Understanding Marketing Management

1. Understanding Marketing Management The importance of marketing Marketing is everywhere It is a vital ingredient for business success. It affects our day-to day lives

2. The Scope of Marketing • What is Marketing? • Anticipating customer’s needs and wants • Directing a flow of need-satisfying goods and services from producer to customer • Accomplishing an organization’s objectives

3. Marketing Concept • An organization aims all its efforts at satisfying its customers– at a profit.

4. Marketing Concept and Customer Value • Customer’s perceived value reflects benefits and costs that are important • Superior customer value attracts customers • Building profitable relationships with customers

5. Marketing Management • The art and science of choosing target markets • Getting, keeping, and growing customers • Through creating, delivering and communicating superior customer value. --Philip Kotler and Keller.

6. What is a Market? • A market is a collection of buyers and sellers who transact over a particular product or product class (e.g., the auto market, the housing market ) • Marketplace- as a physical store. • Marketspace- digital as shop on the internet • Metamarket- a cluster of complementary products and services that are closely related in the minds of consumers. • Metamediary- such as Edmund’s web site.

7. Key Customer Markets • Consumer markets • Business markets • Global markets • Government markets • Nonprofit markets

8. How Marketing is Changing • Changing technology • Globalization • Deregulation • Privatization • Customer empowerment

9. Con’d • Customization • Heightened competition • Industry convergence • Retail transformation • Disintermediation ( E-tailers) • Reintermediation (“brick and click”)

10. The Holistic Marketing Concept • Holistic marketing recognizes that “ everything matters” with marketing • A broad, interdependent, and integrated perspective is often necessary

11. Four Components of Holistic Marketing • Relationship marketing– to build mutually satisfying long-term relationships with key parties in order to earn and retain their business • Relationship mktg builds strong economic, technical, and social ties among partners.

12. Con’d • Integrated marketing– to devise marketing activities and assemble fully integrated marketing programs to create, communicate, and deliver value to consumers. • All marketing activities are coordinated to maximize their joint effects.

13. Con’d • Internal marketing– to ensure that everyone in the organization embraces appropriate marketing principles, especially senior management. • Various marketing functions must work well together. • Marketing must be embraced by other departments; they must “think customer”.

14. Con’d • Social responsibility marketing– to understand broader concerns and the ethical, environmental, legal and social context of marketing activities and programs. • It requires that marketers carefully consider the role that they are playing in terms of social welfare.