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Introduction and Overview Dr. John Wong Why Marketing? Marketing function imperative for organizational success Hypercompetitive marketplace Highly discriminating customers Changing consumer needs Business Philosophies Production concept Product concept Selling concept Marketing concept Holistic marketing concept Holistic Marketing Concept Relationship marketing Integrated marketing Internal marketing Performance marketing Financial accountability Socially responsible Cause marketing Holistic Marketing Core Marketing concepts Needs, wants, demands, preferences Segmentation, targeting, positioning Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Target Markets, Positioning, and Segmentation Segmentation—identify and profile distinct groups of buyers examining demographic, psychographic, and behavioral differences Target markets—segments presenting the greatest opportunity Positioning—what the offering means in the minds of the target buyers as delivering some central benefit(s). What is Marketing? Organization’s main tasks: Determine needs, preferences, wants of key market segments Create products to meet those needs -- deliver desired satisfaction Marketing management -- process of achieving above THE CULTURE CODE – Clotaire Rapaille Unique Marketing Insights Peter Drucker: The business of a business is to create and keep a customer Charles Revson: In the factory we make cosmetics. In the stores we sell hope Akio Morita: The highest level of business thinking is ‘marketing imagination’ What is a market? 1. Marketplace - physical Metamarket - cluster of complementary goods and services across diverse set of industries. includes metamediaries Marketspace – digital Marketing Issues WHAT is marketed? Physical products, experiences, people, places, ideas, organizations WHO’s responsibility? Everyone’s in the organization C21st Marketplace Realities (1) A. Major Societal Forces 1.