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Chapter1 Marketing Management
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- 2. TABLE OF CONTENT •Summary • The Value of Marketing • The Scope of Marketing • Core Marketing Concepts • The New Marketing Realities • Social Responsibility • A Dramatically Changed Marketplace • Company Orientation toward the Marketplace • Updating the Four Ps • Marketing Management Tasks
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- 4. SUMMARY • Marketing isan 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. 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.
- 5. SUMMARY • Marketers areskilled at managing demand: They seek to influence its level, timing, and composition for goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit.
- 6. SUMMARY • Marketing isnot done only by the marketing department. It needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers.
- 7. SUMMARY • Today’s marketplaceis fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. In particular, technology, globalization, and social responsibility have created new opportunities and challenges and significantly changed marketing management. Companies seek the right balance of tried-and-true methods with breakthrough new approaches to achieve marketing excellence.
- 8. SUMMARY • There arefive competing concepts under which organizations can choose to conduct their business: the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. The first three are of limited use today.
- 9. SUMMARY • The holisticmarketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing recognizes that everything matters in marketing and that a broad, integrated perspective is often necessary. Four components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and performance marketing.
- 10. SUMMARY • The setof tasks necessary for successful marketing management includes developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, creating, delivering, and communicating value, and creating long-term growth.
- 11. LEARNING OBJECTIVES • Inthis chapter, we will address the following questions: • Why is marketing important? • What is the scope of marketing? • What are some core marketing concepts? • What forces are defining the new marketing realities? • What new capabilities have these forces given consumers and companies? • What does a holistic marketing philosophy include? • What are the tasks necessary for successful marketing management?
- 12. THE VALUE OFMARKETING Section 1
- 13. THE VALUE OFMARKETING • Marketing ability helps • create sufficient demand for products and services, which is essential for a firm’s financial success, • create jobs and • provide resources for firms to engage is socially responsible activities. • build strong brands and a loyal customer base, intangible assets that contribute heavily to the value of a firm Jobs Profits Giving
- 14. THE VALUE OFMARKETING Marketing Decision Making • Marketers helps make major business decision • Marketers must make decision on features, prices, and markets and decide how much to spend on advertising, sales, and online and mobile marketing in an environment where consumers, competition, technology, and economic forces change rapidly and consequences quickly multiply. Major Business Decision Target Market Product Features Product Prices Product Promotion Product Distribution
- 15. THE VALUE OFMARKETING Marketing Decision Making • Marketers that fail to carefully monitor their customers and competitors, continuously improve their value offerings and marketing strategies, or satisfy their employees, stockholders, suppliers, and channel partners in the process are more vulnerable to competitive entry. Wrong Marketing Decision Vulnerable to competitive entry
- 16. THE VALUE OFMARKETING Marketing Decision Making • Marketers helps organization adapt and thrive in the changing environment • Marketers adapt, for example, including the use of web-only and social media campaigns in their marketing mixes, to thrive in the changing environment. Good Marketers Help organization thrive in the changing environment
- 17. THE VALUE OFMARKETING Video Time – “Marketing is about Value” He's Steve Jobs and here's his #9 rule for success - Marketing is about Values.
- 18. THE SCOPE OFMARKETING Section 2
- 19. THE SCOPE OFMARKETING What is Marketing • Marketing is about identifying and meeting human and social needs • “Meeting needs profitably.” American Marketing Association definition: 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.
- 20. THE SCOPE OFMARKETING What is Marketing Management? • 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 Marketing Management is the art and science Choosing Target Market Creating Value Delivering Value Communicating Value
- 21. THE SCOPE OFMARKETING What is Marketing Management? • Social definition of marketing: Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others
- 22. THE SCOPE OFMARKETING What is Marketing Management? • Selling is not the most important part of marketing; aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Selling is not the most important part of marketing Marketing it to know and understand the customers to give what they want
- 23. THE SCOPE OFMARKETING What is Marketed? Goods: physical goods include food products, cars, refrigerators, televisions, machines, and other mainstays of a modern economy. Services: represent approximately 2/3 of the U.S. economy, including airlines, hotels, maintenance and repair people, and accountants, bankers, doctors, and management consultants. Events: include time-based events, global and local events Experiences: marketers orchestrate several services and goods to create, stage, and market experiences. Persons: include artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals often get help from marketers, and each person has been advised to become a “brand.”
