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DEFINING MARKETING for the 21st CENTURY
Prof. Bong De UngriaAteneo Graduate School of Business
Understanding Marketing Management
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Outline:
21st century marketing is…
1. Important to business success (why?)2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
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21st Century Marketing Concept 1:
Marketing is important for business success • Delivers top-line growth (revenue)
• Customer retention/ loyalty
communicating and
creating,
delivering value to
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1. Goods2. Services3. Experiences 4. Events5. Persons6. Places7. Properties8. Organizations9. Information10.Ideas
21st Century Marketing Concept 2:
Everything (10) is marketed !
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1. Goods2. Services3. Experiences 4. Events5. Persons6. Places7. Properties8. Organizations9. Information10.Ideas
21st Century Marketing Concept 2:
Everything (10) is marketed !
Pnoy Challenge:
Name 1 entity thatdoes not needMarketing
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Who Is
InvolvedIn
Marketing(for your company?)
Raise your hands!
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1. Marketing2. Finance3. Operations4. HR
21st Century Marketing Concept 3:
Every employee is a marketer!
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1. Marketing2. Finance3. Operations4. HR
Including: – Delivery personnel– Security guards– Secretaries– Collectors– Messenger
21st Century Marketing Concept 3:
Every employee is a marketer!
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21st Century Marketing Concept 3:
Everything counts! (All actions are counted, scored by the customer)
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Outline:
21st century marketing is…
1. Important to business success (why?)2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
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Model
Mastering 101 Key Marketing Concepts
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What is Marketing?
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What is Marketing?System of profitably
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What is Marketing?System of profitably
creating,
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What is Marketing?System of profitably
communicating and
creating,
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What is Marketing?System of profitably
communicating and
creating,
delivering value to
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What is Marketing?System of profitably
Satisfy customer
communicating and
creating,
delivering value to
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What is Marketing?System of profitably
Satisfy customer
needs, wants and demands
communicating and
creating,
delivering value to
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What is Marketing?System of profitably
Satisfy customer
needs, wants and demands
Better than competition
communicating and
creating,
delivering value to
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Maslow’s Hierarchy of Needs=a basic, constant reference
Self-Actualization
Esteem Needs (Recognition,
Status)
Social Needs (sense of belonging, love)
Safety Needs (security, protection)
Physiological needs (food, water, shelter)
Reference: Marketing Management, 11th ed, Philip Kotler
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Food exampleTo understand Needs, Wants & Demands.
Need Basic necessityFeel deprived if this is absent
Food
Want Given choices, this is what you prefer
Chicken, Burger, Steak dinner
Demand A want that is supported by a decision and capacity to buy
Only burger is within my budget!
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21st Century Same Concept 3 and 4:
Marketing meets demand (thus, meets needs too!)
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Needs are still basic, universal human requirements.
Respond to 5 Types of needs:
1. Stated2. Unstated3. Real4. Delight5. Secret
Basic needs have not changed. No NEED added or deleted in 50 years
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Heart is a 3 cornered shapeFor 3 Strategic Cs
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CUSTOMER
First side is Customer
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COMPANY
CUSTOMER
2nd side is Company who creates, communicates & delivers value
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COMPANY
CUSTOMER
COMPETITION
3rd side is Competition
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COMPANY
CUSTOMER
NEEDS, WANTS,
DEMANDS
COMPETITION
For customers, we meet demands
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Outline:
21st century marketing is…
1. Important to business success (why?)2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
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In 21st Century Marketing Many Things Changed
(Increased!)
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1. Globalization2. Technology3. Deregulation4. Privatization5. More Competition6. Industry Convergence7. Consumer resistance8. Retail Transformation
21st Century Marketing Difference 1:
Competition increased due to
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1. Globalization2. Technology3. Deregulation4. Privatization5. More Competition6. Industry Convergence7. Consumer resistance8. Retail Transformation
The Following changed or disappeared:
Economic BoundariesBrick and Mortar Business RulesMonopolies & DinosaursWay of Doing Business
21st Century Marketing Difference 1:
Competitive Rules changed!
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1. Buying Power2. Choices3. Information4. Voice
EASIER5. Ordering6. Comparison
Customer is
King!
INCREASED
21st Century Marketing Difference 1:
Customers are more powerful and demanding
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1. Internet1. Social Media
2. Sales Channel
3. Research
4. On and Off-line buzz
5. Blogs
6. Purchasing savings
2. Niche magazines3. Mobile
21st Century Marketing Difference 3:
Companies must use more capabilities too!
