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    Defining Marketing For The New Realities

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    Avvya Eduworld
    This document provides an overview of key marketing concepts: 1. It defines marketing as meeting customer needs profitably and outlines the scope of marketing in terms of what is marketed, who markets, and how marketing works. 2. Several core marketing concepts are examined in more detail, including needs, wants and demands, target markets and segmentation, the marketing mix, and competition. 3. New marketing realities are discussed, such as the impact of technology, globalization, and an emphasis on social responsibility, as well as how marketing must adapt to changes in consumer and company capabilities.

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    Defining Marketing For The New Realities

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    Avvya Eduworld
    27 views36 pages
    This document provides an overview of key marketing concepts: 1. It defines marketing as meeting customer needs profitably and outlines the scope of marketing in terms of what is marketed, who markets, and how marketing works. 2. Several core marketing concepts are examined in more detail, including needs, wants and demands, target markets and segmentation, the marketing mix, and competition. 3. New marketing realities are discussed, such as the impact of technology, globalization, and an emphasis on social responsibility, as well as how marketing must adapt to changes in consumer and company capabilities.

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    This document provides an overview of key marketing concepts: 1. It defines marketing as meeting customer needs profitably and outlines the scope of marketing in terms of what is marketed, who markets, and how marketing works. 2. Several core marketing concepts are examined in more detail, including needs, wants and demands, target markets and segmentation, the marketing mix, and competition. 3. New marketing realities are discussed, such as the impact of technology, globalization, and an emphasis on social responsibility, as well as how marketing must adapt to changes in consumer and company capabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views36 pages

    Defining Marketing For The New Realities

    Uploaded by

    Avvya Eduworld
    This document provides an overview of key marketing concepts: 1. It defines marketing as meeting customer needs profitably and outlines the scope of marketing in terms of what is marketed, who markets, and how marketing works. 2. Several core marketing concepts are examined in more detail, including needs, wants and demands, target markets and segmentation, the marketing mix, and competition. 3. New marketing realities are discussed, such as the impact of technology, globalization, and an emphasis on social responsibility, as well as how marketing must adapt to changes in consumer and company capabilities.

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    of 36

    Defining Marketing for the New

    Realities
    Agenda for this session
    General Guidelines throughout the teaching sessions:
    • Matching the expectations
    • Use of Mobile devices
    • Recording any part of the session
    • Participation in Class Discussion

    Approach towards mandatory assessments


    (Plagiarism, Cheating, acceptable and unacceptable
    collaboration)

    What this course is all about?


    What will not be covered in this course?
    Unilever’s Crafting Brand for Life
    • “I have a vision of all of our brands being a force for good, with
    each having over a billion fans or more to help drive change.”
    (P&G marketing executive Paul Polman)

    • Social, economic, and product missions for each brand


    ✓ Sustainability

    • Focus on developing and emerging markets. Why?

    • Reverse innovation

    • Implications
    ✓ Good marketing is no accident.
    ✓ It is both an art and a science
    The Value of Marketing
    • Demand for products\services is must.
    ➢ How relevant are finance, operations, accounting, and
    other business functions without demand?

    • Financial success often depends on marketing ability.

    • Marketing’s value extends to society.


    ➢ Introduce new/enhanced products
    ➢ What are the new product introductions during Covid 19?

    • What a difference a few years can make?


    Scope of Marketing
    • What is marketing?
    • How it works?
    • Who does it?
    • What is marketed?
    Scope of Marketing: What is Marketing?
    • Meeting needs profitably
    ✓ How Google met the need for information access?
    ✓ How IKEA met the need for low cost good furnishing?

    • 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. (AMA’s formal definition)

    • Differentiation between social and managerial definition of


    marketing
    Scope of Marketing: What is Marketing?
    • Marketing Management
    ✓ The art and science of choosing target markets and getting,
    keeping, and growing customers through creating,
    delivering, and communicating superior customer value
    Scope of Marketing : What is Marketed?
    • Goods
    • Services
    • Events
    • Experiences
    • Persons
    • Places
    • Properties
    • Organizations
    • Information
    • Ideas
    Scope of Marketing : Who Markets?
    • Marketer is someone who seeks a response—attention, a
    purchase, a vote, a donation—from another party, called the
    prospect.

    • Marketers
    ✓ Stimulate the demand
    ✓ Influence the level, timing, and composition of demand
    ➢ Happy Hours
    ➢ How to stimulate demand for fashion brands in the
    wake of Covid-19?
    ✓ Identify the reasons of the demand state and determine an
    action plan to shift demand to a more desired state.

    • Demand States
    Scope of Marketing : Who Markets?
    • Demand States
    ✓ Negative
    ✓ Nonexistent
    ✓ Latent
    ✓ Declining
    ✓ Irregular
    ✓ Unwholesome
    ✓ Full
    ✓ Overfull

    • Which products fit into each of the demand states in the


    current pandemic situation?
    Markets
    • Economists vs. Marketers perspective
    • How marketers may define a market?
    Markets: Modern Exchange Economy
    Key Customer Markets
    • Consumer markets
    • Business markets
    • Global markets
    • Nonprofit & governmental markets
    Core Marketing Concepts
    • Needs, Wants, and Demands
    • Target Markets, Positioning, and Segmentation
    • Offerings and Brands
    • Marketing Channels
    • Paid, Owned, and Earned Media
    • Impressions and Engagement
    • Value and Satisfaction
    • Supply Chain
    • Competition
    • Marketing Environment
    Core Concepts : Needs, Wants, and Demands
    • Marketers get people to buy things they don’t want. Fact or
    Myth?

