Marketing Management

1 Defining Marketing for the 21st Century
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 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from the United States edition of Marketing Management, 14e.
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What Is Marketing?
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.
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What Is Marketing Management?
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.
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What Is Marketed?
Goods Services Events Experiences Places
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall adaptation from Copyright 2013 Dorling Kindersley (India) Pvt Ltd. Authorized the United States edition of Marketing Management, 14e.
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What Is Marketed?
Persons Properties Organizations Information Ideas
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Demand States
Negative Nonexistent Latent Declining
Irregular Unwholesome Full Overfull
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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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Key Customer Markets
Consumer markets Business markets Global markets Nonprofit/Government markets
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Rural Markets in South Asia
Rural markets offer immense potential for market expansion and growth: Consumption in rural markets predicted to grow at a CAGR of 5% in the next two decades. Size and growth rate for many products and product categories are very attractive. 48 percent of the rural population is below 20 years of age.
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Core 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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Types of Needs
Stated Real Unstated Delight
Secret
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Target Markets, Positioning & Segmentation
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Offerings and Brands
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Value and Satisfaction
Quality
Service
Price
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Marketing Channels
Communication
Distribution Service
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Marketing Environment
Demographic Economic
Political-legal
Socio-cultural
Technological
Natural
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Major Societal Forces
Network information technology Globalization Deregulation Heightened competition Industry convergence
Retail transformation Disintermediation Consumer buying power Consumer information Consumer participation Consumer resistance
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Company Orientations
Production
Product Selling Marketing
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Figure 1.3 Holistic Marketing
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Relationship Marketing
Customers
Employees
Marketing Partners
Financial Community
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Integrated Marketing
Key themes:
(1) many different marketing activities can create, communicate, and deliver value, and
(2) marketers should design and implement any one marketing activity with all other activities in mind.
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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
Financial Accountability
Social Responsibility Marketing
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Figure 1.4 The Marketing Mix
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The New Four Ps

People
Processes Programs Performance
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Marketing Management Tasks
Develop market strategies and plans Assess market opportunities and customer value Choose value Design value Deliver value Communicate value Sustain growth and value
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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?
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1 Defining Marketing for the 21st Century

What Is Marketing Management?

Negative Nonexistent Latent Declining

Irregular Unwholesome Full Overfull

Figure 1.1 Structure of Flows in Modern Exchange Economy

Figure 1.2 A Simple Marketing System

Key Customer Markets

Consumer markets Business markets Global markets Nonprofit/Government markets

Rural Markets in South Asia

Target Markets, Positioning & Segmentation

Offerings and Brands

Value and Satisfaction

Major Societal Forces

Network information technology Globalization Deregulation Heightened competition Industry convergence

Figure 1.3 Holistic Marketing

Social Responsibility Marketing

Figure 1.4 The Marketing Mix

The New Four Ps

Marketing Management Tasks

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