1 Defining Marketing For The 21st Century

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?
1-2
Copyright © 2013 Dorling Kindersley (India) Pvt Ltd. Authorized adaptation from
the United States edition of Marketing Management, 14e.
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.
1-3
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.
1-4
What Is Marketed?
• Goods
• Services
• Events
• Experiences
• Places
Copyright © 2011 Pearson

Copyright Education,
© 2013 Dorling Inc. Publishing
Kindersley (India) PvtasLtd.
Prentice Hall adaptation from
Authorized 1-51-5
What Is Marketed?
• Persons
• Properties
• Organizations
• Information
• Ideas
1-6
Demand States
 Negative  Irregular
 Nonexistent  Unwholesome
 Latent  Full
 Declining  Overfull
1-7
Figure 1.1 Structure of Flows in
Modern Exchange Economy
1-8
Figure 1.2
A Simple Marketing System
1-9
Key Customer Markets
 Consumer markets
 Business markets
 Global markets
 Nonprofit/Government markets
1-10
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.
1-11
Core Concepts
 Needs, wants, and  Value and

demands satisfaction
 Target markets,  Marketing channels
positioning,  Supply chain
segmentation  Competition
 Offerings and  Marketing
brands environment
1-12
Types of Needs
Stated
Real
Unstated
Delight
Secret
1-13
Target Markets,
Positioning & Segmentation
1-14
Offerings and Brands
1-15
Value and Satisfaction
Quality
Service
Price
1-16
Marketing Channels
Communication
Distribution
Service
1-17
Marketing Environment
Demographic Economic
Socio-cultural
Political-legal
Technological Natural
1-18
Major Societal Forces
 Network information  Retail transformation

technology  Disintermediation
 Globalization  Consumer buying power
 Deregulation  Consumer information
 Heightened competition  Consumer participation
 Industry convergence  Consumer resistance
1-19
Company Orientations
Production
Product
Selling
Marketing
1-20
Figure 1.3
Holistic Marketing
1-21
Relationship Marketing
Customers
Employees
Marketing Partners
Financial Community
1-22
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.
1-23
Internal Marketing
Internal marketing is the task of

hiring, training, and motivating able employees
who want to serve customers well.
1-24
Performance Marketing
Financial Social Responsibility

Accountability Marketing
1-25
Figure 1.4
The Marketing Mix
1-26
The New Four Ps
People
Processes
Programs
Performance
1-27
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
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?
1-29

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1

 Why is marketing important?

Marketing is an organizational function

Marketing management is the

Copyright © 2011 Pearson

 Rural markets offer immense potential for

grow at a CAGR of 5% in the next two

and product categories are very attractive.

 Needs, wants, and  Value and

 Network information  Retail transformation

Internal marketing is the task of

Financial Social Responsibility

 Develop market strategies and plans

 Why is marketing important?

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