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Principles of Marketing
Rationale
Philip Kotler (born 27 May 1931 in Chicago) is the S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University. He was selected as the #4 management guru of all time by the Financial Times (behind Jack Welch, Bill Gates, and Peter Drucker), and has been hailed by the Management Centre Europe as "the world's foremost expert on the strategic practice of marketing." Also considered one of the pioneers of social marketing.
Dr. Kotler has authored what is widely recognized as the best selling textbook on marketing: Marketing Management, now in its 12th edition. He has also authored, or co-authored a number of other books, including Kotler on Marketing; Lateral Marketing; Strategic Marketing for Non-Profits; Marketing for Healthcare Organizations; Marketing Professional Services; Marketing From A to Z; The 10 Deadly Marketing Sins; Marketing Moves; Marketing places; the Marketing of Nations; and Social Marketing. In addition, Dr. Kotler has published more than one hundred articles in leading journals, including the Harvard Business Review, Sloan Management Review, Business Horizons, California Management Review, and the Journal of Marketing. He holds many major awards, including the Distinguished Marketing Educator of the Year Award of the American Marketing Association and Marketer of the Year by the Sales & Marketing Executives International (SMEI). Through his consulting firm, the Kotler Marketing Group (KMG), Dr. Kotler has consulted to many major U.S. and foreign companies - including IBM, Michelin, Bank of America, Merck, General Electric, Honeywell, and Motorola - in the areas of marketing strategy and planning, marketing organization, and international marketing. He presents continuing seminars on leading marketing concepts and developments to companies and organizations in the U.S., Europe and Asia, and participates in KMG client projects. Extrenal links |
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Teaching and Learning Resources
Marketing:
Managing Profitable Customer Relationships
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Customer relationship management (CRM) is a broad term that covers concepts used by companies to manage their relationships with customers, including the capture, storage and analysis of customer, vendor, partner, and internal process information.
- Aspects
- Key functionalities
- Channels of communication
- Successes
- Privacy and data security
- Market structure
- Enterprise relationship management (ERM), method beyond CRM
- Business intelligence
- Customers
- Customer Intelligence
- Customer service
- Database marketing
- Mystery shopping
- Predictive analytics
- Sales force management system
- Web management system
- References
Company
and Marketing Strategy: Partnering to Build Customer
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Readings A Marketing Strategy[1] [2] is a process that can allow an organization to concentrate its (always limited) resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
Marketing
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Managing
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Consumer
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Readings Consumer Behaviour is the study of how people buy, what they buy, when they buy and why they buy. It blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Belch and Belch define consumer behaviour as 'the process and activities people engage in when searching for, selecting, purchasing, using, evaluating, and disposing of products and services so as to satisfy their needs and desires'.
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Readings Buyer decision processes are the decision making processes undertaken by consumers in regard to a potential market transaction before, during, and after the purchase of a product or service. More generally, decision making is the cognitive process of selecting a course of action from among multiple alternatives. Common examples include shopping, deciding what to eat. Decision making is said to be a psychological construct. This means that although we can never "see" a decision, we can infer from observable behaviour that a decision has been made. Therefore we conclude that a psychological event that we call "decision making" has occurred. It is a construction that imputes commitment to action. That is, based on observable actions, we assume that people have made a commitment to effect the action. In general there are three ways of analysing consumer buying decisions. They are:
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Segmentation, Targeting, and Positioning: Building the Right Relationships with the Right Customers
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Product, Service, and Branding Strategies
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Readings In business, a product is a good or service which can be bought and sold. In marketing, a product is anything that can be offered to a market that might satisfy a want or need.[1] In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. The verb produce (prə doos' or -dyoos') is from the Latin prōdūce(re), (to) lead or bring forth. The noun product (prod'əkt or-ukt) is "a thing produced by labor or effort".[2] Since 1575, the word "product" has referred to anything produced.[3] Since 1695, the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith.[4] In general usage, product may refer to a single item or unit, a group of equivalent products, a grouping of goods or services, or an industrial classification for the goods or services.
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Readings In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process : one involves the idea generation, product design, and detail engineering ; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.
Pricing Considerations and Approaches |
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Readings In economics and business, the price is the assigned numerical monetary value of a good, service or asset. The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory). Price is also central to marketing where it is one of the four variables in the marketing mix that business people use to develop a marketing plan.
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Readings Pricing Strategies. There are many ways in which the price of a product can be determined. The following are the foremost strategies that businesses are likely to use.
Marketing Channels and Supply Management |
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Retailing and Wholesaling
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Integrated Marketing Communication Strategy |
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Advertising, Sales Promotion, and Public Relations
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Personal Selling and Direct Marketing |
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Creating Competitive Advantage
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The Global Marketplace
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Marketing and Society: Social Responsibility and Marketing
Ethics |
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Recommended Texts
Resources
Readings
The Marketing Environment
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