1
Defining Marketing
st
for the 21 Century
Chapter 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
What is Marketing?
Marketing is 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.
What is Marketing Management?
Marketing management is the
art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and
communicating
superior customer value.
What is Marketed?
• Goods
• Services
• Events and
experiences
• Persons
• Places and
properties
• Organizations
• Information
• Ideas
Demand States
•
•
•
•
Negative
Nonexistent
Latent
Declining
•
•
•
•
Irregular
Unwholesome
Full
Overfull
Key Customer Markets
•
•
•
•
Consumer markets
Business markets
Global markets
Nonprofit/Government markets
Company Orientations
•
•
•
•
Production
Product
Selling
Marketing
Marketing Mix and the Customer
Four Ps
• Product
• Price
• Place
• Promotion
Four Cs
• Customer
solution
• Customer cost
• Convenience
• Communication
Core Concepts
• Needs, wants, and
demands
• Target markets,
positioning,
segmentation
• Offerings and
brands
• Value and
• Marketing
channels
• Supply chain
• Competition
• Marketing
environment
• Marketing
planning
Marketing Management Tasks
• Developing
marketing
strategies
• Capturing
marketing insights
• Connecting with
customers
• Building strong
• Shaping market
offerings
• Delivering value
• Communicating
value
• Creating
long-term growth
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
Figure 1.3 Improving CMO Success
(cont.)
• 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
New Consumer Capabilities
• A substantial increase in buying power
• A greater variety of available goods and
services
• A great amount of information about
practically anything
• Greater ease in interacting and placing and
receiving orders
• An ability to compare notes on products and
services
Internal Marketing
Internal marketing is the task of
hiring, training, and motivating able
employees who want to serve
customers well.
Performance Marketing
• Financial Accountability
• Social Responsibility
Marketing
• Social Initiatives
• Corporate social
marketing
• Cause marketing
• Corporate philanthropy
• Corporate community
involvement
• Socially responsible
business practices
Marketing Management Tasks
•
•
•
•
•
•
•
Develop market strategies and plans
Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
HOMEWORK
REFLECTION PAPER
See guideline/suggested format in the
Assignment section of CANVAS.