Marketing Management Chapter 1

Study Notes

The New Marketing Realities

Mega Trends: Trend mapping identifies significant shifts influencing marketing strategies and consumer behavior.
Holistic Marketing Concept: Focuses on integrating various marketing activities to create greater overall value.
Relationship Marketing: Aims to build long-term, mutually satisfying relationships with key stakeholders for business retention.

Integrated Marketing

Definition: Involves marketing activities that create, communicate, and deliver value, emphasizing synergy in marketing efforts.
Internal Marketing: Involves training and motivating employees to enhance customer service.
Performance Marketing: Focuses on accountability regarding financial, environmental, and social outcomes.

Influential Technologies

Internet of Things: Devices interconnected through the internet enhancing consumer interactions.
Augmented/Virtual Reality: Tools changing how customers interact with products and brands.
Big Data: Utilized for understanding consumer behavior and trends.

Societal Changes

Smaller Households: Shift in family structures affecting consumer marketing.
Silver Society: Growing demographic of older consumers influencing product and service offerings.
Sustainability: Increasing emphasis on eco-friendly products and practices.

Customer Behavior Trends

Social Networks: Impact consumer communication and brand relationships.
Mobile Commerce: Evolving consumer buying behaviors towards mobile platforms.
Sharing Economy: Shift from ownership to borrowing, characterized by peer-to-peer sharing platforms.

Marketing Philosophy

Company Product Definitions: Various companies define themselves based on function and the value they provide (e.g., Union Pacific Railroad focuses on transportation).
Examples:
- Xerox: Enhancing office productivity.
- Hess Corporation: Supplying energy.
- Paramount Pictures: Marketing entertainment.

Marketing Management Fundamentals

Scope of Marketing: Centers on identifying and fulfilling human and social needs, reflecting a broad perspective beyond traditional selling.
AMA Definition of Marketing: Involves creating and exchanging offerings that deliver value to various stakeholders.
Cross-Functional Nature: Reflects the interconnectedness of different marketing functions and organizational structures.

Marketing Exchange

Connections in Marketing: Sellers and buyers are linked through four primary flows:
- Goods/services and communications flow from sellers to buyers.
- Buyers respond with money and valuable feedback like attitudes and sales data.
- Inner loop signifies monetary exchanges for goods and services.

Marketing Domains

Ten Domains of Marketing: Goods, services, events, experiences, persons, places, properties, organizations, information, and ideas.
Role of Marketer: Involves eliciting responses from the target audience, be it in form of attention or action.

Description

Test your knowledge of the fundamentals of marketing management, including the definition of marketing, its scope, and its role in meeting human and social needs. Learn about the art and science of choosing target markets and getting, keeping, and growing customers.