Chapter01: Defining Marketing for the 21st Century

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vKT: 601 Chapter01: Defining Marketing for the 21st Century Importance of marketing The scope of marketing Services, Events, Experiences, Persons, Places, Properties, Organizations, In formations, Ideas Markets and prospects 1. Negative demand- Consumers dislike the product and may even pay a price to avoid it. 2.

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Nonexistent demand – Consumers may be unaware or uninterested in the product. 3. Latent demand – Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand – Consumers begin to buy the product less frequently or not at all. 5.Irregular demand – Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. Full demand – Consumers are adequately buying all products put into the marketplace. 7. Overfull demand – More consumers would like to buy the product than can be satisfied. 8. Unwholesome demand – Consumers may be attracted to products that have undesirable social consequences. Markets Key customer markets ?Consumer Markets ?Business Markets ?Global Markets ?Nonprofit and Governmental Markets ?Marketplaces, Market spaces and Metamarkets (search for product) Needs, Wants and DemandsTarget markets, Positioning and Segmentation Offerings and brands Value and satisfactions Marketing channels Supply chain Competition Marketing environment The New marketing realities Major Societal forces ?Network information technology ?Globalization ?Deregulation ?Privatization ?Heightened Competition ?Industry convergence (Combining, home theater) ?Consumer resistance ?Retail transformation (Direct mail) ?Disintermediation/reintermediation The New Economy: Consumer benefits ?Substantial increase in buying power: More disposable income and inclination to spend ?A greater variety of goods and services: Brand proliferation, can purchase from Internet also ? A greater amount of information about practically anything: Mass media and other sources availability ? A greater ease in interacting and placing and receiving orders: Places order from home, office or can shop traditionally ? An ability to compare notes on products and services: One can use Internet to compare prices and other attributes of various brands The New Economy: Companies’ benefits ?Websites provide powerful information and sales channels. Can collect fuller and richer information about markets, customers, prospects and competitors. ?Can speed up communications among employees. ?Can have 2-way communication with customers and prospects ? Can send ads, coupons, samples, information to targeted customers. ?Can customize offerings and services to individual customers. ?Internet can be used as a communication channel for purchasing, training, and recruiting. ?Can improve logistics and operations for cost savings while improving accuracy and service quality.Company orientation towards the marketplace ?The production concept ?The Product concept ?The selling concept ?The marketing concept ?The Holistic Marketing concept ?Relationship marketing ?Performance Marketing ?Financial accountability ?Social responsibility Marketing management tasks ?Developing Marketing strategies and plans ?Capturing Marketing insights ?Connecting with customers ?Building strong brands ?Shaping the market offerings ?Delivering values ?Communicating values ?Creating long term growth