Marketing management Kotler & Keller
Part 1 chapter 1 Defining Marketing for the new realities
The value of marketing
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.
Marketing decision making
CEO’s recognize that marketing builds strong brand and a loyal customer base, intangible assets that
contribute heavily to the value of a firm. 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 what marketing is, how it works, who does it, and what is
marketed.
What is marketing?
Marketing is about identifying and meeting human and social needs. One of the shortest good
definitions of marketing is ‘’meeting needs profitably’’. Firms need to turn these private and social
need into a profitable business opportunity.
We see marketing management as the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating superior customer
value. We can distinguish between a social and managerial 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 and services of value with others.
Selling is not the important part of marketing! The aim of marketing is to make selling superfluous.
The aim of marketing is to know and understand the customer so well that the product or service fits
him and sells itself.
What is marketed?
Marketers market 10 main types of entities: goods, services, events, experiences, persons, places,
properties, organizations, information, and ideas.
Goods; physical goods constitute the bulk of most countries production and marketing efforts.
Services; as economies advance, a growing proportion of their activities focuses on the production of
services. Services include the work airlines, hotels, car rental firms, barbers and beauticians,
maintenance and repair people, and accountants, bankers, lawyers, engineers, doctors, software
programmers, and management consultant. Many market offerings mix goods and services, such a
fast-food meal.
Events; marketers promote time-based events, global sporting events and local events.
Part 1 chapter 1 Defining Marketing for the new realities
The value of marketing
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.
Marketing decision making
CEO’s recognize that marketing builds strong brand and a loyal customer base, intangible assets that
contribute heavily to the value of a firm. 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 what marketing is, how it works, who does it, and what is
marketed.
What is marketing?
Marketing is about identifying and meeting human and social needs. One of the shortest good
definitions of marketing is ‘’meeting needs profitably’’. Firms need to turn these private and social
need into a profitable business opportunity.
We see marketing management as the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating superior customer
value. We can distinguish between a social and managerial 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 and services of value with others.
Selling is not the important part of marketing! The aim of marketing is to make selling superfluous.
The aim of marketing is to know and understand the customer so well that the product or service fits
him and sells itself.
What is marketed?
Marketers market 10 main types of entities: goods, services, events, experiences, persons, places,
properties, organizations, information, and ideas.
Goods; physical goods constitute the bulk of most countries production and marketing efforts.
Services; as economies advance, a growing proportion of their activities focuses on the production of
services. Services include the work airlines, hotels, car rental firms, barbers and beauticians,
maintenance and repair people, and accountants, bankers, lawyers, engineers, doctors, software
programmers, and management consultant. Many market offerings mix goods and services, such a
fast-food meal.
Events; marketers promote time-based events, global sporting events and local events.
