RKETING FOR THE 21
C H A P T E R
After reading this chapter, students should:
Know why marketing is important
Know what is the scope of marketing
Know some of the fundamental marketing concepts
Know how marketing management has changed
the necessary tasks for successful marketing management
From a managerial point of view, marketing 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 stake holders. 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.
Marketers are skilled at managing demand: They seek to influence the level, timing, and
composition of demand. Marketers are involved in marketing many types of entities: goods,
services, events, experiences, persons, places, properties, organizations, information, and
ideas. They also operate in four different marketplaces: consumer, business, global, and
Marketing is not done only by the marketing department.
Marketing 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.
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 marketing management has changed significantly in recent
years as companies seek new ways to achieve marketing excellence.
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.
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” with marketing
and that a broad, integrated perspective is often necessary. Four components of holistic
marketing are relationship marketing, integrated marketing, internal marketing, and socially