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Summary book Marketing Management (chapter 1 to 4) - Kotler
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Summary of the book Marketing Management by Kotler (chapter 1 to 4).
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Summary book: Marketing management – KotlerChapter 1: Defining marketing for the 21st century
- Why is marketing important?
- What is the scope (omvang) of marketing?
- What are some core (kern) marketing concepts?
- How has marketing management changed in the recent years?
- What are the tasks necessary for successful marketing management?
Marketing = a organizational function and a set of processes for creating,
communicating and delivering value to customers and for managing customers
relationships in ways that benefit the organization and its stakeholders.
Marketing management = the art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering and
communicating superior customer value.
Marketers are skilled at managing demand: they seek to influence its level, timing
and composition for goods, services, events, experiences, persons, places,
properties, organizations, information and ideas. They also operate in four different
marketplaces: consumer, business, global and non-profit.
Marketing is not done only by the marketing department. It needs to affect every
aspect of the customer experience. To create a strong marketing organization,
marketers must think like executives in other departments, and executives in other
departments must think more like marketers.
Today’s marketplace is fundamentally different as a result of major societal forces
that have resulted in many new consumer and company capabilities. These forces
have created new opportunities and challenges and changed marketing management
significantly as companies seek new ways to achieve marketing excellence.
There are five competing concepts under which organizations can choose to
conduct their business:
- The production concept
- The product concept
- The selling concept
- The marketing concept
- The holistic marketing concept
The holistic marketing concept is based on the development, design, and
implementation of marketing programs, processes, and activities that recognize their
breadth and interdependencies (breedte en onderlinge afhankelijkheid). Holistic
marketing recognizes that everything matters in marketing and that a broad,
integrated perspective is often necessary. Four components of holistic marketing:
, - Relationship marketing
- Integrated marketing
- Internal marketing
- Socially responsible marketing
The set of tasks necessary for successful marketing mangement includes:
- Developing marketing strategies and plans
- Capturing (vastleggen) marketing insights
- Connecting with customers
- Building strong brands
- Shaping the market offerings, delivering and communicating value
- Creating long-term growth.
Chapter 2: understanding marketing management
- How does marketing affect (invloed hebben op) customer value?
- How is strategic planning carried out at different levels of the organization?
- How does a marketing plan include?
The value delivery process includes choosing (or identifying), providing (or
delivering) and communicating superior value. That value chain is a tool for
identifying key activities that create value and costs in a specific business.
Strong companies develop superior capabilities in managing core business
processes such as new-product realization, inventory management, and customer
acquisition and retention. Managing these core processes effectively means creating
a marketing network in which the company works closely with all parties in the
production and distribution chain, from suppliers of raw materials to retail distributors.
Companies no longer compete – marketing networks do.
According to one view, holistic marketing maximizes value exploration by
understanding the relationships between the customer’s cognitive space, the
company’s competence space, and the collaborator’s resource space: maximizes
value creation by identifying new customer benefits from the customer’s cognitive
space, utilizing core competencies from its business domain, and selecting and
managing business partners from its collaborative networks: and maximizes value
delivey by becoming proficient at customer relationship management, internal
resource management, and business partnership management.
Market-oriented strategic planning is the mangerial process of developing and
maintaining (ondrhouden) a viable fit between the organization’s objectives
(doelstellingen), skills and recourses and its changing market opportunities.
The aim (doel) of strategic planning is to shape the company’s businesses and
products so they yield target profits and growth.
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