- 24. THE SCOPE OFMARKETING What is Marketed? Places: include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies. Properties: intangible rights of ownership to either real property (real estate) or financial property (stocks and bonds). Organizations: include museums, performing arts organizations, corporations, and nonprofits that use marketing to boost their public images and compete for audiences and funds. Information: what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities. Ideas: every market offering includes a basic idea. Products and services are platforms for delivering some idea or benefit.
- 25. THE SCOPE OFMARKETING Who Markets? • A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. A marketer The prospect A marketer seeks respond such attention, a purchase, a vote, a donation from the prospect
- 26. THE SCOPE OFMARKETING Who Markets? Marketer Prospect Attention Purchase Donation Vote Response
- 27. THE SCOPE OFMARKETING Who Markets? • Marketers are skilled at stimulating demand for their products, but they also seek to influence the level, timing, and composition of demand to meet the organization’s objectives. • Eight demand states are possible: Negative demand—Consumers dislike the product and may even payto avoid it. Nonexistent demand—Consumers may be unaware of or uninterested in the product. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product. Declining demand—Consumers begin to buy the product less frequently or not at all. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. Full demand—Consumers are adequately buying all products put into the marketplace. Overfull demand—More consumers would like to buy the product than can be satisfied. Unwholesome demand—Consumers may be attracted to products that have
- 28. THE SCOPE OFMARKETING Who Markets? • A market is a collection of buyers and sellers who transact over a particular product or product class (such as the housing market or the grain market).
- 29. THE SCOPE OFMARKETING Who Markets? Key customer markets include: • Consumer Markets typically establish a strong brand image by developing a superior product or service, ensuring its availability, and backing it with engaging communications and reliable performance. • Business Markets typically have a strong emphasis on the sales force, the price, and the seller’s reputation. Key Customer Markets Consumer Markets Business Markets Global Markets Nonprofit and Government al Markets
- 30. THE SCOPE OFMARKETING Who Markets? Key customer markets include: • Global Markets require companies to navigate cultural, language, legal, and political differences as they make marketing decisions. • Nonprofit and Governmental Markets include churches, universities, charitable organizations, and government agencies. Key Customer Markets Consumer Markets Business Markets Global Markets Nonprofit and Government al Markets
- 31. THE SCOPE OFMARKETING Video Time – “The Future of Marketing” • Credibility in most forms of marketing is at an all time low. Truth itself is being treated like false coin. Where marketing could raise expectation and enjoyment and assist choice, it currently just flummoxes, distracts and dissapoints. • Sean Dromgoole • Sean Dromgoole is a consumer researcher based in London specialising in entertainment. He is the CEO of the largest group of companies specialising in this field and has been active in this field for 15 years.
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- 33. CORE MARKETING CONCEPTS Needs,Wants, and Demands • Marketers do not create needs • Needs pre-exist marketers. Needs = basic human requirements Wants = when needs are directed to specific objects that might satisfy the need Demands = wants for specific products backed by an ability to pay
- 34. CORE MARKETING CONCEPTS Needs,Wants, and Demands • Five types of needs: • Stated needs • Real needs • Unstated needs • Delight needs • Secret needs Five types of needs Stated needs Real needs Unstated needs Delight needs Secret needs
- 35. CORE MARKETING CONCEPTS TargetMarkets, Positioning and Segmentation • For each target market, the firm develops a market offering that it positions in target buyers’ minds as delivering some key benefit(s). Segmentation: identification of distinct segments of buyers by identifying demographic, psychographic, and behavioral differences between them. Target markets: the segment(s) present the greatest opportunities.
