MARKETING MANAGEMENT

1. Why marketing is important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts? 4. How has marketing management changed? 5. What are the tasks necessary for successful marketing management?

Importance of Marketing

The Four Ps & Cs

Marketing Mix Place Convenience

Product
Customer Solution

Price
Customer Cost

Promotion
Communication

The Scope of 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. - Philip Kotler

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. - Philip Kotler

What is Marketed?
Goods Services Events Experiences Persons Places Properties Organizations Information Ideas

Who Markets
Marketers And Prospects Negative Demand No Demand Full Demand Over Demand Declining Demand Irregular Demand Latent Demand Restricted Demand

WHO MARKETS?

Structure of Flows
Resources Money Resources

Resource markets
Taxes, goods Taxes

Money

Manufacturer markets

Services, money Services, money Taxes, goods

Government markets
Services Taxes, goods

Consumer markets

Services, money Money Goods, services

Intermediary markets

Money

Goods, services

Simple Marketing System

Communication

Goods/services Industry (a collection of sellers) Market (a collection of Buyers)

Money

Information

Five Key Functions For a CMO

Core Concepts of Marketing

Target Markets & Segmentation

Needs, Wants, and Demands

Products or Offering Value & Satisfaction

Exchange & Transactions

Relationship & Marketing Marketing Channels Supply Chain Competition Marketing Environment

Understanding the Marketplace and Customer Needs

Customer Needs, Wants, and Demands

Needs
Wants Demands

States of deprivation Physicalfood, clothing, warmth, safety Socialbelonging and affection Individualknowledge and self-expression

Form that needs take as they are shaped by culture and individual personality

Wants backed by buying power

Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs

 Customer Value and Satisfaction Expectations

Customers
Value and satisfaction

Marketers
Set the right level of expectations Not too high or low

Exchange is the act of obtaining a desired object from someone by offering something in return Markets are the set of actual and potential buyers of a product

Designing a Customer-Driven Marketing Strategy

Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers

Target marketing refers to which segments to go after

Designing a Customer-Driven Marketing Strategy

Selecting Customers to Serve Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it

Designing a Customer-Driven Marketing Strategy

Choosing a Value Proposition
The value proposition is the set of benefits or

values a company promises to deliver to customers to satisfy their needs

 Marketing Management Orientations

Production concept

Product concept

Selling concept

Marketing concept

Societal concept

Defining Marketing For The Century

st 21

Part I - Understanding Marketing Management Part II - Analyzing Marketing Opportunities Part III - Developing Marketing Strategies Part IV - Shaping the Market Offering Part V - Managing & Delivering Marketing Programs

Designing a Customer-Driven Marketing Strategy

Marketing management is the art and science of choosing target markets and building profitable relationships with them
What customers will we serve? How can we best serve these customers?

Part II - Analyzing Marketing Opportunities

Consumer behavior is influenced by both internal and external factors

Part III - Developing Marketing Strategies

1. Describe your company's unique selling proposition (USP). 2. Define your target market. 3. Write down the benefits of your products or services. 4. Describe how you will position your products or services. 5. Define your marketing methods. Will you advertise, use internet marketing, direct marketing, or public relations? Tips: 1. Your Unique Selling Proposition sets you out from the rest, don't try to develop a marketing plan without one. 2. It's important that you have a budget developed for your marketing plan. Marketing is an investment. 3. Revise your marketing plan at least once every quarter. Are you on target? Do you need to revise it?

Part IV - Shaping the Market Offering

Fix it improve it, make changes

Ask customers if they like the new product?

Sell the improved product

Assess progress ( is it selling? )

Constructive criticism helps marketers adapt offerings to meet changing customer needs.

Part V - Managing & Delivering Marketing Programs