Marketing Notes - Kotler in 20 Pages
Marketing Notes - Kotler in 20 Pages
Marketing Notes - Kotler in 20 Pages
no.
1. DEFINING MARKETING FOR THE 21st CENTURY
6. Marketing Meeting needs profitably Marketing is an organizational function and a set of
processes for creating, communicating, and delivering value to customers and for
managing customer relationships in ways that benefit the organization and its
stake holders.
6. Marketing Art and science of choosing target markets and getting, keeping, and growing
Management customers through creating, delivering, and communicating superior customer
value.
7. Exchange The process of obtaining a desired product from someone by offering something
in return.
7. Transaction Trade values between two or more parties.
8. What is marketed?
Goods Physical goods constitute the bulk of most countries production and marketing.
E.g. cars, trucks, industrials chemicals etc.
Services E.g. work of airlines, hotels, car rental firms, barbers and beauticians, bankers,
lawyers, engineers, doctors etc.
Events Marketers promote time-based events, e.g. trade shows, artistic performances and
company anniversaries.
Experiences By orchestrating several services and goods, a firm can create stage and market
experiences. E.g. amusement park.
Persons Celebrity marketing is a major business. E.g. film stars have agents, personal
managers and use the services of public-relations agencies.
9. Places Place marketers include economic development specialists, real estate agents,
commercial banks local business associations and advertising and public relations
agencies. Bangalore is called silicon valley of India.
Properties Properties are intangible rights of ownership of either real property or financial
property.
Organizations Organizations actively work to build a strong, favorable, and unique image in the
minds of their target publics. E.g. Philips, the Dutch electronics co. puts out ads
with the tag line Lets Make thing better.
Information Information can be produced and marketed as a product.
Ideas Every market offering includes a basic idea. E.g. Promoting awareness about
awareness about Aids.
9. Marketer A marketer is some one who seeks a response from another party called
prospect.
9. Demand
Negative Consumers dislike the product and may even pay a price to avoid it.
demand
Nonexistent Consumers may be unaware or uninterested in the product.
demand
Latent demand Consumers may share a strong need that cannot be satisfied by an existing
product.
10. Declining Consumers begin to buy the product less frequently or not at all.
demand
Irregular Consumers are adequately buying all products put into the marketplace.
demand
Overfull More consumers would like to buy the product than can be satisfied.
demand
Unwholesome Consumers may be attracted to products that have undesirable social
demand consequences.
10. Markets A collection of buyers and sellers who transact over a particular product or
product class.
1. Government markets, 2. Resource markets, 3. Manufacturer markets, 4.
Intermediary markets and 5.consumer markets.
11. Key customer markets
Consumer Companies selling mass consumer goods and services such as soft drinks,
markets cosmetics, air etc.
Business Companies selling business goods and services often face well-trained and well-
Markets informed professional buyers who are skilled in evaluating competitive offerings.
Global markets Companies selling goods and services in the global market-place face additional
decisions and challenges.
13. Nonprofit & Companies selling their goods to nonprofit organizations such as churches,
governmental universities, charitable organizations etc.
Markets
13. Marketplace Is physical as when you shop in a store.
Marketspace When you shop on the internet
Metamarket Describe a cluster of complementary products and services that are closely related
in the minds of consumers but are spread across a diverse set of industries.
13. How business & marketing are changing
Changing technology, globalization, deregulation, privatization, customer
empowerment, customization, heightened competition, industry convergence,
retail transformation & disintermediation.
15. Production Consumers will prefer products that are widely available and inexpensive.
concept
16. Product concept Consumers will favor those products that offer the most quality, performance, or
innovative features.
Selling concept Consumers & business, if left alone, will ordinarily not buy enough of the
organizations products. The org. must therefore, undertake an aggressive selling
& promotion effort.
Marketing Business shifted to a customer-centered, sense and-respond philosophy.
concept Instead of hunting, marketing is gardening.
17. Holistic Is based on the development, design, and implementation of marketing programs,
marketing processes and activities that recognizes their breadth and interdependencies.
Components of 1. Relationship marketing, 2. Integrated marketing, 3. Internal marketing and 4.
holistic Social responsibility marketing.
marketing
18. Relationship Building mutually satisfying long-term relationships with key parties customers,
marketing suppliers, distributors, and other marketing partners. Marketing network consists
of the company and its supporting stakeholders (customers, employees, suppliers,
distributors, retailers, ad agencies, university scientists, and others) with whom it
has built mutually profitable business relationships.
19. Integrated marketing
19. Marketing Mix Product, Target market (Price, Promotion) and Place.
Product 1. Product variety, 2.Quality, 3.Design, 4. Features, 5. Brand name, 6. Packaging,
7. Sizes, 8. Services, 9. Warranties and 10.Returns.
Price 1. List price, 2. Discounts, 3. Allowances, 4. Payment period and 5. Credit terms.
Promotion 1. Sales promotion, 2. Advertising, 3. Sales force, 4. Public relations and 5. Direct
marketing.
Place 1. Channels, 2. Channels, 3, Coverage, 4. Assortments, 5. Locations, 6. inventory,
and 7.Transport
20. 4 Cs 1. Customer solution, 2. Customer cost, 3. Convenience and 4. Communication.
20. Internal Ensuring that everyone in the organization embraces appropriate marketing
marketing principles, especially senior mgt. internal marketing is the task of hiring, training,
and motivating able employees who want to serve customer well.
20. Social Ethical, environmental, legal, and social context of marketing activities and
responsibility programs. The cause and effects of marketing clearly extend beyond the company
marketing & the consumer to society as a whole.