The Scope of Marketing
What is marketing ?
Meeting needs profitably
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
The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customSuemmrarvizead email@example.com 3
What is marketed?
Key customer markets: consumer, business, global, and nonprofit.
Metamarket: a cluster of complementary P&S, closely related in the minds of consumers, spread across a diverse set of industries
Marketers market to Prospects
Marketers do Demand management: seek to influence the level, timing & composition of demand
Holistic marketing concept
4 components: relationship marketing, integrated marketing, internal marketing, and social responsibility marketing.
4 Ps (seller) of marketing mix: Product, Price. Place, Promotion
4 Cs (customer): customer's solution, Cost, Convenience, Communication
Shift in Marketing Management
Marketing does Marketing ==> Everyone does Marketing
Organizing by Product units ==> by Customer segments
Emphasizing tangible assets ==> intangible assets
Building brands through advertising ==> through performance & integrated communications
Focusing on profitable transactions ==> on customer lifetime value
Focusing on gaining market share ==> on building customer share
Attracting customer through stores & salespeople ==> making products available online
10 Rules of Radical Marketing
CEO must own the marketing function: no delegation
Marketing department must start small and flat: not allow layers of management between them and the market.
Face-to-face with customers: direct interaction
Use market research cautiously: prefer grassroots techniques
Hire only passionate missionaries
Love and respect customers as individuals, not as numbers
Create a community of consumers unified by certain brands
Rethink the marketing mix: e.g. short, targeted ad campaigns
Celebrate common sense and compete with larger competitors through fresh and different marketing ideas
Be true to the brand: brand integrity & quality