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Lecture Marketing management - Chapter 1: Defining Marketing for the 21st Century presentation of content: What does marketing involve, what marketing, the goal of marketing is, core marketing concepts, core marketing concepts, elements of a modern marketing system,... And other contents.
Marketing Management By: Msc Nguyen Thi Trang Nhung Email: thuytrangnhung@gmail.com Rules of the class Take notes Keep your time Class Rules Stay involv ed Turn off your mobile phone Learning methods Chapter Defining Marketing st for the 21 Century What people often misunderstood Marketing? Many people think of marketing only as selling and advertising => Selling and advertising are only the tip of the marketing ice-berg Some people believe that only large business organizations operating in highly developed economies use marketing, => but sound marketing is critical to the success of every organization – whether large or small, for profit or non – profit, domestic or global What does marketing involve? Marketing is a very complex concept Marketing… is not ADVERTISING is not SELLING is not PROMOTION It involves: Research Product design Setting prices Making sure the customer knows about products Choosing how and where to sell products Understanding Marketing as an expert - Marketing, more than any other business function, deals with customers Analyze industries to identify emerging trends Determine which national and international markets to enter or exit Conduct research to understand consumer behavior Design integrated marketing mix - Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice “Marketing is the science and art of exploring, creating and delivering value to satisfy the needs and wants of a target market maintaining loyalty at a profit.” Professor Philip Kotler What is Marketing? (Definition) 1) 2) Marketing is the delivery of customer satisfaction at a profit Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others What is Marketing? (Definition) 3)Marketing: 'The management process responsible for identifying , anticipating and satisfying customer requirements profitably‘ (The Chartered Institute of Marketing ) 4)Marketing: 'satisfying needs and wants through an exchange process‘ (Philip Kotler) 10 Elements of a Modern Marketing System Structure of Flows in Modern Exchange Economy Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 1-29 Marketing Management Definition: 1) Marketing management is the art and science of choosing target markets and building profitable relationships with them Marketing Management This definition must include answers to two questions : Selecting Customers and Creating Value: Customer Management What customers will we serve? Marketers select customers that can be served profitably Value Proposition How can we serve these customers best? Includes the set of benefits or values a company promises to deliver to consumers to satisfy their - 31 needs Marketing Management Definition: 2) The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives 32 Marketing Management Involves: Demand Management : The organization has a desired level of demand for its products At any point in time, There may be no demand, adequate demand, irregular demand, or too much demand, and marketing management must find ways to deal with these different demand states Building Profitable Customer Relationships : Beyond designing strategies to attract new customers and create transactions with them, companies now are striving to retain current customers and build lasting customer relationships 33 Marketing Management Philosophy (Marketing Management orientation) PRODUCTION CONCEPT PRODUCT CONCEPT SELLING CONCEPT MARKETING CONCEPT SOCIETAL CONCEPT Production Concept Consumers will favor products that are available and affordable Improve production and distribution Product Concept Consumers will favor products that offer the most in quality, performance, and innovative features Make continuous product improvements Selling Concept Consumers will not buy enough without a large scale selling and promotion effort Push for more sales Marketing Concept Focus on satisfying the needs and wants of target markets «Find right customers for your product» VS «Find right products for your customers» Deliver satisfaction better than competitors The Selling and Marketing Concepts Contrasted Marketing Management Tasks Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth MARKETING CHALLENGES INTO THE NEW CENTURY GROWTH OF NON-PROFIT MARKETING THE INFORMANTION TECHNOLOGY BOOM RAPID GLOBALIZATION THE CHANGING WORLD ECONOMY THE CALL FOR MORE ETHICS AND SOCIAL RESPONSIBILITY 41 THE NEW MARKETING LANDSCAPE The past decade taught business firms everywhere a humbling lesson Domestic companies learned that they can no longer ignore global markets and competitors Successful firms in mature industries learned that they cannot overlook emerging markets, technologies, and management approaches Companies of every sort learned that they cannot remain inwardly focused, ignoring the needs of customers and their environment 42 ... customers 12 Scope of marketing (What is Marketed?) • Goods • Services • Events ã Experiences ã Persons Copyright â 2 011 Pearson Education, Inc Publishing as Prentice Hall 1- 13 Scope of marketing. .. Ideas Copyright © 2 011 Pearson Education, Inc Publishing as Prentice Hall 1- 14 Core Marketing Concepts To explain marketing definition, we examine the following important terms : - 15 Need Want Demand... simple marketing system 27 Elements of a Modern Marketing System Structure of Flows in Modern Exchange Economy Copyright © 2 011 Pearson Education, Inc Publishing as Prentice Hall 1- 29 Marketing