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Defining Marketing
for the 21st Century
Marketing Management
A South Asian Perspective, 13th ed
Chapter Questions
Why is marketing important?
What is the scope of marketing?
What are some fundamental marketing
concepts?
How has marketing management changed?
Good Marketing is No Accident
The roaring success
of four-wheeler Tata
Ace, in a market
earlier dominated by
three-wheeler load
carriers, was due to a
deep understanding
of the market needs
and customer
requirements.
End of Wait List Economy
New Consumer Capabilities
A substantial increase in buying power
A greater variety of available goods and services
A great amount of information about practically anything
Greater ease in interacting and placing and receiving orders
An ability to compare on products and services
An amplified voice to influence public opinion
Markets are the set of actual and potential buyers of a
product .
Also, refers to Demand.
What is Marketing
Is an Art of Selling?
Selling is only the tip of the iceberg
“There will always be a 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
What is Marketing?
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.
What is Marketing Management?
Marketing management is the
art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and communicating
superior customer value.
Marketplace, Marketspace and
Metamarkets
Market Place is physical such as a store you shop in;
Market Space is digital as when you shop on the
internet.
Metamarkets: A cluster of complimentary products
and services that are closely related in the minds of
consumers but spreads across diverse set of
industries.
Marketing Myopia
Marketing Myopia: The mistake of paying more
attention to the specific products a company offers
than to the benefits and experiences produced by
these products.
Hewlett Packard
HP ad, “ There’s hardly
anything that you own
that is more personal.
Your personal computer
is your back up brain.
It’s your life….. It’s
your astonishing
strategy, staggering
proposal, dazzling
calculation. It’s
autobiography, written
in thousand daily
word.”
What is Marketed?
Goods
Services
Events & Experiences
Persons
Places & Properties
Organizations
Information
Ideas
Difference Between Selling &
Marketing
Selling starts with
seller and is
preoccupied all the
time with the needs of
the seller and the
seller’s existing
products.
Seller is the centre of
business universe.
Marketing starts with
buyers and focuses
constantly on their
needs.
Buyer is the centre of
the universe: activities
follow and the buyer
& his needs.
Difference Between Selling &
Marketing
Emphasis is on saleable
surplus available with
the corporation.
Firm makes the product
and figures out how to
sell it.
Emphasis on
identification of
customer needs. Aimed
at converting customer
needs into product.
Product is determined
by the buyer. Focus is
on customer’s wants.
Structure of Flows in a Modern Exchange Economy
A Simple Marketing System
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