Chapter 1 Why Is Marketing Management Importantinitial Postings Rea ✓ Solved

Chapter 1. Why Is Marketing Management Important? Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.

Also, provide a graduate-level response to each of the following questions: Before reading this chapter or beginning class, what did you expect marketing to be? Ask a family member, classmate, or coworker what they think marketing is. How can persuade them that marketing enhances a mutually beneficial exchange between a customer and a company. Think about a recent time when you bought something or tried to do so and you were treated poorly as a customer. What was the essential problem?

If you ran the company, what would you do to ensure happier and more loyal customers? [Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student's own words - do not provide quotes!] [Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review] © 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Why Is Marketing Management Important? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. 2 ‹#› © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. 2 Discussion Questions #1 What is the definition of marketing?

What can be marketed? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. Marketing Defined Marketing is defined as an exchange between a firm and its customers . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. What Can We “Marketâ€? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1. Evolution of Modern Marketing Product/production orientation Focus on building a better gadget Sales orientation Focus on convincing the customer that your product works best for them Customer orientation Focus on identifying customers’ wants BEFORE formulating attractive solutions . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. Discussion Questions #2 Which orientation do you think would mostly likely lead to an exchange? Who do you think is responsible for marketing? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1. Who Is Responsible for Marketing? Marketing and customer satisfaction is everyone’s responsibility Marketing should permeate the firm Accounting/finance Sales Research and development . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. Reasons to Measure Marketing Success Pressure to show results Ensure that the chief marketing officer (CMO) carries as much weight as the CEO, CFO, or COO . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1. Measuring Marketing Success (slide 1 of 2) Quantify results when possible Sometimes the effectiveness of marketing programs is easy to quantify Did the coupon promotion lift sales? Measure the percentage sales increase, etc. Did the direct mail campaign increase web usage? Measure the number of web visits, etc. . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1. Measuring Marketing Success (slide 2 of 2) However, sometimes the effectiveness is not easy to quantify Was the segmentation study effective? Difficult to quantify Did the advertising campaign increase sales? Difficult to quantify because great advertising is geared toward long-term brand building not short-term results . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1.

Marketing Management Framework The 5Cs, STP, and the 4Ps constitute the marketing management framework . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. 5Cs (slide 1 of 3) Customer The firm’s current and potential customers What are current customers’ preferences, buying trends, etc.? What are potential customers’ preferences? Should they be targeted?

Company The firm’s capabilities, resources, etc. What does it do well? What doesn’t it do well? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. 5Cs (slide 2 of 3) Context Macro-environmental forces facing the firm What is going on politically or legally that might affect the firm?

What is going on with the economy that might affect the firm? What trends are occurring in society that might affect the firm? What technological innovations might affect the firm? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. 5Cs (slide 3 of 3) Collaborators The companies/people firm works with Are these relationships strong?

Can these relationships be improved or leveraged? Competitors The companies/people firm works against and how they compare to the firm in terms of resources, capabilities, customer preferences, reaction patterns, etc. . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. STP Segmentation Grouping customers with similar needs Targeting Pursuing segment who makes the most sense for the firm Positioning Communicating product’s benefits clearly to the intended target Developed through the 4Ps . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1. 4Ps (slide 1 of 2) Product Goods or services customers need or want What should constitute your product mix? What features and benefits should comprise each product? Price How much should you charge given your costs, competitive pricing, and customer demand? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1.

4Ps (slide 2 of 2) Place How will you get the product into the customers’ hands? Will you go directly to customers or use channel partners? Promotion What communications mix will you use to communicate with your targets? What message will you use? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1.

Considerations (slide 1 of 2) The situation facing the company changes over time Customer preferences change Competitors change offerings Government passes new laws, etc. Firm must consistently monitor the 5Cs . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. Considerations (slide 2 of 2) 5Cs, STP, and 4Ps are interdependent As contextual factor changes, what would the impact be on distribution channels? As a collaborator shifts their demands, what will that do to our pricing structure?

