Defining Marketing for the 21st Century

*Chapter 1 Defining Marketing for the 21st* Century "Everything starts and ends with marketing in any organization skill for marketing is a never ending pursuit" Exchange, transaction and transfer. What is marketed? Goods, services, events (e.g. Sporting events), experiences (space travel, magic kingdom), Persons (politic candidates), Places (countries, cities), properties (homes), organization (university, company), information (encyclopedias), ideas (save the planet). Key customers market : Consumer Markets Business markets Global markets Non profit/govt. markets Marketplaces, market-spaces, meta-markets Company orientations toward the marketplaces Production concept: Product to be made widely available and inexpensive. Product concept: Product with quality, performance and innovative feature. Selling concept: Need for aggressive selling & promotion. Holistic concept: has four components: Relationship marketing. Integrated marketing. Internal marketing. Social responsibility marketing. Marketing Fundamentals: (See HANDOUT) Shifts in marketing managements (page 26-29) Marketing management tasks (page 29-30) Two Powerful Forces Changing Marketing: Technology Globalization What marketing challenges do companies face? (see marketing memo, page 6: Marketer's frequently asked questions) Serious misconceptions about marketing: Marketing is selling Marketing is mainly a department. Are there winning marketing practices? Yes Win through higher quality: "Quality is when our customers come back and our products don't" Siemens Quality Motto. Win through better service. Win through lower price. Win through higher market share Win through adaptation and customization. Win through continues