- 36. CORE MARKETING CONCEPTS Offeringsand Brands A value proposition is a set of benefits that satisfy a consumer’s needs. The intangible value proposition is made physical by an offering, which can be a combination of products, services, information, and experiences. 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.
- 37. CORE MARKETING CONCEPTS MarketingChannels Communication channels deliver and receive messages from target buyers Distribution channels help display, sell, or deliver the physical product or service(s) to the buyer or user Service channels include warehouses, transportation companies, banks, and insurance companies
- 38. CORE MARKETING CONCEPTS Impressionsand Engagement Impressions occur when consumers view a communication Engagement is the extent of a customer’s attention and active involvement with a communication • Marketers now think of three “screens” or means to reach consumers: TV, Internet, and mobile.
- 39. CORE MARKETING CONCEPTS Valueand Satisfaction Value 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.
- 40. CORE MARKETING CONCEPTS SupplyChain The supply chain is a channel stretching from raw materials to components to finished products carried to final buyers. • Each company in the chain captures only a certain percentage of the total value generated by the supply chain’s value delivery system. When a company acquires competitors or expands upstream or downstream, its aim is to capture a higher percentage of supply chain value.
- 41. CORE MARKETING CONCEPTS Competition includesall the actual and potential rival offerings and substitutes a buyer might consider.
- 42. CORE MARKETING CONCEPTS MarketingEnvironment Task environment includes the actors engaged in producing, distributing, and promoting the offering. Broad environment consists of six components: demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment
- 43. THE NEW MARKETINGREALITIES Section 4
- 44. THE NEW MARKETINGREALITIES Technology • Widespread technology adoption has created: new opportunities promotes shared information customer relationship management
- 45. THE NEW MARKETINGREALITIES Globalization • Transportation, shipping, and communication technologies have made it easier for us to know the rest of the world, to travel, to buy and sell anywhere. • Globalization has made countries increasingly multicultural. • Globalization changes innovation and product development as companies take ideas and lessons from one country and apply them to another.
- 46. THE NEW MARKETINGREALITIES New Company Capabilities Major Societal Forces Information Technology Globalization Increased Competition Consumer Information Communicate w/Customer Collect Information New Opportunities
- 47. THE NEW MARKETINGREALITIES Video Time – “The Gig Economy” • With the push of a button, apps let us summon services, from taxis to takeaways, to our location. But do they make the world more efficient? In an FT investigation, Izabella Kaminska reveals how the gig economy is being powered by poor working conditions
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- 49. SOCIAL RESPONSIBILITY Private Sector •The private sector is taking some responsibility for improving living conditions, and firms all over the world have elevated the role of corporate social responsibility.
- 50. SOCIAL RESPONSIBILITY Marketing 3.0 •Marketing 3.0 suggests three central trends that change the way companies do business: increased consumer participation and collaborative marketing globalization the rise of a creative society
- 51. SOCIAL RESPONSIBILITY Preserving LongTermWell Being • The organization’s task is to determine the needs, wants, and interests of target markets and satisfy them more effectively and efficiently than competitors while preserving or enhancing consumers’ and society’s long- term well-being. Effective Marketing Strategy While being Socially Responsible
- 52. SOCIAL RESPONSIBILITY Benefits • Companiesmay incorporate social responsibility as a way: To differentiate themselves from competitors, To build consumer preference To achieve notable sales and profit gains.
- 53. SOCIAL RESPONSIBILITY Video Time– “Marketing 3.0” Philip Kotler is an American marketing author, consultant, and professor; currently the S. C. Johnson Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University.
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- 55. A DRAMATICALLY CHANGEDMARKETPLACE New Consumer Capabilities Consumers are empowered through technology, like social media, and by expanded information, communication and mobility. Consumers can use the Internet as a powerful information and purchasing aid. Consumers can search, communicate, and purchase on the move. Consumers can tap into social media to share opinions and express loyalty. Consumers can actively interact with companies. Consumers can reject marketing they find inappropriate.