As our company sells off a nonperforming function, what impact might that have on our positioning and customer satisfaction? Marketers must understand the interdependencies . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. Book Layout . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1. Flow of Each Chapter Each chapter covers the “What,†“Why,†and “How.†What is the topic in this chapter? Why does it matter? How do I do this? . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1.

Managerial Recap (slide 1 of 2) Marketing can make customers happier and companies more profitable Marketing is about trying to find out what customers would like, providing it to them, and doing so profitably Marketing facilitates a relationship between customers and a company . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1. Managerial Recap (slide 2 of 2) Just about anything can be marketed The marketing management framework—5Cs, STP, 4Ps—will structure the book If you can remain customer-centric, you’ll be five steps ahead of the competition . © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1.

Paper for above instructions

Why Is Marketing Management Important?
Marketing management is an essential mechanism that aligns the offerings of a company with the preferences and needs of its customers. This alignment is paramount in navigating today's competitive landscape where consumer preferences continuously evolve (Cengage Learning, 2018). While many individuals may initially associate marketing solely with advertising and promotion, understanding it as a comprehensive process that facilitates mutually beneficial exchanges between customers and companies is crucial.

Personal Expectations of Marketing

Before delving deeply into this chapter, my conceptualization of marketing was markedly limited. I viewed it largely as the promotional activities that enticed customers to purchase products or services. My perspective narrowed further when I consulted a family member regarding their understanding of marketing. Their interpretation echoed a similar sentiment, focusing predominantly on advertisements as the crux of marketing endeavors. However, through the study of marketing theory and its applications, I came to appreciate the broader dynamics at play. Successful marketing management encompasses understanding customer behaviors, strategizing against competitors, and constantly adapting to environmental context—what the textbook refers to as the 5Cs: Customers, Company, Context, Collaborators, and Competitors (Cengage Learning, 2018).

Understanding Marketing's Role in Exchange

To persuade individuals like my family member about the critical role of marketing in fostering a mutually beneficial exchange, it is important to articulate that marketing is not merely about selling but rather about understanding and delivering value that meets customer needs. Marketing management analyzes customers' preferences and behaviors, enabling companies to tailor their products and services to create desirable exchanges (Cengage Learning, 2018). This leads to enhanced customer satisfaction and loyalty, ultimately benefiting both consumers and companies.
For example, a smartphone manufacturer conducts market research to identify that consumers prefer longer battery life and camera quality in their devices. In response, the company develops a smartphone emphasizing these features, thus meeting the customers' desires. This cycle of understanding what customers want and fulfilling those needs leads to long-term relationships, repeat purchases, and brand loyalty.

Recent Customer Experience

Reflecting on my personal consumer experiences, I recall a recent encounter with an online retailer. I attempted to purchase a gadget but faced severe delays due to a misunderstanding regarding the item’s availability. Customer service was unhelpful, and my inquiries were met with cursory responses. The essential problem here stemmed from a lack of effective communication, the company's inability to meet consumer expectations regarding transparency, and an overall underestimation of the importance of customer service in marketing management.
Had I been the company’s director, several strategies could have been implemented to ensure happier and more loyal customers. Firstly, enhancing communication channels is crucial. Implementing a robust customer service platform that would give consumers real-time updates about their purchases would significantly improve customer satisfaction (Cengage Learning, 2018). Secondly, incorporating a customer feedback loop allows companies to gauge consumer sentiments and make necessary adjustments to operations. This proactive approach can minimize misunderstandings like the one I encountered, ultimately fostering loyalty.

Conclusion

In conclusion, the importance of marketing management extends beyond mere advertising—it encompasses creating value through understanding and fulfilling customer needs. A thorough understanding of marketing principles and frameworks, including the 5Cs and the STP process (Segmentation, Targeting, and Positioning) detailed in the assigned readings, is paramount for anyone involved in the business landscape (Cengage Learning, 2018). Through strategic application of marketing concepts, companies can achieve sustained growth, profitability, and most importantly, cultivate a loyal customer base.

References

Cengage Learning. (2018). Why Is Marketing Management Important? [Textbook].
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