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COMPLETE SUMMARY A Framework for Marketing Management, Global Edition, ISBN: 9781292093147 Marketing (6012B0420Y)

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A Framework for Marketing Management, Global Edition

I got a 8.5 just by studying on this one! Complete summary of: A Framework for Marketing Management, Global Edition, 6th Edition, Philip Kotler, Kevin Lane Keller; ©2016|Pearson, 352 pages, Print ISBN-13: 3147 eText ISBN: 3154 Perfect for the Marketing course at University of Amsterdam

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Titel boek:A Framework for Marketing Management, Global Edition

Auteur(s):Philip Kotler, Kevin Lane Keller

Uitgave:Onbekend
ISBN:9781292093147
Druk:6

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2023-2024 [Framework for Marketing Management,Kotler,6e] Test Bank: Your Pathway to A+ Grades
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1. SCOPE OF MARKETING
martedì 6 settembre 2022 11:09

• Marketing process in 5 steps
- Getting insights --> first aim of marketing, understanding consumers behaviors
- Design a costumer driven marketing strategy (STP)
- Construct a programe/mix of actions (4 P's)
- Build profitable relationships and create costumer delight
- End: capture value from costumers to create profit and costumer equity

SCOPE OF MARKETING
• Marketing is about identifying and meeting human and social needs
• Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large
• Marketing management = the art and science of choosing target markets and getting, keeping,
and growing customers through creating, delivering, and communicating superior customer
value
• Peter Drucker --> selling is not the most important part of marketing "the aim of marketing is
to know and understand the customer so well that the product or service fits him and sells
itself"
• What is marketed? Goods, event, services, persons, places, properties, organizations,
information, ideas
• Marketer is someone who seeks a response from another party, called the prospect
- In companies nowadays marketing is not only done by the marketing department, but
marketers must properly manage all possible touch points (ex. Store layouts, package
designs, employee training)

CORE MARKETING CONCEPTS
• NEEDS are the basic human requirements --> they become WANTS when directed to specific
objects that may satisfy the needs --> DEMANDS are wants for specific products backed by an
ability to pay
- Companies should not only measure how many people want their products, but also
how many are willing and able to pay for it
- Marketers do not create needs --> needs pre-exist marketers
• SEGMENTS = marketers identify segments of buyers by dividing them on the base of
demographic, psychographic and behavioural differences between them
- For each of these targets there's a different market offering developed
• VALUE PROPOSITION = set of benefits that satisfy people's needs --> it's intangible but it is
made tangible by an offering --> a BRAND is and offering from a known source which also
provides certain associations in people's mind (therefore if they like those association they are
going to choose that brand)
• MARKETING CHANNELS
- COMMUNICTAION CHANNELS = deliver and receive messages from target buyers and
include newspapers, magazines, radio, television, mail, telephone, smart phone,
billboards, posters, and the Internet, looks,
- DISTRIBUTION CHANNES = help display, sell, or deliver the physical product OR service(s)
to the buyer or user
- SERVICE CHANNELS = include warehouses, transportation companies, banks, and
insurance companies
• COMMUNICATION
- PAID MEDIA = tv, magazines, display ads
- OWNED MEDIA = web site, blogs, social media pages
- EARNED MEDIA = streams in which consumers, the press, or other outsiders voluntarily
communicate something about the brand

MARKETING Page 1

, communicate something about the brand
• IMPRESSIONS = when consumers view a communication
ENGAGEMENT = extent of a customer’s attention and active involvement with a
communication, which is more likely to create value for the firm
• Quality + service + price = costumer value triad --> creating costumer value means
understanding latent costumer needs and wants
• TASK ENVIRONMENT = includes the actors engaged in producing, distributing, and promoting
the offering. These are the company, suppliers, distributors, dealers, and target customers
BROAD ENVIRONMENT = demographic environment, economic
environment, social-cultural environment, natural environment, technological environment
and political-legal environment (6)
• Marketers use the term market to describe customer groups

