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134155173 Kotler Mm14 E Im 01 Essay

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LEARNING OBJECTIVES
In this chapter, we will address the following questions:
1. Why is marketing important?
2. What is the scope of marketing?
3. What are some fundamental marketing concepts?
4. How has marketing management changed in recent years?
5. What are the tasks necessary for successful marketing management?

SUMMARY
1. MMarketing 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 superior customer value.

2. Marketers are skilled at managing demand: they seek to influence its level, timing, and composition for goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit. 3. Marketing is not done only by the marketing department. It needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers. 4. Today’s marketplace is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. These forces have created new opportunities and challenges and changed marketing management significantly as companies seek new ways to achieve marketing excellence.

5. There are five competing concepts under which organizations can choose to conduct their business: the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. The first three are of limited use today. 6. The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing recognizes that everything matters in marketing and that a broad, integrated perspective is often necessary. Four components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and socially responsible marketing. 7. The set of tasks necessary for successful marketing management includes developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, and creating long-term growth.

OPENING THOUGHT
Marketing is too often confused and identified with advertising or selling techniques, and our practices and theories are all too often invisible to the average consumer. The instructor should spend some class time differentiating between advertising/promotion techniques and marketing. Students who are not marketing majors will have some difficulty accepting the encompassing role that marketing has on the other functional disciplines within a firm. For those students who have never been exposed to marketing and its components, the instructor’s challenge is to educate the students about the world of marketing. The in-class and outside of class assignments noted in this text should help both educate and excite the students about the “world of marketing.”

TEACHING STRATEGY AND CLASS ORGANIZATION

PROJECTS

1. Semester-Long Marketing Plan Project
An effective way to help students learn about marketing management is through the actual creation of a marketing plan for a product or service. This project is designed to accomplish such a task.

Dividing the class into groups, have each group decide on a “fictional” consumer product or service they wish to bring to market. During the course of the semester, each of the elements of the marketing plan, coordinating with the text chapter, will be due for the instructor’s review. The instructor is encouraged to review each submission and suggest areas for improvement, for more detailed study, or if acceptable to allow the students to proceed to the next phase in development. Students can use the computer program Marketing Plan Pro in creating their proposals and submissions and in their final presentation(s). At the end of the semester, each group is to present their entire marketing plan to the class.

The following is an outline of this process:

Chapter #
Title
Element of the Marketing Plan Due
1
Defining Marketing for the 21st Century
None, group formation and begin the process of selecting the product or service.

2
Developing Marketing Strategies and Plans
Formation of groups; first presentation of “product” to instructor for approval. 3
Collecting Information and Forecasting Demand
Competitive information and environmental scanning project(s) completed and presented for instructor’s review. 4
Conducting Marketing Research
Initial marketing research parameters completed; demand forecasted and target market selections defined. 5
Creating Long-Term Loyalty Relationships
Students should have completed their value proposition for the fictional product, defined how they will deliver satisfaction, and maintain customer loyalty. 6
Analyzing Consumer Markets
Definitive data on the consumer for the product/service including all demographic and other pertinent information obtained and ready for instructor’s approval. 7
Analyzing Business Markets
No report due for this chapter; allows students and instructor to “catch up” on the project. 8
Identifying Market Segments and Targets
Specific market segmentation, targeting, and positioning statements by the students due. 9
Creating Brand Equity
At this point in the semester, students are to have their “branding” strategy developed for their project. Questions to have been completed include the brand name, its equity position, and the decisions in developing the brand strategy. 10

Crafting the Brand Position
At this point in the semester, student projects should be completed to include their fictional product or service’s brand positioning. In relationship to the material contained in the chapter, students should have delineated and designed a differentiated brand positioning for their project. 11

Competitive Dynamics
At this point in the semester-long project, students should be prepared to present their competitive analysis. Who are the market leaders for their chosen product or service? What niche have they identified for their product/service? Is their product or service going to be a leader, follower, or challenger to well-established products or brands? 12

Setting Product Strategy
At this point in the semester-long project, students should have set their group project’s product or service strategy. Instructors are to evaluate their submissions on the product (or service) features, quality, and price and other considerations of “product” found in this chapter. 13

Designing and Managing Services
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