PPT 1

Defining Marketing for the 21st Century

Marketing ManagementA South Asian Perspective, 13th ed

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?

Good Marketing is No Accident

The roaring success of four-wheeler Tata

Ace, in a market earlier dominated by three-wheeler load

carriers, was due to a deep understanding of the market needs

and customer requirements.

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.

What is Marketing Management?

Marketing management is theart and science

of choosing target markets and getting, keeping, and growing

customers throughcreating, delivering, and communicating

superior customer value.

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

What is Marketed?

GoodsGoods

ServicesServices

Events & ExperiencesEvents & Experiences

PersonsPersons

Places & PropertiesPlaces & Properties

OrganizationsOrganizations

InformationInformation

IdeasIdeas

Successful New Product Launches Require Careful Planning

Marketing Can Promote Ideas

Figure 1.1 Structure of Flows in a Modern Exchange Economy

Figure 1.2 A Simple Marketing System

Demand States

Nonexistent Latent

Declining Irregular

Full UnwholesomeOverfull

Negative

Key Customer MarketsConsumer Markets

Business Markets

Global Markets

Nonprofit/ Government Markets

www.marutitruevalue.com

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

Figure 1.3 Improving CMO Success

• 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

Core Marketing Concepts

• Needs, wants, and demands

• Target markets, positioning, segmentation

• Offerings and brands

• Value and satisfaction

• Marketing channels• Supply chain• Competition• Marketing

environment

Positioning

Press ads of the Scorpio focused on

the functional features of the vehicle and the television ads

focused on emotional benefits.

The marketplace isn’t what it used to be…

Information technologyInformation technology

GlobalizationGlobalization

DeregulationDeregulation

PrivatizationPrivatization

CompetitionCompetition

ConvergenceConvergence

Consumer resistanceConsumer resistance

Retail transformationRetail 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

Company Orientations

Production

Selling Marketing

Product

Figure 1.4 Holistic Marketing Dimensions

RBC emphasizes arelationship marketing approach

Figure 1.5 The Four P’s

Internal Marketing

Internal marketing is the task of hiring, training, and motivating able

employees who want to serve customers well.

Performance Marketing

• Financial Accountability

• Social Responsibility Marketing

Social Initiatives• Corporate social

marketing• Cause marketing• Cause-related marketing• Corporate philanthropy• Corporate community

involvement• Socially responsible

business practices

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

Marketing Debate: Take a Position!

Does marketing shape consumer needs?

Does marketing merely reflect the needs and wants of consumers?

Marketing Discussion

Consider the societal forces noted in the chapter (e.g., information technology, globalization, deregulation, consumer resistance, retail transformation).

How have marketing practices shifted to accommodate and even leverage these forces?

PPT 1

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