Download Defining Marketing for the 21st Century

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Defining Marketing
for the 21st Century
Marketing Management, 13th ed
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 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.
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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
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What is Marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
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Marketing Can Promote Ideas
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Figure 1.1 Structure of Flows in a Modern
Exchange Economy
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Figure 1.2 A Simple Marketing System
A.K.A. The Exchange Process
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For an exchange to occur….
• There are at least two parties.
• Each party has something that might be
of value to the other party.
• Each party is capable of
communication and delivery.
• Each party is free to reject the
exchange offer.
• Each party believes it is appropriate or
desirable to deal with the other party.
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Core Marketing Concepts
• Needs, wants, and
demands
• Target markets,
positioning,
segmentation
• Offerings and
brands
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• Value and
satisfaction
• Marketing channels
• Supply chain
• Competition
• Marketing
environment
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• Needs - states of felt deprivation including
physical needs for food, social needs for
belonging and individual needs for selfexpression. 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.
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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
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Company Orientations
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Production
Product
Selling
Marketing
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Figure 1.4 Holistic Marketing Dimensions
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Figure 1.5 The Four P’s
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Internal Marketing
Internal marketing is the task of
hiring, training, and motivating able
employees who want to serve
customers well.
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Performance Marketing
• Financial
Accountability
• Social
Responsibility
Marketing
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Social Initiatives
• Corporate social
marketing
• Cause marketing
• Corporate philanthropy
• Corporate community
involvement
• Socially responsible
business practices
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Marketing Management Tasks
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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
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Marketing Debate:
Take a Position!
Does marketing shape consumer needs?
or
Does marketing merely reflect the needs
and wants of consumers?
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