1. Marketing ManagementChapter 1 Defining Marketing for the 21st Century

2. What is Marketing? Marketingis 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

3. What is Marketing? • Marketing Defined: “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others” • Marketing is about managing profitable customer relationships • Attracting new customers • Retaining and growing current customers

4. Goods Services Events & Experiences Persons Places & Properties Organizations Information Ideas What is Marketed?

5. Company Orientations Production Product Selling Marketing

6. Marketing Management Philosophies • Consumers favor products that are • available and highly affordable. • Improve production and distribution. • Consumers favor products that offer • the most quality, performance, and • innovative features. • Consumers will buy products only if • the company promotes/ sells these • products. • Focuses on needs/ wants of target • markets & delivering satisfaction • better than competitors. • Includes relationship, internal, integrated • And social responsibility marketing . Production Concept Product Concept Selling Concept Marketing Concept Holistic Marketing Concept

7. Figure 1.3 Holistic Marketing Dimensions

8. What is Marketing? Marketing Management is a business discipline which is focus on the practical application of marketing techniques and the management of a firm’s marketing resources and activities.

9. Negative Demand Nonexistent Demand Latent Demand Declining Demand Irregular Demand Full Demand Overfull Demand Unwholesome Demand Demand Management