NEW MARKETING REALITIES
• TECHNOLOGY = rise of e-commerce, the mobile Internet, and Web penetration in emerging
markets --> this leads to more and more cases of C2C or C2N instead of the classic B2B/B2C
• GLOBALIZATION = Companies can now take marketing ideas and lessons from one country and
apply them to another
• SOCIAL RESPONSIBILITY = Poverty, pollution, water shortages, climate change, wars, and
wealth concentration demand our attention. The private sector is taking some responsibility
for improving living conditions, and firms all over the world have elevated the role of
corporate social responsibility
- Marketers are increasingly asked to justify their investments in financial and profitability
terms as well as in terms of building the brand and growing the customer base
- Organizations recognize that much of their market value comes from intangible assets,
particularly brands, customer base, employees, distributor and supplier relations, and
intellectual capital

MARKETING PHILOSOPHIES
Production concept
• Oldest in business
• Based on the idea that consumers prefer products that are widely available and inexpensive
• High production efficiency, mass productions and low costs
• Used when marketers aim to expand the market
Product concept
• Based on the concept that consumers favor products offering the most quality, performance
or innovative features
• Often leads to fallacy bc a new improved product will not necessarily be successful
Selling concept
• Holds that consumers and businesses if left alone won't buy enough of the products
• Practiced mostly with unsought goods (= products that people normally don't think about
buying)
• Basing marketing on hard selling is risky
• Transactions, not relations
Marketing concept
• Mid 1950s
• Costumer-centered
• The job is not to find the right costumers for your product, but the right products for
costumers
• Winning over competitors means creating, delivering and communicating superior costumer
value to your target markets
• "Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is
preoccupied with the seller’s need to convert his product into cash; marketing with the idea of
satisfying the needs of the customer by means of the product"
Holistic concept
• Based on the concept that everything matters in marketing and that a broad, integrated
perspective is often necessary
• 4 broad components characterizing holistic marketing

MARKETING Page 2

, • 4 broad components characterizing holistic marketing
• 1.RELATIONSHIP MARKETING
- Aims to build mutually satisfying longterm relationships with key constituents in order to
earn and retain their business
- The ultimate outcome of relationship marketing is a unique company asset called a
marketing network, consisting of the company and its supporting stakeholders
- Costumers, employees, partners and the financial community
- Through this companies are shaping separate offers to individual costumers, based on
information about their past transactions, demographics, psychographics and media -->
focusing on most profitable costumers, products and channels
- partner relationship Management matters as well --> Companies are deepening their
partnering arrangements with suppliers and distributors, seeing them as partners in
delivering value to final customers so everybody benefits

• 2.INTEGRATED MARKETING
- “The whole is greater than the sum of its parts"
- Many different marketing activities can create, communicate and deliver value +
marketers should design and implement each marketing activity with all the other
activities in mind
- All company communications also must be integrated so they reinforce and complement
each other

• 3.INTERNAL MAKRETING
- Is the task of hiring, training and motivating able employess who want to serve
costumers well

• 4.PERFORMANCE MARKETING
- Requires understanding the financial and non financial returns to business and society
from marketing activities and programs --> which means going beyond sales revenue to
interpret what is happening to market share
- Considering the legal, ethical, social and environmental effects of marketing activities
and programs
- Ex. Ben and Jerry's triple bottom line --> People Planet Profit

• UPDATING THE FOUR P's (McCarthy) = marketing-mix tools of 4 broad kinds
- Then: Product, price, place and promotion
- Now: People, processes, programs and performance (modern marketing)
People = inside and outside the organization
Processes = creativity, discipline and structure (managing the marketing processes in a broad and
long-term view)
Programs = are all the firm’s consumer-directed activities, these activities must be integrated such
that their whole is greater than the sum of their parts and they accomplish multiple objectives for
the firm

MARKETING Page 3

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COMPLETE SUMMARY A Framework for Marketing Management, Global Edition, ISBN: 9781292093147 Marketing (6012B0420Y)

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