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Kotler On Marketing Summary
About Kotler On Marketing Book
Since 1969, Philip Kotler's marketing text books have been read as the marketing gospel, as he has provided incisive and valuable advice on how to create, win and dominate markets. In KOTLER ON MARKETING, he has combined the expertise of his bestselling textbooks and world renowned seminars into this practical all-in-one book, covering everything there is to know about marketing. In a clear, straightforward style, Kotler covers every area of marketing from assessing what customers want and need in order to build brand equity, to creating loyal long-term customers. For business executives everywhere, KOTLER ON MARKETING will become the outstanding work in the field.
The secret of Kotler's success is in the readability, clarity, logic and precision of his prose, which derives from his vigorous scientific training in economics, mathematics and the behavioural sciences. Each point and chapter is plotted sequentially to build, block by block, on the strategic foundation and tactical superstructure of the book.
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5 steps to turn into a marketing success
- Research market opportunities
- Choose your target market carefully
- Decide on a unique positioning
- Implement marketing tactics, and
- Audit the results.
This method forms a circular process, which you can continually put into action to adapt your marketing strategy to the ever-changing market.
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Discovering and marketing a product idea
All marketing can be categorized into one of three types: responsive, anticipative, or need-shaping.
- The invention of the washing machine is an example of responsive marketing fulfilling a pre-existing, laborious task of washing clothes.
- Perrier, a French company mass-marketed bottled drinking water seeing a growing public awareness of the adverse effects of soda drinks.
- A great example of need-shaping marketing is the Sony Walkman. No one had a need for – and could hardly even imagine – a portable music device until Sony convinced using innovative marketing how Walkman nourishes one's life.
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Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.
BETH COMSTOCK, FORMER CMO & VICE CHAIR, GE
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Marketing
Marketing is the art of identifying and fulfilling consumer needs.
All kinds of organizations face marketing problems:
- Corporations fight for market share and revenue
- Universities compete for students
- Politicians cultivate their public image to get votes
- Cultural institutions want to attract more visitors
All organizations want to attract resources from the public, such as: money, interest, engagement, votes etc. The challenge is figuring out how to persuade people to hand them over.
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Marketing types
- Responsive marketing -- it's about identifying and fulfilling pre-existing needs.
- Anticipative marketing -- it's about recognizing trends in society and building products that fulfill newly emerging needs.
- Need-shaping marketing -- it's about creating needs that don't exist yet. This requires large investments in innovation and development.
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5-step marketing method
This method is based on offering people some perceived value in return for their resources.
Steps:
- Research market opportunities
- Choose a target market
- Decide on a unique positioning
- Implement marketing tactics
- Evaluate the results
These steps form a circular process that can be repeated to adapt to new market conditions.
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Marketing Management
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