Why Is Marketing Management Important  for Business?

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Discussion Questions #1

1. What is the definition of marketing?
2. What can be marketed?

What is Marketing?

Ask the average person, “What is marketing?” and they might say:

• “Marketing is sales and advertising.”
• “Marketers make people buy stuff they don’t need and can’t afford.”
• “Marketers are the people who call you while you’re trying to eat dinner.”

Marketing Defined

• Marketing is defined as an exchange between a firm and its customers

What Can We “Market”?

What is marketed?

• Goods
• Services
• Events and experiences
• Persons
• Places and properties
• Organizations
• Information
• Ideas

Marketing is Everywhere

Figure 1.2 illustrates that you can market just about anything.

Evolution of Modern Marketing

Company Orientations

• Production orientation
• Product orientation
• Sales orientation
• Marketing/ Customer orientation

Production Orientation

• Premise: consumers prefer products that are widely available and inexpensive.
• Focus on:
  • High production efficiency
  • Low costs
  • Mass distribution

Product Orientation

• Premise: consumers favor products offering the most quality, performance, or innovative features.
• Focus on:
  • Making superior products
  • Improving them over time

Selling Orientation

• Premise: customers, if left alone, will not buy enough of the organization’s products.
• Focus on:
  • Aggressive selling and promotion efforts

Marketing/ Customer Orientation

• Premise: find the right product for your customers.
• Focus on:
  • Needs of the buyer

Evolution of Modern Marketing

• Product/production orientation
  • Focus on building a better gadget
• Sales orientation
  • Focus on convincing the customer that your product works best for them
• Customer orientation
  • Focus on identifying customers’ wants BEFORE formulating attractive solutions

 

Discussion Questions #2

1. Which orientation do you think would mostly likely lead to an exchange?
2. Who do you think is responsible for marketing?

Who Is Responsible for Marketing?

• Marketing and customer satisfaction is everyone’s responsibility
• Marketing should permeate the firm
  • Accounting/finance
  • Sales
  • Research and development

Reasons to Measure Marketing Success

• Pressure to show results
• Ensure that the chief marketing officer (CMO) carries as much weight as the CEO, CFO, or COO

Measuring Marketing Success

• Quantify results when possible
• Sometimes the effectiveness of marketing programs is easy to quantify
  • Did the coupon promotion lift sales?
    • Measure the percentage sales increase, etc.
  • Did the direct mail campaign increase web usage?
    • Measure the number of web visits, etc.

• However, sometimes the effectiveness is not easy to quantify
  • Was the segmentation study effective?
    • Difficult to quantify
  • Did the advertising campaign increase sales?
    • Difficult to quantify because great advertising is geared toward long-term brand building not short-term results

Marketing Management Framework

• The 5Cs, STP, and the 4Ps constitute the marketing management framework

5Cs

• Customer
  • The firm’s current and potential customers
    • What are current customers’ preferences, buying trends, etc.?
    • What are potential customers’ preferences? Should they be targeted?

• Company
  • The firm’s capabilities, resources, etc.
    • What does it do well? (Strength)
    • What doesn’t it do well? (Weakness)
    • What customer benefits can we provide?

• Context
  • Macro-environmental forces facing the firm
    • What is going on politically or legally that might affect the firm?
    • What is going on with the economy that might affect the firm?
    • What trends are occurring in society that might affect the firm?
    • What technological innovations might affect the firm?

• Collaborators
  • The companies/people firm works with
    • Are these relationships strong? Can these relationships be improved or leveraged?

• Competitors
  • The companies/people firm works against and how they compare to the firm in terms of resources, capabilities, customer preferences, reaction patterns, etc.

STP

• Segmentation
  • Grouping customers with similar needs
• Targeting
  • Pursuing segment who makes the most sense for the firm
• Positioning
  • Communicating product’s benefits clearly to the intended target
    • Developed through the 4Ps

Segmentation

 

Targeting

 

Positioning

4Ps

• Product
  • Goods or services customers need or want
  • What should constitute your product mix? What features and benefits should comprise each product?

• Price
  • How much should you charge given your costs, competitive pricing, and customer demand?
• Place
  • How will you get the product into the customers’ hands? Will you go directly to customers or use channel partners?
• Promotion
  • What communications mix will you use to communicate with your targets? What message will you use?

Considerations

• The situation facing the company changes over time
  • Customer preferences change
  • Competitors change offerings
  • Government passes new laws, etc.
• Firm must consistently monitor the 5Cs

• 5Cs, STP, and 4Ps are interdependent
  • As contextual factor changes, what would the impact be on distribution channels?
  • As a collaborator shifts their demands, what will that do to our pricing structure?
  • As our company sells off a nonperforming function, what impact might that have on our positioning and customer satisfaction?
• Marketers must understand the interdependencies

 

Book Layout

 

Flow of Each Chapter

• Each chapter covers the “What,” “Why,” and “How.”
  • What is the topic in this chapter?
  • Why does it matter?
  • How do I do this?

Managerial Recap

• Marketing can make customers happier and companies more profitable
• Marketing is about trying to find out what customers would like, providing it to them, and doing so profitably
• Marketing facilitates a relationship between customers and a company
• Just about anything can be marketed
• The marketing management framework—5Cs, STP, 4Ps—will structure the book
• If you can remain customer-centric, you’ll be five steps ahead of the competition