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ENT 4320 Marketing Management

ENT 4320 Marketing Management. Marketing – Concepts and Trends Arild Aspelund. Outline. What is Marketing and what are its primary activities? How can we establish a common discussion? central concepts of marketing Where is the field of marketing going? Recent trends in marketing.

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ENT 4320 Marketing Management

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  1. ENT 4320Marketing Management Marketing – Concepts and Trends Arild Aspelund

  2. Outline • What is Marketing and what are its primary activities? • How can we establish a common discussion? • central concepts of marketing • Where is the field of marketing going? • Recent trends in marketing

  3. Marketing • What is Marketing? • Some say it’s is about needs… • Marketing deals with identifying and meeting human and social needs • “Meeting needs profitably” (Kotler and Keller, 2006) • And some say its about value… • “Marketing is about communicating values to potential and existing customers” (Lodish et al., 2001) • “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 stake holders” (AMA)

  4. …, but there is a clear distinction to selling… • Selling simply refers to pushing an transaction • In its most ambitious sense, marketing should render selling unnecessary. “… 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” (Peter Drucker, 1973) • Example: IPhone

  5. … and there is also a clear distinction to advertising… • Advertising is onlyoneofmanymeans by whichyoucancommunicatewithexisting and potentialcustomers • http://www.na24.no/propaganda/

  6. What is marketing? • Marketing deals with the two fundamental question of: • “What am I selling?” • “To whom am I selling it?” • The marketing literature seek to answer these questions through five fundamental concepts • Value • Segmentation • Positioning • Targeting • Buying behavior

  7. Marketing – A Textbook Example… How to trade water for ~ 100 NOK per liter… - Imsdal for Kids

  8. Imsdal for Kids - Segmentation: - Parents of small kids (1 year to pre-school) Value: - Thirstquencher - Clearconscience - Tranquililty - Enjoyment - And everythingonthego…

  9. Ex: Imsdal for Kids Positioning: - An healthy alternative - Manageable even for small kids Targeting: - No advertising - Promotionthroughproductplacing!

  10. But here… Imsdal for Kids - Positioning and targeting through product placing Product not placedhere…

  11. Buying behavior - Reitanruta, Trondheim

  12. Or how about 420 NOK ~ Do You Bling? «It's not for everyone, just thosethatBling. So thequestion is: Do YouBling?»

  13. Marketing Management • What is Market Management? • “Marketing Management is the art and science of choosing target markets and getting, keeping, and growing customers through creating delivering, and communicating customer value” (Kotler and Keller, 2006)

  14. What are the tasks of market management? • Capturing marketing insight • Shaping the market offering • Developing marketing strategies and plans • Connecting with customers • Communicating value • Building brands and market recognition • Creating long-term growth

  15. Marketing • Marketing’s markets • There can be made a variety of distinctions between types of markets; - goods, services, events, experiences, persons, places, properties, organizations, information, and ideas • Most commonly distinctions of • Consumer markets • Business markets • Global markets • Non-profit and governmental markets

  16. Marketing trends Different marketing trends for bringing value to customers • The production concept “Customers will prefer products that are widely available and inexpensive” • The product concept • “Consumers will prefer products with the most quality, performance and innovative features” • The selling concept • The market does not consume sufficiently if let alone. Aggressive selling and promotion is needed in order to boost revenues

  17. Marketing trends Different marketing trends for bringing value to customers • The marketing concept • “the quest is not to identify the right customers for our products, but the right products for our customers” • “selling focuses on the needs of the seller, marketing focuses on the needs of the customer” • The holistic marketing concept • “everything matters” • Consists of: • Relationship marketing • Integrated marketing • Internal marketing • Social responsibility marketing

  18. Marketing Trends • From the marketing division to the marketing organization • From product units to market segments • Outsourcing and inter-organizational market integration • Globalization

  19. Summary and continuation… • To sum it all up: • The two fundamental questionsof marketing are”whatam I selling?” and ”whoam I selling it to?” • Marketeersseek to answerthesequestionsthroughdefiningfiveconcepts • Value • Segmentation • Targeting • Positioning • Customer and buyingbehavior • Nextwewilllookinto: • An introduction to thestrategic marketing process • How to make good market plans

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