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Understanding Marketing in the 21st Century

Explore the evolving landscape of marketing in the 21st century, from creating value to reaching customers through diverse channels. Discover how the New Economy has transformed marketing strategies and how companies can leverage technology to enhance customer relationships. Learn about the key elements of marketing mix and different organizational approaches for a customer-centric focus.

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Understanding Marketing in the 21st Century

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  1. Chapter 1 Defining Marketing for the 21st Centuryby Ung Veasna, DBA candidate

  2. Marketing?? • Initiates the Business Process • Creates Value • Sustains the Enterprise • Improves Standard of Living

  3. Sales Promotions Advertising Service Catalogues Coupons Public relations What is Marketing, anyway? Shopping channels E-commerce Delivery Sponsorships Retailing Research Direct mail Pricing Packaging Billboards

  4. The New Economy • Substantial increase in buying power • A greater variety of goods and services • A greater amount of information about practically anything • A greater ease in interacting and placing and receiving orders • An ability to compare notes on products and services

  5. The New Economy • Websites can provide companies with powerful new information and sales channels. • Companies can collect fuller and richer information about markets, customers, prospects and competitors. • Companies can facilitate and speed up communications among employees. • Companies can have 2-way communication with customers and prospects

  6. The New Economy • Companies can send ads, coupons, samples, information to targeted customers. • Companies can customize offerings and services to individual customers. • The Internet can be used as a communication channel for purchasing, training, and recruiting. • Companies can improve logistics and operations for cost savings while improving accuracy and service quality.

  7. Customers created by: • Identifying customer needs. • Designing goods and services to satisfy these needs. • Communicating to potential customers about these products. • Making products available at appropriate places/times for customers to buy. • Pricing appropriately to reach desired customers. • Providing needed service and follow up to assure satisfaction after bought.

  8. Defining Marketing Marketing is 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.

  9. The Scope of Marketing • Marketing: typically seen as the task of creating, promoting, and delivering goods and services to consumers and businesses.

  10. Communication Industry (a collection of sellers) Market (a collection of Buyers) Information Simple Marketing System Goods/services Money

  11. Structure of Flows Resources Resources Resource markets Money Money Services, money Taxes, goods Services, money Taxes Government markets Consumer markets Taxes, goods Services Services, money Taxes, goods Money Money Intermediary markets Goods, services Goods, services Manufacturer markets

  12. Place Product Price Promotion The Four Ps The Four Cs Marketing Mix Convenience Customer Solution Customer Cost Communication

  13. Marketing Mix Target Market Product Product Variety Quality Design Features Brand Name Packaging Sizes Services Warranties Returns Place Channels Coverage Assortments Locations Inventory Transport Price List Price Discounts Allowances Payment Period Credit Terms Promotion Sales Promotion Advertising Sales Force Public Relations Direct Marketing

  14. Company Orientations Towards the Marketplace Consumers prefer products that are widely available and inexpensive Production Concept • Consumers favor products that • offer the most quality, performance, • or innovative features Product Concept Consumers will buy products only if the company aggressively promotes/sells these products Selling Concept Focuses on needs/ wants of target markets & delivering value better than competitors Marketing Concept

  15. Starting point Focus Means Ends Factory Existing products Selling and promotion Profits through sales volume (a) The selling concept Market Customer needs Integrated marketing Profits through customer satisfaction (b) The marketing concept Customer Delivered Value

  16. Traditional Organization Chart Top Management Middle Management Front-line people Customers

  17. Customers Front-line people Middle management Customers Customers Top manage- ment Customer-Oriented Organization Chart

  18. Evolving Views of Marketing’s Role Finance Production Production Finance Human resources Human resources Marketing Marketing a. Marketing as an equal function b. Marketing as a more important function

  19. Evolving Views of Marketing’s Role Production Production Finance Customer Marketing Human resources Human resources Finance Marketing c. Marketing as the major function d. The customer as the controlling factor

  20. Production Marketing Customer Human resources Finance e. The customer as the controlling function and marketing as the integrative function Evolving Views of Marketing’s Role

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