Strategic Markiting

Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall Slide 1 of 25
STRATEGIC MARKETING

Defining Marketing for the 21st
Century

Discussion Questions
1. Why is marketing important?
2. What is the scope of marketing?
3. What are some fundamental
marketing concepts?
4. How has marketing management
changed in recent years?
5. What are the task necessary for
successful marketing management?

What is Marketing?
• Process by which individuals and
groups obtain what they needneed and wantwant
through creating and exchangingexchanging
productsproducts and value with others.
• More simply: Marketing is the
delivery of customer satisfaction at a
profit.

Defined
Marketing is the activity, set of
institutions, and processes for
creating, communicating, delivering,
and exchanging offers that have value
for customers, clients, partners,
and society at large.

Defined
Marketing management is the art
and science of choosing target
markets and getting, keeping, and
growing customers through
creating, delivering, and
communicating superior
customer value.

Defined
Companies use strategic marketing to identify customer
needs and to create a marketing plan to achieve customer
satisfaction, improve company performance and increase
profit. Typically, an organization will create a written
strategic marketing plan that dictates what type of
marketing programs it will use during a given time frame
and how those programs will be implemented. By outlining
how it will engage customers and use new sales and
marketing methods, an organization can grow and increase
market domination. Strategic marketing can also help a
business become more innovative and better penetrate a
market. Companies may employ communication methods
like newsletters, podcasts(a digital audio file) and e-mails in
their strategic marketing plans.
STRATEGIC MARKETING

Jobs
Profits Giving

• Experiences
• Events
• Properties
• Organizations
• Information
• Ideas
What is Marketed?
Places
Persons
Services
Goods

Experiences include a trip to Disney World,
Fantasy baseball camp,.
Events can include trade shows, the
Olympics, Super Bowl, etc.
Properties include real estate as well as
stocks and bonds.
Organizations use marketing to connect with
their target market.
Information is marketed by universities,
textbook publishers, newspapers, etc.

Who markets?
Marketer Prospect
Attention
Purchase
Donation
Vote
Response
Marketers are individuals, groups, associations, companies, etc. that seek a response, such
as attention, a purchase, donation, vote, etc., from another party which is called the
prospect.

Types of Demand
Negative
• Nonexistent
• Latent
• Full
• Overfull
DecliningUnwholesome
Irregular

Negative – consumer’s dislike a product and may pay to avoid.
Nonexistent – consumers are unaware of or uninterested in the
product or service
Latent – There is no product on the market that can satisfy
consumer needs
Declining – Consumers purchase a product less and less
frequently, or not at all. For example, the sale of albums (vinyl and
CD’s) are declining significantly.
Irregular – A products demand varies by time, such as on a
seasonal basis.
Full – Consumers are buying all the products that enter into the
market.
Overfull – There are more buyers than product available.
Unwholesome – Consumers are attracted to products that have
undesirable social consequences, such as cigarettes or gambling.

Markets
Figure
1.1

Simple Marketing SystemFigure
1.2

Key Customer Markets
Global Markets
Business Markets Government Market
Consumer Market

Markets
Marketplaces Marketspaces
Metamarkets

Core Marketing Concepts
Needs, Wants, and Demands Target Markets, Positioning,
and Segmentation
Offerings and Brands
Value and Satisfaction

Core Marketing
Concepts
Products
and
Services
Value, satisfaction,
and quality
Needs, wants,
and demands
Exchange, transactions,
and relationships
Markets
Core
Marketing
Concepts
Core
Marketing
Concepts

What Motivates a Consumer to Take Action?
• NeedsNeeds - state of felt deprivation for basic items such as
food and clothing and complex needs such as for
belonging. i.e. I am thirsty
• WantsWants - form that a human need takes as shaped by culture
and individual personality. i.e. I want a Coca-Cola.
• DemandsDemands - human wants backed by buying power. i.e. I
have money to buy a Coca-Cola.
• ExchangesExchanges - act of obtaining a desired object from
someone by offering something in return.
• TransactionsTransactions - trade of values between parties. Usually
involves money and a response.
• RelationshipsRelationships - building long-term relationships with
consumers, distributors, dealers, and suppliers.

