summary marketing: marketing management - kotler & keller (15th edition)
2025 (Excluding Chapters: 6,7,8)
Week 1
Chapter 1 – Defining Marketing For The New Realities
The Value Of Marketing
Financial Success Often Depends On Marketing Ability. Marketing’s Value Extends To Society As A Whole. It Has Helped
Introduce New Or Enhanced Products That Ease Or Enrich People’s Lives. Successful Marketing Builds Demand For Products And
Services, Which, In Turn, Creates Jobs. By Contributing To The Bottom Line, Successful Marketing Also Allows Firms To More
Fully Engage In Socially Responsible Activities.
There’s Little Margin For Error In Marketing. Firms Must Constantly Move
Forward. At Greatest Risk Are Those That Fail To Carefully Monitor Their
Customers And Competitors, Continuously Improve Their Value Offerings
And Marketing Strategies, Or Satisfy Their Employees, Stockholders,
Suppliers And Channel Partners In The Process.
The Scope Of Marketing
To Be A Marketer, You Need To Understand The Following:
1. What Is Marketing?
Marketing = Identifying And Meeting Human And Social Needs. It’s
The Activity, Set Of Institutions, And Processes For Creating, Communicating, Delivering And Exchanging Offerings That
Have Value For Customers, Clients, Partners, And Society At Large. The Aim Of Marketing Is To Know And Understand
The Customers So Well That The Product/Service Tis Him And Sells Itself.
Social Definition Of Marketing = Marketing Is A Societal Process By Which Individuals And Groups Obtain What They
Need And Want Through Creating, Offering, And Freely Exchanging Products/Services Of Value With Others.
Marketing Management = The Art And Science Of Choosing Target Markets And Getting, Keeping And Growing
Customers Through Creating, Delivering And Communicating Superior Customer Value.
2. What Is Marketed?
There Are 10 Main Types Of Entities: Goods, Services, Events, Experiences, Places, Persons, Properties, Organizations,
Information And Ideas.
3. Who Markets?
Marketer = Someone Who Seeks A Response (Attention, A Purchase, A Vote, A Donation) From Another Party, Called The
Prospect. 8 Demand States Are Possible:
• Negative Demand
• Nonexistent Demand
• Latent Demand (Customers Share A Need That Can’t Be Satisfied By An Existing Product)
• Declining Demand
• Irregular Demand (Seasonal, Monthly Etc.)
• Full Demand
• Overfull Demand (More Consumers Would Like To Buy That Can Be Satisfied)
• Unwholesome Demand (May Be Attracted To Products That Have Undesirable Social Consequences)
Market = A Collection Of Buyers And Sellers Who Transact Over A Particular Product Or Product Class. There Are 4
Key Customer Markets:
• Consumer Markets
• Business Markets
• Global Markets
• Nonprofit & Governmental Markets
Core Marketing Concepts
There’s A Following Core Set Of Concepts:
1
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,1. Needs, Wants, And Demands
Marketers Do Not Create: Needs Pre-Exist Marketers. There Are 5 Types Of Needs?
• Stated Needs (Customer Wants An Inexpensive Car)
• Real Needs (Customers Wants A Care Whose Operating Cost, Not Initial Price, Is Low)
• Unstated Needs (Customer Expects Good Dealer Service)
• Delight Needs (Customer Would Like The Dealer To Include Gps)
• Secret Needs (Customer Want Friends To See Him As A Savvy Customer)
2
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, 2. target markets, positioning, and segmentation
marketers identify distinct segments of buyers by identifying demographic, psychographic and behavioral differences
between them. they then decide which segments present the greatest opportunities.
3. offerings and brands
companies address customer needs by putting forth value proposition = a set of benefits that satisfy those needs.
4. marketing channels
to reach a target market, the marketer uses 3 kinds of marketing channels
• communication channels = deliver and receive messages from target buyers (newspapers, radio, posters,
smart phone etc.)
• distribution channels = help display, sell, or deliver the physical product/service to the buyer/user (direct
internet, phone or indirect via distributors, retailers etc.)
• service channels = to carry out transaction with potential buyers (warehouses, banks etc.)
5. paid, owned and earned media
• paid media = tv, sponsorships, all of which allow marketers to show their ad for a fee.
• owned media = communication channels the marketer owns, like a brochure/website.
• earned media = which consumers, the press or other outsiders voluntarily communicate something about the
brand via worth of mouth, viral marketing methods or buzz.
