summary principles of marketing 19th edition kotler 9781292449364
, summary principles of marketing 19th edition kotler 9781292449364
Great timesaver, understand most important concepts in 30 minutes + important visuals
included
, summary principles of marketing 19th edition kotler 9781292449364
Chapter 1: Marketing- Creating customer value and engagement
Marketing definition
★ Keyword: Customer
★ “A set of strategies and activities involves acquiring and engaging customers, building
strong customer relationships, and creating superior customer value” → Capture value
from customers (customer buy BENEFITS)
★ The ultimate purpose of marketing: Profitability & Customer satisfaction
Marketing process
Customer needs, wants and demands
➢ Needs: State of felt deprivation (ex. basic physical needs, social needs, individual needs)
➢ Wants: The form of human needs taken as they are shaped by culture and individual personality
➢ Demands: Human wants that are backed by buying power
Market offerings- Products, services, solutions and experience
➢ Market offerings: Some combination of products, services, solutions, and experiences offered to
a market to satisfy a need or want.
→ Create experience
➢ Marketing myopia: The mistake of paying more attention to the specific products than
to the benefits, and experiences produced by these products.
○ Customers will have the same need but will want the new product.
2. Need to look beyond the attributes of the products and services they sell.
, summary principles of marketing 19th edition kotler 9781292449364
Marketing orientation
No. Orientation Definition
“Consumers will favor products that are available and highly affor
One of the oldest orientation
1 Production concept → Focus on production and distribution
→ Disadvantage: May lead to marketing myopia
“[...] favor products that offer the most in quality, performance, an
Characteristics: Product-centered make-and-sell
2 Product concept → Disadvantage: May lead to marketing myopia
“ Consumers will not buy enough of the firm’s products unless the
large-scale (aggressive) selling and promotion effort”
Typical with unsought products (types of products that buyers do
Characteristics: Inside-out perspective
3 Selling concept → Disadvantage: High risk
“[..] achieving organizational goals depends on knowing the needs
and delivering the desired satisfactions better [...]”
4 Marketing concept Key focus: Customer focus and value
Characteristics: Customer-centered sense-and-respond; outside-in
- “[...] a company’s marketing decisions should consider consume
, summary principles of marketing 19th edition kotler 9781292449364
Great timesaver, understand most important concepts in 30 minutes + important visuals
included
, summary principles of marketing 19th edition kotler 9781292449364
Chapter 1: Marketing- Creating customer value and engagement
Marketing definition
★ Keyword: Customer
★ “A set of strategies and activities involves acquiring and engaging customers, building
strong customer relationships, and creating superior customer value” → Capture value
from customers (customer buy BENEFITS)
★ The ultimate purpose of marketing: Profitability & Customer satisfaction
Marketing process
Customer needs, wants and demands
➢ Needs: State of felt deprivation (ex. basic physical needs, social needs, individual needs)
➢ Wants: The form of human needs taken as they are shaped by culture and individual personality
➢ Demands: Human wants that are backed by buying power
Market offerings- Products, services, solutions and experience
➢ Market offerings: Some combination of products, services, solutions, and experiences offered to
a market to satisfy a need or want.
→ Create experience
➢ Marketing myopia: The mistake of paying more attention to the specific products than
to the benefits, and experiences produced by these products.
○ Customers will have the same need but will want the new product.
2. Need to look beyond the attributes of the products and services they sell.
, summary principles of marketing 19th edition kotler 9781292449364
Marketing orientation
No. Orientation Definition
“Consumers will favor products that are available and highly affor
One of the oldest orientation
1 Production concept → Focus on production and distribution
→ Disadvantage: May lead to marketing myopia
“[...] favor products that offer the most in quality, performance, an
Characteristics: Product-centered make-and-sell
2 Product concept → Disadvantage: May lead to marketing myopia
“ Consumers will not buy enough of the firm’s products unless the
large-scale (aggressive) selling and promotion effort”
Typical with unsought products (types of products that buyers do
Characteristics: Inside-out perspective
3 Selling concept → Disadvantage: High risk
“[..] achieving organizational goals depends on knowing the needs
and delivering the desired satisfactions better [...]”
4 Marketing concept Key focus: Customer focus and value
Characteristics: Customer-centered sense-and-respond; outside-in
- “[...] a company’s marketing decisions should consider consume
