Kotler Speak

In this post, I will lay down everything that I find important from Kotler, the acceptable bible of marketing.

Kotler 1

Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, communicating delivering and sustaining superior customer value.

The first test of sustainability is how easy it is for the competition to be able to replicate your business model.

A transaction is a trade of values between two parties.

A market place is physical, brick and mortar while a market space is digital, this is the market available on the internet. A metamarket is a cluster of complementary products and services that are closely related in the minds of customers but are spread across a diverse set of industries. The automobile metamarket consists of automobile manufacturers , new car and used car dealers, financing companies, insurance companies, mechanics, spare part dealers, service shops, auto magazines and the auto sites on the internet.

How business and marketing are changing?
Changing technology
Globalisation
Deregulation
Privatisation
Customer empowerment
Customization
Heightened competition
Industry convergence
Retail transformation
Disintermediation
Company Orientations

Business Orientations:

The production concept: It assumes that consumers will prefer products that are widely available and inexpensive.
The product concept concept believes that consumers will favour those products that offer the most quality, performance or innovative features. It orients towards the product.
The selling concept postulates that consumers and businesses will not buy the companies’ products/services if left alone. So the organisation must undertake an aggressive selling and promotional effort.
The marketing concept shifts the focus to the customer to a “sense and respond” philosophy. The job is not to find the right customers for your products but the right products for your customers.