Kotler's Marketing Notes - 1
Updated: Jun 29, 2020
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 -
Stated
Real
Unstated
Delight
Secret
Marketing Channels -
Communication
Distribution
Service Channels
Media -
Paid
Owned
Earned (e.g. word of mouth)
Marketing environment -
Task environment (actors involved - competitors, suppliers, etc.)
Broad Environment (demographic, technological, economic, etc.)
Concepts:
Customer Value Triad - a combination of quality, service, price (qsp) which sums to value
Marketing Orientations -
Production
Product
Selling
Marketing
Holistic Marketing
Holistic Marketing Concept - components:
Relationship Marketing
Integrated Marketing
Internal Marketing
Performance Marketing
McCarthy’s 4Ps to Sheth and Sisodia’s 4As -
Product - Acceptability
Price - Affordability
Place - Accessibility
Promotion - Awareness
Old Ps to New Ps - Product (People), Price (Performance), Place (Processes), Promotion (Programs)