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Defining Marketing
for the 21st Century
Chapter Questions
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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?
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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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What is Marketed?
• Goods
• Services
• Events
• Experiences
• Persons
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What is Marketed?
• Places
• Properties
• Organizations
• Information
• Ideas
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Demand States
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Negative
Nonexistent
Latent
Declining
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Irregular
Unwholesome
Full
Overfull
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Figure 1.1 Structure of Flows in
Modern Exchange Economy
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Figure 1.2
A Simple Marketing System
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Key Customer Markets
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Consumer markets
Business markets
Global markets
Nonprofit/Government markets
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Core Concepts
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Needs, wants, and
demands
Target markets,
positioning,
segmentation
Offerings and
brands
Value and
satisfaction
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Marketing channels
Supply chain
Competition
Marketing
environment
Marketing planning
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Types of Needs
Stated
Real
Unstated
Delight
Secret
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Target Markets,
Positioning & Segmentation
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Offerings and Brands
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Value and Satisfaction
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Marketing Channels
Communication
Distribution
Service
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Marketing Environment
Demographic
Economic
Political-legal
Technological
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Socio-cultural
Natural
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Major Societal Forces
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Network information
technology
Globalization
Deregulation
Privatization
Heightened competition
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Industry convergence
Retail transformation
Disintermediation
Consumer buying power
Consumer participation
Consumer resistance
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Company Orientations
Production
Product
Selling
Marketing
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Holistic Marketing
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Relationship Marketing
Customers
Employees
Marketing Partners
Financial Community
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Integrated Marketing
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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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Types of
Corporate Social Initiatives
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Corporate social marketing
Cause marketing
Cause-related marketing
Corporate philanthropy
Corporate community involvement
Socially responsible business practices
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The Marketing Mix
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The New Four Ps
People
Processes
Programs
Performance
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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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For Review
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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 © 2011 Pearson Education, Inc. Publishing as Prentice Hall
1-29