Defining Marketing for the 21st Century

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?

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.

What is Marketed?

Goods Services Events and

experiences Persons

Places and properties

Organizations Information Ideas

Demand States

Negative Nonexistent Latent Declining

Irregular Unwholesome Full Overfull

Key Customer Markets

Consumer markets Business markets Global markets Nonprofit/Government markets

Company Orientations

Production Product Selling Marketing

Marketing Mix and the Customer

Four Ps Product Price Place Promotion

Four Cs Customer solution Customer cost Convenience Communication

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

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

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 (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

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

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 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