marketing Concepts/Philosophies

Quality Create, deliver, and


Innovation communicate value

Production Product Selling Marketing Holistic


Mass production
Unsought goods
Mass distribution
Overcapacity

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Holistic Marketing Dimensions

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Relationship Marketing

Build long-term relationships with


•Customers
•Employees
•Marketing Partners (Channels, Suppliers,
Retailers)
•Financial Community ( Shareholders,
Develop marketing networks
Investors, Analysts

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Integrated Marketing
It assembles marketing activities
and programs to create,
communicate, and deliver
customer value.

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Internal Marketing
Is the task of hiring, training, and motivating
capable employees who want to serve
customers well.

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Performance Marketing
Performance Marketing
requires the understanding
the financial and nonfinancial
returns to business and
society from marketing
activities and programs.
Social Responsibility

Financial Accountability
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1.6 Updating the Four P’s
The Four P’s of the Marketing Mix

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Updating the Four P’s

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1.7 Marketing Management Tasks

• Developing market strategies and plans


• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Shaping market offerings
• Delivering value
• Communicating value
• Creating long-term growth

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Discussion
Does Marketing Create or Satisfy Needs?
• Take a position: Marketing shapes
consumer needs and wants versus
Marketing merely reflects the needs and
wants of consumers.

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