Defining Marketing for the 21st Century

April 5, 2018 Marketing

*Chapter 1 Defining Marketing for the 21st* Century “Everything starts and ends with marketing in any organization skill for marketing is a never ending pursuit” Exchange, transaction and transfer. What is marketed? Goods, services, events (e. g. Sporting events), experiences (space travel, magic kingdom), Persons (politic candidates), Places (countries, cities), properties (homes), organization (university, company), information (encyclopedias), ideas (save the planet). Key customers market : Consumer Markets Business markets Global markets Non profit/govt. markets

Marketplaces, market-spaces, meta-markets Company orientations toward the marketplaces Production concept: Product to be made widely available and inexpensive. Product concept: Product with quality, performance and innovative feature. Selling concept: Need for aggressive selling & promotion. Holistic concept: has four components: Relationship marketing. Integrated marketing. Internal marketing. Social responsibility marketing. Marketing Fundamentals: (See HANDOUT) Shifts in marketing managements (page 26-29) Marketing management tasks (page 29-30) Two Powerful Forces Changing Marketing: Technology Globalization

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What marketing challenges do companies face? (see marketing memo, page 6: Marketer’s frequently asked questions) Serious misconceptions about marketing: Marketing is selling Marketing is mainly a department. Are there winning marketing practices? Yes Win through higher quality: “Quality is when our customers come back and our products don’t” Siemens Quality Motto. Win through better service. Win through lower price. Win through higher market share Win through adaptation and customization. Win through continues product improvement. Win through product innovation. Win through entering high-growth markets.

Win through exceeding customer expectations. Offering good value package to customer to satisfy his/her needs better than competition Towards a newer marketing: create a brooder. View in marketing practice by avoiding the following: Equating marketing with selling. Emphasizing customer acquisition rather than customer care. Trying to make a profit on each transaction rather than trying to profit by managing customer life time value. Pricing based on marketing up cost rather than target pricing. Planning each communications tool separately rather than integrating all marketing communications tools.

Selling the product rather than trying to understand and meet the customer’s real needs. “Customers are increasingly choosing vendors on the basis of long-term value, not long term history. ” …. Anonymous. “The value decade is upon us. If we can’t sell a top quality product at the world’s lowest price, you are going to be out of the game….. The best way to hold your customers is to constantly figure out how to give them more for less. ” ……Jack Welch, Chairman, General Electric. “The sales department is not the whole company, but the whole company better to be the sales department” …. Anonymous.


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