Kotler's Marketing Notes - 1

Updated: Jun 29

A series of notes from Philip Kotler's book - 'Marketing Management'.


Important Terms:


  • Prospect - the individual from whom the marketer seeks a response

  • Value Proposition - a set of benefits that satisfy consumer needs

  • Offering - a combination of products, services, information and experiences

  • Impressions - occur when a consumer views the communication

  • Engagement - is the extent of a consumer’s attention & active involvement

  • Satisfaction - consumer’s judgement of product’s perceived performance vis-a-vis expectations



Types of:


  • Needs -

  1. Stated

  2. Real

  3. Unstated

  4. Delight

  5. Secret

  • Marketing Channels -

  1. Communication

  2. Distribution

  3. Service Channels

  • Media -

  1. Paid

  2. Owned

  3. Earned (e.g. word of mouth)

  • Marketing environment -

  1. Task environment (actors involved - competitors, suppliers, etc.)

  2. Broad Environment (demographic, technological, economic, etc.)



Concepts:


  • Customer Value Triad - a combination of quality, service, price (qsp) which sums to value

  • Marketing Orientations -

  1. Production

  2. Product

  3. Selling

  4. Marketing

  5. Holistic Marketing

  • Holistic Marketing Concept - components:

  1. Relationship Marketing

  2. Integrated Marketing

  3. Internal Marketing

  4. Performance Marketing

  • McCarthy’s 4Ps to Sheth and Sisodia’s 4As -

  1. Product - Acceptability

  2. Price - Affordability

  3. Place - Accessibility

  4. Promotion - Awareness

  • Old Ps to New Ps - Product (People), Price (Performance), Place (Processes), Promotion (Programs)


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