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Chapter 1: Introduction to Strategic Marketing Management

Chapter 1: Introduction to Strategic Marketing Management. What is 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. - Philip Kotler .

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Chapter 1: Introduction to Strategic Marketing Management

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  1. Chapter 1: Introduction to Strategic Marketing Management

  2. What is 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. - Philip Kotler

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

  4. 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

  5. Marketing Concept • Need to Focus on Marketing Concept • Focuses on needs/ wants of target markets & delivering value better than competitors

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

  7. 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

  8. Overlap Between Strategic Planning & Marketing • There is some overlap between the two, in terms what you are going to learn • We will emphasise marketing concepts and approach here rather than strategic concepts • However, there will be some inevitable overlap here and there

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