Marketing For The 21st Century PDF

Marketing For The 21st Century Key Customer Markets Chapter 1 Consumer Markets MARKETING Companies selling mass consumer goods and One of the shortest definiti...

Marketing For The 21st Century Key Customer Markets Chapter 1 Consumer Markets MARKETING Companies selling mass consumer goods and One of the shortest definitions is “meeting services such as soft drinks, cosmetics, air needs profitably”. travel, and athletics shoes and equipment spend a great deal of time trying to establish a MARKETING MANAGEMENT superior brand image. the art and science of choosing target markets and getting, keeping and growing customers Business Markets through creating, delivering and communication Companies selling business goods and superior customer value. services often face well-trained and well-informed professional buyers who are EXCHANGES & TRANSACTION skilled in evaluating competitive offerings. Exchange - which is the core concept of marketing, Global Markets is the process of obtaining a desired product from Companies selling goods and services in the someone by offering something in return. international marketplace that faced additional decisions and challenges. For exchange potential to exist, five conditions must be satisfied: Nonprofit and Governmental Markets 1. There are at least two parties. Companies selling their goods to nonprofit 2. Each party has something that might be of organizations and such as churches such as value to the other party. churches, universities, charitable institutions or 3. Each party is capable of communication and govt. Agencies need to price carefully because delivery. these organizations have limited purchasing 4. Each party is free to accept or reject the power. exchange offer. 5. Each party believes it is appropriate or COMPANY ORIENTATIONS TOWARD THE desirable to deal with the other party. MARKETPLACE WHAT IS MARKETED? The Production Concept Goods, Services, Events, Experiences, Persons, The oldest concept in business, it holds that Places, Properties, Organizations, Information, and consumers will prefer products that are widely Ideas. available and inexpensive. Managers of production-oriented businesses concentrate on Who Markets? achieving high production efficiency, low costs Marketers and Prospects and mass distribution. Marketer is someone who seeks a response (attention, a purchase, a vote, a donation) from The Product Concept another party, called the prospect. Holds that consumers will favor those products that offer the most quality, performance, or innovative features. Managers in these organizations focus on making superior products and improving them over time. The Selling Concept Holds that consumers and businesses will ordinarily not buy enough of the organization’s  products. The organization must undertake an Marketing Environment aggressive selling and promotion effort. Chapter 2 The Marketing Concept Marketing Environment It’s a business shift to a customer- centered encompasses all the internal and external “sense-and-respond” philosophy from “product- factors that drive and influence an centered”, “make-and-sell” philosophy. Instead organization's marketing activities. of “hunting,” marketing is “gardening.” The job is not to find the right customers for Internal Forces your products, but the right products for your 1. Company's mission, vision and business customers. objectives 2. Company Culture. The Holistic Marketing Concept 3. Company image and Goodwill is based on the development, design and 4. Marketing Strategy implementation of marketing programs, 5. Technical Capacity processes and activities that recognizes their 6. Managerial Skills breadth and interdependencies. A vision statement is a business document that FOUR COMPONENTS OF HOLISTIC states the current and future objectives of an MARKETING organization. Relationship Marketing A mission statement as an action- statement that Has the aim of building mutually satisfying declares the purpose of an organization and long-term relationships with key explains its existence. parties—customers, suppliers, distributors, and other marketing partners—in order to earn and Company Culture. Encompasses a variety of retain their business. elements, including work environment, company mission, leadership style, values, ethics, Integrated Marketing expectations, and goals. The marketer’s task is to devise marketing activities and assemble fully integrated Company image. The perception people have of marketing programs to create, communicate, your business when they hear your company name. and deliver value for consumers. A business's image is composed of an infinite variety of facts, events, personal histories, Internal Marketing advertising and goals that work together to make Ensuring that everyone in the organization an impression on the public. embraces appropriate marketing principles, especially senior management. Marketing Strategy. A long-term plan for achieving a company's goals by understanding the needs of Social Responsibility Marketing customers and creating a distinct and sustainable Concern on the ethical, environmental, legal, competitive advantage. and social context of marketing activities and programs. Technical Capacity. the ability of the company to execute any relevant technical function, including the ability to develop new products, processes, and technological knowledge in order to obtain higher levels of organizational efficiency. Managerial Skills. Management skills can be defined as certain attributes or abilities that an Microenvironmental Forces executive should possess in order to fulfill specific Customers and Consumers tasks in an organization. Competitors Organization External Forces Market Macroenvironmental Forces Suppliers Microenvironmental Forces Intermediaries Macroenvironmental Forces 1. Demographics refer to the characteristics of human populations, including such factors as size, distribution, and growth. 2. Economic conditions. Status of a country's financial position at a specific period of time. Stages of the Business Cycle Prosperity is a period of economic growth. Recession is a period of retrenchment for consumers and businesses—we tighten our economic belts. Customers and Consumers Recovery is the period when the economy A consumer is one who pays for the product or is moving from recession to prosperity. service. They may not be the end consumer. So, a consumer is one who consumes the Inflation is a rise in the prices of goods and service or product. services. A customer has a direct relationship with the vendor. Though both terms may be used 3. Competitions. A rivalry of two or more interchangeably, they are very different. A businesses that target the same customers. customer might also be a consumer. Types of Competition For example- If one buys groceries, they are both Direct. Where businesses sell the same the consumer and customer. A customer may be product to the same customers and buying something for his friend or family. They may compete for the same market. not be the end-user of the product. Indirect. Which businesses sell products or services that are not necessarily the same but satisfy the same customer need. Replacement. are those that offer a different product and have a different goal but use the same consumer resources. They have the ability to replace business offerings by offering a new solution. “Every company is a rival for the customer's limited buying power.” 4. Social and cultural forces refer to socio cultural patterns—life-styles, values, beliefs. 5. Political and legal forces 6. Technology