defining marketing for the 21st century
Marketing -- needing needs profitably
Marketers frequently asked questions
1. How can we spot and choose the right market segments?
2. How can we differentiate our offerings?
3. How should we respond to customers who buy on price?
4. How can we compete against lower-cost, lower-priced competitors?
5. How far can we go in customizing our offering for each customer?
6. How can we grow our business?
7. How can we build stronger brands?
8. How can we reduce the cost of customer acquisition?
9. How can we keep our customers loyal for longer?
10. How can we tell which customers are more important?
11. How can we measure the payback from advertising, sales promotion, and public-relations?
12. How can we improve sales force productivity?
13. How can we establish multiple channels and yet manage channel conflict?
14. How can we get the other company departments to be more customer oriented?
Marketing management -- the art and science and choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
exchange -- the process of obtaining a desired product from someone by offering something in return
for exchange potential to exist -- 5 conditions must be satisfied:
1. There are at least two parties
2. Each party has something that might be of value to the other
3. Each party is capable of communication and delivery
4. Each party is free to accept or reject the exchange offer
5. Each party believes it is appropriate or desirable to deal with the other party
Transaction -- a trade of values between two parties
transfer -- a shift of ownership of an item from one party to another
10 types of entities marketed
1. Goods
2. Services
3. Events
4. Experiences
5. Persons
6. Places
7. Properties
8. Organizations
9. Information
10. Ideas
Marketer -- someone who seeks a response from another party
marketplace -- physical shops and stores
market space -- Digital storefronts such as the Internet
meta market -- a cluster of complementary products and services are closely related in the minds of consumers, often spread across a diverse set of industries
The 10 rules of radical marketing
1. The CEO must own the marketing function. CEOs of radical marketers never delegate marketing responsibility.
2. The marketing department must start small and flat and stay small and flat.
3. Get face-to-face with people who matter most -- the customers.
4. Use market research cautiously. Radical marketers prefer grass-roots techniques.
5. Higher only passionate missionaries, not marketers.
6. Love and respect customers as individuals, not as numbers on a spreadsheet.
7. Create a community of consumers.
8. Rethink the marketing mix.
9. Celebrate common sense and compete with larger competitors through fresh and different marketing ideas.
10. Be true to the brand.
Relationship marketing -- building mutually satisfying long-term relationships with key parties
marketing network -- unique to each company, consists of the Company and its supporting stakeholders with him it has built mutually profitable business relationships
From a managerial point of view, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketers are skilled at managing demand: they seek to influence the level, timing, and composition of demand. Marketers are involved in marketing many types of entities. They also operate in four different marketplaces: consumer, business, global, and nonprofit.
Businesses today faced a number of challenges and opportunities, including globalization, the affects of advances in technology, and deregulation. They have responded by changing the way they conduct marketing in very fundamental ways.
There are five competing concepts under which organization can choose to conduct their business:
1. The production concept
2. The product concept />3. The selling concept
4. The marketing concept
5. The holistic marketing concept
The holistic marketing concept is based on development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing recognizes that everything matters with marketing and that a broad, integrated perspective is often necessary. />Four components of holistic marketing are:
1. Relationship marketing
2. Integrated marketing
3. Internal marketing
4. Socially responsible marketing
Marketing management has experienced a number of shifts in recent years as companies seek marketing excellence.
The set of tasks necessary for successful marketing management includes:
developing marketing strategies and plans
connecting with customers
Building Strong Brands
shaping the market offerings
delivering and communicating value
capturing marketing insight and performance
creating successful long-term growth
Marketing -- needing needs profitably
Marketers frequently asked questions
1. How can we spot and choose the right market segments?
2. How can we differentiate our offerings?
3. How should we respond to customers who buy on price?
4. How can we compete against lower-cost, lower-priced competitors?
5. How far can we go in customizing our offering for each customer?
6. How can we grow our business?
7. How can we build stronger brands?
8. How can we reduce the cost of customer acquisition?
9. How can we keep our customers loyal for longer?
10. How can we tell which customers are more important?
11. How can we measure the payback from advertising, sales promotion, and public-relations?
12. How can we improve sales force productivity?
13. How can we establish multiple channels and yet manage channel conflict?
14. How can we get the other company departments to be more customer oriented?
Marketing management -- the art and science and choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
exchange -- the process of obtaining a desired product from someone by offering something in return
for exchange potential to exist -- 5 conditions must be satisfied:
1. There are at least two parties
2. Each party has something that might be of value to the other
3. Each party is capable of communication and delivery
4. Each party is free to accept or reject the exchange offer
5. Each party believes it is appropriate or desirable to deal with the other party
Transaction -- a trade of values between two parties
transfer -- a shift of ownership of an item from one party to another
10 types of entities marketed
1. Goods
2. Services
3. Events
4. Experiences
5. Persons
6. Places
7. Properties
8. Organizations
9. Information
10. Ideas
Marketer -- someone who seeks a response from another party
marketplace -- physical shops and stores
market space -- Digital storefronts such as the Internet
meta market -- a cluster of complementary products and services are closely related in the minds of consumers, often spread across a diverse set of industries
The 10 rules of radical marketing
1. The CEO must own the marketing function. CEOs of radical marketers never delegate marketing responsibility.
2. The marketing department must start small and flat and stay small and flat.
3. Get face-to-face with people who matter most -- the customers.
4. Use market research cautiously. Radical marketers prefer grass-roots techniques.
5. Higher only passionate missionaries, not marketers.
6. Love and respect customers as individuals, not as numbers on a spreadsheet.
7. Create a community of consumers.
8. Rethink the marketing mix.
9. Celebrate common sense and compete with larger competitors through fresh and different marketing ideas.
10. Be true to the brand.
Relationship marketing -- building mutually satisfying long-term relationships with key parties
marketing network -- unique to each company, consists of the Company and its supporting stakeholders with him it has built mutually profitable business relationships
From a managerial point of view, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketers are skilled at managing demand: they seek to influence the level, timing, and composition of demand. Marketers are involved in marketing many types of entities. They also operate in four different marketplaces: consumer, business, global, and nonprofit.
Businesses today faced a number of challenges and opportunities, including globalization, the affects of advances in technology, and deregulation. They have responded by changing the way they conduct marketing in very fundamental ways.
There are five competing concepts under which organization can choose to conduct their business:
1. The production concept
2. The product concept />3. The selling concept
4. The marketing concept
5. The holistic marketing concept
The holistic marketing concept is based on development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing recognizes that everything matters with marketing and that a broad, integrated perspective is often necessary. />Four components of holistic marketing are:
1. Relationship marketing
2. Integrated marketing
3. Internal marketing
4. Socially responsible marketing
Marketing management has experienced a number of shifts in recent years as companies seek marketing excellence.
The set of tasks necessary for successful marketing management includes:
developing marketing strategies and plans
connecting with customers
Building Strong Brands
shaping the market offerings
delivering and communicating value
capturing marketing insight and performance
creating successful long-term growth
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