MKTG P1 (01,02,03,04)

Marketing Management
Fifteenth Edition
PART 1
Developing
Understanding
Marketing
Management &
Capturing
Marketing Insights
(text chap 1-4)
Copyright © 2016, 2012, 2009 Pearson Education, Inc. All Rights Reserved
Chapter 1: Defining Marketing for the new realities
The Scope of Marketing
• Marketing is about identifying and meeting human
and social needs
• AMA’s formal definition: Marketing is the activity, set
of institutions, and processes for creating,
communicating, delivering, and exchanging
offerings that have value for customers, clients,
partners, and society at large
The Value of Marketing
• Financial success often depends on marketing ability
• Successful marketing builds demand for products and
services, which, in turn, creates jobs
• Marketing builds strong brands and a loyal customer
base, intangible assets that contribute heavily to the
value of a firm
Marketing Management
• The art and science of choosing target markets and
getting, keeping, and growing customers through
creating, delivering, and communicating superior
customer value
What is Marketed?
• Goods • Places
• Services • Properties
• Events • Organizations
• Experiences • Information
• Persons • Ideas
8 Demand States
• Negative
• Nonexistent
• Latent
• Declining
• Irregular
• Unwholesome
• Full
• Overfull
• Unwholesome
Figure 1.1 Structure of Flows in a
Modern Exchange Economy
Figure 1.2 A Simple Marketing System
Core Marketing Concepts
1. Needs, Wants, Demands
2. Segmentation, Targeting , Positioning
3. Marketing Mix - 4Ps
4. Offerings: products, services, info., and experiences
5. Brands: an offering from a known source
6. Value: combination of quality, service, and price (QSP)
7. Satisfaction: perceived performance vs expectations
8. Mktg channels: communication, distribution, service
Core Marketing Concepts
9. Supply chain: a channel stretching from raw
materials to components to finished products carried to
final buyers
Figure 1.3 The Supply Chain for Coffee
The New Marketing Realities
• Technology
• Globalization
• Social responsibility
A Dramatically Changed Marketplace
(1 of 2)
• New consumer capabilities

– Can use the internet as a powerful information and
purchasing aid
– Can search, communicate, and purchase on the move
– Can tap into social media to share opinions and
express loyalty
– Can actively interact with companies
– Can reject marketing they find inappropriate
A Dramatically Changed Marketplace
(2 of 2)
• New company capabilities
– Can use the internet as a powerful information and
sales channel, including for individually differentiated
goods (i.e. long tail theory. Six degree separations)
– Can collect fuller and richer information about markets
and competitors
– Can reach customers quickly and efficiently via social
media and mobile marketing and sending targeted ads.
– Can improve purchasing, recruiting, training, and
internal and external communications
– Can improve cost efficiency
– Changing channels – transform and disintermediation
Figure 1.4 Holistic Marketing
Dimensions
Marketing Management Tasks
• Developing market strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Creating value
• Delivering value
• Communicating value
• Creating successful long-term growth
Chapter 2: Developing Marketing Strategies and
Plans
Central Role of Strategic Planning
• Managing the businesses as an investment portfolio
• Assessing the market’s growth rate and the
company’s position in that market
• Establishing a strategy
Marketing Plan
• The central instrument for
directing and coordinating the
marketing effort
– Strategic
– Tactical
Figure 2.1 Strategic Planning,
Implementation, and Control Processes
Some Examples of Master Marketers
Table 2.1 Some Examples of Master Marketers
Amazon.com Enterprise Rent-A-Car Red Bull
Apple Google Ritz-Carlton
Tesla Harley-Davidson Samsung
Best Buy Honda Southwest Airlines
BMW IKEA Starbucks
Caterpillar LEGO Target
Club Med McDonald’s Tesco
Electrolux Nike Toyota
Disney Nordstrom Virgin
eBay Procter & Gamble Walmart
Corporate and Division Strategic
Planning
• Defining the corporate mission
• Establishing strategic business units
• Assigning resources to each strategic business unit
• Assessing growth opportunities
Product Orientation vs. Market
Orientation
Company Product Market
Missouri-Pacific We run a railroad We are a people-
Railroad and-goods mover
Xerox We make copying We improve office
equipment productivity
Standard Oil We sell gasoline We supply energy
Columbia We make movies We market
Pictures entertainment
Defining the Corporate Mission
• What is our business?
• Who is the customer?
• What is of value to the customer?
• What will our business be?
• What should our business be?
• Good mission statements must define competitive

