Chapter 1 Marketing in the 21st Century The

Chapter 1 Marketing in the 21st Century The

Chapter 1 Marketing in the 21st Century The New Economy: A substantial increase in buying power A greater variety of goods and services A great amount of information about practically anything A greater ease in interacting and placing and receiving orders

An ability to compare notes on products and services Marketing in the 21st Century Implications for companies Collect fuller and richer information about markets, customers, prospects, and competitors Faster flow of information Greater

and of production, marketing, and communications Key Definitions and Concepts Marketing Management: and of choosing target markets and getting, keeping, and growing customers

through creating, delivering, and communicating superior customer (p. 6) Key Definitions and Concepts Offering: combination of products, services, information, and experiences

Value: combination of quality, service, and price (QSP) Value = _________________ Key Definitions and Concepts Value = Benefits to consumer Costs to Consumer Benefits to consumer:

Costs to consumer: Defining Marketing Simple Model Core Marketing Concepts Company Offering - combination of products, services, information, and experiences Overall objective: __________

Costs: ________________________ Implications: company decisions must consider its offerings, objective, and costs Core Marketing Concepts Customer Overall objective:____________ Why does value change over time?

What do we (consumers) value and why? Implications: research trends in the environment Core Marketing Concepts Competition All the actual and potential rival offerings and substitutes that a buyer might consider Implications: Know your competitor; How might the company exceed competition in delivering

value? Who is the competitor(s)? Company Orientations Toward the Marketplace Production Concept: Consumers prefer products that are _________ and inexpensive Company Orientations

Product Concept: Consumers favor products that offer the most quality, performance, or innovative features Problem: customer input? _________________ Company Orientations Selling Concept: Consumers will buy products only if the company aggressively promotes/sells these products

Problem: customer dissatisfaction Company Orientations Marketing Concept: key to achieving organizational goals consists of the company being more effective than __________ in creating, delivering, and communicating superior _____ to its chosen target markets (pp. 13, 14) Customer Concept: Focuses on needs and wants of

______________ and delivering value better than competitors Company Orientations Societal Marketing Concept: determine needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the

consumers and _________ well-being. How Business and Marketing are Changing (Trends) Customers increasingly expect higher quality and service and some customization (greater value) Manufacturers face greater ____________ resulting in higher promotion costs and

shrinking profit margins Store-based Retailers face ___________ from giant retailers and non-store retailers Business Response to Changes Outsourcing E-commerce Benchmarking Form alliances

etc. Marketer Response to Changes Customer relationship marketing: build long-term, profitable customer relationships by focusing on their most profitable customers, products, and channels Target Marketing: serve well-defined target markets Integrated marketing communications

Every employee is a marketer Key Points Explain how company, customer, and competition are inter-related. Give an example. _____________________________: generate profits, deliver value to customers, exceed competition, adapt accordingly.

____________________: how do we obtain best value for the money?

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