1.1 Defining Marketing for the 21st Century 1

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? Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2 3. 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. 4. What is Marketing Management? Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-4 Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. 5. What is Marketed? Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-5 Goods Services Events Experiences Persons 6. What is Marketed? Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-6 Places Properties Organizations Information Ideas 7. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-7 Demand States Negative Nonexistent Latent Declining Irregular Unwholesome Full Overfull 8. Figure 1.1 Structure of Flows in Modern Exchange Economy Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-8 9. Figure 1.2 A Simple Marketing System Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-9 10. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-10 Key Customer Markets Consumer markets Business markets Global markets Nonprofit/Government markets 11. 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 Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-11 12. Types of Needs Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-12 Stated Real Unstated Delight Secret 13. Target Markets, Positioning & Segmentation Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-13 14. Offerings and Brands Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-14 15. Value and Satisfaction Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-15 16. Marketing Channels Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-16 Communication Distribution Service 17. Marketing Environment Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-17 Demographic Economic Socio-cultural NaturalTechnological Political-legal 18. Major Societal Forces Network information technology Globalization Deregulation Privatization Heightened competition Industry convergence Retail transformation Disintermediation Consumer buying power Consumer participation Consumer resistance Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-18 19. Company Orientations Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-19 Production Product Selling Marketing 20. Holistic Marketing Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-20 21. Relationship Marketing Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-21 Customers Employees Marketing Partners Financial Community 22. Integrated Marketing Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-22 23. Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-23 24. Performance Marketing Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-24 Financial Accountability Social Responsibility Marketing 25. Types of Corporate Social Initiatives Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-25 26. The Marketing Mix Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-26 27. The New Four Ps Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-27 Processes People Programs Performance 28. 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 29. 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