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Marketing in the 21st Century

Marketing in the 21st Century. Defining Marketing. Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.

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Marketing in the 21st Century

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  1. Marketing in the 21st Century

  2. Defining Marketing Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Aim of marketing- Know & understand customer so well that product fits & sells itself

  3. Exchange vs. Transaction Exchange: Act of obtaining a desired object from someone by offering something in return. Transaction: A trade of values between two parties. One party gives X to another party and gets Y in return. Can include cash, credit, check, or barter.

  4. Starting point Focus Means Ends Factory Existing products Selling and promotion Profits through sales volume (a) The selling concept Market Customer needs Integrated marketing Profits through customer satisfaction (b) The marketing concept Difference b/w marketing & selling

  5. Sellings orientations Maximize profits through sales maximization “ we must somehow hook the customer” Marketing orientations Maximize profits through increased consumer satisfaction & hence raise market share. “ what can we do that will make product better than competitors in the customer mind”

  6. What is a Market? • The set of actual and potential buyers of a product. • These people share a need or want that can be satisfied through exchange relationships.

  7. What Satisfies Consumers’ Needs and Wants? Products Anything that can be Offered to a Market to Satisfy a Need or Want Persons Places Organizations Information Ideas Services Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything

  8. properties goods What is Marketed Events & experiences Services information Ideas

  9. Communication Industry (a collection of sellers) Market (a collection of Buyers) Information Simple Marketing System Goods/services Money

  10. Resources Resources Resource markets Money Money Services, money Taxes, goods Services, money Taxes Government markets Consumer markets Taxes, goods Services Services, money Taxes, goods Money Money Intermediary markets Goods, services Goods, services Structure of Flows Manufacturer markets

  11. Consumers prefer products that are widely available and inexpensive High prdn efficiency, low cost, mass distribution Production Concept • Consumers favor products that • offer the most quality, performance, • or innovative features Product Concept Company Orientations Towards the Marketplace

  12. Consumers will buy products only if the company aggressively promotes/sells these products Unsought goods-insurance, encyclopedias Selling Concept Focuses on needs/ wants of target markets & delivering value better than competitors Marketing Concept

  13. Holistic Marketing orientation- Development , design & implementation of marketing programs , processes & activities that recognizes their breadth & interdependence

  14. Place Product Price Promotion The Four Ps Integrated marketing The Four Cs Marketing Mix Conven- ience Customer Solution Customer Cost Communication

  15. Core Concepts of Marketing Target Markets & Segmentation Needs, Wants, and Demands Product or Offering Value and Satisfaction Relationships and Networks Marketing Channels-communication & channel Supply Chain Competition Marketing Environment- task & broad

  16. This Is a Need Needs – Basic human requirements including physical, social, and individual needs.

  17. Types of Needs • Physical: • Food, clothing, shelter, safety • Social: • Belonging, affection • Individual: • Learning, knowledge, self-expression

  18. This Is a Want Wants - form that a human need takes, as shaped by culture and individual personality.

  19. Wants Buying Power This Is Demand “Demand”

  20. Need / Want Fulfillment • Needs and Wants Fulfilled through a Marketing Offer : • Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

  21. Performance Expectation Performance Expectation 8 10 10 8 Value and Satisfaction If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high.

  22. Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate Segmentation and Target Marketing #1 #2

  23. The Company’s Macroenvironment

  24. Actors in the Microenvironment

  25. Discussion Question Marketing shapes consumer needs and wants versus marketing reflects the needs and wants of consumers.

  26. Customers Front-line people Middle management Customers Customers Top manage- ment Customer-Oriented Organization Chart

  27. Production Marketing Customer Human resources Finance e. The customer as the controlling function and marketing as the integrative function Evolving Views of Marketing’s Role

  28. Marketing Management Tasks Marketing strategies Building strong brands Connecting with customers Delivering value Communicating value Creating long term growth

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