MGT301 Principles of Marketing

Lecture-5

Summary of Lecture-4

How has Marketing Changed Over Time?

The stages in the evolution of marketing

Production orientation
Sales orientation Marketing orientation

Social marketing orientation

PRODUCT CONCEPT

SOCIETAL MARKETING CONCEPT

KEY MARKETING PHILOSOPHIES PRODUCTION CONCEPT SELLING CONCEPT MARKETING MARKETING CONCEPT CONCEPT

Society (Human Welfare)

Societal Marketing Concept

Consumers (Satisfaction) Company (Profits)

Production Marketing
Customer

The customer as the controlling function and marketing as the integrative function

Todays Topics

Marketing Challenges in the 21st century

Porters 5 Forces Model of Competition

Threat of New Threat of Entrants New Entrants

Bargaining Power of Suppliers

Rivalry Among Competing Firms in Industry

Bargaining Power of Buyers

Threat of Substitute Products

*

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

retailer / manufacturer Internet

Financial Institution

consumer

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 Threat of Entrants New Entrants

Bargaining Power of Suppliers

Rivalry Among Competing Firms in Industry

Bargaining Power of Buyers

Threat of Substitute Products

*

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

MGT301 Principles of Marketing

Lecture-5