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Philip kotler principles of marketing pdf how to#

The marketer develops an integrated marketing plan that will deliver value to customers.

Companies should deliver value in a way that maintains consumers and society’s well-being.Ĭonstructing an integrated marketing planĪ marketing strategy outlines which customers it will serve and how it will create value. The societal marketing concept is the idea that a company’s marketing decisions should consider consumer wants, the company’s requirements, consumers’ long-term interests and society’s long-term interests.It can be regarded as an “outside-in view”. The marketing concept: the idea that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.The selling concept: the idea that consumers will not buy enough of the firm’s product, unless it undertakes a large-scale selling and promotion effort.The product concept: the idea that consumers will favour products that offer the most quality, performance, and features and that the organisation should therefore devote its energy to making continuous product improvements.

The production concept: the idea that consumers will favour products that are available and highly affordable and that the organisation should therefore focus on improving production and distribution efficiency.

There are five alternative concepts that companies use to carry out their marketing strategy. A value proposition is the set of benefits or values a company promises to deliver.

Philip kotler principles of marketing pdf how to#

A company must also decide how to serve the targeted audience, by offering a value proposition. The target audience can be selected by dividing the market into customer segments ( market segmentation) and selecting which segments to go after ( target marketing). The aim is to find, attract, keep and grow the targeted customers by creating and delivering superior customer value. Marketing management is the art and science of choosing target markets and building profitable relationships with them. Marketing involves serving a market of final consumers in the face of competitors.ĭesigning a customer-driven marketing strategy

A market is the set of all actual and potential buyers of a product or service.

Marketing consists of actions trying to build an exchange relationship with an audience.

Exchanges are the acts of obtaining a desired object form someone by offering something in return.

Value and satisfaction are key building blocks for customer relationships.

The phenomenon of marketing myopia is paying more attention to company products, than to the underlying needs of consumers. These can be physical products, but also services – activities that are essentially intangible.

Market offerings are a combinations of products, services and experiences offered to a market to satisfy a need or want.

Demands are human wants that are backed by buying power. Wants are the form human needs take as they are shaped by culture and individual personality. Human needs are states of felt deprivation and can include physical, social and individual needs. There are five different core customer and marketplace concepts. Understanding the marketplace and customer needs A five-step model of the marketing process will provide the structure of this chapter. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

Marketing must be understood in the sense of satisfying customer needs. Simply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Back to top Chapter 1: Basic concepts of marketing