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Defining Marketing for the 21st Century

by

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Introduction

What is marketing
Course Structure
Introduction Defining Value (Marketing

Welcome !!

Strategy) Creating Value Communicating Value

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Groups (list is due next

week) Attendance Sheets Case studies / articles Marketing Diary (4)

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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


Marketing: typically seen as the task of

creating, promoting, and delivering goods and services to consumers and businesses.
Marketing : Meeting needs profitably

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What is Marketed

Places Goods Properties Services Organization Experienc s es Information Events Ideas Persons

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Simple Marketing System


Communication

Industry (a collection of sellers)

Goods/services Money

Market (a collection of Buyers)

Information
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Key Customer Markets


Consumer Markets
Business Markets

Global Markets
Nonprofit and

Governmental Markets

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Marketing Concepts
Marketplace Marketspace Metamarket (cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.)

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How Business and Marketing are Changing


Changing Technology Globalization Customer Empowerment Customization Retail Transformation

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Company Orientations Towards the Marketplace


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 if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors
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Production Concept Product Concept

Selling Concept
Marketing Concept

Company Orientations Towards the Marketplace


Holistic Marketing

Concept
Relationship

Marketing Integrated Marketing Internal Marketing Social Responsibility Marketing


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Marketing Concepts and Tools


Needs Wants Demands

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Traditional Organization Chart


Top Management

Middle Management
Front-line people Customers
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Customer-Oriented Organization Chart


Customers
Front-line people Middle management

Top management
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Customer Perceived Value


Customers tend to be value

maximizers , within the bounds of search costs and limited knowledge, mobility, and income.
Customer perceived

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value is the difference between the prospective customers evaluation of all benefits and all the costs of an offering and the

Customer Perceived Value


Image value Personnel value Services value Total customer value

Product value
Monetary cost Time cost
Energy cost

Customer delivered value Total customer cost

Psychic cost
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Customer Satisfaction
A company would be

wise to measure customer satisfaction regularly because one key to customer retention is customer satisfaction.
Methods: Customer loss rate Mystery shoppers Competitors performance 1-19 (Their satisfaction rate)

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. 1-20 Touch point for hotel, ariline.

VIDEO SESSION (30 mins)

Kotlers views on Marketing !

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NEXT SESSION
Strategic Planning
Marketing Information System Presentation: Marketing Myopia

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