Kotler's Marketing Notes - 1

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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• Part 2