    • Needs
    ✓ the basic human requirements
    ✓ air, food, water, clothing, and shelter
    • Wants
    ✓ specific objects that might satisfy the need
    • Demands
    ✓ wants for specific products backed by an ability to pay

    • Can marketers help customers learn what they want?


    Core Concepts : Needs, Wants, and Demands
    Types of needs
    • Stated needs
    • Real needs
    • Unstated needs
    • Delight needs
    • Secret needs
    Core Concepts
    • Target markets, positioning, and segmentation

    • Value proposition
    ✓ set of benefits that satisfy customers’ needs

    • Offerings
    ✓ Combination of products, services, information, and
    experiences

    • Brands
    ✓ An offering from a known source
    ✓ What comes to your mind when you think of Apple?
    Core Concepts : Marketing Channels
    • How significant are service centers for automobile or
    electronics industry?
    • How significant are distribution channels for apparels and
    fashion products?

    • Types of marketing channels:


    ✓ Communication channels
    ✓ Distribution channels
    ✓ Service channels
    Core Concepts : Paid, owned , earned media
    • Paid media
    ✓ TV, magazine, display ads, paid search, and sponsorships

    • Owned media
    ✓ Company or brand brochure, web site, blog, facebook
    page, or twitter account

    • Earned media
    ✓ word of mouth, buzz, or viral marketing

    • Which media type works best and why?


    Core Concepts : Impressions vs. Engagement
    • How to reach consumers?
    ✓ TV, Internet, and mobile.

    • How many screens do you use simultaneously?


    ✓ What are the implications for marketers?

    • Impressions versus engagement: Which one is more useful for


    marketers and why?
    Core Concepts : Impressions vs. Engagement
    • Impressions versus engagement: Which one is more useful for
    marketers and why?
    • Impressions:
    ✓ when consumers view a communication
    ✓ Useful metric for tracking
    ✓ What is the result of viewing the communication.
    • Engagement
    ✓ Extent of a customer’s attention and active involvement.
    ✓ Much more active response than a mere impression
    ✓ More likely to create value for the firm.
    ✓ Measures: likes, tweets, comments ,sharing.
    ✓ Engagement can extend to personal experiences that
    augment or transform a firm’s products and services.
    Core Concepts : Value and Satisfaction
    • Value
    Core Concepts : Supply Chain
    • Channel stretching from raw materials to components to
    finished products carried to final buyers.

    • How much percentage of total value can a company capture?

    • How to capture a higher percentage of supply chain value?


    Core Concepts : Competition
    • The biggest competitor for camera?

    • All the actual and potential rival offerings and substitutes a


    buyer might consider.

    • Competition may come from within industry and outside


    industry.
    Core Concepts : Marketing environment
    • Task environment
    ✓ includes the actors engaged in producing, distributing, and
    promoting the offering.
    ✓ Company, suppliers, distributors, dealers, and target
    customers.
    • Broad environment
    ✓ demographic environment, economic environment, social-
    cultural environment, natural environment, technological
    environment, and political-legal environment

    • How important it is to pay close attention to the marketing


    environment?
    ✓ Pinterest vs facebook, which one to use?
    New Marketing Realities
    • Technology

    • Globalization
    ✓ Growth lies in emerging economies.
    ✓ Demographic trends favor developing markets
    ✓ Countries are increasingly multicultural
    ✓ Changes in innovation and product development

    • Social responsibility
    ✓ Marketing’s effects extend to society as a whole
    ➢ marketers must consider the ethical, environmental,
    legal, and social context of their activities
    ✓ a way to differentiate from competitors, build consumer
    preference, and achieve notable sales and profit gains
    A changed marketplace
    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 changed marketplace
    New company capabilities
    • Can use the internet as a powerful information and sales
    channel, including for individually differentiated goods
    • Can collect fuller and richer information about markets,
    customers, prospects, and competitors
    • Can reach customers quickly and efficiently via social media
    and mobile marketing, sending targeted ads, coupons, and
    information
    • Can improve purchasing, recruiting, training, and internal and
    external communications
    • Can improve cost efficiency
    A changed marketplace
    Changing channels
    • Retail transformation
    • Disintermediation

    Heightened competition
    • Private brands
    • Mega-brands
    • Deregulation
    • Privatization
    Marketing in practice
    • Marketing balance
    ✓ consumers are moving faster than marketers do
    ➢ Companies must move forward, innovate, stay in touch with
    customer needs, and seek new advantages.
    ➢ Hindustan Unilever’s consumer license
    ✓ balance increased spending across marketing mediums.
    • Marketing accountability
    ✓ Justify the investments in financial, profitability terms, brand
    building, and growing the customer base.
    ✓ Brand equity, CLV, return on marketing investment
    • Marketing in the organization
    ✓ Not only by the marketing department
    ✓ Every employee has an impact on the customer.
    • Reinventing marketing at Coca-cola
    ✓ moving consumers from impressions to expressions to
    conversations to transactions
    Company Orientation Toward the Marketplace
    What philosophy should guide a company’s marketing efforts?
    • Production concept
    • Product concept
    • Selling concept
    • Marketing concept
    • Holistic marketing concept

    •
    Company Orientation Toward the Marketplace
    Holistic marketing concept
    Marketing Mix
    Marketing Mix
    • Product, price, place, and promotion do not reflect the whole
    story.

    • Holistic marketing concept encompasses additional


    components:
    ✓ People
    ✓ Processes
    ✓ Programs
    ✓ Performance
    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
    Questions?
    Comments?
    Concerns?

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