Understanding Marketing Management

Chapter 1
Understanding Marketing
Management
TABLE OF CONTENT
• Summary
• The Value of Marketing
• The Scope of Marketing
• Core Marketing Concepts
• The New Marketing Realities
• Social Responsibility
• A Dramatically Changed Marketplace
• Company Orientation toward the Marketplace
• Updating the Four Ps
• Marketing Management Tasks
SUMMARY 3
SUMMARY
• Marketing is an organizational function and a set of processes
for creating, communicating, and delivering value to
customers and for managing customer relationships in ways
that benefit the organization and its stakeholders. 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.
SUMMARY
• Marketers are skilled at managing demand: They seek to
influence its level, timing, and composition for goods, services,
events, experiences, persons, places, properties,
organizations, information, and ideas. They also operate in
four different marketplaces: consumer, business, global, and
nonprofit.
SUMMARY
• Marketing is not done only by the marketing department. It
needs to affect every aspect of the customer experience. To
create a strong marketing organization, marketers must think
like executives in other departments, and executives in other
departments must think more like marketers.
SUMMARY
• Today’s marketplace is fundamentally different as a result of
major societal forces that have resulted in many new
consumer and company capabilities. In particular, technology,
globalization, and social responsibility have created new
opportunities and challenges and significantly changed
marketing management. Companies seek the right balance of
tried-and-true methods with breakthrough new approaches to
achieve marketing excellence.
SUMMARY
• There are five competing concepts under which organizations
can choose to conduct their business: the production concept,
the product concept, the selling concept, the marketing
concept, and the holistic marketing concept. The first three
are of limited use today.
SUMMARY
• The holistic marketing concept is based on the development,
design, and implementation of marketing programs,
processes, and activities that recognize their breadth and
interdependencies. Holistic marketing recognizes that
everything matters in marketing and that a broad, integrated
perspective is often necessary. Four components of holistic
marketing are relationship marketing, integrated marketing,
internal marketing, and performance marketing.
SUMMARY
• The set of tasks necessary for successful marketing
management includes developing marketing strategies and
plans, capturing marketing insights, connecting with
customers, building strong brands, creating, delivering, and
communicating value, and creating long-term growth.
LEARNING OBJECTIVES
• In this chapter, we will address the following questions:
• Why is marketing important?
• What is the scope of marketing?
• What are some core marketing concepts?
• What forces are defining the new marketing realities?
• What new capabilities have these forces given consumers and
companies?
• What does a holistic marketing philosophy include?
• What are the tasks necessary for successful marketing
management?
Section 1
THE VALUE OF MARKETING

• Marketing ability helps
• create sufficient demand
for products and services,
which is essential for a
firm’s financial success,
• create jobs and
• provide resources for firms Jobs
to engage is socially
responsible activities.
• build strong brands and a
loyal customer base, Profits Giving
intangible assets that
contribute heavily to the
value of a firm
Marketing Decision Making
• Marketers helps make major
business decision
• Marketers must make decision on Target
Market
features, prices, and markets and
decide how much to spend on
advertising, sales, and online and
mobile marketing in an Product Product
Distribution Features
environment where consumers, Major
competition, technology, and Business
economic forces change rapidly Decision
and consequences quickly
multiply.
Product Product
Promotion Prices
• Marketers that fail to carefully
monitor their customers and
competitors, continuously
improve their value offerings and
marketing strategies, or satisfy
their employees, stockholders,
suppliers, and channel partners
Vulnerable
in the process are more Wrong
to
Marketing
vulnerable to competitive entry. Decision
competitive
entry
• Marketers helps
organization adapt and
thrive in the changing
environment
• Marketers adapt, for
example, including the use Help
organization
Good
of web-only and social Marketers
thrive in the
changing
media campaigns in their environment
marketing mixes, to thrive

in the changing
environment.
Video Time – “Marketing is about Value”
He's Steve Jobs and
here's his #9 rule for
success - Marketing is
about Values.
Section 2
THE SCOPE OF MARKETING

