Defining Marketing for the 21st Century

1. Defining Marketing for the 21st Century Marketing Management, 13th ed 1

2. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Chapter 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?

3. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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.

4. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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.

5. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall What is Marketed? • Goods • Services • Events and experiences • Persons • Places and properties • Organizations • Information • Ideas

9. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Marketing Mix and the Customer Four Ps • Product • Price • Place • Promotion Four Cs • Customer solution • Customer cost • Convenience • Communication

10. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Core Concepts • Needs, wants, and demands • Target markets, positioning, segmentation • Offerings and brands • Value and satisfaction • Marketing channels • Supply chain • Competition • Marketing environment • Marketing planning

11. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Marketing Management Tasks • Developing marketing strategies • Capturing marketing insights • Connecting with customers • Building strong brands • Shaping market offerings • Delivering value • Communicating value • Creating long- term growth

12. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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

13. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Figure 1.3 Improving CMO Success (cont.) • 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

14. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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

15. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

16. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Performance Marketing • Financial Accountability • Social Responsibility Marketing • Social Initiatives • Corporate social marketing • Cause marketing • Corporate philanthropy • Corporate community involvement • Socially responsible business practices

17. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 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

Defining Marketing for the 21st Century

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