- 56. A DRAMATICALLY CHANGEDMARKETPLACE New Companies Capabilities Companies can use the Internet as a powerful information and sales channel, including for individually differentiated goods. Companies can collect fuller and richer information about markets, customers, prospects, and competitors. Companies can reach customers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons, and information. Companies can improve purchasing, recruiting, training, and internal and external communications. Companies can improve cost efficiency.
- 57. A DRAMATICALLY CHANGEDMARKETPLACE Changing Channels • Retail transformation: increased competition from a variety of formats has yielded more entertaining retail experiences. • Disintermediation: delivery of products and services by intervening in the traditional flow of goods.
- 58. A DRAMATICALLY CHANGEDMARKETPLACE HeightenedCompetition • Private labels: Powerful retailers market their own store brands, increasingly indistinguishable from any other type of brand. • Mega-brands: Many strong brands have become mega-brands and extended into related product categories, including new opportunities at the intersection of two or more industries.
- 59. A DRAMATICALLY CHANGEDMARKETPLACE HeightenedCompetition • Deregulation: Many countries have deregulated industries to create greater competition and growth opportunities. In the United States, laws restricting financial services, telecommunications, and electric utilities have all been loosened in the spirit of greater competition. • Privatization: Many countries have converted public companies to private ownership and management to increase their efficiency.
- 60. A DRAMATICALLY CHANGEDMARKETPLACE Marketing Balance • Companies must always move forward (incorporate the Internet and digital efforts into marketing plans), innovating products and services, staying in touch with customer needs, and seeking new advantages rather than relying on past strengths. Move forward, innovating products and services, staying in touch with customer needs and seeking new opportunity Past successes and strengths
- 61. A DRAMATICALLY CHANGEDMARKETPLACE Marketing Accountability • Marketers are increasingly asked to justify their investments in financial and profitability terms, as well as in terms of building the brand and growing the customer base.
- 62. A DRAMATICALLY CHANGEDMARKETPLACE Marketing in the Organization • Every employee has an impact on the customer, so marketers now must properly manage all possible touch points: • store layouts • package designs • product functions • employee training • shipping and logistics Store Layouts Package Designs Product Functions Employee Training Shipping And Logistics
- 63. A DRAMATICALLY CHANGEDMARKETPLACE VideoTime–“Retail'sFuture:Brick-and-Mortarvs.E-Commerce” Joe Gromek, former chairman at Tumi and former chief executive officer at Warnaco, discusses the retail shift to online shopping.
- 64. COMPANY ORIENTATION TOWARDTHE MARKETPLACE Section 7
- 65. COMPANYORIENTATIONTOWARDTHEMARKETPLACE • Company orientation • Production •Product • Selling • Marketing Company Orientation Production Product Selling Marketing
- 66. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheProductionConcept • Suggests consumers prefer productsthat are widely available and inexpensive. Company Orientation Production Product Selling Marketing
- 67. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheProductionConcept • With production concept, managementaims for • high production efficiency • low costs • mass distribution Management aims for High Production Efficiency Low Costs Mass Distribution
- 68. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheProductConcept • Consumers favor productsoffering the most quality, performance, or innovative features Company Orientation Production Product Selling Marketing
- 69. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheProductConcept • Managers may committhe “better- mousetrap” fallacy, believing a better product will by itself lead people to beat a path to their door. Better product Better sales
- 70. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheSellingConcept • Consumers and businesses,if left alone, won’t buy enough of the organization’s products Company Orientation Production Product Selling Marketing
- 71. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheSellingConcept • It ispracticed most aggressively with unsought goods—goods buyers don’t normally think of buying such as insurance and cemetery plots—and when firms with overcapacity aim to sell what they make, rather than make what the market wants.
