defining marketing in 21st century
TRANSCRIPT
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Defining Marketingfor the 21st Century
Mr. Ajit Arya
Faculty-Marketing
Department of Business Studies
C. U. Shah College of Engg. & Tech.
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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 successfulmarketing management?
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What is Marketing?
Marketing is an organizational functionand a set of processes for creating,
communicating, and delivering value
to customers and for managingcustomer relationships
in ways that benefit the
organization and its stakeholders.
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Selling is only the tip of the iceberg
There will always be a need forsome selling. But the aim of marketing is to
make selling superfluous. The aim of
marketing is to know and understand the
customer so well that the product or servicefits him and sells itself. Ideally, marketing
should result in a customer who is ready to
buy. All that should be needed is to make
the product or service available.Peter Drucker
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American Marketing Associations new official
definition of marketing released August 2004:
Marketin is an or anizational function and a set
of processes for creating, communicating anddelivering value to customers and for managing
customer relationships in ways that benefit the
organization and its stakeholders.
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Social Definition of Marketing
Marketing is a societal process by whichindividuals and groups obtain what they need and
want through creating, offering, and freely
exc ang ng pro ucts an serv ces o va ue w tothers.
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What is Marketing Management?
Marketing management is theart and science
of choosing target markets
and getting, keeping, and growingcustomers through
creating, delivering, and communicating
superior customer value.
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Exchange and Transactions MarketingMarketing ((KotlerKotler,, 19801980)):: HumanHuman activityactivity directeddirected asas satisfyingsatisfying
needsneeds andand wantswants throughthrough exchangeexchange processesprocesses..
ForFor exchangeexchange toto occur,occur, therethere mustmust bebe::
TwoTwo partiesparties
CapableCapable ofof communicationcommunication andand deliverydelivery FreeFree toto accept/rejectaccept/reject thethe offeroffer AgreementAgreement toto termsterms
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Goods
Services
Events & Experiences
The Scope Of Marketing -What is Marketed?
Persons
Places & Properties
Organizations
Information
Ideas
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Goods Marketing
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Services Marketing
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Event Marketing
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Place Marketing
- Attempt to attract people and organizations to aparticular geographic area.
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Organization Marketing
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Demand States
Nonexistent LatentNegative
Declining Irregular
Full UnwholesomeOverfull
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Markets - Structure of Flows in a ModernExchange Economy
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A Simple Marketing System
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Key Customer MarketsConsumer Markets Global Markets
Business Markets Nonprofit/ Government Markets
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Marketplaces, Marketspaces,Metamarkets
The marketplace is physical - Store The marketspace is digital Internet shopping
The metamarket is a cluster of complementary products
mind but spread across a diverse set of industries.
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Company Orientations
Production Product
Selling Marketing
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Holistic Marketing Concept
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The Four Ps Of Marketing
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Marketing-Mix Strategy
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Target markets,
Positioning, &Segmentation
Offerings &
Brands
Needs, Wants, &
Demands
Core Concepts
Value &Satisfaction MarketingChannels
Supply Chain Marketing
EnvironmentCompetition
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Major Societal ForcesChanging technology
Globalization
Deregulation
Privatization
Customer empowerment
Customization
Competition
Retail transformation
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New Consumer Capabilities
A substantial increase in buying power Greater variety of goods and services
Great deal of information available
Greater ease in interacting and placing andreceiving orders
Ability to compare notes on products and services
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New Company Capabilities
Internet
Research
Speed of internal information
Better target marketing
Mobile marketing
Differentiated goods
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Marketing Management Tasks
Develop market strategies and plans
Capture marketing insights Connect with customers
Build strong brands
Deliver value
Communicate value
Create long-term growth
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Thank You!!!