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Defining Marketing
for the 21st Century
Chapter Questions
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.
(American Marketing Association Formal Definition)
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.
(American Marketing Association Formal Definition)
What is Marketed?
Services
Goods
Demand States
Negative Demand
Consumers dislike the
product e.g. Vaccination, Dental work
Nonexistent Demand
Consumers may be unaware
of the product e.g. Foreign Language
course
Latent Demand
Consumers may share a
strong need that cant be
satisfied with existing product
e.g. Harm less cigarettes, Fuel Efficient cars
Declining Demand
Consumers begins to buy the
product less frequently e.g.
churches, Govt. Schools
Irregular Demand
Consumers purchases vary on a
seasonal, monthly, weekly, daily
or hourly e.g. Museums on week days,
Travelling Peak Off Peak time
Unwholesome Demand
Consumers attracted to
products that have undesirable
social consequences e.g. Cigarettes,
Alcohol, Drugs
Full Demand
Consumers are adequately
buying all products.
Overfull Demand
More consumers would like to
buy than can be satisfied.
Consumer markets
Business markets
Global markets
Nonprofit/Government markets
Functions of CMOs
Target markets,
positioning,
segmentation
Marketing channels
Communication Channels e.g.
Newspapers, Magazines Radio., Television, Mail,
Telephone, Billboards, Posters, Fliers, CDs, Audio
Tapes & Internet
Supply chain
Competition
Marketing environment
Task Environment e.g.
Company,
Suppliers, Distributors, Dealers & Target
Customers
Marketing planning
Privatization
Heightened competition
Industry convergence
Consumer resistance
Retail transformation
Disintermediation
Product
Product Variety/Quality/ Design/
Features/Brand Name/ Packaging/
Sizes/Services/Warranties/Returns
Price
List Price/Discounts/Allowances/
Payment Period/Credit Terms
Place
Channels/Coverage/Assortments/
Locations/Inventory/Transport
Promotion
Sales Promotion/Advertising/Sales
Force/Public relations/ Direct
Marketing
Four Cs
Customer solution
Customer cost
Convenience
Communication
Relationship Marketing
Relationship marketing is a strategy designed to foster
customer loyalty, interaction and long-term engagement.
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
Corporate social
marketing
Cause marketing
Corporate philanthropy
Corporate community
involvement
Socially responsible
business practices
The End