Marketing management has turned out to be one of the core functions of all companies across the globe. It is an organizational domain that lays special attention towards the practical application of the marketing orientation. It also discusses the techniques and strategies in an organization while keeping in mind the management of marketing resources and activities undertaken. Marketing Management by Philip Kotler is a famous book for the marketing geeks.
What is Marketing Management?
The process of marketing management is a holistic topic that includes planning and execution of the conception along with strategies built for determining the pricing, promotion, and distribution of the items that a particular company deals in. These items can be an idea, good, or even services that offer to satisfy the customer and cater to the organizational goals.
It is quite necessary to note that marketing management is a process that requires proper analysis, step-by-step planning, careful implementation, and strict control of goods, services, and ideas. The idea behind the concept of the marketing management process is ‘exchange’.
The ultimate aim of this process is to provide satisfaction to the company, customers who are availing the product, suppliers, and channel members. Since marketing management is a vast topic in itself so it employs tools from economics and also relies on a competitive strategy that is relevant to the industry in which a particular company operates. Some examples are Porter’s five forces, analysis of value chain, etc.
Many businesses use competitor analysis for understanding the external environment and the impact it can have on the functioning of their own company. The marketers build detailed profiles of their competitors and highlight their unique features, competitive strengths, and weaknesses by using SWOT analysis.
Marketing managers are also responsible to keenly examine the cost structure, profit sources, resources, competencies, positioning, product differentiation, the degree of vertical integration, and other factors of each competitor to gain better insights. For conducting market research various techniques can be used such as:
- Qualitative marketing research: By using focus groups and different kinds of interviews
- Quantitative marketing research: By depending on statistical surveys
- Experimental techniques: By conducting tests in various markets
- Observational techniques: By relying on the on-site observation
About Philip Kotler
Philip Kotler is an American marketing author, consultant, and professor who was born on May 27, 1931. He is has written over 80 books. Some of the famous ones are Marketing Management, Principles of Marketing, Kotler on Marketing, Marketing Insights from A to Z, Marketing 4.0, etc.
Kotler has described strategic marketing as a link that connects the needs of society and the pattern which is seen in an industrial response. He is also known as the “The Father of Modern Marketing”.
Kotler also worked to create social marketing which will have a streamlined focus on aiding individuals and groups to modify their behaviors toward healthier and safer living styles. He also talked about the concept of “demarketing“. This is used to help reduce the level of demand. He has also developed the concepts of “prosumers,” “atmospherics,” and “societal marketing.”
Marketing Management by Philip Kotler
Marketing Management by Philip Kotler is one of the most popular books which was published in 1967. It happens to be an important book in the course curriculum of management students and many companies make use of the strategies that are mentioned in this book in real-world scenarios.
This book works like an absolute standard work in the marketing field even though it is more than 50 years old. For keeping the content up to date, an yearly new edition is rolled out in the market but it is necessary to highlight that the principles remain the same.
Marketing Management by Philip Kotler covers the entire idea behind marketing. Several concepts are dealt with in this book with simple and crisp examples which help the readers to grasp the content easily in less time. Some of these concepts are segmentation, branding, penning down a mission statement, and explanation of the various marketing channels that exist with their merits and demerits.
The most important thing conveyed by Philip Kotler is that a marketer should always look at one’s company, product, or service from the perspective of a customer. Additionally, he also explains the method to write a good marketing plan, how to analyze and predict the market, and most importantly how to measure the results of the marketing efforts undertaken.
Marketing Management by Philip Kotler also highlights disciplines like sales and ‘new’ marketing techniques which include an explanation of viral marketing via social media. This book is a comprehensive package and the most vital standard of work in the marketing domain.
- Target Market consists of buyers who have common needs or are identified as set people with similar characteristics to a particular company that serves them.
- Marketing 1.0 is known for reaching clients’ minds. Companies that follow 1.0 perform a good job, offer quality products to their customers, and generate earnings.
- Marketing 2.0 occurs when the companies want to learn more about their customers and sell them quality goods. They study large databases and offer their clients a differential service.
- Marketing 3.0 has an aim to sell products in the best possible way and also make the world a better place. In absolute terms, Marketing 3.0 provides all three: product, service, and value.
Marketing Management by Philip Kotler can be regarded as the actual blueprint for modern Marketing. It is a renowned book which is studied by students of Business Administration and Commercial Economics. Several concepts are explained in simple terms that make this book a reader’s choice.
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- What is Marketing Management?
It is the art and science of selecting the target markets, retaining, and generating more customers through building, delivering, and communicating worthier customer value.
- What are the advantages of Marketing Management?
Marketing Management widens the market, utilizes the resources optimally, increases the national income, and ultimately offers a better standard of living.
- What are the objectives of Marketing Management?
The objectives of Marketing Management are to increase customer satisfaction, generate and retain the customer base, profit maximization, earn goodwill, and increase the standard of living of customers.