HRMT 101 Marketing Management

• 3 Certainties Tomorrow's Successful Companies Need to Face

  • Global forces will continue to affect everyone
  • Technology will continue to advance and amaze us
  • Continuing push toward deregulation
• Globalization, technological advances, and deregulation

  Spell endless opportunities
• Marketing defined


  Identifying and meeting human and social needs
• Scope of Marketing: What can be marketed?

  • Goods
  • Persons
  • Organizations
  • Services
  • Places
  • Information
  • Experiences
  • Properties
  • Ideas
  • Events

  
• Marketers as Demand Manager (8 Demand States)

  • Negative demand (avoidance of a product)
  • Non existent demand (lack of awareness or interest in a product)
  • Latent demand (a strong need that cannot be satisfied by existing products)
  • Declining demand (lower demand)
  • Irregular demand (demand varying by season, day, or hour)
  • Full demand (a satisfying level of demand)
  • Overfull demand (more demand than can be handled)
  • Unwholesome demand (demand for unhealthy or dangerous products)
• Questions Marketing Managers Need to Address

  • How far can we go in customizing our offering for each customer?
  • How can we grow our business?
  • How can we build stronger brands?
  • How can we reduce the cost of customer acquisition and keep customers loyal?
  • How can we tell which customers are more important?
  • How can we spot and choose the right market segment(s)?
  • How can we differentiate our offering?
  • How should we respond to customers who press for a lower price?
  • How can we compete against lower-cost, lower-price rivals?
• Marketing (social definition)


  A societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others
• Marketing Management


  The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
• Core Marketing Concepts

  • Market, Marketplace, Marketspace and Meta-market
  • Segmentation, Targeting, and Positioning
  • Needs, Wants, and Demand
  • Product/Offerings
  • Value and Satisfaction
  • Exchange Transaction
• Key Customer Market

  • Consumer Market
  • Business Market
  • Global Market
  • Nonprofit and Government Market
• Competition


  Includes all of the actual and potential rival offerings and substitutes that a buyer might consider
• Levels of Competition

  • Brand competition
  • Industry competition
  • Form competition
  • Generic competition
• Marketing Environment

  • Task environment (the immediate actors involved in producing, distributing, and promoting the offering, including the company, suppliers, distributors, dealers, and the target customers)
  • Broad environment (demographic, economic, natural, technological, political-legal, and social-cultural environment)
• Marketing mix


  Set of marketing tools that the firm uses to pursue its marketing objectives in the target market
• Marketing Orientations


  • Production concept (holds that consumers prefer products that are widely available and inexpensive)
  • Product concept (holds that consumers favor those products that offer the most quality, performance, or innovative features)
  • Selling concept (assumes that consumers must be coaxed into buying, so the company has a battery of selling and promotion tools to stimulate buying)
  • Marketing concept (holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets)
  • Societal marketing concept (holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being)
• Major Marketing Themes in the New Millennium

  • Relationship marketing
  • Customer lifetime value
  • Customer share
  • Individualization
  • Customer database