Chapter 1 - Defining Marketing for the 21st Century Questions to be answered 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts and new marketing realities? 4. What are the tasks necessary for successful marketing management? Reviewing important marketing concepts, tools, frameworks and issues. The Importance of marketing * Creating demand * Introduce and gain acceptance of new products * Increasing demand
Words: 2406 - Pages: 10
MKTM001/3 (Principles of Marketing) This assignment constitutes 40% of your overall grade for this module. Submission date: Thursday 31st March 2011. “The centrality of marketing in creating growth and shareholder value suggests a new role for marketing both as a discipline and function…The concept of marketing that will make it more effective in tomorrow’s boardroom is one of contributing to the creation of shareholder value. It can be defined as follows: Marketing is the management process
Words: 478 - Pages: 2
Chapter 1: Creating and Capturing Customer Value Marketing: creating value for customers and building strong relationships to capture from customers in return - All about managing profitable customer relationships (satisfying customer needs) Core Customer and Marketplace Concepts 1. Needs wants and demands * Needs: states of felt deprivation * Wants: the form human needs take as shaped by culture and individual personality * Demands: human wants that are backed by buying power
Words: 523 - Pages: 3
“if you write a sentence in business without a number you’re doing something wrong” 3 contributions and 3 questions Insights – wow factor Implications – so what is the impact of the insight over business Porter’s five forces – Shows how value is captured Threat to substitute Intensity of competitive of competition Power of buyers Power of suppliers Threat of new entrance Level of risk (low, medium or high) Why? (justification of risk level) How can we mitigate the risk * Concentrate
Words: 892 - Pages: 4
* 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. * Marketing: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. * What is Marketing Management? Marketing
Words: 604 - Pages: 3
What is marketing? Marketing can be referred to as a form of communication with your customers, with the help of marketing tools such as advertising, promotion, publicity, design aspects related to the look of the product etc. All these are aimed at getting the target audience (customer) to first get interested in your product or service and then ultimately buy them. * Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging
Words: 1404 - Pages: 6
DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal
Words: 844 - Pages: 4
Marketing Management By Philip, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha logo copy.tif SUMMARY by Chapter 1 Understanding Marketing Management Marketing is an essential art and science that is engaged in a vast number of activities by both persons and organizations. It has become an increasingly vital ingredient in the success of a business. Good marketing is the result of careful planning and execution. There are two sides to marketing – the formulated side and the creative
Words: 750 - Pages: 3
CAMPUS PRINCIPLES OF MARKETING (GT00803) SEMESTER 2 2014/2015 1. COURSE SYNOPSIS Kotler et al (2014) states that marketing is about creating customer value and building profitable customer relationships. It begins with the understanding of customer needs and target markets, designing customer-driven marketing strategies and programs, building customer relationships and capturing value for the firm. This module offers students with basic understanding of the marketing theory and concepts from
Words: 759 - Pages: 4
What is Marketing? Fundamentals of Marketing Management Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Dr. P.V. (Sundar) Balakrishnan Simply put: Marketing is the delivery of customer satisfaction at a profit. Managing World-Class Organizations S #1 Balakrishnan The Marketing Objective Activities in the Marketing Process ... “Satisfy the needs of a group of customers better
Words: 1480 - Pages: 6