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Heart Attack!Company does same things it did 5 or 10
years ago (even if these were the key success factors of the 20th century)
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Must cover:1. Customers (develop long term relationships)
2. Company (internal customers, employees, 4Ps)
3. Competition (performance)
21st Century Marketing Difference 4:
Marketing has to be HOLISTIC
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Outline:
21st century marketing is…
1. Important to business success (why?)2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
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1. Develop Strategic Plans
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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1. Develop Strategic Plans
2. Capture Market Insights
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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1. Develop Strategic Plans
2. Capture Market Insights
3. Connect with Customers
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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1. Develop Strategic Plans
2. Capture Market Insights
3. Connect with Customers
4. Build Strong Brands
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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1. Develop Strategic Plans
2. Capture Market Insights
3. Connect with Customers
4. Build Strong Brands
5. Shape Market Offerings
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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1. Develop Strategic Plans
2. Capture Market Insights
3. Connect with Customers
4. Build Strong Brands
5. Shape Market Offerings
6. Communicate & Deliver Value
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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1. Develop Strategic Plans
2. Capture Market Insights
3. Connect with Customers
4. Build Strong Brands
5. Shape Market Offerings
6. Communicate & Deliver Value
7. Capture Long Term Growth
21st Century Marketing Difference 5:
Marketing Must Fulfill 7 Tasks
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In 20th century marketing:
20 was good and can win!
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ACE + 9 = 20
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21st Century Marketing:
Only “21” is acceptable
ACE + 9 = 20 ACE + KING = 21!
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21st Century Marketing….
Meeting Demands Profitably
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
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21st Century Marketing….
Used for everything & involves everybody
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
EVERYBODY
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21st Century Marketing….
Is Changing
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
10 ENTITIESINVOLVES EVERYBODY
CHANGING
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21st Century Marketing….
Demanding Customers, Greater Competition, Stronger Companies
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGINGEVERYBODY
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21st Century Marketing….
Demanding Customers Demand a lot that can bankrupt companies
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGINGEVERYBODY
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21st Century Marketing….
Manages Demand (customer’s ability to pay)
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGINGEVERYBODY
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21st Century Marketing….
Manages Demand- Focus on 5 of 10 things that really matter to customer
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
EVERYBODY
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21st Century Marketing….
ST.P= Segments…
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
EVERYBODY
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21st Century Marketing….
ST.P= Segments…Targets…
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
EVERYBODY
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21st Century Marketing….
ST.P= Segments…Targets… Positions
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
EVERYBODY
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21st Century Marketing….
Positions with Brands
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
Positions with Br ANDS
EVERYBODY
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21st Century Marketing….
Is Holistic
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
EVERYBODY
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21st Century Marketing….
Involves 7 Tasks
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
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21st Century Marketing…. 7 Tasks
1 Develop Plans
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
PLANeS
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21st Century Marketing…. 7 Tasks
2 Captures Insights
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
DEVELOPS PLANeS
CAPTURES Insights
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21st Century Marketing…. 7 Tasks
3 Connects with Customers
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
DEVELOPS PLANeS
CAPTURES Insights
CONNECTS WITH CUSTOMERS
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21st Century Marketing…. 7 Tasks
4 Builds Strong Brands
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
DEVELOPS PLANeS
CAPTURES Insights
CONNECTS WITH CUSTOMERS
BUILDS BRANDS
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21st Century Marketing…. 7 Tasks
5 Shapes Market Offerings
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
DEVELOPS PLANeS
CAPTURES Insights
CONNECTS WITH CUSTOMERS
BUILDS BRANDS SHiPs OFFERING
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21st Century Marketing…. 7 Tasks
6 Communicates & Delivers Value
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
DEVELOPS PLANeS
CAPTURES Insights
CONNECTS WITH CUSTOMERS
BUILDS BRANDS SHiPs OFFERING
COMMUNICATES AND DELIVERS VALUE
![Page 66: Downloadable template for hypermarketing chapter reports](https://reader036.vdocuments.us/reader036/viewer/2022070319/55848d14d8b42a043a8b4dc3/html5/thumbnails/66.jpg)
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21st Century Marketing…. 7 Tasks
7 Creates Long Term Growth
NEEDS, WANTS,
DEMANDS
PROFITABLY
Business Success
CHANGING
MANAGES DEMANDS
ProductPromo
Price
Place
POSTIONS with Br ANDS
HOLE- Stick
7 TASKS
DEVELOPS PLANeS
CAPTURES Insights
CONNECTS WITH CUSTOMERS
BUILDS BRANDS SHiPs OFFERING
COMMUNICATES AND DELIVERS VALUE
LONG TERM
GROWTH
![Page 67: Downloadable template for hypermarketing chapter reports](https://reader036.vdocuments.us/reader036/viewer/2022070319/55848d14d8b42a043a8b4dc3/html5/thumbnails/67.jpg)
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Summary:
21st century marketing is…
1. Important to business success (why?)2. Used for everything (for what?, scope) 3. Everyone’s responsibility (who?) 4. Basic (what are core concepts?) 5. Changing 6. Accomplishing 7 Tasks
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My Conclusion:
21st century marketing
To be successful today requires
less of luckLess of magic
and more of marketing.
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DEFINING MARKETING for the 21st CENTURY
Prof. Bong De UngriaAteneo Graduate School of Business
Understanding Marketing Management