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UNDERSTANDING

PART. UNDERSTANDING. 1. MARKETING MANAGEMENT. Chapter. Defining. 1. Marketing for the 21st Century. Icons used. Click on icon to go directly to the website Click on icon to go directly to the attached video. In this chapter, we address the following questions:.

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UNDERSTANDING

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  1. PART UNDERSTANDING 1 MARKETING MANAGEMENT Marketing Management - An Asian Perspective 4th Edition

  2. Chapter Defining 1 Marketing for the 21st Century Marketing Management - An Asian Perspective 4th Edition

  3. Icons used • Click on icon to go directly to the website • Click on icon to go directly to the attached video Marketing Management - An Asian Perspective 4th Edition

  4. In this chapter, we address the following 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? Marketing Management - An Asian Perspective 4th Edition

  5. Marketing is everywhere Asian brands prominently advertised in New York’s Time Square Marketing Management - An Asian Perspective 4th Edition

  6. The Importance of Marketing • Financial success depends on marketing • No demand - no business • Marketing decisions tough • What to design • What prices to offer • Where to sell • How much to spend on advertising… Marketing Management - An Asian Perspective 4th Edition

  7. Marketing Management - An Asian Perspective 4th Edition

  8. Scope of Marketing –What is Marketing? “Aim of marketing know & understand customer so well product fits him & sells itself…” Eg: When Sony designed PlayStation Swamped with orders – WHY? “Right” product – marketing Marketing Management - An Asian Perspective 4th Edition

  9. Scope of Marketing –What is Marketing? Marketing An organizational function & processes to create, communicate & deliver value to customers & manage customer relationships to benefit organization & stakeholders Marketing Management - An Asian Perspective 4th Edition

  10. Scope of Marketing – Exchange and Transactions Exchange Process to obtain desired product from someone by offering something in return Marketing Management - An Asian Perspective 4th Edition

  11. Scope of Marketing – Exchange and Transactions For exchange potential to exist, 5conditions: • At least 2 parties • Each has thing of value to the other • Capable of communication & delivery • Free to accept/reject offer • Believes it desirable to deal with the other Marketing Management - An Asian Perspective 4th Edition

  12. Scope of Marketing – Exchange and Transactions Lexus ads & campaign slogan “The Passionate Pursuit of Perfection” express its marketing philosophy: Only the best is good enough for its customers Marketing Management - An Asian Perspective 4th Edition

  13. Scope of MarketingWhat is Marketed? Marketing Management - An Asian Perspective 4th Edition

  14. Scope of MarketingWhat is Marketed? The Singapore Zoological Gardensoffers varied experiences - host wedding reception - jungle breakfast with an orang utan Marketing Management - An Asian Perspective 4th Edition

  15. Scope of MarketingWhat is Marketed? Billboard ads from Tourism Thailand Promote Thailand where one can find happiness through shopping, outdoor activities & sightseeing Marketing Management - An Asian Perspective 4th Edition

  16. Scope of Marketing – Who Markets?MARKETERS AND PROSPECTS A marketerseeks response from prospect If 2 parties seek to sell something to each other, both are marketers Marketing Management - An Asian Perspective 4th Edition

  17. Scope of Marketing – Who Markets?MARKETERS AND PROSPECTS Marketing Management - An Asian Perspective 4th Edition

  18. Scope of Marketing – Who Markets?MARKETS • Market • Physical place – buyers, sellers buy & sell goods • To economists: collection of buyers & sellers who transact over a product/product class Atraditional dry goods & fruit market in Hanoi targeting local residents Marketing Management - An Asian Perspective 4th Edition

  19. Five basic markets & their connecting flows Figure 1.1 Structure of Flows in a Modern Exchange Economy Marketing Management - An Asian Perspective 4th Edition

  20. Scope of Marketing – Who Markets?KEY CUSTOMER MARKETS • Consumer MarketsSell mass consumer goods & services • Business MarketsSell business goods & services • Global MarketsSell goods & services in global market • Non-profit & Governmental MarketsSell goods to nonprofit organizations Marketing Management - An Asian Perspective 4th Edition

  21. Scope of Marketing – Who Markets?KEY CUSTOMER MARKETS Global marketing Wall climbing on Coke ad attract attention & customers at 1st China International Beverage Festival in Beijing Marketing Management - An Asian Perspective 4th Edition

  22. Figure 1.2A Simple Marketing System Marketing Management - An Asian Perspective 4th Edition

  23. New Consumer Capabilities • The digital revolution - new capabilities in hands of consumers & businesses. What they have today that they didn’t have yesterday: • Substantial increase in buying power • Greater variety of goods & services • Great amount of information • Easier to interact, place & receive orders • Able to compare products & services Marketing Management - An Asian Perspective 4th Edition

  24. Scope of Marketing – Who Markets?MARKETPLACES, MARKETSPACES, & METAMARKETS marketplace a physical place marketspace a digital place metamarketa cluster of related products in consumers’ minds, from diverse industries Marketing Management - An Asian Perspective 4th Edition

  25. The 10 Rules of Radical Marketing • CEO own marketing function • Marketing start & stay small & flat • Get face-to-face with customers • Use market research cautiously • Hire passionate missionaries, not marketers • Love & respect customers as individuals • Create community of consumers • Rethink marketing mix • Compete with competitors - fresh ideas • Be true to the brand Marketing Management - An Asian Perspective 4th Edition

  26. Scope of Marketing – How Business & Marketing are Changing • Changing technology • Globalization • Deregulation • Privatization • Customer empowerment • Customization • Heightened competition • Industryconvergence • Disintermediation Marketing Management - An Asian Perspective 4th Edition

