A very comprehensive summary of Kotler & Keller's Marketing Management Book (15th Edition) for Marketing. The order of the chapters is based on the order in which they were taught during the course. Chapters included: 1,3,4,7,11,12,13,5,8,2,6,14,10 (EXAMINATION DECEMBER 2016: CHAPTER 14 IS NOT RELE...
WEEK 1
Chapter 1 – Defining marketing for the new realities
The value of marketing
Financial success often depends on marketing ability. Marketing’s value extends to society as a whole. It has helped introduce
new or enhanced products that ease or enrich people’s lives. Successful marketing builds demand for products and services,
which, in turn, creates jobs. By contributing to the bottom line, successful marketing also allows firms to more fully engage in
socially responsible activities.
There’s little margin for error in marketing. Firms must constantly move
forward. At greatest risk are those that fail to carefully monitor their
customers and competitors, continuously improve their value offerings
and marketing strategies, or satisfy their employees, stockholders,
suppliers and channel partners in the process.
The scope of marketing
To be a marketer, you need to understand the following:
1. What is marketing?
Marketing = identifying and meeting human and social needs. It’s
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. The aim of marketing is to know and understand the
customers so well that the product/service tis him and sells itself.
Social definition of marketing = marketing is a societal process by which individuals and groups obtain what they need
and want through creating, offering, and freely exchanging products/services of value with others.
Marketing management = the art and science of choosing target markets and getting, keeping and growing customers
through creating, delivering and communicating superior customer value.
2. What is marketed?
There are 10 main types of entities: goods, services, events, experiences, places, persons, properties, organizations,
information and ideas.
3. Who markets?
Marketer = someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the
prospect. 8 demand states are possible:
Negative demand
Nonexistent demand
Latent demand (customers share a need that can’t be satisfied by an existing product)
Declining demand
Irregular demand (seasonal, monthly etc.)
Full demand
Overfull demand (more consumers would like to buy that can be satisfied)
Unwholesome demand (may be attracted to products that have undesirable social consequences)
Market = a collection of buyers and sellers who transact over a particular product or product class. There are 4 key
customer markets:
Consumer markets
Business markets
Global markets
Nonprofit & governmental markets
Core marketing concepts
There’s a following core set of concepts:
1. Needs, wants, and demands
Marketers do not create: needs pre-exist marketers. There are 5 types of needs?
Stated needs (customer wants an inexpensive car)
Real needs (customers wants a care whose operating cost, not initial price, is low)
Unstated needs (customer expects good dealer service)
Delight needs (customer would like the dealer to include GPS)
Secret needs (customer want friends to see him as a savvy customer)
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