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Summary What is marketing management
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introduction to the topic of marketing management, explaining why firms need to choose a good marketing strategy and the mistakes to avoid
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What is Marketing?> what is marketing and what it should be?
• Identifying and serving customers’ needs and wants pro tably and
e ectively better than competitors
• Creating value for all stakeholders (customers with an interest in a
business a ected) and not only investors (shareholders)
• The ultimate goal: creating pro t through customer satisfaction
• Ideal: create lifetime value for them, creating relationships so they will
keep coming back
• Key: focusing on the needs and wants of the customer
• Product: a set of tangible, intangible, and associate attributes capable of
being exchanged for a value with the ability to satisfy consumers and
business needs => anything that can be o ered to a market to satisfy the
needs or wants of the customer
• Nike : sell the concept/bene ts, not the product itself > idea of
becoming athletic and healthy
> mistakes in customer needs
• 4 orientation toward the marketplace :
◦ Production orientation❌
• Cut costs in the production process
• Laying o workers
• Negotiating better prices for suppliers
• Less expensive material/labor
• Mashed food for adults > focus on core competencies
• + e ective and cheap > make a pro t (eco of scale)
◦ Product orientation ❌
• Design superior product in comparison to the competition
• It will sell itself
• Apple
◦ Selling orientation ❌
• Push products hard, as much as possible
• Discounts and heavy advertising
• Walmart
◦ Marketing orientation ✅
• meet customer's needs better than competitors on a long-term
vision
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