Download Good Marketing is No Accident

Good Marketing is No Accident
The roaring success
of four-wheeler Tata
Ace, in a market
earlier dominated by
three-wheeler load
carriers, was due to a
deep understanding
of the market needs
and customer
requirements.
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.
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
“There will always be a 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
What is Marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
Demand States
Negative
Nonexistent
Declining
Full
Latent
Irregular
Overfull
Unwholesome
Key Customer Markets
Consumer Markets
Business Markets
Global Markets
Nonprofit/ Government Markets
Functions of CMOs
• Strengthening the brands
• Measuring marketing effectiveness
• Driving new product development based
on customer needs
• Gathering meaningful customer insights
• Utilizing new marketing technology
Figure 1.3 Improving CMO
Success
• Make the mission and responsibilities clear
• Fit the role to the marketing culture and
structure
• Ensure the CMO is compatible with the CEO
• Remember that show people don’t succeed
• Match the personality with the CMO type
• Make line managers marketing heroes
• Infiltrate the line organization
• Require right-brain and left-brain skills
Core Marketing Concepts
• Needs, wants, and
demands
• Target markets,
positioning,
segmentation
• Offerings and
brands
• Value and
satisfaction
• Marketing channels
• Supply chain
• Competition
• Marketing
environment
Positioning
Press ads of the
Scorpio focused on
the functional
features of the
vehicle and the
television ads
focused on emotional
benefits.
The marketplace isn’t what it used to
be…
Information technology
Globalization
Deregulation
Privatization
Competition
Convergence
Consumer resistance
Retail transformation
New Consumer Capabilities
• A substantial increase in buying power
• A greater variety of available goods and
services
• A great amount of information about
practically anything
• Greater ease in interacting and placing and
receiving orders
• An ability to compare notes on products and
services
• An amplified voice to influence public opinion
Company Orientations
Production
Product
Selling
Marketing
Figure 1.4 Holistic Marketing
Dimensions
Figure 1.5 The Four P’s
Internal Marketing
Internal marketing is the task of
hiring, training, and motivating able
employees who want to serve
customers well.
Performance Marketing
• Financial
Accountability
• Social
Responsibility
Marketing
Social Initiatives
• Corporate social
marketing
• Cause marketing
• Cause-related marketing
• Corporate philanthropy
• Corporate community
involvement
• Socially responsible
business practices
Marketing Management Tasks
•
•
•
•
•
•
•
•
Develop market strategies and plans
Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth