Marketing in the Millennium Age PDF

Marketing in the Millennium Age CHAPTER 1 COURSE MKT 412 MARILYN PAREJA-TAMPES, MBA DATE AUGUST 2023 Marketing Management CHAPTER 1...

Marketing in the Millennium Age CHAPTER 1 COURSE MKT 412 MARILYN PAREJA-TAMPES, MBA DATE AUGUST 2023 Marketing Management CHAPTER 1 2 Objectives AT THE END OF THE CHAPTER, THE LEARNERS ARE ABLE TO: ANALYZE THE IMPORTANCE IF MARKETING DIFFERENTIATE THE VARIOUS MARKETING SCOPES; CRITIQUE THE VARIOUS TYPES OF ENTITIES BWING MARKETED; CHARACTERIZE CORE CONCEPT OF MARKETING; ILLUSTRATE VARIOUS MARKETING TASK; AND TEAM 2 BUILD MAJOR MARKETING DECISIONS. Social Media Marketing Strategies FOR SMALL BUSINESS 3 IMPORTANCE OF MARKETING HERE ARE THE FUNCTIONS THAT SHOW THE Marketing is a process through SIGNIFICANCE OF MARKETING IN ANY BUSINESS: which a product or service is launched and promoted to Customer possible consumers. Finance A business may have the best Human Resource product or service, but Production without marketing no potential Competition customers would be aware of Decision it. Idea W Economy  4 Marketing Scope SCOPE OF MARKETING Marketing has an extremely A consumer wants and Channel of Distribution broad scope. It covers all the needs. Pricing Policies activities starting from the Consumer Behavior Sales Management formation of ideas to Product Planning and Promotion generating profits. Development Finance Branding After-sales-service Packaging TEAM 2  5 What is Marketed Marketing is naturally seen as the duty According to Ferell and Hartline (2013), of creating, promoting and delivering marketing people are involved with ten types goods and services to consumers and of entities. businesses. Goods Services Events Experiences Persons Places TEAM 2 Properties Organizations Information  6 Core Concepts in Marketing According to Philip Kotler and Keller (2012), "Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return". TEAM 2  7 Core Concepts in Marketing To simplify its definition, it says that: Marketing Produces value for the customers. Marketing pleases customers as profits are generated. Marketing makes good relationship with customers. All activities of marketing are towards customer satisfaction. TEAM 2  7 Needs, Wants, and Demands Human needs are states of felt Wants, on the other hand, are the Demand is the want for particular deprivation. form of human needs influenced by products that are supported by the culture and individual personality. ability and willingness or readiness Three Types of Needs to buy them. Wants are the choices to gratify a Existing Need particular need. Three conditions of demand A Latent Need Incipient Need The desire of getting the product or service; Ability to pay for the product or service; and Intention to pay for the product or service.  8 Demand could be in these natures, namely; Negative Demand No Demand Latent Demand Declining Demand Irregular Demand Full Demand Overfull Demand Unwholesome Demand Exchanges, Transaction, Relationships and Network 10 An exchange is an act of acquiring a preferred product from someone through offering someting in return. A transaction is a decision entered into or commitment done. Relationship marketing is the practice of building long-term profitable or satisfying dealings with significant parties such as customers, suppliers, distributors, and other to preserve their long-term preference in business. A marketing network includes the company and its supporting stakeholders such as customers, employees, suppliers, distributors, advertising agencies, colleges and universities, and others whose role is regarded as necessary for the success of a business. FOR SMALL BUSINESS 11 Market, Marketing, Marketer, and Prospect A market comprises all possible customers sharing a particular need or want who might be eager and able to engage in exchange to gratify this need or want. Marketing is a social and managerial process by which individuals and groups get what they need and want by creating and exchanging product and value with others. A marketer is one who seeks one or more buyers to engage in an exchange. A prospect is someone to whom the marketers spots as possibly agreeable and able to engage in Marketing Management Tasks 12 Marketing management is the study, planning, implementation and control of programs intended to form, make and preserve equally beneficial exchanges and relationships with target markets for the reason of reaching organizational objectives. The following are its tasks on the whole: Conversional marketing develops from the situation of negative demand in which all or most of the vital segments of the potential market hate the product or service and in reality, may possibly pay a price to avoid it. No demand state of a product exists when people are indifferent to such product. When a substantial number of people share a strong need for something that does not exist on the form of an actual product or service, it is called latent Marketing Management Tasks 13 4. When the demand for a products declines asnd show possibility of further fall the marketing task involved in such case is remarketing. 