Lectures Marketing management - Chapter 1: Defining marketing for the 21st century provides students with the knowledge: The importance of marketing, the scope of marketing, core marketing concepts, the new marketing realities, company orientation toward the, marketplace. Invite you to refer to the disclosures.
CHAPTER DEFINING MARKETING FOR THE 21ST CENTURY Nguyen Tien Dung, MBA Email: dung.nguyentien3@hust.edu.vn Main Contents The Importance of Marketing The Scope of Marketing Core Marketing Concepts The New Marketing Realities Company Orientation toward the Marketplace The New Four Ps Marketing Management Tasks © Nguyễn Tiến Dũng The Importance of Marketing ● Financial success depends on ● ● ● ● ● marketing ability Chief Marketing Officer (CMO) Marketing for business organisations Marketing for non-profit organisations Marketing for individuals Discussion: ● Marketing is as important as other departments ● Marketing is more important than other departments © Nguyễn Tiến Dũng The Scope of Marketing ● What Is Marketing? ● What Is Marketed? ● Who Markets? © Nguyễn Tiến Dũng What is marketing? ● Managerial definition of marketing: ● An organizational function 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 ● Social definition of marketing: ● 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 © Nguyễn Tiến Dũng What is marketing management? ● The art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value © Nguyễn Tiến Dũng What is marketed? ● Physical products ● Services ● Events ● Experiences ● Persons ● Places ● Properties ● Organizations ● Information ● Ideas © Nguyễn Tiến Dũng ● The Rolling Stones have done a masterful job of marketing their rebellious form of rock and roll to audiences of all ages © Nguyễn Tiến Dũng Places Marketing ● For a city like Las Vegas that thrives on tourism, good marketing is essential © Nguyễn Tiến Dũng Who markets? ● Who markets? ● Marketer ● Prospect ● States of demand: ● Negative demand: dislike ● Nonexistent demand: unaware ● Latent demand: unsatisfied ● Declining demand: falling ● Irregular demand: seasonal or uneven ● Full demand ● Overfull demand ● Unwholesome demand: negative social consequences © Nguyễn Tiến Dũng 10 Marketing in Practice* New Consumer Capabilities New Marketing Forces New Company Capabilities New Marketing Management Practice © Nguyễn Tiến Dũng 18 CMO: A challenging job* ● A well-publicized survey revealed that the average CMO tenure at U.S companies is about 28 months, well below the average tenure of CEOs (54 months) or other C-level positions ● Reasons: ● Management expectations vary ● Combined skills: ● Quantitative skills & well-honed qualitative skills ● Have an independent, entrepreneurial attitude & Be able to work in close harmony with other departments such as sales ● Capture the consumers’ viewpoint & Have a keen bottom-line understanding of how marketing creates value within their organization ● One survey asked 200 senior-level marketing executives which innate and learned qualities were most important ● Innated qualities ● Learned qualities © Nguyễn Tiến Dũng 19 CMO* ● Innate Qualities ● Learned Qualities ● Risk taker ● Global experience ● Willingness to make ● Multichannel decisions ● Problem-solving ability ● Change agent ● Results-oriented expertise ● Cross-industry experience ● Digital focus ● Operational knowledge © Nguyễn Tiến Dũng 20 *Functions of CMOs ● Strengthening the brands ● Measuring marketing effectiveness ● Driving new product development based on customer needs ● Gathering meaningful customer insights ● Utilizing new marketing technology © Nguyễn Tiến Dũng 21 *Improving CMO Success ● Make the mission and responsibilities clear ● Fit the role to the marketing culture and structure ● Ensure the CMO is compatible with the CEO ● Remember that show people don’t succeed ● Match the personality with the CMO type ● Make line managers marketing heroes ● Infiltrate the line organization ● Require right-brain and left-brain skills © Nguyễn Tiến Dũng 22 Company Orientation toward the Marketplace ● The Production Concept ● The Product Concept ● The Selling Concept ● The Marketing Concept ● The Holistic Marketing Concept © Nguyễn Tiến Dũng 23 Production Concept ● Customers will buy inexpensive and widely available products ● Focus: cost cutting, cheap models and wide distribution networks © Nguyễn Tiến Dũng 24 Product Concept ● Customers will prefer the products with superior performance ● Focus: product performance, higher quality, special features © Nguyễn Tiến Dũng 25 Selling Concept ● Customers will not buy your products if you not have great selling and promotion efforts ● Focus: selling skills, promotion programs © Nguyễn Tiến Dũng 26 Marketing Concept ● Four pillars for business success: ● Choose right customers ● Understand right needs, wants and demands ● Satisfy these demands ● Efficiency: satisfy target customers more efficiently than competitors © Nguyễn Tiến Dũng 27 Holistic Marketing Dimensions* © Nguyễn Tiến Dũng 28 Corporate Social Responsibility (CSR) © Nguyễn Tiến Dũng 29 The New Four Ps © Nguyễn Tiến Dũng 30 Marketing Mix and the Customer Four Ps ● Product ● Price ● Place ● Promotion © Nguyễn Tiến Dũng Four Cs ● Customer solution ● Customer cost ● Convenience ● Communication 31 Tasks in Marketing Management ● Developing marketing strategies and plans ● Capturing marketing insights ● Connecting with customers ● Building strong brands ● Shaping market offerings ● Delivering value ● Communicating value ● Creating long-term growth © Nguyễn Tiến Dũng 32 ... competitors © Nguyễn Tiến Dũng 27 Holistic Marketing Dimensions* © Nguyễn Tiến Dũng 28 Corporate Social Responsibility (CSR) © Nguyễn Tiến Dũng 29 The New Four Ps © Nguyễn Tiến Dũng 30 Marketing. .. resistance © Nguyễn Tiến Dũng 17 Marketing in Practice* New Consumer Capabilities New Marketing Forces New Company Capabilities New Marketing Management Practice © Nguyễn Tiến Dũng 18 CMO: A challenging... consequences © Nguyễn Tiến Dũng 10 Idea Marketing ● One of the most important areas of marketing is the work that social marketers to promote socially desirable behaviors © Nguyễn Tiến Dũng 11 Structure