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DEFINING MARKETING
FOR THE 21ST CENTURY

Marketing Management, 13th ed

 Marketing Management
 The art and science of choosing target
markets and building profitable relationships
with them.
 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.
 What is Marketed?
Marketing people market 10 types of entities:
 Products: TV
 Services: Airlines, Hotels.
 Events: ICC Twenty world cup.
 Experiences: Result of knowledge.
 Person: Sochin Tendulkar
 Places: Sea beach of Cox’s bazaar
 Properties: Real Estate
 Organizations: Universities
 Information: Internet
 Ideas: say no to drugs.
 Demand States & Marketing Task
1. Negative Demand. Market dislikes the product & may
even pay a price to avoid it. For example: vaccination,
Dental work etc.
The marketing task
To analyze why the market dislikes the product & whether
a marketing program consisting of product redesign, fewer
prices, & more positive promotion can change beliefs &
attitudes.
2. No Demand. Target consumer may be unaware of or
uninterested in the product. For example: Farmers may
not be interested in a new farming method
The marketing task
To find ways to connect the benefits the products
with people’s natural needs & interest
 Demand States & Marketing Task
3. Latent Demand.
Consumer may share a strong need that cannot be
satisfied any existing products. For example: harmless
cigarettes.
The marketing task
To measure the size of the potential market and develop
goods and services to satisfy the demand.
4. Declining Demand. Every organization, sooner or later,
faces declining demand for one or more of the products.
For example: Typewriter.
The marketing task
To analyze the causes of the decline & determine whether
demand can be Increased by new targets by changing
products features, or by more effective communication.
 Demand States & Marketing Task
5. Irregular Demand. Many organizations face demand that
varies on a seasonal, daily or even hourly basis. For
example: Fan, blanket.
The marketing task
To find ways to alter the pattern of demand through flexible
pricing, promotion & other incentives.

6. Full Demand. Organizations face full demand when they

are pleased with their volume of business.
The marketing task
To maintain the current level of demand in the face of
changing consumer preferences & increasing competition.
 Demand States & Marketing Task
7. Overfull Demand. Some organizations face a demand
level that is higher than they can or want to handle. For
example: Zoo, Children Park (in any occasion).
The marketing task
De marketing
8. Unwholesome Demand. Consumers may be attracted to
products that have undesirable social consequences. For
example Cigarettes, Alcohol, & large families.
The marketing task
To get people who like something to give it up, using such
tools as fear messages, price hikes, & reduce availability
 Key Customer Markets
1. Consumer Markets: Companies selling mass consumer
goods and services such as soft drinks, cosmetics, athletic
shoes and equipment spend a great deal of time trying to
establish a superior brand image.
2. Business Markets: Companies selling business goods and
services often face well-trained and well-informed professional
buyers who are skilled at evaluating competitive offerings.
Business buyers buy goods in order to make or resell a product
to others at a profit.
3. Global Markets: Companies selling goods and services in the
global marketplace face additional decisions and challenges.
4. Nonprofit and Governmental Markets: Companies selling
their goods to nonprofit organizations such as universities,
charitable organizations and government agencies need to
price carefully. Because these have limited purchasing power
Marketplaces, Marketspaces and Metamarkets
1. Marketplaces: The marketplace is physical, such as a
store you shop in.
2. Marketspaces: The marketspace is digital, as when you
shop on the Internet.
3. Metamarkets: The concept of a metamarket to describe a
cluster of complementary products and services that are
closely related in the minds of consumers, but spread
across a diverse set of industries.
 Core Marketing concepts
1. Needs: “states of felt deprivation”
2. Wants: The form human needs take as shaped by culture
and individual personality.
3. Demands: Human wants that are backed by buying power.
4. Market Segmentation: Dividing a market into distinct
groups of buyers who have different needs, characteristics,
or behaviors, and who might require separate products or
marketing programs.
5. Target Markets: A set of buyers sharing common needs or
characteristics that the company decides to serve.
6. Positioning: Arranging for a product to occupy a clear,
distinctive, and desirable place relative to competing
products in the minds of target consumers.
 Core Marketing concepts
7. Market Offerings: Some combination of products, services,
information, or experiences offered to a market to satisfy a need or want.
8. Brands: A name, term, sign, symbol, design, or a combination of
these that identifies the products or services of one seller or group of
sellers and differentiates them from those of competitors.
9. Value: Value reflects the sum of the perceived tangible and intangible
benefits and costs to customers.
10. Satisfaction: Satisfaction reflects a person’s judgements of a
product’s perceived performance(or outcome) in relationship to
expectations.
11. Marketing Channels: To reach a target market, the marketer
uses three kinds of marketing channels:
Communication channels: Deliver and receive messages from target
buyers and include newspapers, magazines, radio, television, mail,
telephone, Internet and so on.
 Core Marketing concepts
Distribution Channels: To display, sell, or deliver the physical product or
service(s) to the buyer or user. They include distributors, wholesalers,
retailers, and agents.
Service Channels: To carry out transactions with potential buyers. They
include warehouses, transportation companies, banks and insurance
companies that facilitate transactions.
12. Supply Chain: The supply chain is a longer channel stretching
from raw materials to final products that are carried to final buyers.
13. Competition: Competition includes all the actual and potential rival
offerings and substitutes a buyer might consider.
14. Marketing Environment: The actors and forces outside
marketing that affect marketing management’s ability to build and
maintain successful relationships with target customers.
Company Orientation toward the Marketplace
Production Concept: The idea that consumers will favor
products that are available and highly affordable.

Product Concept: The idea that consumers will favor

products that offer the most quality, performance, and features and
that the organization should therefore devote its energy to making
continuous product improvements.

Selling Concept: The idea that consumers will not buy

enough of the firm’s products unless it undertakes a large-scale
selling and promotion effort.
Company Orientation toward the Marketplace
The Marketing Concept: The marketing management
philosophy that holds that achieving organizational goals depends
on knowing the needs and wants of target markets and delivering
the desired satisfactions better than competitors do.
Company Orientation toward the Marketplace
The Holistic Marketing Concept: The holistic marketing
concept is based on the development, design, and implementation
of marketing programs, processes, and activities that recognizes
their breadth and interdependencies.