MARKETING IN THE MILLENIUM AGE

Major changes and progress that took place in the marketing landscape.
Anywhere and anytime customers now can and are able to get information regarding products, pricing and brand reputation among others

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These days, marketing to become successful needs to be customer-driven and has to be technology-empowered.

IMPORTANCE OF MARKETING

• ________ is a process through which a product is launched and promoted to possible customers.

FUNCTIONS THAT SHOW THE SIGNIFICANCE OF MARKETING IN ANY BUSINESS

• Business provide the _____ needs, wants and demands.
• A business becomes more ______ successful and stable when it is able to effectively market its products.

FUNCTIONS THAT SHOW THE SIGNIFICANCE OF MARKETING IN ANY BUSINESS

• No business can survive without ______ to work for them
• Though a company’s warehouse is jam-packed with ______, without marketing these items would not sell.

MARKETING SCOPE

• Many well known companies espoused to the _____ of their products for reputation, appeal to more investment opportunities, build trust among customers.

MARKETING SCOPE

• Besides serving as container or wrapper to the product for protection, the ______ is also used by marketers as a way to draw the attention of customers.
• Important elements of _____ consist of personal selling, sales promotions, and advertising.

MARKETING SCOPE

• Without _______, no marketing activity could be executed.
• In order to maintain good relationships with customers, marketing needs to perform _____ service.

WHAT IS MARKETED

• Aside from the usual goods and services marketing deals with the following:
• _______ can be in the form of trade shows, company anniversaries, entertainment award shows etc.

WHAT IS MARKETED

• A product is promoted by communicating features and by furnishing exceptional and exciting ______ to customers.
• Cities, states, regions, and countries compete to draw tourists to their _____

WHAT IS MARKETED

• Kylie Jenner is paid $1 million per sponsored post on her instagram, this is an example of _______ marketing

NEEDS, WANTS, AND DEMANDS

• The prerequisite to embarking on marketing activities is the existence of unmet needs. Human ______ are states of felt deprivation.

THREE TYPES OF NEEDS

• _____ is the need which is short term and is readily obtainable.
• _____ is the need of a customer which is there but has not manifested itself because such a product has not been launched.
• _____ it is a type of need which people want but there is no product to satisfy that need.

——————— are the form of human needs influenced by culture and individual personality.

_____ is the want for a particular products that are supported by the ability and willingness or readiness to buy them

NATURES OF DEMAND

• _____ Major market dislikes the product, hence seeks to stay away from it. Ex. Insurance, Dental etc.
• When CD players were used and iPod came to the market, the demand for walkman went down.

MARKETING OFFERS

• Product
• Service
• Experiences

WHY IS A SERVICE A PRODUCT?

EXCHANGES

• An exchange is an act of acquiring a preferred product from someone through offering something in return
• Give an example

TRANSACTION

• Is a decision entered into or commitment done.
• Give examples of simple and complex transaction

RELATIONSHIP MARKETING

• Is the practice of building long term profitable or satisfying dealings with significant parties such as customers, suppliers, distributors, and others to preserve their long term preference in business.

MARKETING NETWORK

• Is a definitive conclusion of relationship marketing
• It includes the company and its supporting stakeholders.
• Who are the stakeholders?

MARKETING MANAGEMENT COMMONLY USED WORDS

• ______ comprises all possible customers sharing a particular need or want who might be eager and able to engage in exchange to gratify this need or want

MARKETING MANAGEMENT COMMONLY USED WORDS

• _____ is a social and managerial process by which individuals and groups get what they need and want by creating and exchanging product and value with others.
• _____ is one who seeks one or more buyers to engage in an exchange.

MARKETING MANAGEMENT COMMONLY USED WORDS

• _____ is someone to whom the marketer spots a possibly agreeable and able to engage in exchange.

MAJOR MARKETING MANAGEMENT DECISIONS

• Strategic Planning
• At the different hierarchy of the organization, there must be strategic planning for an effective marketing
• Top level hierarchy
• Middle level
• Lower level

QUESTION WILL ONLY ASKED ONCE.

• If you fail to answer this question I will pick another student with a new question.
• If your answer is correct you will ARRIBA 5 spaces.

QUESTION

• In what level of hierarchy does concerns are more tactical in nature

QUESTION

• In what level of hierarchy does issues pertain to their product or market

SOCIAL RESPONSIBILITY AND ETHICS

• Marketers need to foster an ethical and socially responsible behavior pattern while at the same time achieving company objective

RESEARCH AND ANALYSIS

• _____ is the process of gathering data to find out whether a particular product will fulfill the needs of the customers

OPERATIONAL EXCELLENCE

• An operational excellence strategy intends to achieve costs leadership.
• A strategy of operational excellence is best for markets where customers value costs over the choice.

PRODUCT LEADERSHIP

• Intends to make a culture that continuously brings better-quality products to market.

CUSTOMER INTIMACY

• Centers on offering a distinctive range of customer service that consents to a personalized service and customized products to meet varying customer needs.

MARKETING STRATEGY DECISIONS

• STP
• ______ is the process of dividing a whole market into various customer groups.
• ______ entails making a decision which possible customer segments the company will concentrate on.

PRODUCT DECISIONS

• Probably the most crucial decisions as the product is the epitome of market planning.

PRICING DECISION

• Companies must set a price that is good enough to target market members to give a satisfying marketing mix.

DISTRIBUTION AND SUPPLY CHAIN DECISIONS

• A distribution channel is a way through which goods or services move from the manufacturing company to the customer or the transfer of payment happens from the customer to the company

PROMOTION DECISIONS

• Goods or services will not sell unless people are well informed about them.
• Promotion decisions are made to help in informing the target marketing of the product.

IMPLEMENTING AND CONTROL

• Plans are nothing without implementation
• Marketing controls are used to implement marketing strategies and check whether the objective of the marketing function are achieve or not

MAINTAINING CUSTOMER RELATIONS

• Loyal customers are at the core of every business success.
• Companies have a 60-70% chance of selling to an existing customer, while the probability of selling to a new prospect is only 5 to 20%

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