Course Title: Marketing

Management (MKT506)
Instructor:
Dr. S M Sohel Rana
Associate Professor of Marketing
School of Business and Entrepreneurship
Independent University Bangladesh
Email: sohelrana@iub.edu.bd

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Chapter 1: Defining Marketing for the
New Realities

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 Key issues of this Chapter
• Why is marketing important?
• What are the scopes 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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 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?
Meeting needs profitably.

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
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superior customer value.
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 Scopes of Marketing, What is
marketed?
Marketing people are involved in marketing 10 types of entities:
Goods
Services
Experiences
Events
Persons
Places
Properties
Organizations
Information
Ideas

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 4Ps,4Cs and 4As
• 4 C’s - Buyer’s • 4 A’s - Buyer’s View
• 4 P’s - Seller’s
View View 1. Acceptability
2. Affordability
1. Product 1. Customer
Economical (ability
Solution to pay)
2. Price
2. Customer Psychological
3. Place (willingness to
Cost pay)
4. Promotion
3. Convenience 3.Accessibility(Availa
bility)
4. Communicati 4. Awareness( brand
on awareness and
knowledge)

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 DEMAND MARKETING
STATE TASK
 Negative demand disabuse demand
 No demand create demand?
 Latent demand develop demand
 Declining demand revitalise demand
 Irregular demand synchronise
 Full demand maintain demand
 Overfull demand reduce demand
 Unwholesome demand destroy demand

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 Key Customer Markets

 Consumer Markets
 Business Markets
 Global Markets
 Non-profit and Governmental Markets

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 Core Marketing Concepts

Products
Needs, wants,
and demands

Markets Value and

satisfaction

Exchange
and relationships

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 Needs, Wants, and Demands

• Stated needs (The customer wants an inexpensive car).

• Real needs (The customer wants a car whose operating cost, not initial
price, is low).
• Unstated needs (The customer expects good service from the dealer).
• Delight needs (The customer would like the dealer to include an
onboard GPS system).
• Secret needs (The customer wants friends to see him or her as a savvy
consumer).

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 Company orientation toward the Marketplace

1. Production
Concept

2. Product
Concept
5. Societal Key
Concept Marketing
Concepts

3. Selling
4. Marketing Concept
Concept

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 1. The Selling Concept
Starting Ends
Focus Means
Point
Selling
Existing Profits through
Factory and
Products sales volume
promoting

2. The Marketing Concept

Profits through
Customer Integrated
Market customer
needs Marketing
satisfaction

Notion of Customer pull-through system

Lifetime Value
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 Society
(Human Welfare)

Societal
Marketing
Concept
Consumers Company
(Satisfaction) (Profits)

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 Relationship Marketing

Long-term relationship with key constituents

in order to earn and retain their business.

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 Marketing Management Tasks

 Developing Marketing Strategies and Plans

 Assessing Market Opportunities and Customer Value
 Choosing Value
 Designing Value
 Delivering Value
 Communicating Value
 Sustaining Growth and Value

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 The marketplace isn’t what it used to be…

Information technology

Globalization

Deregulation

Privatization

Competition

Convergence

Consumer resistance

Retail transformation

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 Major Societal Forces
• Model-based decision making
• Outsourcing
• Benchmarking
• Supplier-partner
• Glocal-(global-local)
• E-commerce
• IMC
• Disintermediation and Reinter-mediation
• Customization and Customerization
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 Holistic Marketing Dimensions

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 Functions of the CMO
• Strengthening the brands
• Measuring marketing effectiveness
• Driving new product development based
on customer needs
• Gathering meaningful customer insights
• Utilizing new marketing technology

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