Marketing Management Summary
Lecture 1: Introduction
Marketing Management Process
Production concept = consumers prefer products that are widely available and
inexpensive. Managers of production-oriented businesses concentrate on achieving high
production efciency, low costs, and mass distribution.
Product concept = consumers favor products ofering the most quality, performance,
or innovative features.
Selling concept = consumers and businesses, if left alone, won’t buy enough of the
organization’s products. It is practiced most aggressively with unsought goods.
Marketing concept = The marketing concept (emerged in the mid 1950’s) holds that
the key to achieving organizational goals is being more efective than competitors in
creating, delivering, and communicating superior customer value to your target markets.
Marketing iceberg
, - Above surface; selling, advertising, celebrities
- Below surface; market research & forecasting, analyzing consumer & business
markets, understanding the customer, seeking target markets, developing
marketing strategies, creating brands and brand equity, dealing with competition,
designing & managing market oferings, managing the product-lifecycle,
controlling marketing activities.
Marketing = activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging oferings that have value for customers, clients, partners, and
society at large. / Marketing is the art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering and
communicating superior customer value.
Strategic (long-term) marketing
- Core driver of business strategy
- Understanding of markets, competitors, stakeholders in general
- Development of long-term strategies incorporating internal capabilities
- Firm-level commitment to customer orientation, supported at highest
organizational level, executed from all members of the organization
- Is market-driving instead of merely market-driven
-
Tactical (short-term) marketing
- Operational level
- Fine-tune market ofering to efectively and efciently meet customer needs
- Short-term implementation of long-term strategy
Holistic marketing concept = based on the development, design, and implementation
of marketing programs, processes, and activities that recognize their breadth and
interdependencies and acknowledges that everything matters in marketing — and that a
broad, integrated perspective is necessary.
Marketing Lecture 2 – Business Mission and Market Analysis
Marketing as Business Process
Business Mission
Lecture 1: Introduction
Marketing Management Process
Production concept = consumers prefer products that are widely available and
inexpensive. Managers of production-oriented businesses concentrate on achieving high
production efciency, low costs, and mass distribution.
Product concept = consumers favor products ofering the most quality, performance,
or innovative features.
Selling concept = consumers and businesses, if left alone, won’t buy enough of the
organization’s products. It is practiced most aggressively with unsought goods.
Marketing concept = The marketing concept (emerged in the mid 1950’s) holds that
the key to achieving organizational goals is being more efective than competitors in
creating, delivering, and communicating superior customer value to your target markets.
Marketing iceberg
, - Above surface; selling, advertising, celebrities
- Below surface; market research & forecasting, analyzing consumer & business
markets, understanding the customer, seeking target markets, developing
marketing strategies, creating brands and brand equity, dealing with competition,
designing & managing market oferings, managing the product-lifecycle,
controlling marketing activities.
Marketing = activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging oferings that have value for customers, clients, partners, and
society at large. / Marketing is the art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering and
communicating superior customer value.
Strategic (long-term) marketing
- Core driver of business strategy
- Understanding of markets, competitors, stakeholders in general
- Development of long-term strategies incorporating internal capabilities
- Firm-level commitment to customer orientation, supported at highest
organizational level, executed from all members of the organization
- Is market-driving instead of merely market-driven
-
Tactical (short-term) marketing
- Operational level
- Fine-tune market ofering to efectively and efciently meet customer needs
- Short-term implementation of long-term strategy
Holistic marketing concept = based on the development, design, and implementation
of marketing programs, processes, and activities that recognize their breadth and
interdependencies and acknowledges that everything matters in marketing — and that a
broad, integrated perspective is necessary.
Marketing Lecture 2 – Business Mission and Market Analysis
Marketing as Business Process
Business Mission