6. impressions and engagement
• impressions = consumers view a communication.
• engagement = customer’s attention and active involvement with a communication.
7. value and satisfaction
the buyer chooses the offering he or she perceives to deliver the most value, the sum of the tangible and intangible
benefits and costs. value = primarily a combination of quality, service, and price, called the customer value triad.
8. supply chain
the supply chain is a channel stretching from raw materials to components to finished products carried to final buyers.
9. competition
competition = all the actual and potential rival offerings and substitutes a buyer might consider.
10. marketing environment
marketing environment = the task environment and broad environment.
• task environment = the actors engaged in producing, distributing and promoting the offering.
• broad environment = demographic, economic, social-cultural, natural, technological and political-legal
environment.
new marketing realities
besides the pace of change and the scale of technological achievement, the world become a smaller place due to globalization.
new transportation, shipping, and communication technologies have made it easier for us to know the rest of the world, to
travel, to buy and sell anywhere. globalization has made countries increasingly multicultural and it changes innovation and
product development as companies take ideas and lessons from one country and apply them to another. because marketing’s
effect extends to society as a whole, marketers must consider the ethical, environmental, legal and social context of their
activities. the organization’s task is thus to determine the needs, wants, and interests of target markets and satisfy them more
effectively and efficiently than competitors while preserving/enhancing consumers’ and society’s long-term well-being.
dramatically changed marketplace
some of the new consumer capabilities:
• consumers can use the internet as a powerful information and purchasing aid.
• consumers can search, communicate, and purchase on the move.
• consumers can tap into social media to share opinions and express loyalty.
• consumers can actively interact with companies.
• consumers can reject marketing they find inappropriate.
at the same time, globalization, social responsibility and technology have also generated a new set of capabilities to help
3
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, companies cope and respond:
• companies can use the internet as a powerful information and sales channel, including for individually differentiated
goods.
• companies can collect fuller and richer information about markets, customers, prospects and competitors.
• companies can reach consumers quickly and efficiently via social media and mobile marketing, sending targeted ads,
coupons and information.
• companies can improve purchasing, recruiting, training and internal and external communications.
• companies can improve their cost efficiency.
4
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2025 (Excluding Chapters: 6,7,8)
Week 1
Chapter 1 – Defining Marketing For The New Realities
The Value Of Marketing
Financial Success Often Depends On Marketing Ability. Marketing’s Value Extends To Society As A Whole. It Has Helped
Introduce New Or Enhanced Products That Ease Or Enrich People’s Lives. Successful Marketing Builds Demand For Products And
Services, Which, In Turn, Creates Jobs. By Contributing To The Bottom Line, Successful Marketing Also Allows Firms To More
Fully Engage In Socially Responsible Activities.
There’s Little Margin For Error In Marketing. Firms Must Constantly Move
Forward. At Greatest Risk Are Those That Fail To Carefully Monitor Their
Customers And Competitors, Continuously Improve Their Value Offerings
And Marketing Strategies, Or Satisfy Their Employees, Stockholders,
Suppliers And Channel Partners In The Process.
The Scope Of Marketing
To Be A Marketer, You Need To Understand The Following:
1. What Is Marketing?
Marketing = Identifying And Meeting Human And Social Needs. It’s
The Activity, Set Of Institutions, And Processes For Creating, Communicating, Delivering And Exchanging Offerings That
Have Value For Customers, Clients, Partners, And Society At Large. The Aim Of Marketing Is To Know And Understand
The Customers So Well That The Product/Service Tis Him And Sells Itself.
Social Definition Of Marketing = Marketing Is A Societal Process By Which Individuals And Groups Obtain What They
Need And Want Through Creating, Offering, And Freely Exchanging Products/Services Of Value With Others.
Marketing Management = The Art And Science Of Choosing Target Markets And Getting, Keeping And Growing
Customers Through Creating, Delivering And Communicating Superior Customer Value.
2. What Is Marketed?
There Are 10 Main Types Of Entities: Goods, Services, Events, Experiences, Places, Persons, Properties, Organizations,
Information And Ideas.
3. Who Markets?
Marketer = Someone Who Seeks A Response (Attention, A Purchase, A Vote, A Donation) From Another Party, Called The
Prospect. 8 Demand States Are Possible:
• Negative Demand
• Nonexistent Demand
• Latent Demand (Customers Share A Need That Can’t Be Satisfied By An Existing Product)
• Declining Demand
• Irregular Demand (Seasonal, Monthly Etc.)
