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Reading material: marketing management 15th version;
Part 1 : understanding marketing management
Chapter 1 : define marketing for the new realities;
Chapter 2: developing marketing strategies and plans
Reflection in Chapter 1 : this 15th edition builds on the fundamental strengths of past editions that collectively distinguish it from all the other marketing texts: managerial orientation: the book focuses on the major decisions that marketing managers and top management face in their efforts to harmonize the organization’s objectives and capabilities, and resources with marketplace needs and opportunities. Analytical approach: marketing management presents conceptual tools and frameworks for analyzing recurring problems in marketing management. Case and examples illustrate effective marketing principle, strategies, and practices. Multidisciplinary perspective: the book applies strategic thinking to the complete spectrum of marketing: products , services, persons and places, information, ideas and causes; consumer and business markets; profit and nonprofit organizations, domestic and foreign companies, small and large firms, manufacturing and intermediary business; and low and high tech industries. Comprehensive and balanced coverage. Marketing management covers all the topics an informed marketing manager needs to understand to execute strategic, tactic and administrative marketing.
Chapter 1 define marketing for new realities
Good marketing is no accident. It is both an art and a science and it results from careful planning and execution using state-of-the art tools and techniques. The value of marketing, marketing decision making: CEO recognize that marketing builds strong brand and a loyal customer base, intangible assets that contribute heavily to the value of a firm. Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is meeting need profitably. The American marketing association offers the formal definition: marketing is the activity, set of institutions and process for creating, communicating, delivering and exchanging offering that have value for customers clients, partners and society at large. We could see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Marketers market 10 main types of entities: goods, services, events, experience, persons, places, properties, organizations, information and ideas. Products and services are platforms for delivering some ideas and benefits. Markets vs prospects : a marketer is some who seeks a response-attention, a purchase, a vote, a donation-from another party, called the prospect. Marketers are skilled at stimulating demand for their products, but that is a limited view of what they do. They also seek to influence the level, timing and composition of demand to meet organization’s objectives. Eight demand states are possible: negative demand, nonexistent demand, latent demand, declining demand, irregular demand, full demand, overfull demand, unwholesome demand. Needs are the basic human requirements such as for air, food, water, clothing and shelter. These needs become wants when directed to specific objects that might satisfy the need. Demand are wants for specific products backed by an ability to pay. We can distinguish five types of needs: 1. Stated needs2. Real needs3. Unstated needs4.delight needs, 5.secret needs. Offering and brands: company address customer needs by putting forth a value proposition, a set of benefits that satisfy these needs. The intangible value proposition is made physical by an offering , which can be a combination of products,service,information and experience. A brand is an offering from a known source. All companies strive to build a brand image with as many strong, favorable and unique brand associations as possible. To reach a target market, the marketer uses three kinds of marketing channels, 1. Communication channel2. Distribution channels and 3. Service channel. The rise of digital media gives marketers a host or new ways to interact with consumers and customers. communication options could be grouped into three categories, paid media, owned media, and earned media. The buyer chooses the offerings he or she perceives to deliver the most value, the sum of the tangible and intangible benefits and costs. Value, a central marketing concept, is primarily a combination of quality, service, and price, called the customer value triad. Value perceptions increase with quality and service but decrease with price. Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations. Competition includes all the actual and potential rival offerings and substitutes a buyer might consider.
The marketing environment consists of task environment and broad environment. Task environment includes the actors engaged in producing, distributing, and promoting the offering. The broad environment consist of six components: demographic environment, economic environment, social cultural environment, natural environment, technological environment, and political legal environment. Three transformative forces in marketplace are focused: 1 technology;2. Globalization and 3. Social responsibility. The old credo information is power is giving way to the new idea that sharing information is power.
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