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Defining Marketing for the 21 st Century

1. Defining Marketing for the 21 st Century. Marketing Management, 13 th ed. Chapter Questions. Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing management changed?

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Defining Marketing for the 21 st Century

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  1. 1 Defining Marketing for the 21st Century Marketing Management, 13th ed

  2. Chapter Questions • Why is marketing important? • What is the scope of marketing? • What are some fundamental marketing concepts? • How has marketing management changed? • What are the tasks necessary for successful marketing management?

  3. Good Marketing is No Accident Starbucks plans to ensure its marketing successes in countries around the world.

  4. What is 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 Marketing Management? Marketingmanagement is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

  6. Selling is only the tip of the iceberg “There will always be a need for some selling. But the aim of marketing is to make selling superfluous. 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. All that should be needed is to make the product or service available.” Peter Drucker

  7. Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas What is Marketed?

  8. Successful New Product Launches Require Careful Planning

  9. Marketing Can Promote Ideas

  10. Figure 1.1 Structure of Flows in a Modern Exchange Economy

  11. Figure 1.2 A Simple Marketing System

  12. Demand States Negative Nonexistent Latent Declining Irregular Full Overfull Unwholesome

  13. Global Markets Consumer Markets Nonprofit/ Government Markets Business Markets Key Customer Markets

  14. Edmunds.com: A Metamediary Website

  15. Functions of CMOs • Strengthening the brands • Measuring marketing effectiveness • Driving new product development based on customer needs • Gathering meaningful customer insights • Utilizing new marketing technology

  16. Figure 1.3 Improving CMO Success • Make the mission and responsibilities clear • Fit the role to the marketing culture and structure • Ensure the CMO is compatible with the CEO • Remember that show people don’t succeed • Match the personality with the CMO type • Make line managers marketing heroes • Infiltrate the line organization • Require right-brain and left-brain skills

  17. Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Core Marketing Concepts

  18. Information technology Globalization Deregulation Privatization Competition Convergence Consumer resistance Retail transformation The marketplace isn’t what it used to be…

  19. New Consumer Capabilities • A substantial increase in buying power • A greater variety of available goods and services • A 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 • An amplified voice to influence public opinion

  20. Company Orientations Production Product Selling Marketing

  21. Figure 1.4 Holistic Marketing Dimensions Performance Marketing Revenue Brand & Customer Equity

  22. RBC emphasizes arelationship marketing approach

  23. Figure 1.5 The Four P’s

  24. Carnival uses online marketing activities

  25. Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

  26. Marketing Management Tasks • Develop market strategies and plans • Capture marketing insights • Connect with customers • Build strong brands • Shape market offerings • Deliver value • Communicate value • Create long-term growth

  27. Marketing Debate: Take a Position! Does marketing shape consumer needs? or Does marketing merely reflect the needs and wants of consumers?

  28. Marketing Discussion • Consider the societal forces noted in the chapter (e.g., information technology, globalization, deregulation, consumer resistance, retail transformation). • How have marketing practices shifted to accommodate and even leverage these forces?

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