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16 Jun
2020

Defining Marketing for the New Realities

Category:ACADEMICIAN

SOLUTION AT Australian Expert Writers

Learning Objectives
Why is marketing important?
What is the scope of marketing?
What are some core marketing concepts?
What forces are defining the new marketingrealities?
What new capabilities have these forces givenconsumers and companies?
What does a holistic marketing philosophy include?
What tasks are necessary for successful marketingmanagement?Copyright © 2016 Pearson Education Ltd. 1-2The Value of Marketing• Financial success often depends on marketingability• Successful marketing builds demand forproducts and services, which, in turn, createsjobs• Marketing builds strong brands and a loyalcustomer base, intangible assets that contributeheavily to the value of a firmCopyright © 2016 Pearson Education Ltd. 1-3The Scope of Marketing• Marketing is about identifying and meetinghuman and social needs• AMA’s formal definition: Marketing is the activity,set of institutions, and processes for creating,communicating, delivering, and exchangingofferings that have value for customers, clients,partners, and society at largeCopyright © 2016 Pearson Education Ltd. 1-4Marketing Management• The art and science of choosing targetmarkets and getting, keeping, and growingcustomers through creating, delivering,and communicating superior customervalueCOPYRIGHT © 2016 PEARSON Copyright ©E D20U1C6A PTeIOarNs,o InN ECd. ucation Ltd. 1 – 5 1-5What is Marketed?• Goods• Services• Events• Experiences• PersonsCOPYRIGHT © 2016 PEARSON Copyright ©E D20U1C6A PTeIOarNs,o InN ECd. ucation Ltd. 1 – 6 1-6• Places• Properties• Organizations• Information• IdeasCOPYRIGHT © 2016 PEARSON Copyright ©E D20U1C6A PTeIOarNs,o InN ECd. ucation Ltd. 1 – 7 1-7What is Marketed?Who Markets?• A marketer is someone who seeks aresponse—attention, a purchase, a vote, adonation—from another party, called theprospectCOPYRIGHT © 2016 PEARSON Copyright ©E D20U1C6A PTeIOarNs,o InN ECd. ucation Ltd. 1 – 8 1-88 Demand States• Negative• Nonexistent• Latent• Declining• Irregular• Unwholesome• Full• OverfullCOPYRIGHT © 2016 PEARSON Copyright ©E D20U1C6A PTeIOarNs,o InN ECd. ucation Ltd. 1 – 9 1-9Fig. 1.1Structure Of Flows In A ModernExchange EconomyCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 0 1-10Fig. 1.2A Simple Marketing SystemCopyright © 2016 Pearson Education Ltd. 1-11Key Customer Markets• Consumer markets• Business markets• Global markets• Nonprofit & governmental marketsCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 2 1-12Core Marketing Concepts• Needs: the basic human requirementssuch as for air, food, water, clothing, andshelter• Wants: specific objects that might satisfythe need• Demands: wants for specific productsbacked by an ability to payCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 3 1-13Types of NeedsSTATEDREALUNSTATEDDELIGHTSECRETCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 4 1-14• Target markets• Positioning• SegmentationCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 5 1-15Core Marketing Concepts• Value proposition: a set of benefitsthat satisfy those needs• Offerings: a combination of products,services, information, and experiences• Brands: an offering from a known sourceCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 6 1-16Core Marketing Concepts• Marketing channelsCOMMUNICATIONDISTRIBUTIONSERVICECOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 7 1-17Core Marketing Concepts• Paid media: TV, magazine and displayads, paid search, and sponsorships• Owned media: a company or brandbrochure, web site, blog, Facebook page,or twitter account• Earned media: word of mouth, buzz, orviral marketingCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 8 1-18Core Marketing Concepts• Impressions: occur when consumersview a communication• Engagement: the extent of a customer’sattention and active involvement with acommunicationCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 1 9 1-19Core Marketing Concepts• Value: a combination of quality, service,and price (qsp: the customer value triad)• Satisfaction: a person’s judgment of aproduct’s perceived performance inrelationship to expectationsCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 0 1-20Core Marketing Concepts• Supply chain: a channel stretching from raw materialsto components to finished products carried to finalbuyers (Fig 1.3: The Supply Chain for Coffee)COPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 1 1-21Core Marketing Concepts• Competition: all the actual and potentialrival offerings and substitutes a buyermight considerCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 2 1-22Core Marketing Concepts• Marketingenvironment– Task environment– Broad environmentCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 3 1-23Core Marketing ConceptsThe New Marketing Realities• Technology• Globalization• SocialresponsibilityCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 4 1-24A dramatically changedmarketplace• New consumer capabilities– Can use the internet as a powerful informationand purchasing aid– Can search, communicate, and purchase onthe move– Can tap into social media to share opinionsand express loyaltyCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 5 1-25• New consumercapabilities– Can actively interactwith companies– Can reject marketingthey find inappropriateCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 6 1-26A dramatically changedmarketplace• New company capabilities– Can use the internet as a powerful information andsales channel, including for individually differentiatedgoods– Can collect fuller and richer information aboutmarkets, customers, prospects, and competitors– Can reach customers quickly and efficiently via socialmedia and mobile marketing, sending targeted ads,coupons, and informationCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 7 1-27A dramatically changedmarketplace• New company capabilities– Can improve purchasing, recruiting, training, andinternal and external communications– Can improve cost efficiencyCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 8 1-28A dramatically changedmarketplace• Changing channels– Retailtransformation– DisintermediationCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 2 9 1-29A dramatically changedmarketplace• Heightened competition– Private brands– Mega-brands– Deregulation– PrivatizationCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 3 0 1-30A dramatically changedmarketplaceMarketing in practice• Marketing balance• Marketing accountability• Marketing in the organizationCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 3 1 1-31Company Orientation towardthe MarketplacePRODUCTIONPRODUCTSELLINGMARKETINGCOPYRIGHT © 2016 PEARSON Copyright © E 2D0U1C6 APTeIaOrNso, nIN ECd.ucation Ltd. 1 – 3 2 1-32Fig. 1.4Holistic Marketing DimensionsCopyright © 2016 Pearson Education Ltd. 1-33Relationship marketingCUSTOMERSEMPLOYEESMARKETING PARTNERSFINANCIALCOMMUNITYCopyright © 2016 Pearson Education Ltd. 1-34Integrated marketingCopyright © 2016 Pearson Education Ltd. 1-35• Devise marketing activities and programs thatcreate, communicate, and deliver value such that“the whole is greater than the sum of its parts.”Internal marketing• The task of hiring, training, and motivatingable employees who want to servecustomers wellCopyright © 2016 Pearson Education Ltd. 1-36Performance marketingFINANCIALACCOUNTABILITYENVIRONMENTALIMPACTSOCIAL IMPACTCopyright © 2016 Pearson Education Ltd. 1-37Fig. 1.5Marketing Mix Components (4 Ps)Copyright © 2016 Pearson Education Ltd. 1-38MODERN MARKETINGMANAGEMENTPROCESSESPEOPLEPROGRAMSPERFORMANCECopyright © 2016 Pearson Education Ltd. 1-39MARKETINGMANAGEMENT TASKS• Developing market strategies and plans• Capturing marketing insights• Connecting with customers• Building strong brandsCopyright © 2016 Pearson Education Ltd. 1-40MARKETINGMANAGEMENT TASKS• Creating value• Delivering value• Communicating value• Creating successful long-term growth

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