• Full Demand
• Overfull Demand (More Consumers Would Like To Buy That Can Be Satisfied)
• Unwholesome Demand (May Be Attracted To Products That Have Undesirable Social Consequences)
Market = A Collection Of Buyers And Sellers Who Transact Over A Particular Product Or Product Class. There Are 4
Key Customer Markets:
• Consumer Markets
• Business Markets
• Global Markets
• Nonprofit & Governmental Markets
Core Marketing Concepts
There’s A Following Core Set Of Concepts:
1
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,1. Needs, Wants, And Demands
Marketers Do Not Create: Needs Pre-Exist Marketers. There Are 5 Types Of Needs?
• Stated Needs (Customer Wants An Inexpensive Car)
• Real Needs (Customers Wants A Care Whose Operating Cost, Not Initial Price, Is Low)
• Unstated Needs (Customer Expects Good Dealer Service)
• Delight Needs (Customer Would Like The Dealer To Include Gps)
• Secret Needs (Customer Want Friends To See Him As A Savvy Customer)
2
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Distribution of this document is illegal
, 2. target markets, positioning, and segmentation
marketers identify distinct segments of buyers by identifying demographic, psychographic and behavioral differences
between them. they then decide which segments present the greatest opportunities.
3. offerings and brands
companies address customer needs by putting forth value proposition = a set of benefits that satisfy those needs.
4. marketing channels
to reach a target market, the marketer uses 3 kinds of marketing channels
• communication channels = deliver and receive messages from target buyers (newspapers, radio, posters,
smart phone etc.)
• distribution channels = help display, sell, or deliver the physical product/service to the buyer/user (direct
internet, phone or indirect via distributors, retailers etc.)
• service channels = to carry out transaction with potential buyers (warehouses, banks etc.)
5. paid, owned and earned media
• paid media = tv, sponsorships, all of which allow marketers to show their ad for a fee.
• owned media = communication channels the marketer owns, like a brochure/website.
• earned media = which consumers, the press or other outsiders voluntarily communicate something about the
brand via worth of mouth, viral marketing methods or buzz.
6. impressions and engagement
• impressions = consumers view a communication.
• engagement = customer’s attention and active involvement with a communication.
7. value and satisfaction
the buyer chooses the offering he or she perceives to deliver the most value, the sum of the tangible and intangible
benefits and costs. value = primarily a combination of quality, service, and price, called the customer value triad.
8. supply chain
the supply chain is a channel stretching from raw materials to components to finished products carried to final buyers.
9. competition
competition = all the actual and potential rival offerings and substitutes a buyer might consider.
10. marketing environment
marketing environment = the task environment and broad environment.
• task environment = the actors engaged in producing, distributing and promoting the offering.
• broad environment = demographic, economic, social-cultural, natural, technological and political-legal
environment.
new marketing realities
besides the pace of change and the scale of technological achievement, the world become a smaller place due to globalization.
new transportation, shipping, and communication technologies have made it easier for us to know the rest of the world, to
travel, to buy and sell anywhere. globalization has made countries increasingly multicultural and it changes innovation and
product development as companies take ideas and lessons from one country and apply them to another. because marketing’s
effect extends to society as a whole, marketers must consider the ethical, environmental, legal and social context of their
activities. the organization’s task is thus to determine the needs, wants, and interests of target markets and satisfy them more
effectively and efficiently than competitors while preserving/enhancing consumers’ and society’s long-term well-being.
dramatically changed marketplace
some of the new consumer capabilities:
• consumers can use the internet as a powerful information and purchasing aid.
• consumers can search, communicate, and purchase on the move.
• consumers can tap into social media to share opinions and express loyalty.
• consumers can actively interact with companies.
• consumers can reject marketing they find inappropriate.
at the same time, globalization, social responsibility and technology have also generated a new set of capabilities to help
3
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, companies cope and respond:
• companies can use the internet as a powerful information and sales channel, including for individually differentiated
goods.
• companies can collect fuller and richer information about markets, customers, prospects and competitors.
• companies can reach consumers quickly and efficiently via social media and mobile marketing, sending targeted ads,
coupons and information.
• companies can improve purchasing, recruiting, training and internal and external communications.
• companies can improve their cost efficiency.
4
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