LEARNING OBJECTIVES - 15e Philip Kotler K evin Lane Keller (Instructo...

Marke�ng Management 15e Philip Kotler K evin Lane Keller (Instructor Manual with Test Bank All Chapters, 100% Original Verified, A+ Grade)

Solutions Manual: Chapter 1-23, Pages 1-326

Test Bank: Chapter 1-23, Pages 326-1249 1 / 4

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LEARNING OBJECTIVES

In this chapter, we will address the following questions:

1.Why is marketing important?

2.What is the scope of marketing?

3.What are some core marketing concepts?

4.What forces are defining the new marketing realities?

5.What new capabilities have these forces given consumers and companies?

6.What does a holistic marketing philosophy include?

7.What are the tasks necessary for successful marketing management?

SUMMARY

1.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 stakeholders. 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.

2.Marketers are skilled at managing demand: They seek to influence its level, timing, and composition for goods, services, events, experiences, persons, places, properties, organizations, information, and ideas. They also operate in four different marketplaces: consumer, business, global, and nonprofit.

3.Marketing is not done only by the marketing department. It 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.

4.Today’s marketplace is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities. In particular, technology, globalization, and social responsibility have created new opportunities and challenges and significantly changed marketing management. Companies seek the right balance of tried-and- true methods with breakthrough new approaches to achieve marketing excellence.

5.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.

6.The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth

C H A P T E R

1

DEFINING MARKETING

FOR THE NEW REALITIES

Marketing Management 15e Philip Kotler Kevin Lane Keller (Instructor Manual All Chapters, 100% Original Verified, A+ Grade) 2 / 4

Copyright © 2016 Pearson Education, Inc.and interdependencies. Holistic marketing recognizes that everything matters in marketing and that a broad, integrated perspective is often necessary. Four components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and performance marketing.

7.The set of tasks necessary for successful marketing management includes developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, creating, delivering, and communicating value, and creating long-term growth.

OPENING THOUGHT

It is important to focus on how and why the traditional view of marketing has changed, and to introduce the various ways of measuring performance, since they will reappear throughout the text. Marketing applies to a variety of different areas and is increasingly involving many levels of the organization. Students who are not marketing majors may have some difficulty accepting the encompassing role that marketing has on the other functional disciplines within a firm. For those students who have never been exposed to marketing and its components, the instructor’s challenge is to educate the students about the world of marketing. The in-class and outside of class assignments noted in this text should help both educate and excite the students about the “world of marketing.”

TEACHING STRATEGY AND CLASS ORGANIZATION

PROJECTS

1.Semester-Long Marketing Plan Project An effective way to help students learn about marketing management is through the actual creation of a marketing plan for a product or service. This project is designed to accomplish such a task.Dividing the class into groups, have each group decide on a “fictional” consumer product or service they wish to bring to market. During the course of the semester, each of the elements of the marketing plan, coordinating with the text chapter, will be due for the instructor’s review. The instructor is encouraged to review each submission and suggest areas for improvement, for more detailed study, or if acceptable to allow the students to proceed to the next phase in development. Students can use the computer program Marketing Plan Pro in creating their proposals and submissions and in their final presentation(s). At the end of the semester, each group is to present their entire marketing plan to the class.

The following is an outline of this process:

Chapter # Title Element of the Marketing Plan Due

• Defining Marketing for

the New Realities None, group formation and begin the process of selecting the product or service. 3 / 4

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• Developing Marketing

Strategies and Plans Formation of groups; first presentation of “product” to instructor for approval.

• Collecting Information

and Forecasting Demand Competitive information and environmental scanning project(s) completed and presented for instructor’s review.

• Conducting Marketing

Research Initial marketing research parameters completed; demand forecasted and target market selections defined.

• Creating Long-Term

Loyalty Relationships Students should have completed their value proposition for the fictional product, defined how they will deliver satisfaction, and maintain customer loyalty.

• Analyzing Consumer

Markets Definitive data on the consumer for the product/service including all demographic and other pertinent information obtained and ready for instructor’s approval.

• Analyzing Business

Markets No report due for this chapter; allows students and instructor to “catch up” on the project.

• Tapping into Global

Markets If the project is to be exported to another country, then students’ submissions regarding the cultural factors that need to be considered should be done here.

• Identifying Market

Segments and Targets Specific market segmentation, targeting, and positioning statements by the students due.10 Crafting the Brand Positioning At this point in the semester, student projects should include their fictional product or service’s brand positioning. In relationship to the material contained in the chapter, students should have delineated and designed a differentiated brand positioning for their project.11 Creating Brand Equity At this point in the semester, students are to have their “branding” strategy developed for their project. Questions to have been completed include the brand name, its equity position, and the decisions in developing the brand strategy.12 Addressing Competition and Driving Growth At this point in the semester-long project, students should be prepared to present their competitive analysis. Who are the market leaders for their chosen product or service?What niche have they identified for their product/service? Is their product or service going to be a leader, follower, or challenger to well-established products or brands?

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