We have defined
marketing management as the concious effort to achieve desired exchange
outcomes with target markets, but what philosophy should guide a company’s
marketing efforts? What relative weight should be given to the interests of the
organization, the customers, and society? Very often these interest of the
organization, the customers, and society? Very often these interests conflict. (P. 17)
Dexter one of
dexter corpotation’s most popular products was profitable grade of paper that
prevanted tea bags from disintegrating in hot water. Unfortunately, hazardous
wastes. Dexter assigned an employee task force representing the company’s
environmental, legal, R&D, and marketing departments to solve the problem. The task force succeeded,
and the company increased its market share and virtually eliminated hazardous
waste in the process. (P. 17)
Clearly, marketing activities should be carried out under a well-thought-out
philosophy of efficiency, effectiveness, and social responsibility. However,
there are six competing concepts under which organizations conduct marketing
activities: the production concept, product concept, selling concept, marketing
concept, customer concept, and societal marketing concept. (P. 17)
1.
Businesses
today face to major challenges and opportunities: globalization, the effects of
advances in technology, and deregulation. (P. 29)
2.
Marketing
is typically seen as the task of creating, promoting, and delivering goods and
services to consumers and businesses. Effective marketing can take many forms:
it can be entrepreneurial, formulated, or intrepreneurial; and marketers are involved
in marketing many types of entities: goods, services, experiences, events,
persons, places, properties, organizations, information, and ideas. (P. 29)
3.
Marketers
are skilled at managing demand: they seek to influence the level, timing, and
composition of demand. To do this, they face a host adecisions, from major ones
such as what features a new product should have to minor ones such as the color
of packaging. They also operate in four different marketplaces : consumer,
business, global, and nonprofit. (P. 29)
4.
For
each chosen target market, a firm develops a market offering that is positioned
in the minds of buyers as delivering
some central benefits. Marketers must try to understand the target
market’s needs, wants, and demands: A
product or offering will be succesful if it delivers value and statisfaction to
the target buyer. The term markets cover various grouphings of customers. Today
there are both physical marketplaces and dgital marketpaces, as well as
megamarkets. (P. 29)
5.
Exchange
involves obtaining a desired product from someone by offering something in
return. A transaction is atrade of values between two or more parties: it
involves at least two things of value, agreed-upon conditions, a time of
agreement, and a place of agreement. In the most generic sense marketers seek to
elicit a behavioral response from another party: a purchase, a vote, active
membership, adoption of a cause. (P. 29)
6.
Relationship
marketing has the aim of bulding
long-term, mutually statisfying ralations with key parties-customers,
suppliers, and distributors-in order to earn and retain their long-term
preference and business. The ultimate outcome of relationship marketing is the
building of a unique company asset called a marketing network. (P. 29)
7.
Marketers
reach their markets throught various channels communication, distribution and
selling. Marketers operate in a task environment and a board environment. They
face competition from actual and
potential rival offerings and subtitues. The set of tools marketers use to
elicit the desired responses from their target markets is called the marketing
mix. (P. 29)
8.
There
are six competing concepts under which organizations can choose to conduct
their business: the production concept, product concept, selling concept,
marketing concept, customer concept, and societal marketing concept. The first three
are of limited use today. The marketing concept
holds that the key to achieving organizational goals consists of determining
the needs and wants of target markets and delivering the desired satisfactions
more effectifely and efficiently than competitiors. It starts with a
well-defined market, focuses on customer needs, coordinates all the activities
that will affect customers, and produces profit by statisfying customers. The
customers concept addresses the individual needs of specific customer and aims
to build customer loyaty and lifetime value. (P. 29)
The 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 effectifely and
efficiently than competitiors, in a way that preserves or enhances the
consumer’s and the society’s well-being. The concept calls upon marketers to
balance three considerations : company profits, consumer want satisfaction, and
the public interest. (P. 29)
Source : Philip Kotler. 2003. Marketing Management. Eleventh edition. New Jersey: Prentice Hall
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