What is Marketing
• Marketing is about American Marketing
identifying and meeting Association definition:
human and social needs
Marketing is the activity,
• “Meeting needs set of institutions, and
profitably.” processes for creating,
communicating,
delivering, and
exchanging offerings that
have value for customers,
clients, partners, and
society at large.
What is Marketing Management?
• 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
Choosing Target
Market
Communicating Marketing
Value Management is the Creating Value
art and science
Delivering Value
• Social definition of marketing:
Marketing is a
societal process by
which individuals and
groups obtain what
they need and want
through creating,
offering, and freely
exchanging products
and services of value
with others
• Selling is not the most important part of marketing; aim of marketing is to
know and understand the customer so well that the product or service fits
him and sells itself.
Marketing it to know
Selling is not the
and understand the
most important part
customers to give
of marketing
what they want
What is Marketed?
Goods: physical goods include food products, cars, refrigerators, televisions,
machines, and other mainstays of a modern economy.
Services: represent approximately 2/3 of the U.S. economy, including

airlines, hotels, maintenance and repair people, and accountants, bankers,
doctors, and management consultants.
Events: include time-based events, global and local events
Experiences: marketers orchestrate several services and goods to create,

stage, and market experiences.
Persons: include artists, musicians, CEOs, physicians, high-profile lawyers

and financiers, and other professionals often get help from marketers, and
each person has been advised to become a “brand.”
What is Marketed?
Places: include economic development specialists, real estate agents,
commercial banks, local business associations, and advertising and public
relations agencies.
Properties: intangible rights of ownership to either real property (real
estate) or financial property (stocks and bonds).
Organizations: include museums, performing arts organizations,

corporations, and nonprofits that use marketing to boost their public
images and compete for audiences and funds.
Information: what books, schools, and universities produce, market, and
distribute at a price to parents, students, and communities.
Ideas: every market offering includes a basic idea. 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.
A
marketer
A marketer seeks
respond such
attention, a
purchase, a vote,
a donation from
the prospect
The
prospect
Who Markets?
Response
Attention
Purchase
Donation
Vote
Marketer Prospect
Who Markets?
• Marketers are skilled Negative demand—Consumers dislike the product and
may even payto avoid it.
at stimulating demand Nonexistent demand—Consumers may be unaware of or

for their products, but uninterested in the product.
they also seek to Latent demand—Consumers may share a strong need

that cannot be satisfied by an existing product.
influence the level, Declining demand—Consumers begin to buy the product
timing, and less frequently or not at all.
composition of Irregular demand—Consumer purchases vary on a

seasonal, monthly, weekly, daily, or even hourly basis.
demand to meet the
organization’s Full demand—Consumers are adequately buying all
products put into the marketplace.
objectives. Overfull demand—More consumers would like to buy
• Eight demand states

the product than can be satisfied.
are possible: Unwholesome demand—Consumers may be attracted to

products that have
Who Markets?
• A market is a collection of buyers and sellers who transact
over a particular product or product class (such as the housing
market or the grain market).
Who Markets?
Key customer markets include:
• Consumer Markets typically
Consumer
establish a strong brand Markets
image by developing a
superior product or service,
ensuring its availability, and
backing it with engaging Nonprofit Key
and Business
Customer
communications and reliable Government
al Markets Markets
Markets
performance.
• Business Markets typically
have a strong emphasis on
Global
the sales force, the price, and Markets
the seller’s reputation.
Who Markets?
Key customer markets include:
• Global Markets require
Consumer
companies to navigate Markets
cultural, language, legal, and
political differences as they
make marketing decisions.
Nonprofit Key
• Nonprofit and Governmental and
Customer Business
Government Markets
Markets include churches, al Markets Markets
universities, charitable
organizations, and
government agencies.
Global
Markets
Video Time – “The Future of Marketing”
• Credibility in most forms of
marketing is at an all time
low. Truth itself is being
treated like false coin. Where
marketing could raise
expectation and enjoyment
and assist choice, it currently
just flummoxes, distracts and
dissapoints.
• Sean Dromgoole
• Sean Dromgoole is a consumer
researcher based in London
specialising in entertainment.
He is the CEO of the largest
group of companies specialising
in this field and has been active
in this field for 15 years.
Section 3
CORE MARKETING CONCEPTS

Needs, Wants, and Demands
• Marketers do not Needs = basic human
create needs requirements
• Needs pre-exist
marketers. Wants = when needs are
directed to specific objects
that might satisfy the need
Demands = wants for

specific products backed
by an ability to pay
Needs, Wants, and Demands
• Five types of needs:
• Stated needs Stated
needs
• Real needs
• Unstated needs
Secret Real
• Delight needs needs Five needs
• Secret needs types of
needs
Delight Unstated
needs needs
Target Markets, Positioning and Segmentation
• For each target Segmentation: identification