spheres, short, memorable and meaningful.
Establishing Strategic Business Units
• A single business or collection of related businesses
• Has its own set of competitors
• Has a leader responsible for strategic planning and
profitability
Assigning Resources to Each SBU
• Management must decide how to allocate corporate
resources to each SBU
– Portfolio-planning models
– Shareholder/market value analysis
Assessing Growth Opportunities (1 of 2)
Figure 2.2 The Strategic- Planning Gap
TOOLS –
SWOT Analysis, MOA, Porter’s Generic
Strategies, McKinsey Elements,
SWOT:
• Strengths
• Weaknesses
• Opportunities
• Threats
Market Opportunity Analysis (MOA)
• Can we articulate the benefits convincingly to a
defined target market(s)?
• Can we locate the target market(s) and reach them
with cost-effective media and trade channels?
• Does our company possess or have access to the
critical capabilities and resources we need to deliver
the customer benefits?
• Can we deliver the benefits better than any actual or
potential competitors?
• Will the financial rate of return meet or exceed our
required threshold for investment?
Strategic Formulation: Porter’s
Generic Strategies
• Overall cost leadership
• Differentiation
• Focus
Program Formulation and
Implementation
• McKinsey’s Elements of Success
– Skills
– Staff
– Style
– Strategy
– Structure
– Systems
– Shared values
Marketing Plan Contents
• Executive summary
• Table of contents
• Situation analysis
• Marketing strategy
• Marketing tactics
• Financial projections
• Implementation controls
Chapter 3: Collecting Information and Forecasting
Demand
Components of a Modern Marketing
Information System (MIS)
• Internal company records
• Marketing intelligence activities
• Marketing research
Internal Records
• Internal reports of orders
• Sales
• Prices
• Costs
• Inventory levels
• Receivables
• Payables
Marketing Intelligence
• Marketing intelligence system: a set of procedures
and sources that managers use to obtain everyday
information about developments in the marketing
environment
• Providers data and information
 sales force  customer advisory panel
 intermediaries  government-related data
 external experts  outside research vendors
 Network internally  Internet & social media
and externally including complaints
Analyzing the Macroenvironment
• Needs and Trends – Fad, Trend, Mega Trend
• Six major forces in the broad environment;

 Demographic (world population growth, age mix)
 Economic (income distribution, consumers)
 Socio-cultural (views on nature, ourselves, universe)
 Natural (prosperity vs protection)
 Technological (IR 4.0, 5.0)
 Political-legal (laws, govt, pressure groups?)
Forecasting and Demand Measurement
• Market demand measures
– Potential market
– Available market
– Target market
– Penetrated market
Figure 3.1 Ninety Types of Demand
Measurement
Demand Measurement Vocabulary (1 of 2)
• Market demand
Figure 3.2 Market Demand Functions
Market Demand Vocabulary
• Market share
• Market-penetration index
• Share-penetration index
Demand Measurement Vocabulary (2 of 2)
• Market forecast
• Market potential
• Company demand
• Company sales forecast
• Company sales potential
Estimating Current Demand (1 of 3)
• Total market potential
– Chain-ratio method
Chapter 4: Conducting Marketing Research
The Scope of Marketing Research (1 of 4)
• American Marketing Association
– Marketing research is the function that links the
consumer, customer, and public to the marketer
through information—information used to identify and
define marketing opportunities and problems; generate,
refine, and evaluate marketing actions; monitor
marketing performance; and improve understanding of
marketing as a process.
The Scope of Marketing Research (3 of 4)
• Who Does Marketing Research?
‒ Marketing departments in big firms
‒ Everyone at small firms
‒ Syndicated-service research firms
‒ Custom marketing research firms
‒ Specialty-line marketing research firms
Figure 4.1 The Marketing Research
Process
Good Marketing Research (1 of 2)
Table 4.2 The Seven Characteristics of good
Marketing Research
1. Scientific method Effective marketing research uses the principles of the scientific method:
careful observation, formulation of hypotheses, prediction, and testing.
2. Research creativity In an award-winning research study to reposition cheetos snacks,
researchers dressed up in a brand mascot Chester Cheetah suit and
walked around the streets of San Francisco. The response the Character
encountered led to the realization that even adults loved the fun and
playfulness of Cheetos. The resulting repositioning led to a double-digit
sales increase despite a tough business environment.
3. Multiple methods Marketing researchers shy away from overreliance on any one method.
They also recognize the value of using two or three methods to increase
confidence in the results.
4. Interdependence of Marketing researchers recognize that data are interpreted from
models and data underlying models that guide the type of information sought.
Good Marketing Research (2 of 2)
[Table 4.2 continued]
5. Value and cost of Marketing researchers shoe concern for estimating the value of
information information against its cost. Costs are typically easy to determine,
but the value of research is harder to quantify. It depends on the
reliability and validity of the findings and management’s willingness
to accept and act on those findings.
6. Healthy scepticism Marketing researchers show a healthy skepticism toward glib
assumptions made by managers about how a market works. They
are alert to the problems caused by “marketing myths.”
7. Ethical marketing Marketing research benefits both the sponsoring company and its
customers. The misuse of marketing research can harm or annoy
consumers, increasing resentment at what consumers regard as an
invasion of their privacy or a disguised sales pitch.
Sample Customer-Performance
Scorecard Measures
Table 4.4 Sample Customer-Performance Scorecard Measures
• Percentage of new customers to average number of customers
• Percentage of lost customers to average number of customers
• Percentage of Win-back customers to average number of customers
• Percentage of customers falling into very dissatisfied, natural, satisfied, and very
satisfied categories
• Percentage of customers who say they would repurchase the product
• Percentage of customers who say they would recommend the product to others
• Percentage of target market customers who have brand awareness or recall
• Percentage of customers who say that the company’s product is the most preferred
in its category
• Percentage of customers who correctly identify the brand’s intended positioning and
differentiation
• Average perception of company’s product quality relative to chief competitor
• Average perception of company’s service quality relative to chief competitor

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Marketing Management

• New consumer capabilities

• Good mission statements must define competitive

• Six major forces in the broad environment;

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