Importance of Marketing Management PDF

1 Importance of Marketing Management What is the Marketing career you would like to pursue? Subtopics: Marketing as an Exchange Relationship The Marketing Framework New Marketing Realities Major Societal Forces New Company Capabilities The New CMO Strategic Plannin...

1 Importance of Marketing Management What is the Marketing career you would like to pursue? Subtopics: Marketing as an Exchange Relationship The Marketing Framework New Marketing Realities Major Societal Forces New Company Capabilities The New CMO Strategic Planning in Marketing Company Orientation Toward the Marketplace Marketing Management Process What is Marketing? Marketing is about identifying and meeting human and social needs. Marketing Management is defined as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.  Marketing as an Exchange Relationship What is marketed? Goods – physical goods Services – hospitality, professional, information Events – trade shows, Olympics, concerts Experiences – regular and customized Persons - Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals Marketing as an Exchange Relationship What is marketed? Places – cities, regions, countries Properties – real or financial Organizations – strong, favorable image Information - production, packaging, and distribution Ideas - Products and services are platforms for delivering some idea or benefit.  Who Markets? A marketer is someone who seeks a response— attention, a purchase, a vote, a donation—from another party, called the prospect. MARKETS Traditionally, a “market” was a physical place where buyers and sellers gathered to buy and sell goods. A collection of buyers and sellers who transact over a particular product or product class (such as the housing market or the grain market). Key Customer Markets Consumer Markets - companies selling mass consumer goods such as soft drinks, cosmetics, apparel Business Markets - companies selling business goods to professional buyers Global Markets - which country to enter Nonprofit and Governmental Markets - churches, charitable organizations, or government agencies Marketplaces, Marketspaces, and Metamarkets Marketplace – physical store Marketspace – digital space Metamarkets – cluster of markets New Marketing Realities Major Societal Forces Network information technology. The digital revolution has created an Information Age. Globalization. Technological advances in transportation, shipping, and communication Deregulation. Many countries have deregulated industries to create greater competition and growth opportunities. Privatization. Many countries have converted public companies to private ownership and management to increase their efficiency New Marketing Realities Major Societal Forces Disintermediation. the delivery of products and services by intervening in the traditional flow of goods through distribution channels. Consumer buying power. Consumers have substantially increased their buying power. Consumer information. Consumers can collect information in as much breadth and depth as they want about practically anything. New Marketing Realities Major Societal Forces Consumer participation. Consumers have found an amplified voice to influence peer and public opinion. Consumer resistance. Many customers today they show less brand loyalty and become more price- and quality-sensitive 10 MINUTES 1 Importance of Marketing Management New Marketing Realities New Company Capabilities Marketers can use the Internet as a powerful information and sales channel. Marketers can collect fuller and richer information about markets, customers, prospects, and competitors. Marketers can tap into social media to amplify their brand message Marketers can facilitate and speed external communication among customers. New Marketing Realities New Company Capabilities Marketers can send ads, coupons, samples, and information to customers who have requested them or given the company permission to send them. Marketers can reach consumers on the move with mobile marketing. Discussion Question Marketing shapes consumer needs and wants Marketing merely reflects the needs and wants of consumers  The New CMO Innate Qualities Risk taker Willingness to make decisions Problem-solving ability Change agent Results-oriented Learned Qualities Global experience Multichannel expertise Cross-industry experience Digital focus Operational knowledge  Company Orientation Toward the Marketplace The production concept holds that consumers prefer products that are widely available and inexpensive. The product concept proposes that consumers favor products offering the most quality, performance, or innovative features. The selling concept holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products.  Company Orientation Toward the Marketplace The marketing concept holds that the key to achieving organizational goals is being more effective than competitors in creating, delivering, and communicating superior customer value to your target markets.  Company Orientation Toward the Marketplace The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.  The Holistic Marketing Concept Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. Constituents Customers Employees Marketing partners (channels, suppliers, agencies) Members of the financial community The marketing network is the ultimate outcome of relationship marketing.  The Holistic Marketing Concept Integrated marketing occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate, and deliver value for consumers such that “the whole is greater than the sum of its parts.” Internal marketing, an element of holistic marketing, is the task of hiring, training, and motivating able employees who want to serve customers well.  The Holistic Marketing Concept Performance marketing requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs. Top marketers are increasingly going beyond sales revenue to examine the marketing scorecard and interpret what is happening to market share, customer loss rate, customer satisfaction, product quality, and other measures. Discussion Question The 4 P’s The Updated 4 P’s People Processes Programs Performance  Got questions?