of distinct segments of
market, the firm buyers by identifying
develops a market demographic, psychographic,
offering that it and behavioral differences
between them.
positions in target
buyers’ minds as Target markets: the
delivering some key segment(s) present the
benefit(s). greatest opportunities.
Offerings and Brands
A value proposition is a set of benefits that satisfy a
consumer’s needs.
The intangible value proposition is made physical by an

offering, which can be a combination of products,
services, information, and experiences.
A brand is an offering from a known source. All

companies strive to build a brand image with as many
strong, favorable, and unique brand associations as
possible.
Marketing Channels
Communication channels deliver and

receive messages from target buyers
Distribution channels help display, sell, or

deliver the physical product or service(s) to
the buyer or user
Service channels include warehouses,
transportation companies, banks, and
insurance companies
Impressions and Engagement
Impressions occur • Marketers now think
when consumers view of three “screens” or
a communication means to reach
consumers: TV,
Internet, and mobile.
Engagement is the
extent of a customer’s
attention and active
involvement with a
communication
Value and Satisfaction
Value is primarily a combination of quality,

service, and price, called the customer value
triad. Value perceptions increase with
quality and service but decrease with price.
Satisfaction reflects a person’s judgment of

a product’s perceived performance in
relationship to expectations.
Supply Chain
• Each company in the
The supply chain chain captures only a
is a channel certain percentage of
the total value
stretching from generated by the
supply chain’s value
raw materials to delivery system. When
components to a company acquires
competitors or
finished expands upstream or
downstream, its aim is
products carried to capture a higher
percentage of supply
to final buyers. chain value.
Competition
includes all the actual

and potential rival
offerings and
substitutes a buyer
might consider.
Marketing Environment
Task environment includes the actors engaged
in producing, distributing, and promoting the
offering.
Broad environment consists of six components:

demographic environment, economic
environment, social-cultural environment,
natural environment, technological
environment, and political-legal environment
Section 4
THE NEW MARKETING REALITIES

Technology
• Widespread new opportunities
technology
adoption has
created: promotes shared
information
customer relationship
management
Globalization
• Transportation, shipping, and communication
technologies have made it easier for us to
know the rest of the world, to travel, to buy
and sell anywhere.
• Globalization has made countries increasingly
multicultural.
• Globalization changes innovation and product
development as companies take ideas and
lessons from one country and apply them to
another.
Globalization
Communicate
Information Collect w/Customer
Technology Information
Major Societal New Company

Forces Capabilities
Consumer
Information Increased New
Competition Opportunities
Video Time – “The Gig Economy”
• With the push of a
button, apps let us
summon services, from
taxis to takeaways, to
our location. But do
they make the world
more efficient? In an
FT investigation,
Izabella Kaminska
reveals how the gig
economy is being
powered by poor
working conditions
Section 5
SOCIAL RESPONSIBILITY
Private Sector
• The private sector is taking some
responsibility for improving living
conditions, and firms all over the world
have elevated the role of corporate social
responsibility.
Marketing 3.0
• Marketing 3.0 increased consumer
suggests three participation and
collaborative marketing
central trends that
change the way globalization
companies do
business:
the rise of a creative
society
Preserving Long Term Well Being
• The organization’s
task is to determine
the needs, wants, and
interests of target
markets and satisfy
them more effectively Effective
Marketing
While being
Socially
and efficiently than Strategy Responsible
competitors while
preserving or
enhancing consumers’
and society’s long-
term well-being.
Benefits
• Companies may
To differentiate
incorporate social themselves from
competitors,
responsibility as a
way:
To build consumer
preference
To achieve notable
sales and profit gains.
Video Time – “Marketing 3.0”
Philip Kotler is an
American marketing
author, consultant, and
professor; currently the
S. C. Johnson
Distinguished Professor
of International
Marketing at the Kellogg
School of Management
at Northwestern
University.
Section 6
A DRAMATICALLY CHANGED
MARKETPLACE
A DRAMATICALLY CHANGED MARKETPLACE
New Consumer Capabilities
Consumers are empowered through technology, like social media,
and by expanded information, communication and mobility.
Consumers can use the Internet as a powerful information and
purchasing aid.
Consumers can search, communicate, and purchase on the move.
Consumers can tap into social media to share opinions and express
loyalty.
Consumers can actively interact with companies.
Consumers can reject marketing they find inappropriate.

New Companies Capabilities
Companies can use the Internet as a powerful information and sales
channel, including for individually differentiated goods.
Companies can collect fuller and richer information about markets,

customers, prospects, and competitors.
Companies can reach customers quickly and efficiently via social media
and mobile marketing, sending targeted ads, coupons, and information.
Companies can improve purchasing, recruiting, training, and internal

and external communications.
Companies can improve cost efficiency.