5. When a product's current timing pattern of demand is marked by seasonal or volatile fluctuations the marketing task of synchro marketing is necessary to bring the movement of demand and supply into better synchronization. 6. Full demand exists when current level and timing of demand is equal to the desired level and timing of demand. 7. overfull demand exists when demand for a product or service begins to outpace the supply substantially. 8. In state of unwholesome demand, the demand is felt excessive because of Major Marketing Decisions 14 Regardless of whether a new organization is developing a brand new marketing plan or if an established organization is tweaking or re-creating plan that already exists, any effective plan is built on the core fundamental. Strategic Planning A strategy is outline of the company's roadmap for the successful attainment of its goals and objectives. at the different hierarchy of the organization, there must be strategic planning for an effective marketing. Social Responsibilities and Ethics 15 Ethics is likely to center on the individual or marketing group decision, while social responsibility takes into concern the entire consequence of marketing practices in society. Six Ethical Values that Marketers are expected to advocate Honesty Responsibility Fairness Respect Transparency Citizenship Research and Analysis 16 Market research is the process of gathering data to find out whether a particular product/service will fulfill the needs of customers. With effective market research, a company can get a priceless information about ist competitiors, economic changes, demograhics, the contemporary market trends and the spending behavior of its customers. Developing Competitive Advantage and Strategic Focus The competitive advantage is the essence of a company's strategy. It determines what it will do differently or better than the competition to achieve its objective. Three Basic Strategies for Competitive Advantage Operational Excellence Product Leadership Three Basic Strategies for Competitive Advantage 17 Operational Excellence strategy intends to achieve cost leadership. At this point, the foremost focus centers on automating manufacturing processes and work procedures to make more efficient operations and trim down cost. 2. Product Leadership is a competitive strategy intends to make a culture that continuously bring better quality products to market. 3. Customer Intimacy strategy centers on offering a distinctive range of customer services that consents to a personalized service and customized products to meet varying customer needs. Marketing Strategy Decisions 18 A strategy is the means of the process that objective is realized. Marketing strategy decisions are regarded as an essential decision making for marketing managers. It is an important part of planning. The market needs to be properly segmented and targeted in order to focus on them with all the marketing activities to avoid waste of money. Marketing managers should have a vast knowledge about the product because marketing managers needs to represent it to the customers through in many ways. Pricing is a very crucial element as it is the only element in the marketing mix Segmentation and Targeting 19 Segmentation is the process of dividing a whole market into a various customers groups. Targeting entails making a decision which possible customer segments the company will concentrate on. The process of segmentation and targeting are indespensable to spot and placed intention to certain demographic group. Marketing segmentation can be an extensive process. It is important for the company to identify precisely which segments correspond to the most potential sales for its business. Major Marketing Decisions 20 Product Decisions Pricing Decisions Distribution and Supply Chain Decision Promotion Decisions Implementing and Control Maintaining Customer Relation New Realities and Trend in Marketing in the 21 Millennium Age Increased focus on customer experience. Engaged and effective measuring Analytics 2.0 Marketing technologists and data scientists as the new marketing lieutenants. Personalized everything Better video content More social media marketing Embrace the Internet of things Chatbots and AI go mainstream Right time marketing instead of real-time marketing Prepare for marketing to own digital transformation campaigns. The End of Presentation THANK YOU FOR LISTENING