10/3/2020

Chapter: 01
Defining Marketing for the 21st Century

Md. Rakibul Hassan, Assistant Professor

Department of Marketing, Jahangirnagar University

Learning Outcomes

 Definition of marketing and marketing management

 Roles of marketing in business and markets

 Major concepts and tools of marketing

 Marketing orientations which companies exhibits in the marketplace

 Scope and area of marketing and marketing management

 Demand states in marketing

 Tasks of marketing management

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Concept of Marketing and Marketing Management

 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 management is the art and science

of choosing target markets and getting,
keeping, and growing customers through
creating, delivering, and communicating Figure: A Simple Marketing System
superior customer value.

Roles of marketing in business and markets

Good marketing educates customers so that they can find the products they
want, make better choices about those products, and extract the most value
from them. Likewise,
 Marketing Delivers Value
 Marketing Benefits Society
 Marketing Offers People Career Opportunities
 Develops plans and strategies
 Marketing Aids in Providing Insights
 Marketing Creates Revenue Options
 Marketing aid to maintain relationship

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Scope of Marketing or What is Marketed?
 Goods
 Services
 Events
 Experiences
 Persons
 Places
 Properties
 Organizations
 Information
 Ideas

Major concepts and tools of marketing

 Needs, wants, and demands

 Target markets, positioning, segmentation
 Offerings and brands
 Value and satisfaction
 Marketing channels
 Supply chain
 Competition
 Marketing environment
 Marketing planning Figure: Target markets, positioning, segmentation Decision

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Demand States in Marketing

 Negative Demand
 Nonexistent Demand
 Latent Demand
 Declining Demand
 Irregular Demand
 Unwholesome Demand
 Full Demand
 Overfull Demand

Company Orientations/ Marketing Concept
 Production Concept
 Product Concept
 Selling Concept
 Marketing Concept
 Holistic Marketing

Figure: Holistic Marketing

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The Marketing Mix

Marketing Management Tasks

 Develop market strategies and plans

 Capture marketing insights
 Connect with customers
 Build strong brands
 Shape market offerings
 Deliver value
 Communicate value
 Create long-term growth