Changing Channels
• Retail transformation: increased
competition from a variety of formats has
yielded more entertaining retail
experiences.
• Disintermediation: delivery of products
and services by intervening in the
traditional flow of goods.
Heightened Competition
• Private labels: Powerful retailers market
their own store brands, increasingly
indistinguishable from any other type of
brand.
• Mega-brands: Many strong brands have
become mega-brands and extended into
related product categories, including new
opportunities at the intersection of two or
more industries.
Heightened Competition
• Deregulation: Many countries have
deregulated industries to create greater
competition and growth opportunities. In the
United States, laws restricting financial
services, telecommunications, and electric
utilities have all been loosened in the spirit of
greater competition.
• Privatization: Many countries have
converted public companies to private
ownership and management to increase their
efficiency.
Marketing Balance
• Companies must always move forward (incorporate the Internet and
digital efforts into marketing plans), innovating products and
services, staying in touch with customer needs, and seeking new
advantages rather than relying on past strengths.
Move forward, innovating

products and services, staying
in touch with customer needs Past successes and
and seeking new opportunity strengths
Marketing Accountability
• Marketers are increasingly asked to justify
their investments in financial and
profitability terms, as well as in terms of
building the brand and growing the
customer base.
Marketing in the Organization
• Every employee has
an impact on the
customer, so
marketers now must Store Layouts
properly manage all
possible touch points: Shipping
Package
• store layouts And
Logistics
Designs
• package designs
• product functions Employee Product
• employee training Training Functions
• shipping and
logistics
Video Time – “Retail's Future: Brick-and-Mortar vs. E-Commerce”
Joe Gromek, former

chairman at Tumi and
former chief executive
officer at Warnaco,
discusses the retail shift to
online shopping.
Section 7
COMPANY ORIENTATION TOWARD THE

MARKETPLACE
COMPANY ORIENTATION TOWARD THE MARKETPLACE
• Company
orientation
• Production
Product Selling
• Product
• Selling
• Marketing Production
Company
Marketing
Orientation
The Production Concept
• Suggests
consumers prefer
products that are
Product Selling
widely available
and inexpensive. Production Marketing
Company
Orientation
The Production Concept
• With production
concept, High
Production
Efficiency
management aims
for
• high production Management
aims for
efficiency
• low costs Mass
Distribution
Low Costs
• mass distribution
The Product Concept
• Consumers favor
products offering
the most quality,
Product Selling
performance, or
innovative Production Marketing
features Company
Orientation
The Product Concept
• Managers may
commit the
“better-
mousetrap”
Better Better
fallacy, believing a product sales
better product
will by itself lead
people to beat a
path to their door.
The Selling Concept
• Consumers and
businesses, if left
alone, won’t buy
Product Selling
enough of the
organization’s Production Marketing
products Company
Orientation
The Selling Concept
• It is practiced most aggressively with

unsought goods—goods buyers don’t
normally think of buying such as insurance
and cemetery plots—and when firms with
overcapacity aim to sell what they make,
rather than make what the market wants.
The Marketing Concept
• Find the right

products for your
customers
Product Selling
Production Marketing
Company
Orientation
The Marketing Concept
• 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.
The Holistic Marketing Concept
• Based on the development, design, and

implementation of marketing programs,
processes, and activities that recognize
their breadth and interdependencies.
The Holistic Marketing Concept
• Everything matters in marketing—and that a broad, integrated perspective

is often necessary. Below is a schematic overview of four broad
components characterizing holistic marketing: relationship marketing,
integrated marketing, internal marketing, and performance marketing.
Relationship Marketing
• Aims to build
mutually Customers
satisfying long-
term relationships
with key
constituents in Members Of
The Financial
Four Key
Constituents
order to earn and Community For Employees
retain their (Shareholders,
Investors,
Relationship
Marketing
business. Analysts)
• Four key
Marketing
constituents for Partners
relationship (Channels,
Suppliers,
marketing are: Distributors,
Dealers,
Agencies)
Relationship Marketing
• Marketers must create prosperity among all these

constituents and balance the returns to all key
stakeholders.
• To develop strong relationships with them requires
understanding their capabilities and resources, needs,
goals, and desires.
Integrated Marketing
• What is Integrated Marketing

• Devise marketing activities and programs that
create, communicate, and deliver value such
that “the whole is greater than the sum of its
parts.”
Integrated Marketing
• Two key themes of integrated

marketing are that
• many different marketing
activities can create,
communicate, and deliver value
and There are many Each activity is
marketing integrated with
• marketers should design and activities each other
implement any one marketing
activity with all other activities in
mind. Key Themes
Internal Marketing
• What is Internal Marketing?

