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Introduction to Marketing
1. Why is marketing important and what is the scope of marketing? 2. How do we understand markets and customers? 3. How is marketing practiced? 4. What are the European marketing realities, company and consumer challenges? 5. What is the philosophy of marketing? 6. How is marketing in a post modern world and retromarketing practiced? 7. What is an overview of marketing management?
What is marketing?
Marketing is a customer focus that permeates organisational functions and processes and is geared towards marketing promises through value proposition, enabling the fulfillment of individual expectations created by such promises and fulfilling such expectations through support to customers¶ value-generating processes thereby supporting value creation in the firm, customers and stakeholders.
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.
Selling is only the tip of the iceberg
µThere will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available¶. Peter Drucker
Marketing is more than advertising or selling
This video clip explores the over focus of many companies on sales and particularly advertising without really trying to understand the customer and really understanding the totality of marketing. www.youtube.com/watch?v=heSudgtfIk&feature=related
What is marketed?
Services Products Events Experiences People Places Ideas
Negative Nonexistent Latent
Marketing during a recession: The future is bright!
µThe business landscape has changed fundamentally; tomorrow¶s environment will be different, but no less rich in possibilities for those who are prepared.¶ (Davis, 2009)
www.youtube.com/watch?v=GEJIhkDSjNo View an interesting video clip from Kraft Foods on how they stay customer focused during a recession and really understand the core marketing focus on the customer.
What is a network economy?
A network economy is driven by a dynamic and knowledge-rich technology dominant environment meaning that the hierarchical stand-alone organisations of the twentieth century have changed into a variety of network forms.
A simple marketing system
Key customer markets
Purchasing power in Europe (2007)
Getting a global mindset
Think globally Think locally Think globally and locally simultaneously
The 7Ps of the marketing mix
Classifications of marketing practice
Transaction marketing differs from relationship marketing
Time perspective Primary communication Customer feedback mechanism Market size Criterion for success
The marketing environment
Company Suppliers Distributors Dealers Target customers
Demographic Economic Physical Technological Political-legal Social-cultural
The marketplace isn¶t what it used to be«
Heightened competition Globalization Technologies Industry convergence Retail transformation Disintermediation
Consumers are changing «
Consumer sophistication Tech savvy Self-expression Buying power Voice and influence Co-creation Self-service
Philosophies of business
Production philosophy Selling philosophy Marketing philosophy
Conditions of postmodern marketing
Hyperreality Fragmentation Reversals of production and consumption Decentring of the subject Paradoxical juxtapositions Loss of commitment
Overview of marketing management
Creating value Introducing marketing Capturing marketing insights Connecting with customers Building strong brands Marketing mix Implementing marketing management Managing marketing metrics
Kotler on marketing
www.youtube.com/watch?v=7hbRZ3ZCyI8 In this video clip, Professor Philip Kotler discusses the contemporary challenges for marketers.
What is marketing? You¶ve been asked to justify an increased marketing budget. Explain the role of marketing within the organisation and discuss why an increased spend could benefit the company.
Recap: Can you explain?
Why is marketing important and what is the scope of marketing? How do we understand markets and customers? How is marketing practiced? What are the European marketing realities, company and consumer challenges? What is the philosophy of marketing? How is marketing in a post modern world practiced? What is an overview of marketing management?
Recap: Can you explain? (continued)
What is the philosophy of marketing? How is marketing in a post modern world and retromarketing practiced? What is an overview of marketing management?