CHAPTER 1 - AB 7a

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AB 7A- INTRODUCTION

TO MARKETING
MANAGEMENT
CHAPTER 1: MARKETING IN THE
MILLENNIUM AGE
Importance of marketing
Marketing Scope
What is Marketed?
Core Concepts in Marketing
Marketing management tasks
Major Marketing Decisions
New Realities and Trends in Marketing in the Millennium Age
CHAPTER OBJECTIVES:
At the end of the chapter, the learners are able to:
1. Analyze the importance of Marketing;
2. Differentiate the various marketing scopes;
3. Critique the various types of entities being marketed;
4. Characterize core concepts of marketing;
5. Illustrate various marketing tasks; and
6. Build major marketing decisions.
WHAT ARE THE
CHARACTERISTICS
OF COSTUMER’S
TODAY?
These days, marketing to become successful needs
to be customer-driven and has to be technology-
empowered. Largely technology has great influence in
forming, driving and meeting preferences of customers.
Companies are certain to fail if not able to adjust promptly
and remain quick in responding in terms of marketing.
Today, marketing strategies that formerly dominated by
conservative means should provide an opportunity for
technologies that seem to vary almost everyday.
IMPORTANCE OF MARKETING
MARKETING- is a process through
which a product or service is
launched and promoted to possible
customers.
HERE ARE THE FUNCTIONS THAT SHOW
THE SIGNIFICANCE OF MARKETING IN ANY
BUSINESS
1. Customer- the success of any marketing activity could
influence the number of customers who would willingly spend
their money buying the companies products and services.
2. Finance- finances have an effect on the quantity and quality
of goods a business can produce.
3. Human Resources- no business could survive without human
resources to work for them. Human resources are the ones
who produce the products or render services to the
customers.
4. Production – More products being manufactured by a
company means there would be more quantity of goods to
trade and more earnings opportunity as well.
5. Competition – Competition always starts when certain goods
and services grow to be more well-liked and then other
companies begin selling the same.
6. Decision – Often most companies are faced with different
types of problems such as what product to produce, how many
products to manufacture, when to create this products, how
much to sell the product and whom the product is intended.
7. Idea- the idea of marketing is so dynamic and has altered a lot
through times. With numerous changes, the impact to production
and distribution is extensive. The changes in marketing go along
with the fast transformation in the tastes and preference of
consumers.
8. Economy- According to Adam Smith “ nothing happens to our
country until somebody sells something “. Certainly, its marketing
its marketing that serves as the key player that makes the
economy flourish. The economy is made strong and stable by the
marketing organizations.
MARKETING SCOPE
1. A consumer wants and needs 9. Promotion
2. Consumer Behavior 10. Finance
3. Product Planning and Development 11. After Sales services
4. Branding
5. Packaging
6. Channels of Distribution
7. Pricing Policies
8. Sales Management
WHAT IS MARKETED
1. Goods- a physical goods that a country’s production and marketing
effort does.
2. Services- Services imcludes the work of airlines, hotels and car
rental. Most markets offering now include a changebale mix of goods
and services. In a food-restaurant such as jollibee, Chowking and
Mang Inasal, the consumer enjoys both the food ( product) together
with the service of the crew.
3. Events- Events are promoted by Marketer’s. Events can be a form of
trade shows, company anniversaries , entertainment award shows,
local festivals, health camps, concerts and so on.
4. Experiences- marketers may create experiences. A product
is promoted by communicating features and by furnishing
exceptional and exciting experiences to customers.
5. Persons- Recently, celebrity marketing has become a
business owing to the increase in testimonial advertising. All
well-liked and trendy personalities such as film stars, TV
artists, and Sportspersons now have agents and personal
managers of their own.
6. Places- Cities, States, regions, and countries compete to
draw tourist
to their places.
7. Properties- Properties can be categorized as real properties or
financial properties. Real property is the ownership of real estates,
while financial property relates to stocks and bonds.
8. Organizations- Organizations dynamically make effort to build an
image in the minds of their target public. The organization’s goodwill
supports trust and reability.
9. Information- Information can be created and promotes a product.
Educational institutions, encyclopedias, non-fiction books,
speacialized magazines and newspapers sell information.
10. Idea- Each market offering consists of a basic idea. Products and
services are used as instruments for conveying some idea or
benefit.
CORE CONCEPTS OF MARKETING
According to Philip Kotler and Keller (2012), “ Marketing is the process by
which companies create value for customers and build strong customer
relationships in order to capture value from customers in return”.
1. Needs
Needs refer to the basic human requirements for survival and well-being.
These can include necessities like food, shelter, clothing, and healthcare. In a
marketing context, identifying and understanding customer needs is crucial
for creating products or services that fulfill those requirements.
2. Wants
Wants are desires or preferences for specific products or services that go
beyond basic needs. While needs are essential, wants are driven by
individual preferences and can vary widely from person to person. Successful
marketers tap into these wants to create appealing offers.
3. Demands
Demands arise when wants are supported by the ability and
willingness to pay for a product or service. In other words,
demand is the combination of desire and purchasing power.
Marketers strive to stimulate and meet customer demands
through effective strategies
4. Products
Products refer to tangible items or intangible services that
fulfill customer needs or wants. They are at the core of
marketing efforts. Understanding the features, benefits, and
unique selling propositions of products is vital for marketing
success
5. Utility, Costs & Satisfaction
Utility represents the value that consumers derive from a product or service. It
can be categorized into four types: form (physical characteristics), time
(availability when needed), place (availability where needed), and possession
(ease of ownership).

