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7/31/2019 Defining Marketing for 21st Century
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What is Marketing Management?
Marketingmanagement is theart and science
of choosing target marketsand getting, keeping, and growing
customers through
creating, delivering, and communicatingsuperior customer value.
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Selling is only the tip of the iceberg
There will always be a need forsome selling. But the aim of marketingis to make selling superfluous. The aim
of marketing is to know and understandthe customer so well that the product orservice fits him and sells itself. Ideally,marketing should result in a customer
who is ready to buy. All that should beneeded is to make the product or
service available.Peter Drucker
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What is Marketed?Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
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Structure of Flows in a Modern
Exchange Economy
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A Simple Marketing System
A.K.A. The Exchange Process
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For an exchange to occur.
There are at least two parties.
Each party has something that might be of
value to the other party.
Each party is capable of communication
and delivery.
Each party is free to reject the exchange
offer.
Each party believes it is appropriate or
desirable to deal with the other party.
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Core Marketing Concepts
Needs, wants, and
demands
Target markets,
positioning,
segmentation
Offerings and
brands
Value and
satisfaction
Marketing channels
Supply chain
Competition
Marketing
environment
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Target markets
Examples: CVS
Caremark's target
women WWE: target young
males
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Segmentation
Geographic segmentation is basedon regional variables such as region,climate, population density, andpopulation growth rate.
Demographic segmentation is based
on variables such as age, gender,ethnicity, education, occupation,income, and family status.
Psychographic segmentation isbased on variables such as values,attitudes, and lifestyle.
Behavioral segmentation is based onvariables such as usage rate and
patterns, price sensitivity, brandloyalty, and benefits sought.
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Offering and Brand
Offering is combination ofproducts, services, information,or experiences offered to amarket to satisfy a need or
want A brand is a "Name, term,
design, symbol, or any otherfeature that identifies oneseller's good or service asdistinct from those of othersellers
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Value and Satisfaction
Value delivery system includes all theexperiences the customer will have on the
way to obtaining & using the offering. Satisfaction is a persons feeling
of pleasure or disappointment resultingfrom comparing a products perceivedperformance in relation to his or herexpectations.
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Marketing channels
system of marketing
institutions that promotes
the physical flow of goods
and services, along withownership title, from
producers to consumer or
business user; also called
a distribution channel
Marketing channels
Direct channelsEx Dell computers
Indirect channels
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Marketing channels
Direct channels
Ex dell computers
Indirect channels
Ex grocery store
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Supply chain:
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Competition
Competition causesbusinesses to try newways to attractcustomers bylowering prices,improving quality anddeveloping new
products andservices.
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Economists actually divide the
types ofmonopolies into four
categories: monopoly
pure competition
monopolisticcompetition
oligopoly.
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Market environment
Micro environment Macroenvironment Meso environment
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New Consumer Capabilities A substantial increase in buying power
A greater variety of available goods andservices
A great amount of information aboutpractically anything
Greater ease in interacting and placing andreceiving orders
An ability to compare notes on products andservices
An amplified voice to influence public opinion
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Company Orientations
Production
Selling Marketing
Product
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Earlier approaches
ORIENTATION PROFIT
DRIVER
WESTERN
EUROPEAN
TIMEFRAMEProduction Production method Until 1950s
Product Quality of the product Until 1960s
Selling Selling method 1950s and 1960s
Marketing Needs and wants ofcustomer 1970 to present day
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Contemporary approaches
Orientation Profit driver WesternEuropeantimeframe
Relationship marketing/ Relationshipmanagement
Building and keepinggood customer relations
1960s to present day
Business marketing /Industrial marketing
Building and keeping
relationships between
organizations
1980s to present day
Social marketing Benefit to society 1990s to present day
Branding Brand value 1980s to present day
http://en.wikipedia.org/wiki/Relationship_marketinghttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Business_marketinghttp://en.wikipedia.org/wiki/Industrial_marketinghttp://en.wikipedia.org/wiki/Organizationhttp://en.wikipedia.org/wiki/Social_marketinghttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Social_marketinghttp://en.wikipedia.org/wiki/Organizationhttp://en.wikipedia.org/wiki/Industrial_marketinghttp://en.wikipedia.org/wiki/Business_marketinghttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Relationship_managementhttp://en.wikipedia.org/wiki/Relationship_marketing7/31/2019 Defining Marketing for 21st Century
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The Four Ps
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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
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THANK YOU
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