- 72. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheMarketingConcept • Find theright products for your customers Company Orientation Production Product Selling Marketing
- 73. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheMarketingConcept • The marketingconcept holds that the key to achieving organizational goals is being more effective than competitors in creating, delivering, and communicating superior customer value to your target markets.
- 74. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheHolisticMarketingConcept • Based onthe development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
- 75. COMPANYORIENTATIONTOWARDTHEMARKETPLACE TheHolisticMarketingConcept • Everything mattersin marketing—and that a broad, integrated perspective is often necessary. Below is a schematic overview of four broad components characterizing holistic marketing: relationship marketing, integrated marketing, internal marketing, and performance marketing.
- 76. COMPANYORIENTATIONTOWARDTHEMARKETPLACE RelationshipMarketing • Aims tobuild mutually satisfying long- term relationships with key constituents in order to earn and retain their business. • Four key constituents for relationship marketing are: Four Key Constituents For Relationship Marketing Customers Employees Marketing Partners (Channels, Suppliers, Distributors, Dealers, Agencies) Members Of The Financial Community (Shareholders, Investors, Analysts)
- 77. COMPANYORIENTATIONTOWARDTHEMARKETPLACE RelationshipMarketing • Marketers mustcreate prosperity among all these constituents and balance the returns to all key stakeholders. • To develop strong relationships with them requires understanding their capabilities and resources, needs, goals, and desires.
- 78. COMPANYORIENTATIONTOWARDTHEMARKETPLACE IntegratedMarketing •What is IntegratedMarketing • Devise marketing activities and programs that create, communicate, and deliver value such that “the whole is greater than the sum of its parts.”
- 79. COMPANYORIENTATIONTOWARDTHEMARKETPLACE IntegratedMarketing • Two keythemes of integrated marketing are that • many different marketing activities can create, communicate, and deliver value and • marketers should design and implement any one marketing activity with all other activities in mind. Key Themes There are many marketing activities Each activity is integrated with each other
- 80. COMPANYORIENTATIONTOWARDTHEMARKETPLACE InternalMarketing • What isInternal Marketing? • The task of hiring, training, and motivating able employees who want to serve customers well.
- 81. COMPANYORIENTATIONTOWARDTHEMARKETPLACE InternalMarketing • Marketing succeedsonly when all departments work together to achieve customer goals • When engineering designs the right products • When finance furnishes the right amount of funding • When purchasing buys the right materials • When production makes the right products in the right time horizon • When accounting measures profitability in the right way Internal Marketing Hiring Staff Training Staff Motivating Staff
- 82. COMPANYORIENTATIONTOWARDTHEMARKETPLACE PerformanceMarketing • What isPerformance Marketing? • Requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.
- 83. COMPANYORIENTATIONTOWARDTHEMARKETPLACE PerformanceMarketing • Top marketersare increasingly going beyond sales revenue to examine the marketing scorecard and interpret what is happening to market share, customer loss rate, customer satisfaction, product quality, and other measures. • They are also considering the legal, ethical, social, and environmental effects of marketing activities and programs Marketing Scorecard Financial Accountability Environmental Impact Social Impact Legal Impact Ethical Impact
- 84. COMPANYORIENTATIONTOWARDTHEMARKETPLACE VideoTime–“RelationshipMarketing” Today’s customer isskeptical, connected and well informed. Mass marketing as we know it is gone for good. Brands need to stop talking at their customers and start seeing the world through their eyes. Using AI, technology and customer data, they need to truly know their customers, build trust and emotional connections, and create customer relationships that last. • MARK MORIN • As a customer relationship builder, Mark has devoted the past 35+ years to bringing brands and people closer. He is an author, trainer, professional speaker and an expert in the field of relationship and cognitive marketing.
