how has marketing management changed in recent years

How has marketing management changed

in recent years?

New marketing realities

Network and information technology

Globalization and privatization

Deregulation

Consumer buying power and information

Consumer participation and resistance

Industry convergence and heightened competition

Retail transformation

Major Societal Forces

New company capabilities

Use of internet and social media for promotion and sales

New company capabilities

Better access to richer market information and consumer preferences

Ads, coupons, samples etc. to promote products

Highly differentiable and customizable products

Improving cost efficiency

Subway providing customized products

Dominos providing promotional discount coupons

Apple server facility using solar powerSurveys providing better information

Company orientation towards marketplace

•Consumers prefer widely available and inexpensive products•Company concentrates on high efficiency and low costsThe production concept

•Consumers favor quality, performance and innovativenessThe product concept

•Used generally for unsought goods like insurance etc.The selling concept•Be more effective than competitors in creating, delivering and communicating superior consumer valueThe marketing concept

•Everything mattersThe holistic marketing concept

Performance marketing

Financial accountability

Social responsibility marketing

Assessing Which Company Departments AreCustomer-Minded

R&D

Purchasing

Manufacturing

SalesLogistics

Finance and accounting

Public relations

The 4 Ps

These slides were created by Sharang Agarwal, IIT Kharagpur as part of an internship done under the guidance of Prof. Sameer Mathur, IIM Lucknow (www.IIMInternship.com)

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