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Defining Marketing
for the 21st Century
MARKETING MANAGEMENT
Kotler Keller
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What is marketing?
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What is Marketing?
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Marketing is an 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.
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What is marketing management?
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What is Marketing Management?
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Marketing management is theart and science
of choosing target markets and getting, keeping, and growing
customers throughcreating, delivering, and communicating
superior customer value.
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Marketing Management Tasks
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Developing marketing strategies
Capturing marketing insights
Connecting with customers
Building strong brands
Shaping market offerings
Delivering valueCommunicating
valueCreating long-term
growth
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What is the difference between marketing and selling?
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Selling is only the tip of the iceberg
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“There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be
needed is to make the product or service available.”
Peter Drucker
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What is Marketed?
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GoodsGoods
ServicesServices
Events & ExperiencesEvents & Experiences
PersonsPersons
Places & PropertiesPlaces & Properties
OrganizationsOrganizations
InformationInformation
IdeasIdeas
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Marketing Goods
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Marketing Ideas: Friends Don’t Let Friends Drive Drunk
This is the watch Stephen Hollingshead, Jr. was wearing when he encountered a drunk driver. Time of death 6:55 p.m.1-11
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Key Customer Markets
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Consumer marketsBusiness marketsGlobal marketsNonprofit/Government markets
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Figure 1.2 A Simple Marketing System
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Figure 1.1 Structure of Flows in a Modern Exchange Economy
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Company Orientations
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Production
Selling Marketing
Product
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Figure 1.4 The Four P’s
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Marketing Mix and the Customer
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Four P’sProductPricePlacePromotion
Four C’sCustomer solutionCustomer costConvenienceCommunication
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Core Concepts
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Needs, wants, and demands
Target markets, positioning, segmentation
Offerings and brandsValue and
satisfaction
Marketing channelsSupply chainCompetitionMarketing
environmentMarketing planning
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What Motivates a Consumerto Take Action?What Motivates a Consumerto Take Action?
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Needs - states of felt deprivation including physical needs for food, social needs for belonging and individual needs for self-expression. i.e. I am thirsty.
Wants - form that a human need takes as shaped by culture and individual personality. i.e. I want a Coca-Cola.
Demands - human wants backed by buying power. i.e. I have money to buy a Coca-Cola.
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Factors Influencing Marketing Strategy
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Marketing Debate
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Does Marketing Create or Satisfy Needs?