• The task of hiring, training, and motivating able
employees who want to serve customers well.
Internal Marketing
• Marketing succeeds only

when all departments work
together to achieve customer
goals
• When engineering designs the
right products Training
Staff
• When finance furnishes the
right amount of funding Motivating
• When purchasing buys the Hiring Staff
Staff
right materials
• When production makes the
right products in the right Internal
time horizon Marketing
• When accounting measures
profitability in the right way
Performance Marketing
• What is Performance Marketing?

• Requires understanding the financial and nonfinancial returns to
business and society from marketing activities and programs.
Performance Marketing
• Top marketers are

increasingly going beyond
sales revenue to examine
the marketing scorecard Financial
Accountability
and interpret what is
happening to market share,
customer loss rate, Environmental
customer satisfaction, Ethical Impact
Impact
product quality, and other Marketing
Scorecard
measures.
• They are also considering
the legal, ethical, social,
and environmental effects Legal Impact Social Impact
of marketing activities and
programs
Video Time – “Relationship Marketing”
Today’s customer is skeptical, connected

and well informed. Mass marketing as
we know it is gone for good. Brands
need to stop talking at their customers
and start seeing the world through their
eyes. Using AI, technology and customer
data, they need to truly know their
customers, build trust and emotional
connections, and create customer
relationships that last.
• MARK MORIN
• As a customer relationship builder,
Mark has devoted the past 35+ years
to bringing brands and people closer.
He is an author, trainer, professional
speaker and an expert in the field of
relationship and cognitive marketing.
Section 8
UPDATING THE FOUR PS

Original Four Ps
Video Time – “The 4 Ps of The Marketing Mix Simplified”
Learn how Product, Price, Promotion

and Place create an effective Marketing
Mix. Humorous examples depict various
Target Markets in this easy-to-
understand video.
From the Design & Marketing curriculum

by Paxton/Patterson Learning Systems.
Modern Marketing
• Modern marketing
realities suggest a People
more representative
set that encompasses
Processes
modern marketing
realities:
Programs
• People
• Processes
• Programs Performance
• Performance
Modern Marketing
• People: reflects
internal marketing People
and the fact that
employees and Processes
understanding
consumers’ whole Programs
lives are critical to
marketing success Performance
Modern Marketing
• Processes: reflects
all the creativity, People
discipline, and
structure brought Processes
to marketing
management. Programs
Performance
Modern Marketing
• Programs: reflects all the
firm’s consumer-directed
activities. People
• It encompasses the old
four Ps as well as a range
of other marketing
activities that might not fit Processes
as neatly into the old view
of marketing.
• These activities must be
integrated such that their Programs
whole is greater than the
sum of their parts and they
accomplish multiple Performance
objectives for the firm.
Modern Marketing
• Performance: captures
the range of possible
outcome measures that People
have financial and
nonfinancial implications
(profitability as well as
brand and customer Processes
equity) and implications
beyond the company
itself (social responsibility, Programs
legal, ethical, and
community related)
Performance
MARKETING MANAGEMENT TASKS
• With the holistic Developing market strategies and plans
marketing philosophy Capturing marketing insights

as a backdrop, we can
identify a specific set Connecting with customers
of tasks that make up Building strong brands
successful marketing
management and Creating value
marketing leadership.
Delivering value
• The tasks are as
follows: Communicating value
Creating successful long-term growth

Developing market strategies and plans
• Identify potential Developing market strategies and plans
long-run Capturing marketing insights
opportunities, Connecting with customers
given its market Building strong brands

experience and Creating value
core competencies
Delivering value
Communicating value

Capturing marketing insights
• Develop a reliable Developing market strategies and plans
marketing information
system to closely
monitor its marketing Connecting with customers
environment so it can
continually assess Building strong brands
market potential and
forecast demand. Creating value
• Develop a dependable Delivering value

marketing research
system Communicating value

Connecting with customers
• Create value for its chosen Developing market strategies and plans
target markets and develop
strong, profitable, long- Capturing marketing insights
term relationships with
customers by Connecting with customers
understanding consumer
markets. Building strong brands
• Gain a full understanding
of how organizational Creating value
buyers buy. It needs a sales
force well trained in Delivering value
presenting product
benefits.
Communicating value

