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Chapter 1
Marketing in the 21st Century
The New Economy:
• A substantial increase in buying power
• A greater variety of goods and services
• A great amount of information about practically
• A greater ease in interacting and placing and receiving
• An ability to compare notes on products and services
Marketing in the 21st Century
Implications for companies
• Collect fuller and richer information about markets,
customers, prospects, and competitors
• Faster flow of information
• Greater
of production,
marketing, and communications
Key Definitions and Concepts
Marketing Management:
of choosing target markets and
getting, keeping, and growing customers
through creating, delivering, and
communicating superior customer
(p. 6)
Key Definitions and Concepts
combination of products, services, information,
and experiences
combination of quality, service, and price
Value = _________________
Key Definitions and Concepts
Value = Benefits to consumer
Costs to Consumer
Benefits to consumer:
Costs to consumer:
Defining Marketing – Simple Model
Core Marketing Concepts
Offering - combination of products, services,
information, and experiences
Overall objective: __________
Costs: ________________________
Implications: company decisions must
consider its offerings, objective, and costs
Core Marketing Concepts
Overall objective:____________
Why does value change over time?
What do we (consumers) value and why?
Implications: research trends in the environment
Core Marketing Concepts
All the actual and potential rival offerings and
substitutes that a buyer might consider
Implications: Know your competitor; How might
the company exceed competition in delivering
value? Who is the competitor(s)?
Company Orientations Toward the
Production Concept:
Consumers prefer products that are _________
and inexpensive
Company Orientations
Product Concept:
Consumers favor products that offer the most
quality, performance, or innovative features
Problem: customer input? _________________
Company Orientations
Selling Concept:
Consumers will buy products only if the company
aggressively promotes/sells these products
Problem: customer dissatisfaction
Company Orientations
Marketing Concept: key to achieving
organizational goals consists of the company
being more effective than __________ in creating,
delivering, and communicating superior _____ to
its chosen target markets (pp. 13, 14)
Customer Concept: Focuses on needs and wants of
______________ and delivering value better than
Company Orientations
Societal Marketing Concept:
determine needs, wants, and interests of target
markets and to deliver the desired satisfactions
more effectively and efficiently than competitors
in a way that preserves or enhances the
consumer’s and _________ well-being.
How Business and Marketing are
Changing (Trends)
Customers increasingly expect higher quality
and service and some customization (greater
Manufacturers face greater ____________
resulting in higher promotion costs and
shrinking profit margins
Store-based Retailers face ___________ from
giant retailers and non-store retailers
Business Response to Changes
Form alliances
Marketer Response to Changes
Customer relationship marketing: build long-term,
profitable customer relationships by focusing on their
most profitable customers, products, and channels
Target Marketing: serve well-defined target markets
Integrated marketing communications
Every employee is a marketer
Key Points
Explain how company, customer, and
competition are inter-related. Give an
generate profits, deliver value to customers,
exceed competition, adapt accordingly.
____________________: how do we obtain
best value for the money?