Chapter01: Defining Marketing for the 21st Century

vKT 601 Chapter01 Defining Marketing for the 21st carbon Importance of merchandise The scope of marketing Services, Events, Experiences, Persons, Places, Properties, Organizations, In formations, Ideas Markets and prospects 1. Negative demand- Consumers dis standardized the product and may as yet pay a price to avoid it. 2. Nonexistent demand Consumers may be unaware or uninterested in the product. 3. Latent demand Consumers may share a strong need that cannot be satisfied by an existing product. 4. Declining demand Consumers begin to buy the product less frequently or not at all. 5.Irregular demand Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. wide demand Consumers are adequately buy all products put into the marketplace. 7. Overfull demand More consumers would like to buy the product than can be satisfied. 8. Unwholesome demand Consumers may be attracted to products that have unsuitable social consequences. Markets Key customer markets ?Consumer Markets ?Business Markets ?Global Markets ?Nonprofit and Governmental Markets ?Marketplaces, Market spaces and Metamarkets (search for product) Needs, Wants and DemandsTarget markets, Positioning and class Offerings and brands Value and satisfactions Marketing channels Supply chain Competition Marketing environment The New marketing realities Major Societal forces ?Network information technology ?Globalization ?Deregulation ?Privatization ?Heightened Competition ?Industry crossroad (Combining, home theater) ?Consumer resistance ?Retail transformation (Direct mail) ?Disintermediation/reintermediation The New Economy Consumer benefits ?Substantial increase in buying power More disposable income and inclination to spend ?A greater variety of goods and services cross proliferation, can purchase from earnings also ? A greater amount of information about a great deal anything Mass media and other sources availability ? A greater ease in interacting and placing and receiving orders Places order from home, office or can shop traditionally ? An ability to compare notes on products and services One can employment Internet to compare prices and other attributes of various brands The New Economy Companies benefits ?Websites provide powerful information and sales channels. plunder collect fuller and richer information about markets, customers, prospects and competitors. ?Can speed up communications among employees. ?Can have 2-way communication with customers and prospects ? Can send ads, coupons, samples, information to targeted customers. ?Can customize offerings and services to individual customers. ?Internet can be used as a communication channel for purchasing, training, and recruiting. ?Can improve logistics and trading operations for cost savings while improving accuracy and service quality.Company orientation towards the marketplace ?The production conception ?The Product concept ?The selling concept ?The marketing concept ?The Holistic Marketing concept ?relationship marketing ?Performance Marketing ?Financial accountability ?Social responsibility Marketing management tasks ? evolution Marketing strategies and plans ?Capturing Marketing insights ?Connecting with customers ?Building strong brands ?Shaping the market offerings ?Delivering values ?Communicating values ?Creating immense term growth