ENT 4310 Business Economics and Management Marketing – Concepts and Trends Arild Aspelund
Outline • What is Marketing and what are its primary activities? • How can we establish a common discussion? – central concepts of marketing • Where is the field of marketing going? – Recent trends in marketing 2
Marketing • What is Marketing? – Some say it’s is about needs… • Marketing deals with identifying and meeting human and social needs • “Meeting needs profitably” (Kotler and Keller, 2006) – And some say its about value… • “Marketing is about communicating values to potential and existing customers” (Lodish et al. , 2001) • “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 stake holders” (AMA) 3
…, but there is a clear distinction to selling… • Selling simply refers to pushing an transaction • In its most ambitious sense, marketing should render selling unnecessary. “… The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy” (Peter Drucker, 1973) • Example: Fujitsu Siemens Pocket LOOX 4
… and there is also a clear distinction to advertising… • Advertising is only one of many means by which you can communicate with existing and potential customers 5
What is marketing? • Marketing deals with the two fundamental question of: – “What am I selling? ” – “To whom am I selling it? ” • The marketing literature seek to answer these questions through five fundamental concepts – – – 6 Value Segmentation Positioning Targeting Buying behavior
Marketing – A Textbook Example… How to trade water for ~ 100 NOK per liter… - Imsdal for Kids 7
Imsdal for Kids Segmentation: - Parents of small kids (1 year to pre-school) Value proposition: - Thirst quencher - Clear conscience - Tranquililty - Enjoyment - And everything on the go… 8
Ex: Imsdal for Kids Positioning: - An healthy alternative - Manageable even for small kids Targeting: - No advertising - Promotion through product placing! 9
Imsdal for Kids - Positioning and targeting through product placing Product not placed here… 10 But here…
Buying behavior - Reitanruta, Trondheim 11
Or how about 420 NOK ~ Do You Bling? • «It's not for everyone, just those that Bling. So the question is: Do You Bling? » 12
Marketing Management • What is Market Management? • “Marketing Management is the art and science of choosing target markets and getting, keeping, and growing customers through creating delivering, and communicating customer value” (Kotler and Keller, 2006) 13
What are the tasks of market management? • Capturing marketing insight • Communicating value • Shaping the market offering • Building brands and market recognition • Developing marketing strategies and plans • Creating long-term growth • 14 Connecting with customers
Marketing • Marketing’s markets – There can be made a variety of distinctions between types of markets; goods, services, events, experiences, persons, places, properties, organizations, information, and ideas • Most commonly distinctions of – – 15 Consumer markets Business markets Global markets Non-profit and governmental markets
Marketing trends Different marketing trends for bringing value to customers • The product concept – “consumers will prefer products with the most quality, performance and innovative features” • The selling concept – The market does not consume sufficiently if let alone. Aggressive selling and promotion is needed in order to boost revenues 16
Marketing trends Different marketing trends for bringing value to customers • The marketing concept – “the quest is not to identify the right customers for our products, but the right products for our customers” – “selling focuses on the needs of the seller, marketing focuses on the needs of the customer” • The holistic marketing concept – “everything matters” – Consists of: • • 17 Relationship marketing Integrated marketing Internal marketing Social responsibility marketing
Trends • From the marketing division to the marketing organization • From product units to market segments • Outsourcing and inter-organizational market integration • Globalization 18
Summary and continuation… • To sum it all up: – The two fundamental questions of marketing are ”what am I selling? ” and ”who am I selling it to? ” – Marketeers seek to answer these questions through defining five concepts • • • Value Segmentation Targeting Positioning Customer and buying behavior • Next we will look into: – An introduction to the strategic marketing process – How to make good market plans 19
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