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Summary Principles of Marketing - Philip Kotler, Gary Armstrong
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- Amsterdam University College (AUC)
Summary Principles of Marketing - Philip Kotler, Gary Armstrong
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lOMoARcPSD|823020Summary
Principles of Marketing
Philip Kotler, Gary Armstrong
15th Edition
Gedownload door Yogesh Pershad (summer.jam@hotmail.com)
, lOMoARcPSD|823020
Contents
1. Marketing creating and capturing value .................................................................................... 2
2. Strategy partnering to build customer relationships ............................................................... 8
3. Analyzing the marketing environment ........................................................................................ 13
4. Managing marketing information ................................................................................................ 19
5. Consumer markets and buyer behavior ...................................................................................... 26
6. Business markets and buyer behavior ......................................................................................... 33
7. Customer-driven marketing strategy .......................................................................................... 38
8. Products, services and brands ...................................................................................................... 44
9. New product development ........................................................................................................... 51
10. Pricing ............................................................................................................................................ 56
11. Pricing strategies .......................................................................................................................... 60
12. Marketing channels...................................................................................................................... 65
13. Retailing and wholesaling ........................................................................................................... 72
14. Communicating customer value ................................................................................................ 78
15. Advertising and public relations................................................................................................. 83
16. Personal selling and sales promotion ........................................................................................ 88
17. Direct and online marketing ....................................................................................................... 95
18. Creating competitive advantage .............................................................................................. 100
19. Global marketplace .................................................................................................................... 105
20. Sustainable marketing ............................................................................................................... 111
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1. Marketing creating and capturing
value
Marketing is the process by which companies create value for customers and build
strong customer relationships in order to
capture value from customers in return. The marketing process involves five steps.
The core marketplace concepts are needs, wants, and demands; market offerings
(products, services, and experiences); value and satisfaction; exchange and
relationships; and markets. Wants are the form taken by human needs when shaped
by culture and individual personality. To design a winning marketing strategy, the
company must first decide whom it will serve. It does this by dividing the market into
segments of customers (market segmentation) and selecting which segments it will
cultivate (target marketing). Next, the company must decide how it will serve
targeted customers (how it will differentiate and position itself in the
marketplace).Today, marketers of all kinds are taking advantage of new
opportunities for building relationships with their customers, their marketing
partners, and the world around them.
Example Amazon: its success lies in being customer needs driven. Even in company
meeting attention is always paid to the customers voice. Such customer focus leads
to taking risks and innovating differently from other companies and focusing not just
on products, but how they are sold. The latter makes customers experiences more
personal through collaborative filtering recommendations for you feature . Lastly,
Amazon allows for a discovery experience with its huge product variety attracting
more customers (by offering products of competing retailers as well as used items).
Objective 1: Definition of marketing and steps in marketing process
Marketing (simple definition) managing valuable customer relationships. 2
goals of marketing: (1) attract new customers by greater value and (2) maintain and
expand current customers by providing satisfaction.
Nowadays marketing includes not only telling and selling , but fulfilling
customer needs. Marketing mix includes tools that are combined to satisfy consumers
needs and manager relationships with customers.
Marketing is the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in
return .
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Marketing process consists of 5 steps, in 4 of which companies create value
for their customers, whereas in the last step they capture the value from the
customers. The figure below summarizes the process.
Objective 2: Understanding marketplace and customer needs (five core marketplace
concepts)
Step 1: consists of 5 core customer and market concepts - (1) needs, wants, and
demands; (2) market offerings (products, services, and experiences); (3) value and
satisfaction; (4) exchanges and relationships; and (5) markets.
Needs are states of deprivation of humans; they include physical (e.g. food, warmth),
social (e.g. affection), and individual (e.g. knowledge). Wants are needs that have
been shaped by culture and personality; they can be described by an objects that is
able to satisfy them (need for food can be satisfied with pizza). When wants are
supported by buying power they turn into demands. Companies analyse customer
data and perform marketing research to find out more about needs, wants and
demands of their customers.
Market offerings are combinations of products (physical), services (e.g. banking),
information e.g. ideas or experiences that fulfil customers needs and
wants. Marketing myopia occurs when sellers suffer from paying more attention to
products than to benefits and experiences provided by them to the customers. It
occurs when companies think that customer needs their product instead of the actual
need of what the product provides (e.g. customer needs a hole in the wall, not a drill).
Needs stay the same, whereas products change. Brand experiences can be created by
combining several service and products to satisfy the needs.
Customers choose and buy based on formed expectations about value and
satisfaction provided by market offerings. Marketers should carefully adjust levels of
expectation as low levels fail to attract new buyers, whereas high ones disappoint.
Exchange involves obtaining something (satisfying needs) by offering
something else in return. Marketing includes actions that help create, maintain and
expand exchange relationships with target segments.
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