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Marketing Management

Marketing Management. Basic Concepts. Trends in the new economy. Consumer benefits from the digital revolution include: Increased buying power. Greater variety of goods and services. Increased information. Enhanced shopping convenience.

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Marketing Management

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  1. Marketing Management Basic Concepts

  2. Trends in the new economy • Consumerbenefits from the digital revolution include: • Increased buying power. • Greater variety of goods and services. • Increased information. • Enhanced shopping convenience. • Greater opportunities to compare product information with others.

  3. The new economy • Firmbenefits from the digital revolution include: • New promotional medium. • Access to richer research data. • Enhanced employee and customer communication. • Ability to customize promotions.

  4. AMA’s definition of Marketing • 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 stakeholders

  5. What is a “Market”? A Simple Marketing System • Marketplace vs. Marketspace? • Meta-markets and Metamediaries?

  6. Goods Services Experiences Events Persons What can be marketed? • Places • Properties • Organizations • Information • Ideas

  7. Marketing Tasks Entrepreneurial Stages of Marketing Formulated Intrepreneurial

  8. Company Orientations The orientation of the firm typically guides marketing efforts Production Concept Product Concept Selling Concept Marketing Concept Customer Concept Societal Marketing Concept

  9. The Marketing Concept • Achieving organizational goals requires that company be more effective than competitors in creating, delivering, and communicating customer value. • Four pillars of the marketing concept: • Target market • Customer needs • Integrated marketing • Profitability

  10. The Customer Concept The Customer Concept

  11. Needs, Wants, and Demand • Needs describe basic human requirements such as food, air, water, clothing, shelter, recreation, education, and entertainment. • Needs become wants when they are directed to specific objects that might satisfy the need. (Fast food) • Demands are wants for specific products backed by an ability to pay.

  12. Segments & Target Markets • Target markets & segmentation • Differences in needs, behavior, demographics or psychographics are used to identify segments. • The segment served by the firm is called the target market. • The market offering is customized to the needs of the target market.

  13. The Marketing Mix The Four P Components of the Marketing Mix

  14. Products & Value • A product is any offering that can satisfy a need or want, while a brand is a specific offering from a known source. • When offerings deliver value andsatisfaction to the buyer, they are successful. • How can value be enhanced? • Raising benefits. • Reducing costs. • Raising benefits while lowering costs. • Raising benefits by more than the increase in costs. • Lowering benefits by less than the reduction in costs.

  15. The Concept of Utility • Utility: • Ability of a product to satisfy a customer’s desires. • Four Types of Utility: • Form Utility • Time Utility • Place Utility • Possession Utility

  16. Relationship Marketing • Relationship marketing aims to build long-term mutually satisfying relations with key stakeholders • Could be with individual customers or large business buyers • Ultimately results in marketingnetworkbetween the company and its supporting stakeholders.

  17. Transactional vs. Relationship Marketing

  18. Levels of Competition Four Levels of Competition Generic competition Form competition Industry competition Brand competition

  19. Changes in the Marketplace • Globalization, technological advances, and deregulation have created many challenges: • Competing in Mature Markets • Little Real Differentiation Among Product Offerings • Increasing Expansion into Foreign Markets • Increasing Numbers and Strength of Foreign Competitors • Aggressive Cost-Cutting Measures in Order to Increase Competitiveness • Increasing Cooperation with Supply-Chain Partners and Competitors • Both companies and marketers have been forced to respond and adjust.

  20. Marketing Strategy in Action • Increasing expansion into foreign markets is becoming a necessity to compete in the global marketplace. • What kinds of opportunities and threats are presented by the increasing global nature of the marketplace?

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