1-1 Defining Marketing for the Defining Marketing for the 21 21 st st Century Century by by
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Defining Marketing for the 21Defining Marketing for the 21stst CenturyCenturybyby
Welcome !!
My Introduction
Your IntroductionName / Education /
Achievements / B.Mgmt example from your organization
Course – Principles of Marketing
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Groups (list is due next week)
Attendance SheetsCase studiesGoogle group
https://groups.google.com/d/forum/pom-spring2014-iobm
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Definition
Financial success often depends on marketing ability
Marketing managers make major decisions
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The Scope of Marketing
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Marketing: typically seen as the task of creating, promoting, and delivering goods and services to consumers and businesses.
Marketing : Meeting needs profitably
What is Marketed
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Places Properties Organizati
ons Informatio
n Ideas
GoodsServicesExperien
cesEventsPersons
Simple Marketing System
Industry(a collection
of sellers)
Market(a collection
of Buyers)
Goods/services
Money
Communication
Information1-8
Key Customer Markets
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Consumer Markets
Business Markets
Global Markets
Marketing Concepts
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MarketplaceMarketspaceMetamarket
(cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.)
How Business and Marketing are Changing
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– Changing Technology– Globalization – Customer
Empowerment– Customization– Retail Transformation
Production Concept
Product Concept
Selling Concept
Marketing Concept
Consumers prefer products that are widely available and inexpensive
Consumers favor products that offer the most quality, performance,
or innovative features
Consumers will buy products only ifthe company aggressively
promotes/sells these products
Focuses on needs/ wants of target markets & delivering value
better than competitors
Company Orientations Towards the Marketplace
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Company Orientations Towards the Marketplace
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Company Orientations Towards the Marketplace
Relationship Marketing Customers, employees, marketing partners (channels, suppliers,
distributors, dealers, agencies), and members of the financial community (shareholders, investors, analysits).
Marketing Network Integrated Marketing
Communications, products & services and channels Internal Marketing
Marketing within the company is important. It makes no sense to promise excellent service before the company’s staff is ready to provide it.
Performance Marketing Customer equity, customer satisfaction, environment, ethics,
social responsibility. (financial and non financial implications)
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Marketing Concepts and Tools
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Needs
Wants
Demands
Customer Perceived ValueCustomers tend to be value
maximizers , within the bounds of search costs and limited knowledge, mobility, and income.
Customer perceived value is the difference between the prospective customer’s evaluation of all benefits and all the costs of an offering and the perceived alternatives
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Customer Perceived ValueImage value
Personnel value
Services value
Product value
Totalcustomer
value
Monetary cost
Time cost
Energy cost
Psychic cost
Totalcustomer
cost
Customerdelivered
value
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Customer SatisfactionA company would be
wise to measure customer satisfaction regularly because one key to customer retention is customer satisfaction.
Methods: Customer loss rateMystery shoppersCompetitor’s performance
(Their satisfaction rate)Product and service quality
Customer Relationship Management
Process of managing detailed information about individual customers and carefully managing all customer “touch points” to maximize customer loyalty.
Touch point: Any occasion on which a
customer encounters the brand and product – from actual experience to personal or mass communications to casual observation.
Touch point for hotel, ariline.
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