Lecture-5 MGT301 Principles of Marketing. Summary of Lecture-4.

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Presentation transcript:

Lecture-5 MGT301 Principles of Marketing

Summary of Lecture-4

How has Marketing Changed Over Time?

Production orientation Sales orientation Marketing orientation Social marketing orientation The stages in the evolution of marketing

SOCIETAL MARKETING CONCEPT PRODUCTION CONCEPT PRODUCT CONCEPT MARKETING CONCEPT KEY MARKETING PHILOSOPHIES SELLING CONCEPT

Society (Human Welfare) Society (Human Welfare) Consumers (Satisfaction) Consumers (Satisfaction) Company (Profits) Company (Profits) Societal Marketing Concept Societal Marketing Concept

The customer as the controlling function and marketing as the integrative function Customer Marketing Production Human resources Finance

Today’s Topics

Marketing Challenges in the 21st century

Porter’s 5 Forces Model of Competition

Threat of New Entrants Threat of Substitute Products Threat of New Entrants Bargaining Power of Buyers Bargaining Power of Suppliers Rivalry Among Competing Firms in Industry *

Marketing Challenges  The Information Technology Boom  Rapid Globalization  The Changing World Economy  The Call for more ethical and social Responsibility  The New Marketing Landscape

The Information Technology Boom

Major Forces Shaping the Digital Age

Digitalization and Connectivity –The flow of digital information requires connectivity  Intranets, Extranets, and the Internet The Internet Explosion –Key driver of the “new economy”

 New Types of Intermediaries  Connecting with Customers  Connecting with Marketing Partners  Connecting Inside the Company  Connecting with the World around us

E-business: –uses electronic means and platforms to conduct business. E-commerce: –facilitates the sale of products and services by electronic means.

E-marketing: –Includes efforts that inform, communicate, promote, and sell products and services over the Internet. E-commerce benefits both buyers and sellers Technology for Connecting

Electronic Commerce Financial Institution consumer retailer / manufacturer Internet

The Digital Revolution

The Digital Revolution: one of the biggest changes in the world of marketing. Changes in technology are transforming the ways we: –communicate, –buy, –sell, –learn, and –work.

Rapid Globalization

“Global Village”

The Changing World Economy

The Call for more ethical and social Responsibility

The New Marketing Landscape

Enough for today...

Summary Marketing Challenges in the 21st century

Threat of New Entrants Threat of Substitute Products Threat of New Entrants Bargaining Power of Buyers Bargaining Power of Suppliers Rivalry Among Competing Firms in Industry *

 The Information Technology Boom  Rapid Globalization  The Changing World Economy  The Call for more ethical and social Responsibility  The New Marketing Landscape

Next….  Marketing Process  Analyzing marketing opportunities  Selecting target markets

Lecture-5 MGT301 Principles of Marketing