Costs encompass the monetary and non-monetary sacrifices made to acquire a


product or service. These can include the purchase price, time spent, and effort
expended. Effective marketing aims to maximize utility while minimizing costs.

Satisfaction reflects the level of contentment or pleasure a customer


experiences after using a product or service. Satisfied customers are more
likely to become loyal and engage in repeat business
6. Exchange, Transaction & Transfer
Exchange is the act of obtaining a desired product or service by
offering something of value in return. This mutual benefit is at the core
of all marketing activities.

Transaction refers to the actual process of exchanging products or


services for money or something of value. Transactions can be one-
time purchases or part of an ongoing relationship.

Transfer involves the transfer of ownership or rights related to a


product or service from the seller to the buyer. This transfer is a key
element of any transaction
7. Relationship & Network
Relationship Marketing emphasizes building and
maintaining long-term relationships with customers. It
recognizes that repeat customers often contribute
more to a company's revenue than new ones.

Networks represent the connections between


individuals, organizations, and entities within the
business environment. Strong networks can provide
valuable resources, information, and opportunities
8. Market , Marketing & Marketer
market is a group of potential buyers who share common needs or wants and
have the ability and willingness to make purchases. Markets can be
segmented based on various criteria such as demographics, psychographics,
or behavior. Effective marketing involves identifying target markets and
tailoring strategies to meet their specific needs.
Marketing is the process of planning, executing, and managing activities that
create, communicate, deliver, and exchange value to fulfill customer needs
and achieve organizational goals. It encompasses a wide range of activities,
from market research and product development to advertising and customer
relationship management.
Marketer refers to the entity (individual or organization) responsible for
creating, promoting, and selling products or services. Marketers play a crucial
role in understanding customer needs and delivering value.
9. Prospect
Prospect represents a potential customer who has
shown interest in a product or service but has not yet
made a purchase. Marketers engage with prospects
through various marketing channels to convert them
into customers
MARKETING MANAGEMENT TASKS
Marketing management - is the study, planning,
implementation and control of programs intended
to form, make and preserve equally beneficial
exchanges and relationships with target markets
for the reason of reaching organizational
objectives.
Tasks of Marketing Managements
1. Conventional Marketing- develops from the situation of
negative demand in which all or most of the vital segments of
the potential market hate the product or service and in reality,
may possibly pay a price to avoid it.
2. Stimulational Marketing-
MAJOR MARKETING DECISIONS
Categories of Marketing Management Decisions
1. Stategic Planning -
Strategy is an outline of the company’s roadmap for the succesful
attainment of its goals and objectives. At the different hierarchy of the
organization, there must be strategic planning for an effective
marketing. Macro issues like corporate mission and vision,
management of the different strategic business units (SBUs), resource
acquisition and deployment and corporate policy decisions are
strategically planned in the top level hierarchy.
2. Social Responsibility and Ethics
Ethics- is likely to center on the individual or marketing
group decision, while social responsibility takes into concern
the entire consequence of marketing practices in society.

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