Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and immunization superior customer value . Services Products Events Experiences People Places Ideas The 7 Fays Of Marketing Task Environment Company Suppliers Distributors Dealers Target customers Broad environment Demographic Economic Physical Technological Political-legal Social-cultural Consumers are changing..
Consumer sophistication Tech Savvy Self-expression Buying power Voice and influence Co-creation Self-service Marketing Issues Corporate Philosophy Production driven Sales driven Marketing driven Post-Modern vs.. Industrial Consumption Patterns Hyper-reality, fragmentation, reversals of production, fleeting Retro-marketing Tricksters, entertainment, exclusivity, secrecy.
Retailing is truly globalizes in terms of sales Strongly dominated by Us-based firms Wall-Mart is by far the worlds largest retailer Glob al Export Trading and Sourcing Companies Recent addition to textile complex: Sourcing-determining how or where to acquire merchandise Outsourcing-using suppliers in other countries Outward processing seeking lower wages 1. Technical competence in marketing 2.
Specialized knowledge of the factors in the international environment that are dissimilar or absent from the domestic environment 3. The ability to utilize such knowledge in working with others, at home or abroad, to develop and implement sound marketing programs. Cultural empathy is a key ingredient 4. A global perspective and an international outlook 5. Experience outside one’s home country 6. Knowledge of, or at least some training in, a foreign language.