Building Strong Brands
• Divide the market into Developing market strategies and plans
major market segments,
evaluate each one, and Capturing marketing insights
target those it can best
serve Connecting with customers
• Understand the strengths
and weaknesses of the Building strong brands
brand as customers see it
• Consider growth strategies Creating value
while also paying close
attention to competitors, Delivering value
anticipating their moves
and knowing how to react Communicating value
quickly and decisively.
Creating Value
• Differentiate the service of Developing market strategies and plans
product (the tangible
offering to the market, Capturing marketing insights
which includes the product
quality, design, features, Connecting with customers
and packaging) to gain a
competitive advantage Building strong brands
• Decide on wholesale and
retail prices, discounts, Creating value
allowances, and credit
terms. Delivering value
• Price should match well
with the offer’s perceived Communicating value
value; otherwise, buyers
will turn to competitors’ Creating successful long-term growth
products.
Delivering Value
• Deliver the value Developing market strategies and plans
embodied in products Capturing marketing insights

and services to the
target market. Connecting with customers
• Channel activities Building strong brands

include those the
company undertakes Creating value
to make the product Delivering value

accessible and
available to target Communicating value
customers. Creating successful long-term growth
Communicating Value
• Develop an integrated marketing Developing market strategies and plans
communication program that
maximizes the individual and
collective contribution of all Capturing marketing insights
communication activities
• Set up mass communication Connecting with customers
programs consisting of
advertising, sales promotion,
events, and public relations Building strong brands
• Tap into online, social media, and
mobile options to reach Creating value
consumers whenever and
wherever it may be appropriate
(see Chapter 20). Delivering value
• Plan personal communications, in
the form of direct and database Communicating value
marketing, as well as hire, train,
and motivate salespeople
Creating Successful Long Term Growth
• Build a marketing Developing market strategies and plans
organization capable
of responsibly
implementing the Connecting with customers
marketing plan
• Utilize feedback and Building strong brands
control to understand
Creating value
the efficiency and
effectiveness of Delivering value
marketing activities
and how they can be Communicating value
improved.

Understanding Marketing Management

Uploaded by

Copyright:

Available Formats

Understanding Marketing Management

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Understanding Marketing Management

Uploaded by

Copyright:

Available Formats

Chapter 1

THE VALUE OF MARKETING

marketing mixes, to thrive

THE SCOPE OF MARKETING

Services: represent approximately 2/3 of the U.S. economy, including

Experiences: marketers orchestrate several services and goods to create,

Persons: include artists, musicians, CEOs, physicians, high-profile lawyers

Organizations: include museums, performing arts organizations,

at stimulating demand Nonexistent demand—Consumers may be unaware of or

they also seek to Latent demand—Consumers may share a strong need

composition of Irregular demand—Consumer purchases vary on a

objectives. Overfull demand—More consumers would like to buy

• Eight demand states

are possible: Unwholesome demand—Consumers may be attracted to

CORE MARKETING CONCEPTS

Demands = wants for

• For each target Segmentation: identification

The intangible value proposition is made physical by an

A brand is an offering from a known source. All

Communication channels deliver and

Distribution channels help display, sell, or

Value is primarily a combination of quality,

Satisfaction reflects a person’s judgment of

includes all the actual

Broad environment consists of six components:

THE NEW MARKETING REALITIES

Major Societal New Company

Consumers can reject marketing they find inappropriate.

Companies can collect fuller and richer information about markets,

Companies can improve purchasing, recruiting, training, and internal

Companies can improve cost efficiency.

Move forward, innovating

Joe Gromek, former

COMPANY ORIENTATION TOWARD THE

• It is practiced most aggressively with

• Find the right

• The marketing concept holds that the key

• Based on the development, design, and

• Everything matters in marketing—and that a broad, integrated perspective

• Marketers must create prosperity among all these

• What is Integrated Marketing

• Two key themes of integrated

• What is Internal Marketing?

• Marketing succeeds only

• What is Performance Marketing?

• Top marketers are

Today’s customer is skeptical, connected

UPDATING THE FOUR PS

Learn how Product, Price, Promotion

From the Design & Marketing curriculum

• With the holistic Developing market strategies and plans

marketing philosophy Capturing marketing insights

Creating successful long-term growth

long-run Capturing marketing insights

opportunities, Connecting with customers

given its market Building strong brands

Creating successful long-term growth

• Develop a dependable Delivering value