DEFINING THE MARKETING FOR THE 21ST CENTURY
C H A P T E R
Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow
will be different from today. Continuing today’s strategy is risky; so is turning
to a new strategy. Therefore, tomorrow’s successful companies will have to heed three
➤ Global forces will continue to affect everyone’s business and personal life.
➤ Technology will continue to advance and amaze us.
➤ There will be a continuing push toward deregulation of the economic sector.
These three developments—globalization, technological ...view middle of the document...
The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets.
Theodore Levitt of Harvard drew a perceptive contrast between the selling and marketing
concepts: “Selling focuses on the needs of the seller; marketing on the needs of the
buyer. Selling is preoccupied with the seller’s need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it.”
The marketing concept rests on four pillars: target market, customer needs, integrated
marketing, and profitability. The selling concept takes an inside-out perspective. It
starts with the factory, focuses on existing products, and calls for heavy selling and promoting to produce profitable sales. The marketing concept takes an outside-in perspective.
It starts with a well-defined market, focuses on customer needs, coordinates
activities that affect customers, and produces profits by satisfying customers.
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,...