  27. Changingtechnology An example i-mode (Japan) Internet over cell phones Emails, access websites when commuting when waiting for friends Indispensable service Scope of Marketing – How Business & Marketing are Changing Marketing Management - An Asian Perspective 4th Edition

  28. Scope of Marketing – How Business & Marketing are Changing CustomerEmpowerment • An example NAM HEONG Traditional Malaysian coffee shop • Advertises website on bannerwww.oldtownwhitecafe.com • Web visitors - can find out more about Nam Heong’s white coffee brand Old Town Marketing Management - An Asian Perspective 4th Edition

  29. Scope of Marketing – How Business & Marketing are Changing • Industry convergence • An example Cosmoneuticals: • Dermatology drugsAd by Shiseido: Japanese cosmetics firm • Cleanser, lotion, medication • Sold in Japan -drugstores Marketing Management - An Asian Perspective 4th Edition

  30. Company Orientations Toward the Marketplace • What philosophy should guide a company’s marketing efforts? • What relative weights should be given to the interests of organization, customers & society? • Very often these interests conflict Marketing Management - An Asian Perspective 4th Edition

  31. Company Orientations Toward the Marketplace - The Production Concept • Consumers prefer products • Widely available & inexpensive • Production oriented businesses • Production efficiency, low costs& mass distribution • Huge cheap labor Marketing Management - An Asian Perspective 4th Edition

  32. Company Orientations Toward the Marketplace - The Product Concept Consumers favor products with most quality, performance or innovative features • Focus on making & improving products • Might commit “bettermousetrap” fallacy • New product may not succeed • Unless priced, distributed, advertised & sold properly Marketing Management - An Asian Perspective 4th Edition

  33. Company Orientations Toward the Marketplace - The Selling Concept Consumers do not buy enough products, if left alone “Purpose of marketing - sell more - to more people - more often - for more money - to make more profit” • Goods buyers don’t normally buy • Sell what is made not what market wants • Hard selling - high risks Marketing Management - An Asian Perspective 4th Edition

  34. Company Orientations Toward the Marketplace - The Marketing Concept • Customer-centered • “Sense-&-respond” philosophy • Right products for customers • Not right customers for products • Better than competitors • Create, deliver & communicate superior value to target markets Marketing Management - An Asian Perspective 4th Edition

  35. Company Orientations Toward the Marketplace - The Marketing Concept • Selling - needs of seller • Marketing - needs of buyer • Selling - convert product to cash • Marketing - satisfy buyer with product Marketing Management - An Asian Perspective 4th Edition

  36. Company Orientations Toward the Marketplace -The Holistic Marketing Concept • Holistic marketing Develop, design & implement marketing programs, processes & activities that recognize breadth & interdependencies • Holistic marketing recognizes that“everything matters” Marketing Management - An Asian Perspective 4th Edition

  37. Figure 1.3Holistic Marketing Dimensions Marketing Management - An Asian Perspective 4th Edition

  38. Company Orientations Toward the Marketplace - The Holistic Marketing ConceptRELATIONSHIP MARKETING • Relationship marketing Satisfying long-term relationships, with key parties, to earn & retain business • Marketing network • Company & supporting stakeholders • Mutually profitable business relationships Marketing Management - An Asian Perspective 4th Edition

  39. Company Orientations Toward the Marketplace - The Holistic Marketing ConceptRELATIONSHIP MARKETING Company able to deal with customers one at a time due to computers & Internet Eg: • BMW allows buyers to design own model from many variations • 80 % of cars bought in Europe- built to order Marketing Management - An Asian Perspective 4th Edition

  40. Company Orientations Toward the Marketplace - The Holistic Marketing ConceptINTEGRATED MARKETING The marketer’s task devise marketing activities & assemble fully integrated programs to create, communicate, & deliver value for consumers Marketing Management - An Asian Perspective 4th Edition

  41. Figure 1.4The 4 P Components of the Marketing Mix Marketing Management - An Asian Perspective 4th Edition

  42. Figure 1.5Marketing-Mix Strategy Marketing Management - An Asian Perspective 4th Edition

  43. Four Ps Product Price Place Promotion Four Cs Customer solution Customer cost Convenience Communication Company Orientations Toward the Marketplace - The Holistic Marketing ConceptINTEGRATED MARKETING Marketing Management - An Asian Perspective 4th Edition

  44. Company Orientations Toward the Marketplace - The Holistic Marketing ConceptINTEGRATED MARKETING 2key themes - integrated marketing: • Different marketing activities used • All marketing coordinated - maximize joint effects Design & implementationof any marketing activitydone with all others in mind Marketing Management - An Asian Perspective 4th Edition

  45. Company Orientations Toward the Marketplace - The Holistic Marketing ConceptINTERNAL MARKETING • Ensure all in firm embraces marketing principles • Hire, train & motivate able employees who want to serve customers well Marketing Management - An Asian Perspective 4th Edition

  46. Table 1.1 Assessing which Company Departments are Customer-Minded Marketing Management - An Asian Perspective 4th Edition

  47. Table 1.1 Assessing which Company Departments are Customer-Minded Marketing Management - An Asian Perspective 4th Edition

  48. Table 1.1 Assessing which Company Departments are Customer-Minded Marketing Management - An Asian Perspective 4th Edition

  49. Table 1.1 Assessing which Company Departments are Customer-Minded Marketing Management - An Asian Perspective 4th Edition

  50. Company Orientations Toward the Marketplace - The Holistic Marketing ConceptSOCIAL RESPONSIBILITY MARKETING • Social responsibility marketing • Understand broader concerns & ethical, environmental, legal & social context of marketing activities • Marketers - role they play in social welfare Marketing Management - An Asian Perspective 4th Edition

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