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1 Defining Marketing for the 21st Century Marketing Management, 13th ed Introductions Spend 5 minutes talking with the person next to you and then be prepared to answer 3 Questions on their behalf. • Their name and Nationality • Experience in Marketing • What they expect from the Course ? 1-2 Admin • • • • • • • • • Description of the Course Textbook Allocation of Marks Class Monitor Groups Break Times Cell Phones: Off or Silent Remember to sign the Register ! 1-3 Other Questions ? Key Questions • Why is marketing important? • What is the scope of marketing? • What are some fundamental marketing concepts? • How has marketing management changed? • What are the tasks necessary for successful marketing management? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-4 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. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-5 Marketing is the Management Process responsible for identifying, anticipating and satisfying Customer 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 superior customer value. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-7 What is Marketed? Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-8 Figure 1.1 Structure of Flows in a Modern Exchange Economy Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-9 Figure 1.2 A Simple Marketing System Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-10 Demand States Negative Declining Full Latent Nonexistent Irregular Overfull Unwholesome Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-11 Function of Marketing • Strengthening the brands • Measuring marketing effectiveness • Driving new product development based on customer needs • Gathering meaningful customer insights • Utilising new marketing technology Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-12 Figure 1.3 Improving Marketing Success • Make the mission and responsibilities clear • Fit the rôle 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 organisation • Require right-brain and left-brain skills Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-13 Core Marketing Concepts • Needs, wants, and demands • Target markets • Positioning • Segmentation • Offerings and Brands • Value and satisfaction • Marketing channels • Supply chain • Competition • Marketing environment Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-14 I want it, I need it… Five Types of Needs • • • • • Stated needs Real needs Unstated needs Delight needs Secret needs Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-15 The marketplace isn’t what it used to be… Information technology Globalization Deregulation Privatization Competition Convergence Consumer resistance Retail transformation Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-16 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 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-17 Company Orientations Production Product Selling Marketing Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-18 Figure 1.4 Holistic Marketing Dimensions Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-19 Figure 1.5 The Four P’s Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-20 Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-21 Performance Marketing • Financial Accountability • Social Responsibility Marketing Social Initiatives • Corporate social marketing • Cause marketing • Corporate philanthropy • Corporate community involvement • Socially responsible business practices Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-22 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 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-23 Marketing is the Management Process responsible for identifying, anticipating and satisfying Customer needs profitably. What is Marketed? Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas A Simple Marketing System Structure of Flows in a Modern Exchange Economy Functions of Marketing • Strengthening the brands • Measuring marketing effectiveness • Driving new product development based on customer needs • Gathering meaningful customer insights • Utilising new marketing technology Core Marketing Concepts • Needs, Wants, and Demands • Target markets, positioning, segmentation • Offerings and brands • Value and satisfaction • Marketing channels • Supply chain • Competition • Marketing environment I want it, I need it… Five Types of Needs • • • • • Stated needs Real needs Unstated needs Delight needs Secret needs The marketplace isn’t what it used to be… Information technology Globalisation Deregulation Privatisation 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 What Influences Consumer Behaviour? Cultural Factors Social Factors Personal Factors Subcultures Nationalities Religions Racial groups Geographic regions Social Factors Reference groups Family Social roles Statuses Reference Groups Membership groups Primary groups Secondary groups Aspirational groups Dissociative groups Build-A-Bear Workshop Is A Highly Successful, Innovative Retailer Source: Company Presentation for Investment Analysts, March 2006 [email protected] [email protected] 37 The Chief Executive Bear Build-A-Bear is the brainchild of Maxine Clark, who is known as “Chief Executive Bear.” She says the idea for the stores came to her when she was shopping for Beanie Babies with a 10-year-old friend. Maxine Clark Chairman & Chief Executive Bear “I had been in the retail business for many years,” she says. “I felt it had gotten boring and I wanted to put the fun back in. What better way to appeal to children, and the heart of a child that's inside all of us?” Source: http://www.oprah.com/tows/slide/200402/20040225/tows_slide_20040225_01.jhtml [email protected] [email protected] 38 SWOT Strengths & Weaknesses are Internal analysis and are all relative to Competition. Opportunities & Threats are External analysis Do not include the same issue in multiple boxes ! Absolute Maximum of 7 in any box – focus on importance. 24-Mei-17 Strengths Weaknesses Opportunities Threats 39 24-Mei-17 Strengths Weaknesses Opportunities Threats 40 PEST Analysis Political-Legal Economic Technological Socio-Cultural The Joy of Jargon Use the correct jargon: Differentiation, Marketing Mix, Strap/Tag Line, Holistic Marketing, Segmentation, Niche Strategy, Brand Positioning etc. It is more concise and more specific, leaving less room for confusion when used by professionals.