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Summary Marketing Management - Chapter Summaries
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Marketing Management 3rd Edition (2016) by Kotler, Keller, Brady, Goodman & Hansen. Contains detailed notes for chapter 1, 2, 3, 5, 6, 8, 9, 10, 20
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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Chapter 1: Introduction to MarketingSuccessful marketing builds demands for products and services, which creates jobs.
The role of marketing is always to have the customer at the centre of the organisation. The
purpose of business is to create a customer.
The business enterprise has two basic functions: marketing and innovation.
Marketing is about identifying and meeting human and social needs at a profit. In other
words: meeting customer needs profitably.
Marketing is revenue-generating.
Marketing management is the science of choosing target markets and getting, keeping
and growing customers through creating superior customer value.
Social marketing shows the role marketing plays in society - e.g. “deliver a higher standard
of living”.
Managerial marketing
• The aim of marketing is to make selling superfluous.
• Most of what happens in marketing happens before the customer sees and
advertisement. Over 80% of marketing occurs out of sight of the costumer.
• Sales and advertisement are the final steps of marketing.
• Marketing never ends, it is a process. This is important during recession and
challenging economic times.
Willingness and ability must be present for there to be demand from customers.
Demand is linked to needs and wants. Needs are air, food, water etc. They become wants
when directed to specific objects that satisfy the need. Wants are shaped by our society.
Demands are wants for specific products or services.
5 types of needs:
1. Stated needs
2. Real needs
3. Unstated needs
4. Delight needs
5. Secret needs
,Business philosophy
The production philosophy
• Consumers prefer products that are widely available and inexpensive. Managers of
production-oriented businesses wants to achieve low costs and mass distribution.
This philosophy is used when managers wants to expand the market.
The product philosophy
• Consumers favour products offering the most quality, performance or innovative
features.
The selling philosophy
• Consumers and businesses won’t buy enough of the organisation's offerings.
The marketing philosophy
• Total company effort to achieve customer satisfaction at a profit. Unlike the other
philosophies, this one focuses on the needs of the buyer.
The holistic marketing philosophy
• This philosophy acknowledges that everything matters in marketing. A broad
perspective is often necessary. Recognises the complexities of marketing activities.
There are 4 types of holistic marketing:
Internal marketing
1. The core aspect of holistic marketing. It focusses internally on company employees.
Inward-facing marketing.
Integrated marketing
1. When the marketer assembles marketing programmes that deliver value for the
consumers, such that the whole is greater than the sum of its parts.
Performance marketing
1. Marketing metrics = the financial and non-financial returns to business and society
from marketing activities.
Relationship marketing
1. Goal is to develop deep relationships with people/organisations that affect the
success of the firm’s marketing activities.
,2. Aims to build long-term relationship with 4 key constituents (customers, employees,
marketing partners and members of the financial community)
3. Ultimate outcome: Marketing network consisting of: employees, customers,
suppliers, distributors, retailers, with whom it has built mutually profitable business
relationships.
, Chapter 2:
Understanding marketing management within a global context
Management is a process that involves the major functions of planning, organising, leading and
controlling resources in order to achieve goals.
Managing is the activity of trying to achieve a goal using resources of whatever kind.
Managers are the people within the organisation charged with running the organisation on behalf
of the owners.
The process of management:
1. Planning: Is the process of establishing goals and objectives and selecting a future course of
action in order to achieve them. Decision making is essential.
A marketing plan has focus on the customer.
2. Organising: Is the process of making sure the necessary human, physical, technological,
financial and informational resources are available to carry out the plan the achieve the goals.
Most organisations set up departments and this structure within an organisation is called a
functional structure.
Organisations are often divided into functions, departments and teams.
• Functions are a group of staff serving as specialists in achieving a set of given objectives.
Functional initiatives are activities where an individual of function has minimal or no
contact with personnel from other functions.
Multifunctional initiatives are where employees play a liaison role and represent their
respective function's view.
Cross-functional activities are carried out by individuals from different departments.
• A team comprises a group of people linked through a common purpose.
• Departments encompass many functions. The marketing department is required to
integrate all departments, processes and activities to the customer.
3. Leading: Leadership is the process of influencing others to understand and agree about what
needs to be done and how to do it.
While management is accomplishing work through people, leadership focuses on inspiring
people, so they have trust.
Management styles:
• Democratic: The manager delegates power to the subordinates and leaves the decision-
making process to them
• Autocratic: The manager is fully responsible for making the decisions.
• Participative: The manager gives the staff and subordinates the chance to be involved
in the decision-making process.
• Laissez-faire: This management style sets the tasks and gives staff complete freedom to
complete them how they see fit. Minimal involvement from management.
4. Controlling: Involves comparing actual performance to a predetermined standard.
Goals/objectives: Objectives are the tangible measures of an achieved vision against which
performance is measured.
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