Marketing management, Marketing Myopia, 7 P's of Marketing

2. Marketing is the process of planning and executing
the conception, pricing, promotion, and distribution
of ideas, goods, services to create exchanges that
satisfy individual and organizational goals
American Marketing Association
"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' (Kotler
and Keller, 2008: 5)."
2

3. 3
Industry
(a collection
of sellers)
Market
(a collection
of Buyers)
Goods/services
Money
Communication
Information

4.  Let’s face it, to the average business person, marketing
equals promotion.
 Marketing is what you say and how you say it when
you want to explain how awesome your product is and
why people should buy it.
 Marketing is an ad. Marketing is a brochure. Marketing
is a press release. And more recently, Marketing is a
Facebook page or a Twitter account.
 Marketing, to many business people, is simply selling at
a larger scale.
 The reality, is that marketing sits at the intersection of
the business and the customer – the great arbiter of the
self interests of the business and the needs of the buyer.

5. 5
 Marketing is the sum of all activities that take you to a
sales outlet. After that sales takes over.
 Marketing is all about creating a pull, sales is all about
push.
 Marketing is all about managing the four P’s –
 product
 price
 place
 promotion

6.  I was directed to read this cartoon that defines
marketing as “I am a great lover” vs branding
which shows the consumer saying “I understand
you’re a great lover.”
 Replace lover with a product

9.  Creation of demand for goods and services
 Betterment in the standard of living
 Creation of social utility
 Special benefit to developing countries
 Maintenance of survival and mobility of business

10.  Maintenance of balance between demand and
supply
 Means of living
 Export promotion
 Sales promotion
 Sense of security

12.  1. Goods
 2. Services
 3. Events
 4. Experiences
 5. Persons
 6. Places
 7. Properties
 8. Organizations
 9. Information
 10. Idea.

13. 13
Marketing
Mix
Product
Price Promotion
Place
Customer
Solution
Customer
Cost
Communication
Convenience

16. The phrase was coined in 1960 by
Theodore C. Levitt.
It’s a theory that states companies focus
on their needs and short term growth
strategies.
They neglect the needs and wants of
their customers and fail as a result.

17.  The Myopic cultures, Levitt postulated, would
pave the way for a business to fall, due to the
short-sighted mindset and illusion that a firm
is in a so-called 'growth industry'.
 This belief leads to complacency and a loss
of sight of what customers want.
 It is said that these people focus more on
the original product and refuse to adapt
directly to the needs and wants of the
consumer.

18.  The “new marketing myopia” occurs when
marketers fail to see the broader societal context
of business decision making, sometimes with
disastrous results for their organization and
society.
 It stems from three related phenomena: (1) a
single-minded focus on the customer to the
exclusion of other stakeholders, (2) an overly
narrow definition of the customer and his or her
needs, and (3) a failure to recognize the changed
societal context of business that necessitates
addressing multiple stakeholders.

19.  Customers in the “new marketing myopia” remain a
central consideration, as in the traditional “marketing
myopia”.
 However, academics that develop the “new marketing
myopia” phenomenon state that it is essential to
recognize that other stakeholders also require
marketing attention.
 For business-to-consumer companies, these other
stakeholders (e.g., employees) are sometimes
customers too, but they need not be (e.g., nontarget
market members of the firm's local community).

20.  Nokia
Nokia losing its marketing share to
android and IOS.
 Kodak
Kodak lost much of its share to Sony
cameras when digital cameras boomed
and Kodak didn't plan for it.