- 85. UPDATING THE FOURPS Section 8
- 86. UPDATINGTHE FOUR PS OriginalFour Ps
- 87. UPDATINGTHEFOURPS VideoTime–“The4PsofTheMarketingMixSimplified” Learn how Product,Price, Promotion and Place create an effective Marketing Mix. Humorous examples depict various Target Markets in this easy-to- understand video. From the Design & Marketing curriculum by Paxton/Patterson Learning Systems.
- 88. UPDATINGTHE FOUR PS ModernMarketing • Modern marketing realities suggest a more representative set that encompasses modern marketing realities: • People • Processes • Programs • Performance People Processes Programs Performance
- 89. UPDATINGTHE FOUR PS ModernMarketing • People: reflects internal marketing and the fact that employees and understanding consumers’ whole lives are critical to marketing success People Processes Programs Performance
- 90. UPDATINGTHE FOUR PS ModernMarketing • Processes: reflects all the creativity, discipline, and structure brought to marketing management. People Processes Programs Performance
- 91. UPDATINGTHE FOUR PS ModernMarketing • Programs: reflects all the firm’s consumer-directed activities. • It encompasses the old four Ps as well as a range of other marketing activities that might not fit as neatly into the old view of marketing. • These activities must be integrated such that their whole is greater than the sum of their parts and they accomplish multiple objectives for the firm. People Processes Programs Performance
- 92. UPDATINGTHE FOUR PS ModernMarketing • Performance: captures the range of possible outcome measures that have financial and nonfinancial implications (profitability as well as brand and customer equity) and implications beyond the company itself (social responsibility, legal, ethical, and community related) People Processes Programs Performance
- 93. MARKETING MANAGEMENT TASKS •With the holistic marketing philosophy as a backdrop, we can identify a specific set of tasks that make up successful marketing management and marketing leadership. • The tasks are as follows: 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
- 94. MARKETING MANAGEMENT TASKS Developingmarket strategies and plans • Identify potential long-run opportunities, given its market experience and core competencies 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
- 95. MARKETING MANAGEMENT TASKS Capturingmarketing insights • Develop a reliable marketing information system to closely monitor its marketing environment so it can continually assess market potential and forecast demand. • Develop a dependable marketing research system 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
- 96. MARKETING MANAGEMENT TASKS Connectingwith customers • Create value for its chosen target markets and develop strong, profitable, long- term relationships with customers by understanding consumer markets. • Gain a full understanding of how organizational buyers buy. It needs a sales force well trained in presenting product benefits. 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
- 97. MARKETING MANAGEMENT TASKS BuildingStrong Brands • Divide the market into major market segments, evaluate each one, and target those it can best serve • Understand the strengths and weaknesses of the brand as customers see it • Consider growth strategies while also paying close attention to competitors, anticipating their moves and knowing how to react quickly and decisively. 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
- 98. MARKETING MANAGEMENT TASKS CreatingValue • Differentiate the service of product (the tangible offering to the market, which includes the product quality, design, features, and packaging) to gain a competitive advantage • Decide on wholesale and retail prices, discounts, allowances, and credit terms. • Price should match well with the offer’s perceived value; otherwise, buyers will turn to competitors’ products. 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
- 99. MARKETING MANAGEMENT TASKS DeliveringValue • Deliver the value embodied in products and services to the target market. • Channel activities include those the company undertakes to make the product accessible and available to target customers. 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
- 100. MARKETING MANAGEMENT TASKS CommunicatingValue • Develop an integrated marketing communication program that maximizes the individual and collective contribution of all communication activities • Set up mass communication programs consisting of advertising, sales promotion, events, and public relations • Tap into online, social media, and mobile options to reach consumers whenever and wherever it may be appropriate (see Chapter 20). • Plan personal communications, in the form of direct and database marketing, as well as hire, train, and motivate salespeople 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
- 101. MARKETING MANAGEMENT TASKS CreatingSuccessful Long Term Growth • Build a marketing organization capable of responsibly implementing the marketing plan • Utilize feedback and control to understand the efficiency and effectiveness of marketing activities and how they can be improved. 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