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1 Defining Marketing for the 21 st Century 1
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1Defining
Marketing for the 21st
Century
1
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?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2
What is Marketing?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-3
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.
What is Marketing Management?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-4
Marketing management is theart and science
of choosing target markets and getting, keeping, and growing
customers throughcreating, delivering, and communicating
superior customer value.
What is Marketed?
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• Goods
• Services
• Events
• Experiences
• Persons
What is Marketed?
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• Places
• Properties
• Organizations
• Information
• Ideas
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Demand States
Negative Nonexistent Latent Declining
Irregular Unwholesome Full Overfull
Figure 1.1 Structure of Flows in Modern Exchange Economy
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Figure 1.2 A Simple Marketing System
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Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-10
Key Customer Markets
Consumer markets Business markets Global markets Nonprofit/Government markets
Core Concepts
Needs, wants, and demands
Target markets, positioning, segmentation
Offerings and brands
Value and satisfaction
Marketing channels Supply chain Competition Marketing
environment Marketing planning
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Types of Needs
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Stated
Real
Unstated
Delight
Secret
Target Markets, Positioning & Segmentation
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Offerings and Brands
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Value and Satisfaction
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Marketing Channels
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Communication
Distribution
Service
Marketing Environment
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Demographic Economic
Socio-cultural
NaturalTechnological
Political-legal
Major Societal Forces
Network information technology
Globalization Deregulation Privatization Heightened competition
Industry convergence Retail transformation Disintermediation Consumer buying power Consumer participation Consumer resistance
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Company Orientations
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Production
Product
Selling
Marketing
Holistic Marketing
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Relationship Marketing
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Customers
Employees
Marketing Partners
Financial Community
Integrated Marketing
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Internal Marketing
Internal marketing is the task of
hiring, training, and motivating able employees
who want to serve customers well.
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Performance Marketing
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Financial Accountability
Social Responsibility Marketing
Types of Corporate Social Initiatives
Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices
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The Marketing Mix
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The New Four Ps
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Processes
People
Programs
Performance
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
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-28
For Review
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?
Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-29
