AN OVERVIEW OF CONTEMPORARY MARKETING

Marketing, a matter of common sense and more; the AMA definition

“Doing better than best is the essence of progress. And this holds for marketing as well.”

Marketing definition by American Marketing Association:

“Marketing is the process of planning and executing the conception, pricing, promotion, distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.”

The definition views marketing as an exchange process or discipline that involves strategies, activities, positions, and institutions.

Contemporary Marketing It is usually associated with for-

profit business organizations, like San Miguel Beer, Jollibee, Mang Inasal, Unilab, Nokia, Smart, Toyota, Honda, BPI, Metrobank, and Robinsons.

But it is also used by individuals, educational institutions, national parks, governments, sports organizations.

By Nonprofit organizations

Marketing Concept The Marketing Concept

is a business philosophy, which holds that the key to achieving organizational goals consists of determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.

Marketing Strategy

Marketing Strategy A Marketing Strategy

consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of product/service, price, promotion, and distribution system to meet the want and needs of the consumers within the target market.

Marketing Research Determining the needs and wants of the

market may sound easy and simple, but consider some of the questions that confront marketers as they design marketing strategies.

Marketers need information in order to develop, implement, and evaluate strategies.

Common types of marketing research are:

1) Market research (about the market, size, growth rate, competition, demographics,);

2) Sales research (where the sales are coming from, shares of competition);

3) Product research (characteristics of the product that consumers like); and

4) Advertising research (reactions of consumers to the firm’s communications/advertising program).

Emerging Marketing Issues, Terms, Trends, and Business Practices

During the 2004 International Marketing Convention in Manila, with the theme “Marketing Renaissance,” Hermawan Kartajaya, President of the World Marketing Association, talked about spiritual quotient, which aims to put heart and soul in the way big businesses must treat their customers.

This is one new term and definitely one challenging issues to the companies that have been heretofore, very much focused only on sales and profits.

History of Marketing Marketing is the paradox, which is not

known to many. It is the world’s oldest professions, but at the same time he world’s relatively newest discipline of learning.

Many so called marketing activities then were referred as to as either trade or commerce or distribution.

Some Requirements of Marketing

For marketing to happen, at least four factors are needed:

Two or more parties (either persons or organizations) with unsatisfied needs;

A desire and ability on their part to be satisfied; An opportunity for the parties to communicate; and Something of value (idea, goods, or service) to

exchange

Needs and Wants

Occurs when a person feels physiologically deprived of basic necessities like food, clothing, and shelter.

Hence, technically, marketers do not have to create needs because these are physiologically basic.

On the other hand, is felt need that is shaped by a person’s knowledge, culture, and personality.

Wants are forms of human needs take as shaped by a person’s culture and individuality.

Other authors define want as processed needs.

NEEDS WANTS

What is a Market? A market is not just a place or a

physical structure. More significantly, market means – (1) people (2) with the desire and (3) with the ability to buy a specific product.

Segment or Target Market This pertains to one or more specific groups of

potentials consumers toward which an organization focuses its marketing program. Target market pertains to the segment of the marketing manager has identified to participate in: targeting follows after market segmentation.

Market segmentation refers to the homogenous grouping or subdivision of the market, which may be demographic, geographic, psychographic.

Four Ps Product. A good service, or idea to satisfy

the needs of consumer; Price. What is exchange for the product; Promotion. A means of communication

between the two parties, seller and buyer; Place. A means of getting the product into

the consumer’s possession.

Marketing Mix These are the controllable factors in marketing

being managed by the marketing manager, or somebody in the organization orchestrating the marketing functions.

Outside the marketing mix are the environmental factors, which are uncontrollable, such as social, economic, technological, competitive, and political or regulatory factors.

The Marketing Plan This is a plan that integrates

the marketing mix to provide a good, service, or idea to prospective buyers.

The plan basically answers three questions-

1) Where are we now?;2) Where do we want to go?;

and3) How do we get there?

Some basic parts of a full-blown marketing program include-

1) Executive summary;2) Description of the market, which covers competition and

the environmental factors;3) The product/service, its features, benefits, and competitive

edge;4) strategies and tactics which cover the four Ps, specifically

the marketing communications next and the marketing channels;

5) Sales for cost, and6) Profit and loss statement

A Marketing BriefsOn the other hand is an abbreviated marketing

plan. Typically, it is one – or two-page sheet of bond paper, which contains-

1) Description of the product/service;2) Target market segments, size, growth, and

competitors;3) Marketing mix strategy; and4) Financial forecast

Evolution of Marketing ConceptsHistorians classify the stages of marketing

concept evolution into five –1) Production concept2) Sales concept3) Marketing concept4) Market orientations5) Societal concepts

A more simplified explanation of the marketing concepts or viewpoints is to look at marketing as an organizational philosophy as an societal process, as follows:

A production philosophy exists when an organization emphasizes the production function.

A selling philosophy exists in the company that puts premium on the selling function, the assumption being that any product or service can be sold as long as enough selling effort is put behind it.

A marketing philosophy suggests that the company focuses on satisfying he needs of customers.

CSR and Electronic Waste Development Has its Waste A Paint that is Health-conscious

Ethics and Social Responsibility

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