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8/6/2019 Chapter 1 Kotler
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Chapter 1
Defining Marketing for theDefining Marketing for the
TwentyTwenty--First CenturyFirst Century
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Objectives Understand the new economy.
Learn the tasks of marketing. Become familiar with the major concepts
and tools of marketing.
Understand the orientations exhibited by
companies.
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Objectives Learn how companies and marketers are
responding to new challenges.
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The New Economy
Consumer benefits from the digital revolution
include:
Increasedbuying power.
Greater variety of goods and services.
Increased information.
Enhanced shopping convenience. Greater opportunities to compare product
information with others.
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The New Economy
Firm benefits from the digital revolution
include:
New promotional medium.
Access to richer research data.
Enhanced employee and customer
communication. Ability to customize promotions.
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Marketing
Tasks
Marketing practices may pass through three
stages:
Entrepreneurial marketing
Formulated marketing
Intrepreneurial marketing
As marketing becomes more formulated,creativity is inhibited.
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What Can Be
Marketed?
Goods
Services Experiences
Events
Persons
Places
Properties Organizations
Information
Ideas
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Marketing Defined
Kotlers social definition:
Marketing is a societal processby which
individuals and groups obtain what they need
and want through creating, offering, and freely
exchanging products and services of value with
others.
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Marketing Defined
The AMA managerial definition:
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 objectives.
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CoreM
arketing Concepts Target markets and market
segmentation
Marketplace, market-space,metamarkets
Marketers & prospects
Needs, wants, demands
Product offering andbrand Value and satisfaction
Exchange and transactions
Relationship and networks
Marketing channels Supply chain
Competition
Marketing environment
Marketing program
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CoreM
arketing Concepts Target markets & segmentation
Differences in needs, behavior, demographics
or psychographics are used to identify
segments.
The segment servedby the firm is called the
target market.The market offering is customized to the needs
of the target market.
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CoreM
arketing Concepts A Productis any offering that can satisfy a need
or want, while a brandis a specific offering from
a known source. When offerings delivervalue and satisfaction to
thebuyer, they are successful.
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CoreM
arketing Concepts
Exchange involves obtaining a desired productfrom someone by offering something in return.
Five conditions must be satisfied for exchangeto occur.
Transaction involves at least two things ofvalue, agreed-upon conditions, a time of
agreement, and a place of agreement.
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CoreM
arketing Concepts
Relationship marketingaims to build
long-term mutually satisfying relationswith key parties, which ultimately results
in marketing networkbetween the
company and its supporting stakeholders.
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CoreM
arketing ConceptsMarketing Channels
Communicationchannels
Distribution channels
Service channels
Deliver messages to and
receive messages from
targetbuyers. Includes traditional
media, non-verbal
communication, and
store atmospherics.
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CoreM
arketing ConceptsMarketing Channels
Communicationchannels
Distribution channels
Service channels
Display or deliver the
physical products or
services to the buyer /user.
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CoreM
arketing ConceptsMarketing Channels
Communicationchannels
Distribution channels
Service channels
Carry out transactions
with potentialbuyersby
facilitating thetransaction.
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CoreM
arketing Concepts Asupply chain stretches from raw materials
to components to final products that are
carried to final buyers.
Each company captures only a certain
percentage of the total value generated by
the supply chain.
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CoreM
arketing Concepts Four levels of competition canbe distinguishedby
the level of product substitutability:
Brand competition
Industry competition
Form competition
Generic competition
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CoreM
arketing Concepts The following forces in the broad environment
have a major impact on the task environment: Demographics
Economics
Natural environment
Technological environment Political-legal environment
Social-cultural environment
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Company Orientations The orientation or philosophy of the firm typically
guides marketing efforts. Several competingorientations exist: Production concept
Product concept
Selling concept
Marketing concept
Customer concept Societal marketing concept
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TheM
arketing Concept Achieving organizational goals requires that companybe more effective than competitors in creating,delivering, and communicating customer value.
Four pillars of the marketing concept:Target market
Customer needs
Integrated marketing
Profitability
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Changes in theM
arketplace Globalization, technological advances, and
deregulation have created many challenges:
Customers
Brand manufacturers
Store-based retailers
Both companies and marketers have beenforced to respond and adjust.