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Defining Marketing For The 21 Century

The document defines marketing in three sentences from different sources. Kotler defines marketing as the process of exploring, creating, and delivering value to satisfy customer needs at a profit. The AMA defines marketing as the activities, institutions, and processes used to create, communicate, deliver, and exchange offerings that have value for customers and society. Moriarty, Mitchell and Wells define marketing as an organizational function and set of processes used to create and communicate value for customers and stakeholders in ways that benefit the organization.

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Abrar Jawad
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59 views

Defining Marketing For The 21 Century

The document defines marketing in three sentences from different sources. Kotler defines marketing as the process of exploring, creating, and delivering value to satisfy customer needs at a profit. The AMA defines marketing as the activities, institutions, and processes used to create, communicate, deliver, and exchange offerings that have value for customers and society. Moriarty, Mitchell and Wells define marketing as an organizational function and set of processes used to create and communicate value for customers and stakeholders in ways that benefit the organization.

Uploaded by

Abrar Jawad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Chapter 1

Defining Marketing For the 21st Century


What is
Marketing
The process of exploring, creating, and delivering value to
satisfy the needs of a target market at a profit. (Kotler)

Marketing is the activity, set of institutions, and processes


for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners,
and society at large. (AMA)

Organizational function and a set of process for creating,


communicating and delivering value to customers and for
managing relationship in ways that benefit the organization
and its stakeholders. (Moriarty, Mitchell and Wells)
Art + Science

Creativity Strategic Tools


Intuition G-STIC

“firm's marketing resources and


capabilities”
What is
Marketed
Properties

Persons Services

Organizations Goods Ideas

Experiences Events

Places
Eight Demand
States
Negative Nonexistent Declining Latent
Demand Demand Demand Demand

Irregular Overfull Unwholesome


Full Demand
Demand Demand Demand
Eight Demand
States

What can marketers do to influence demand


through each of the situations described above?
Give examples to illustrate your points
Negative Demand- Analyze Market, Product Redesign, Positive Promotion, Lower Price

Nonexistent Demand- Find Ways to Connect Benefits with Consumers

Latent Demand- Measure the Size of the Potential Market, Develop Product Features,
Market them in a Desirable way
Declining Demand- Rebranding

Irregular Demand- Flexible Pricing, Promotion

Overfull Demand- De-Marketing; Increase Price, Reduce Promotion

Unwholesome Demand- Fear Messages, Reduce Availability, Usage Restriction


A Simple Marketing
System
Key Customer
Markets

Consumer Business
Market Market

Global Market Non-profit and


Governmental Market
Key
Concepts
Marketplaces
Marketspaces
Metamarkets
Core Marketing
Concept

Needs
Wants Demands
Core Marketing
Concept

Segmentation, Offerings and Value and


Targeting and Brand Satisfaction
Positioning

Channels Competition Environment


The New Marketing
Realities
Information
Technology

https://www.youtube.com/wa
tch?v=KfLzm2oKoZg
Globalization
Competition
Industry Convergence
Retail Transformation
Consumer Buying Power
Consumer Participation
4P’s

Product Place

Price Promotion
Forget about 4P’s !!

People Process Physical


Evidence
Company Orientation Towards the Market Place

Production Orientation

Focus on Production and Efficiency

Economies of Scale

Limited Consumer Research

No Emphasis on Quality
Company Orientation Towards the Market Place

Product Orientation

Favors the Product with Better Quality

High in Performance and Innovation

Product Improvement

Emphasis on Quality
Company Orientation Towards the Market Place

Selling Orientation

Persuade Consumers to Buy Products

High Risk as no Focus on Building Relationship

Product Improvement

Practiced with Unsought Goods


Company Orientation Towards the Market Place

Market Orientation

Focus on customers’ need and want

Integrated Marketing Efforts

Market Analysis
Should a Firm Follow Only One Approach or Both?

Market orientation gets the right product


product orientation get the product right.
Company Orientation Towards the Market Place

Holistic Marketing Orientation

Relationship Marketing Integrated Marketing

Internal Marketing Performance Marketing


Holistic Marketing Orientation
Relationship Marketing
Holistic Marketing Orientation

Relationship Marketing

Build a Network of Mutually Satisfying Long Lasting Relationship


Emphasize on Existing Customers; Suppliers and Distributers as
Partner for Value Creation
More Individualistic Approach

Word of Mouth, Build Brand Loyalty

Strong Brand Image; Hence Competitive Edge

Valuable Feedback; Co-creation.


Holistic Marketing Orientation
Integrated Marketing

The Whole is greater than the sum of its parts

Integrated Marketing Communication

Integration in Marketing Channels


Holistic Marketing Orientation
Internal Marketing

Employees are “Internal Customers”

Align every Aspect of a Company’s Internal Operations

Influences Customers Attitudes


Holistic Marketing Orientation
Performance Marketing

Financial Accountability

Societal Marketing

Customer

Company

Society
https://www.youtube.com/watch?v=OXVRB_u9Y7M

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