gmmch01 introduction.pptVIP

Chapter 1/revamped by Stanford Shi Global Marketing Management Writer: Warren J. Keegan Overview Learning Objectives Understanding how the world economy developed over the past decades Knowing the impact of globalization on the marketing discipline Learning about the interdependencies between management orientation and marketing performance Understanding the factors supporting or inhibiting international marketing activities Defining marketing Marketing is not a science: there is no single definition or approach to understanding marketing. Marketing – a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Kotler et al. 2001, p5) The aim of marketing is to make selling superfluous. This aim is to know and to understand the customer so well that the product or service fit him/her and sells itself. (management guru Peter Drucker) All-important themes of marketing The ability to satisfy customers. The exchange of a product or service for a payment The need to create an edge over competitors. Identification of favorable marketing opportunities. Shrewd utilization of resources to maximize a business’s market position. The aim to increase market share in priority target markets. A simple marketing framework Marketing: A Universal Discipline Marketing (1): the process of focusing resources and objectives of an organization on environmental opportunities and needs Marketing (2): a set of concepts, tools, theories, practices, procedures, and experiences Although a universal discipline, marketing practice varies from country to country The Marketing Concept (1) Concept has changed dramatically 1950’s: Focus on products 1960’s: Focus on customer orientation Development of marketing mix: product, price, promotion, place (4P’s) The selling and marketing concepts contrasted (source: Principles of Marketing, Kotler et al. 2001) Marketing management philosophies The Ma