What Will Satisfy Consumer’s Needs and
Wants?
• ProductsProducts - anything that
can be offered to a
market for attention,
acquisition, use or
consumption and that
might satisfy a need or
want.
• Examples: persons,
places, organizations,
activities, and ideas.
• ServicesServices - activities or
benefits offered for sale
that are essentially
intangible and don’t
result in the ownership
of anything.
• Examples: banking,
airlines, haircuts, and
hotels.

How Do Consumers Choose Among Products and
Services?
• Customer ValueCustomer Value - benefit that the customer
gains from owning and using a product
compared to the cost of obtaining the
product.
• Customer SatisfactionCustomer Satisfaction - depends on the
product’s perceived performance in
delivering value relative to a buyer’s
expectations. Linked to Quality and Total
Quality Management (TQM).

Core Marketing Concepts
Marketing Channels
Competition
Marketing Environment
Supply Chain

The New Marketing Realities
Information
Technology
Globalization
Increased
Competition
Consumer
Information
Communicate
w/Customer
Collect
Information
Differentiate
Goods

Who is Responsible for Marketing?
Chief Marketing Officer
(CMO)
Entire Organization
Marketing Department

HolisticMarketing
Marketing Concepts
SellingProductProduction
Mass production
Mass distribution
Quality
Innovation
Unsought goods
Overcapacity
Create, deliver, and
communicate value

Under a production philosophy the company will seek to mass produce
products and to distribute them on a wide scale. The belief is that
consumers prefer products that are widely available and inexpensive.
The product concept proposes that consumers prefer products that have
higher quality, performance, or are more innovative. Often, managers
focus too much on the product (a better mousetrap) but this does not
always equal success.
The selling concept argues that members of a market will not purchase
enough product on their own so companies use the “hard-sell” to increase
demand. Typically used with unsought goods such as insurance or
cemetery plots, or when companies face overcapacity.
The marketing concept first emerged in the 1950’s and focuses more on
the customer with a “sense-and-respond” attitude. Companies that have
embraced the marketing concept have been shown to achieve superior
performance than competitors.
The holistic concept takes a philosophy that everything matters in
marketing.

Marketing
Management
PhilosophiesProduction ConceptProduction Concept
Product ConceptProduct Concept
Selling ConceptSelling Concept
Marketing ConceptMarketing Concept
Societal Marketing ConceptSocietal Marketing Concept
• Consumers favor products that are
available and highly affordable
•Improve production and distribution
•Consumers favor products that offer
the most quality, performance, and
innovative features
•Consumers will buy products only if
the company promotes/ sells these
product
•Focuses on needs/ wants of target
markets & delivering satisfaction
better than competitors
•Focuses on needs/ wants of target
markets & delivering superior value
•Society’s well-being

Marketing & Sales Concepts Contrasted
Factory
Existing
Products
Selling
and
Promoting
Profits
through
Volume
Market
Customer
Needs
Integrated
Marketing
Profits
through
Satisfaction
The Selling ConceptThe Selling Concept
The Marketing ConceptThe Marketing Concept
Starting
Point
Focus Means Ends

Holistic Marketing DimensionsFigure
1.3

Relationship Marketing
Build long-term relationships
Develop marketing networks

Relationship marketing seeks to build mutually
beneficial, long-term relationship with key
constituents in order to earn and retain their
business. The four key constituents are: customers,
employees, partners, and member of the financial
community. Attracting a new customer can cost five
times as much as retaining existing customers so
building long-term relationships makes financial sense
for the company.
Marketing networks consist of the company and its
supporting stakeholders who have built a mutually
profitable business relationship.

Integrated Marketing
Create, communicate, and
deliver customer value
Integrated marketing holds that all activities undertaken
by the company should create, communicate, and
deliver value. Further, all new activities should take into
consideration all other marketing activities.

Internal Marketing
Internal marketing is the task of hiring, training, and
motivating able employees to serve customers well. You
can’t promise excellent service if you can’t deliver
excellent service.

Performance Marketing
Social Responsibility
Financial Accountability
Marketers must understand both the financial and nonfinancial
returns to a business and society from marketing programs and
activities. Financial accountability involves the justification of
marketing expenditures in terms of financial returns. But they must
also think about the ethical, environmental, legal, and social aspects
of their activities.

The Four P’s of the Marketing MixFigure
1.4

• Developing market strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Shaping market offerings
• Delivering value
• Communicating value
• Creating long-term growth
Marketing Management Tasks

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