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Marketing Management. Basic Concepts. Trends in the new economy. Consumer benefits from the digital revolution include: Increased buying power. Greater variety of goods and services. Increased information. Enhanced shopping convenience.

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Marketing management

Marketing Management

Basic Concepts


Trends in the new economy
Trends in the new economy

  • Consumerbenefits from the digital revolution include:

    • Increased buying power.

    • Greater variety of goods and services.

    • Increased information.

    • Enhanced shopping convenience.

    • Greater opportunities to compare product information with others.


The new economy
The new economy

CNET is one of many sites that provides shopping comparison tools


The new economy1
The new economy

  • Firmbenefits from the digital revolution include:

    • New promotional medium.

    • Access to richer research data.

    • Enhanced employee and customer communication.

    • Ability to customize promotions.


The new economy2
The new economy

Amazon is known for customizing consumer promotions


Definition of marketing
Definition of Marketing

  • “Customer satisfaction at a profit”

  • “Marketing is an organizationalfunction 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”

      - - - American Marketing Association


What is a market
What is a “Market”?

A Simple Marketing System

  • Marketplace vs. Marketspace?

  • Meta-markets and Metamediaries?



Traditional online seller
Traditional Online Seller

Customer

Warehouse

E-tailer


Metamediaries vrms source william mcdaniel albritton
Metamediaries & VRMs (Source: William McDaniel Albritton)

Customer

Shipping Provider

VRM System

Metamediary

VirtualMerchant(s)


Ordering a product
Ordering a Product

Customer

Order

Shipping Provider

VRM System

Metamediary

VirtualMerchant(s)


Ordering a product1
Ordering a Product

Customer

Order

Shipping Provider

VRM System

Metamediary

Order

VirtualMerchant(s)


Ordering a product2
Ordering a Product

Customer

Order

Shipping Provider

VRM System

Metamediary

Order

Notification and Shipping Label

VirtualMerchant(s)


Ordering a product3
Ordering a Product

Customer

Order

Shipping Provider

VRM System

Metamediary

Order

Notification and Shipping Label

Product

VirtualMerchant(s)


Ordering a product4
Ordering a Product

Customer

Order

Product

Shipping Provider

VRM System

Metamediary

Order

Shipping Information

Notification and Shipping Label

Product

VirtualMerchant(s)


Ordering a product5
Ordering a Product

Customer

Order

Product

Confirmation Number

Shipping Provider

VRM System

Metamediary

Order

Shipping Information

Notification and Shipping Label

Product

VirtualMerchant(s)


Ordering a product6
Ordering a Product

Customer

Order

Product

Confirmation Number

Confirmation Number

Shipping Provider

VRM System

Metamediary

Order

Shipping Information

Notification and Shipping Label

Product

VirtualMerchant(s)


Ordering a product7
Ordering a Product

  • Benefits of VRM

    • Customer

      • only sees metamediary

    • Metamediary

      • no product inventory

      • no shipping

    • Virtual Merchants

      • no advertising

      • no web maintenance


What can be marketed

Goods

Services

Experiences

Events

Persons

What can be marketed?

  • Places

  • Properties

  • Organizations

  • Information

  • Ideas


Marketing tasks
Marketing Tasks

Identify an unfulfilled need

Proactive, Innovative

Risk taking

e..g, KFC

Successful formula

Stuck in a rut; jaded

Vulnerable

e.g., Many firms

Entrepreneurial

Stages of Marketing

Formulated

Intrepreneurial

Rediscover/Re-invent

Creative

e.g., Apple, Motorola


Company orientations
Company Orientations

The orientation of the firm typically guides marketing efforts

Production Concept

Product Concept

Selling Concept

Marketing Concept

Customer Concept

Societal Marketing Concept


The marketing concept
The Marketing Concept

  • Achieving organizational goals requires that company be more effective than competitors in creating, delivering, and communicating customer value.

  • Four pillars of the marketing concept:

    • Target market

    • Customer needs

    • Integrated marketing

    • Profitability


Selling vs marketing concepts

Selling Concept

Needs of SELLER

Convert product to $$$$

“Inside out”

Marketing Concept

Needs of Buyer

Satisfy customer needs

“Outside in”

Selling vs. Marketing Concepts


The customer concept
The Customer Concept

The Customer Concept


Societal marketing concept
Societal Marketing Concept

Starkist...Dolphin Safe Tuna Actually more expensive than regular tuna,

but is more appealing due to society's concerns


Needs wants and demand
Needs, Wants, and Demand

  • Needs describe basic human requirements such as food, air, water, clothing, shelter, recreation, education, and entertainment.

  • Needs become wants when they are directed to specific objects that might satisfy the need. (Fast food)

  • Demands are wants for specific products backed by an ability to pay.


Segments target markets
Segments & Target Markets

  • Target markets & segmentation

    • Differences in needs, behavior, demographics or psychographics are used to identify segments.

    • The segment served by the firm is called the target market.

    • The market offering is customized to the needs of the target market.


The marketing mix
The Marketing Mix

The Four P Components of the Marketing Mix


Products value
Products & Value

  • A product is any offering that can satisfy a need or want, while a brand is a specific offering from a known source.

  • When offerings deliver value andsatisfaction to the buyer, they are successful.

  • Value = Benefits/Cost ($, time, energy, psych)

  • How can value be enhanced?

    • Raising benefits.

    • Reducing costs.

    • Raising benefits while lowering costs.

    • Raising benefits by more than the increase in costs.

    • Lowering benefits by less than the reduction in costs.


The concept of utility
The Concept of Utility

  • Utility:

    • Ability of a product to satisfy a customer’s desires.

  • Four Types of Utility:

    • Form Utility – endow products with attributes

    • Time Utility – available when needed

    • Place Utility – available where needed

    • Possession Utility - ownership


Relationship marketing
Relationship Marketing

  • Relationship marketing aims to build long-term mutually satisfying relations with key stakeholders

    • Could be with individual customers or large business buyers

    • Ultimately results in marketingnetworkbetween the company and its supporting stakeholders.



Levels of competition
Levels of Competition

Four Levels of Competition

Generic competition

Form competition

Industry competition

Brand competition


Discussion scenario
Discussion Scenario

Suppose that you are a member of the ad agency team assigned to the Red Bull energy drink account.

Identify key competitors at each level of competition.


Marketing strategy in action
Marketing Strategy in Action

  • Increasing expansion into foreign markets is becoming a necessity to compete in the global marketplace.

  • What kinds of opportunities and threats are presented by the increasing global nature of the marketplace?


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