Defining Marketing for the New Realities - Textbook Chapter

Chapter 1: Defining Marketing for the NEW Realities  A Brief Course Framework: I.Fundamentals of Marketing Management: Chapter 1 : Marketing for New Realities Chapter 2: Marketing Planning and Mana...

Chapter 1: Defining Marketing for the NEW Realities  A Brief Course Framework: I.Fundamentals of Marketing Management: Chapter 1 : Marketing for New Realities Chapter 2: Marketing Planning and Management Exam 1 II.Understanding the Market: Chapter 3: Consumer Markets Chapter 4 : Business Markets Chapter 5 : Marketing Research ___________________ III. Developing Marketing Strategy: Chapter 6: Market Segments and Target Customers Exam 2 Chapter 7: Customer Value Propositions and Positioning IV. Designing Value : Chapter 18: New Product Strategies Chapter 9: Services Strategies Chapter 10: Strong Brands Exam 3 Chapter 11: Pricing and Sales Promotion V. Communicating & Delivering Value Chapter 13: Integrated Marketing Communications & Managing Growth Chapter 15: Distribution Channel Strategies : A graduate course + marketing but you were not businessChapter major students. 20: Global Markets  Basic marketing concepts + graduate level articles including emerging Chapter marketing 21: Socially trends Marketing Responsible VI. Emerging Marketing Trends: AI and Climate Change-not in your textbook______ Topics 1. Explain the scope of marketing and marketing management Definitions of marketing and marketing management What is marketed? Key customer markets 2. Explain the new marketing realities: technology, globalization, physical environment and CSR(corporate social responsibility) 3. Describe holistic marketing concept: internal, integrated, relationship, and performance marketing 5. Recap the important points What is Marketing? : “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.” (American Marketing Association) Focus on the more strategic aspects: marketing as a core contributor to overall firm success Recognize marketing is not just a “department” in an organization The central focus of marketing : “creating, communicating, and exchanging offerings that have value for customers, clients, partners, and society at large” *Client vs. customer: any differences?(see the differences)  What is marketing management? 1) “the process of setting marketing goals for an organization (considering internal resources and market opportunities), the planning and execution of activities to meet these goals, and measuring progress toward their achievement.” The process should be ongoing and repetitive (as within a planning cycle) so that the organization may continuously adapt to internal and external changes that create new problems and opportunities (AMA) 2) “the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value” (p. 3) Q: What can be marketed? :goods, services, events (e.g., trade shows, the Olympics,…), experiences (e.g., Magic Kingdom..), persons (e.g., CEOs, artists, lawyers, sports figures,..), places (e.g., Jacksonville, Las Vegas…), organizations (e.g., museums,..), information (e.g., books, news articles,..), ideas (e.g., “quit smoking” on TV), etc. Key Customer Markets: 1) consumer markets (Business to Consumer Markets: B2C marketing) or Two marketing areas e.g.,) Publix general consumers (like us) 2) business markets (Business to Business Markets : B2B marketing) e.g.,) P&G Publix The New Marketing Realities Holistic Marketing 1.Technology: the Internet, social media, transportation (e.g., Hypersonic jet), 3D, drones, AI including generative AI, 3D printing, … 2. Globalization: borderless economy, e.g.,) the EU, the USMCA , the RCEP … 3. Physical Environment: climate change, heath conditions (e.g., Covid-19)… 4. Corporate Social Responsibility(CSR): e.g.,) Patagonia  The Holistic Marketing Concept (important) Relationship Marketing: the process of building mutually satisfying long-term relationships with key constituents (e.g., customers, employees, partners--suppliers, distributors, dealers, agencies, and members of financial community such as shareholders and investors) in order to earn and retain their businesses. Integrated Marketing: devising marketing activities and programs that create, communicate, and deliver value such that “the whole is greater than the sum of its parts. Integration (seamless) of all marketing activities (e.g., MRI machine: quality product + communication + installation+ services.. through TV, radio, print, PR, website, social media, and sales personnel…a consistent brand/product image) Internal Marketing: the tasks of hiring, training, and motivating able employees and marketing within the company, working together with other departments Performance Marketing: the financial and non-financial returns to business and society (e.g., environmental and social impact) from marketing  Recap-Chapter 1: the important points-should be able to explain the following 1. The concepts of marketing and marketing management : the things that can be marketed: anything can be marketed : the key customer markets: B2C and B2B 2. New marketing realities: technology, globalization, physical environment and CSR 3. New marketing realties drive holistic marketing concept: internal, integrated, relationship, and performance marketing  make sure that you can clearly explain each of the concepts