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Defining Marketing
for the 21st Century

Marketing Management: A South Asian

Perspective
 Chapter
Key Questions
Learning Outcomes
Why is marketing important?
What is the scope of marketing?
What are some fundamental marketing
concepts?
How has marketing management
changed?
What are the tasks necessary for
successful marketing management?

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 Why is marketing important?

Marketing promotes product/service

awareness
Financial success depends on marketing
Poor marketing is a great threat to
sustain competition

Marketing is a never ending process, Right?

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 Good Marketing is No Accident

Starbucks plans to
ensure its marketing
successes in
countries around the
world.

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 What is Marketing?

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.

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 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.

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 What is the difference between Selling
and Marketing?

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 Selling is only the tip of the iceberg

There will always be a need for

some selling. But the aim of marketing
is to make selling superfluous. The aim
of marketing is to know and understand
the customer so well that the product or
service fits him and sells itself. Ideally,
marketing should result in a customer
who is ready to buy. All that should be
needed is to make the product or
service available.
Peter Drucker

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 What is Marketed?
Goods

Services
Events & Experiences

Personspersons.jpg

Places & Properties

Organizations
Information
IdeasIdeas.jpg
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 Who
Who markets?
Markets?

Response
Attention
Purchase
Donation
Vote

Marketer Prospect
 Who
Types markets?
of demand?
Negative: People Disliked/Avoided beef meat when there
was Mad Cow diseases.

Irregular Unwholesome demand

Nonexistent demand
Latent demand
Full demand (Supply=Demand)
Declining Overfull demand
 Relate the following with one of
demand states

--Some people demand for Harmless

cigarette.
-- Some people want flying cars in Dhaka
city.

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 Figure 1.1 Structure of Flows in a Modern
Exchange Economy

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 Figure 1.2 A Simple Marketing System

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 Key Customer Markets
Global Markets Consumer Markets

Nonprofit/ Government Markets

Business Markets

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 Edmunds.com:
A Metamediary Website

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 Functions of CMOs

Strengthening the brands

Measuring marketing effectiveness
Driving new product development
based on customer needs
Gathering meaningful customer insights
Utilizing new marketing technology

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 Figure 1.3 Improving CMO Success

Make the mission and responsibilities clear

Fit the role to the marketing culture and
structure
Ensure the CMO is compatible with the CEO
Remember that show people dont succeed
Match the personality with the CMO type
Make line managers marketing heroes
Infiltrate the line organization
Require right-brain and left-brain skills

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 Core Marketing Concepts

Needs, wants, and Value and

demands satisfaction
Target markets, Marketing channels
positioning, Supply chain
segmentation Competition
Offerings and Marketing
brands environment

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 I want it, I need it

Five Types of Needs

Stated needs
Real needs
Unstated needs
Delight needs
Secret needs

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 The marketplace isnt what it used to be

Information technology

Globalization
Deregulation

Privatization
Competition
Convergence
Consumer resistance
Retail transformation

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 New Consumer Capabilities
A substantial increase in buying power
A greater variety of available goods and
services
A great amount of information about
practically anything
Greater ease in interacting and placing and
receiving orders
An ability to compare notes on products and
services
An amplified voice to influence public opinion

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 Company Orientations

Production Product

Selling Marketing

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 Figure 1.4 Holistic Marketing Dimensions

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 RBC emphasizes a
relationship marketing approach

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 Figure 1.5 The Four Ps

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 Carnival uses
online marketing activities

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 Internal Marketing

Internal marketing is the task of

hiring, training, and motivating able
employees who want to serve
customers well.

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 Performance Marketing

Financial Social Initiatives

Accountability Corporate social
Social marketing
Responsibility Cause marketing
Marketing Corporate philanthropy
Corporate community
involvement
Socially responsible
business practices

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 Marketing Management Tasks

Develop market strategies and plans

Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth

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 Marketing Debate:
Take a Position!

Does marketing shape consumer needs?

or
Does marketing merely reflect the needs
and wants of consumers?

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 Marketing Discussion

Consider the societal forces noted in

the chapter (e.g., information
technology, globalization, deregulation,
consumer resistance, retail
transformation).
How have marketing practices shifted
to accommodate and even leverage
these forces?

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