CHAPTER 1 - AB 7a
CHAPTER 1 - AB 7a
CHAPTER 1 - AB 7a
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).
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