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Marketing in the 21st Century Week 01 W. Rofianto What is Marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (American Marketing Association’s official definition of marketing released August 2007) 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 What is Marketed? • Goods (products) • Services • Events • Experiences • Persons • Places • Properties • Organizations • Information • Ideas Modern Exchange Economy The Exchange Process Needs, wants, and demands Needs - states of felt deprivation including physical needs for food, social needs for belonging and individual needs for self-expression. i.e. I am thirsty. Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Coca-Cola. Demands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola. Segmentation, Target markets, positioning Offerings and Brands Value and Satisfaction Value is the sum of the tangible and intangible benefits and costs Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations Marketing Channels Communication Distribution Service Marketing Environment Task environment - includes the actors engaged in producing, distributing, and promoting the offering. These are the company, suppliers, distributors, dealers, and target customers. The broad environment consists of six components: (1)demographic environment, (2)economic environment, (3)socialcultural environment, (4)natural environment, (5)technological environment, and (6)political- legal environment. Company Orientations Production Product Selling Marketing Holistic Marketing Performance Marketing Financial Accountability Social Responsibility Marketing The Marketing Mix The Four Ps The New Four Ps People Processes Programs Performance Marketing Management Tasks Capture marketing insights Develop market strategies and plans Shape market offerings (Value Proposition) Communicate value Deliver value Connect with customers Build strong brands Create long-term growth