1

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?

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.

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.

Importance of Marketing Scope of Marketing

 Goods Services Events

Places

and experiences Persons

and properties Organizations Information Ideas

 Negative Nonexistent Latent Declining

Irregular Unwholesome Full Overfull

 Consumer

markets Business markets Global markets Nonprofit/Government markets

 Production
Product Selling Marketing

Four Ps Product Price Place Promotion

Four Cs Customer solution Customer cost Convenience Communication

 Needs,

wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction

Marketing

channels Supply chain Competition Marketing environment Marketing planning

 Strengthening

the brands Measuring marketing effectiveness Driving new product development based on customer needs Gathering meaningful customer insights Utilizing new marketing technology

What is marketing?
Adam Smith Core concepts of marketing

Dual Goal of marketing

Why marketing? Customer satisfaction

Quality Customer Management Satisfaction

Scientific of Importance Management marketing

General Scope of marketing Administrative Theory Customer Dissatisfactio n

Market changes
MARKETING IN Century 21st

I Information technology

Customer Delight Deregulation

Consumer resistance Convergenc e

Globalizati on

Privatizatio n

Competitio n

Organizatio n Ideas

What is Marketed

Goods

Service s

Persons

Places, Propertie s

Informatio n

Demand States

Negative

Latent

Unwholeso me

Declining

Hawthorne Full Studies

Organizational Overfull Behavior Organizational Irregular Behavior

Company Orientations Marketing Mix

Production

Holistic

Selling

Marketing
Organizational Nonexistent Behavior

Product
Develop marketing strategies and plans Capture marketing insights Connect with customers Build strong brands

Price

Place

Product

Marketing Management Tasks

Shape market offerings Deliver value Communicate value Create long-term growth

Promotion