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MARKETING MANAGEMENT
In this chapter we will address the following questions: What is the new economy like? What are the tasks of marketing? What are the major concepts and tools of marketing? What orientations do companies exhibit in the marketplace? How are companies responding to the new challenges?
The New Economy placed the following capabilities in the hands of consumer: Substantial increase in buying power Greater variety of available goods and services 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
AND placed the following capabilities in the hands of companies: Operate powerful new information and sales channels Collect richer information about markets, customers,
prospects, and competitors Speed up internal communication among employees Have two-way communications with customers and prospects Send promotional tools easily and quickly Able to customize offerings Improve purchasing, recruiting, training and internal and external communication. Maintain cost saving while improving accuracy and service quality.
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There will always be need for some selling. But the aim of marketing is to make selling superfluous The aim superfluous. 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
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4 Types of Markets
1. 2. 3. 4.
Consumer Market: (consumption) Business Markets: (saving/resell) Global Markets: (different offering mix) Nonprofit and Governmental Market: (bids)
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Marketing Debate
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2.
3.
4.
The Four Ps
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Customer Solution
Price
Marketing-Mix Strategy
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Marketing Management
Marketing Management (Kotler): is the analysis, planning, implementation, and control of marketing programs designed to create, build, and maintain mutually beneficial exchanges and relationships with target markets for the purpose of achieving organizational objectives.
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1. Production concept: assumes consumers favor those products that are widely available and affordable. (Focus: wide distribution; high volume). 2. Product concept: assumes consumers will favor those products that offer the most quality, performance, and features. (Focus: Superior product)
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3. Selling concept: assumes that consumers will either buy or not enough of the organizations products unless the organization makes a substantial effort to stimulate the customers interest in the product. (Focus: needs of the seller)
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The purpose of marketing is to sell more stuff to more people more often for more money in order to make more profit
Coca-Colas former Vice president
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Company Orientations to the Marketplace, cont. 4. Marketing concept: holds that the key to achieving organizational goals consists in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors. (Focus: different needs of buyers)
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Focus
Means
Selling and Promoting
Example Ends
e.g., Profits through Volume
Products
Market
Customer Needs
Integrated Marketing
What is the difference between marketing and selling? The difference between marketing and selling is more than semantic. Selling focuses on the needs of the seller, marketing on the needs of the buyer. Selling is preoccupied with the sellers need to convert the product into cash; marketing with the idea of satisfying the need of the customer .
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a. External marketing: directed at people outside the company. b. Internal marketing: the task of hiring, training, and motivating able employees who want to serve customers well.
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Company Orientations to the Marketplace, cont. 6. The societal marketing concept: to determine the needs, wants, and interests of target markets and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhances the consumers and the societys well-being.
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Profits
Promote sale of goods and services
Public Interest
Long-term needs for a safe and healthy environment
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