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Marketing Mangement 21st Century Essay

Essay Topic:

Defining Marketing for the 21st Century Tutored by : Prof. Sunil D’ Anto Session Agenda • • • • • • • • Importance of marketing Marketing Defined The scope of marketing Tasks of a successful marketing practice Fundamental Marketing Concepts & Tools of Marketing Marketplace Orientations How has marketing management changed? Marketing’s Responses to New Challenges Importance of marketing (why are we learning it? ) • • • Press notes communicating marketing triumphs Profound articles on marketing strategies & tactics The creation of CMOs Marketing is required to build strong brands & a loyal customer base which contribute majorly to the firm’s value • Marketing assists the firm : – in deciding on the right product, price, promotion, communication & delivery (place) – to redo business models, in the world of empowered customers & highly competitive market place. The case of : the brands Xerox & Nirma What is Marketing ? too often confused and identified with selling, advertising or promotions only! • Real marketing practices and theories are all too often invisible to the average consumer & common man. Therefore, let us understand & define marketing… Defining 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. – the AMA Good Marketing is No AccidentCase of Tata Ace: The roaring success of fourwheeler Tata Ace, in a market earlier dominated by three-wheeler load carriers, was due to a deep understanding of the market needs and customer requirements. What is Marketed? (the market offering / the product) Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas Successful New Product launches require careful Planning Re-defining Market • Traditionally, market – a physical place. • Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class. Contemporarily: – Marketers use the term “market” to cover various groups of customers – Marketplaces/ Marketspaces – Metamarkets & metamediaries Simple Marketing System Communication Industry (a collection of sellers) Goods/services Money Market (a collection of Buyers) Information Exchange & Transactions • Exchange defined • Conditions for an exchange • Up-gradation to a Transaction Structure of Flows in a Modern Exchange Economy Key Customer Markets Consumer Markets Global Markets Business Markets Nonprofit/ Government Markets Core Concepts of MarketingNeeds, Wants, and Demands * Segmentation ,Target markets, Positioning Product or Market Offering & Brands Customer, Consumer, Client Value and Satisfaction Exchange and Transactions Relationships and Networks Marketing Channels Supply Chain Competition Marketing Environment * Assignment 1 (a) States of Demand • Eight demand states are possible: – Negative demand : consumers dislike the product and may even pay a price to avoid it. – Non-existent demand :consumers may be unaware or uninterested in the product. – Latent demand: consumers may share a strong need that cannot be satisfied by an existing product. Declining demand : consumers begin to buy the product less frequently or not at all. – Irregular demand: consumer purchases vary on a seasonal, monthly, daily, or even an hourly basis. – Full demand: consumers are adequately buying all product put into the marketplace. – Overfull demand: too many consumers would like to buy the product that can be satisfied. – Unwholesome demand: consumers may be attracted to products that have undesirable social consequences. Company Orientation Towards the Marketplace Production Concept Product Concept Selling Concept Marketing ConceptConsumers prefer products that are widely available and inexpensive Consumers favor products that offer the most quality, performance, or innovative features Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors Customer Delivered Value Starting point Factory Focus Existing products Means Selling and promotion Ends Profits through sales volume (a) The selling concept Market Customer needs Integrated marketing Profits through customer satisfaction (b) The marketing concept Holistic Marketing DimensionsPerformance Marketing The Four P’s 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 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 skillsMarketing Management Tasks • • • • • • • • Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value (total C. Benefits – total C. Costs) Communicate value Create long-term growth Evolving Views of Marketing’s Role Finance Production Human resources Marketing Production Finance Human resources Marketing a. Marketing as an equal function b. Marketing as a more important function Evolving Views of Marketing’s Role (contd. ) Production Marketing Customer c. Marketing as the major function . The customer as the controlling factor Evolving Views of Marketing’s Role (contd) Production Marketing Customer e. The customer as the controlling function and marketing as the integrative function Understanding Marketing.. 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 fits 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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