Chapter1Philip Kolter- Excellent Marketing Management Summary by Cajetan D%27souza
MARKETING MANAGEMENT
Chapter 1 Marketing in the 21st century
Courtesy: Marketing Management by Philip Kotler 10th Edition
Chapter 1 Marketing in the 21st century
Scope of Marketing
Marketing people are involved in 10 types of entities:
• Goods like eggs, steel, cars (Maruti!!!! Wow)
• Services like airlines, hotels, barbers
• Experiences like Walt Disney world’s magic kingdom, at planet Hollywood
• Events like Olympics, trade shows, sports events
• Persons like celebrity marketing by making major film star as brand ambassador etc.
• Places like cities, states, nations to attract tourists, factories, company headquarters, and new residents, like we use TAJ or say Nainital
• Properties like real state owners market properties or agent markets securities
• Organizations thru’ Corporate identity ads like by using tag line ‘Lets make things better’, or like Richard Branson (virgin) or Phil knight of Nike are some identity
• Information like thru encyclopedias, CDs and visit the internet for information. This is information marketing
• Ideas like the buyer of a drill are really buying a hole. Church should market itself as a place of worship or a community center.
Eight different states of demand:
• Negative demand: if a major part of market dislikes the product and may even pay a price to avoid it – vaccinations, gall bladder operations etc. Marketing task is to analyse why the market dislikes the product and whether a marketing program can change beliefs and attitudes.
• No Demand: Target consumers may be unaware of or uninterested in the product. Ex. College students may not be interested in foreign language courses. Marketing should look for ways to benefit others with their product and of course thus sell their product
• Latent demand: Market feels strong needs for some products like harmless cigarettes. Marketer needs to measure size of this market and develop such goods
• Declining demand: Market for product declines. Then
Chapter 1 Marketing in the 21st century
Courtesy: Marketing Management by Philip Kotler 10th Edition
Chapter 1 Marketing in the 21st century
Scope of Marketing
Marketing people are involved in 10 types of entities:
• Goods like eggs, steel, cars (Maruti!!!! Wow)
• Services like airlines, hotels, barbers
• Experiences like Walt Disney world’s magic kingdom, at planet Hollywood
• Events like Olympics, trade shows, sports events
• Persons like celebrity marketing by making major film star as brand ambassador etc.
• Places like cities, states, nations to attract tourists, factories, company headquarters, and new residents, like we use TAJ or say Nainital
• Properties like real state owners market properties or agent markets securities
• Organizations thru’ Corporate identity ads like by using tag line ‘Lets make things better’, or like Richard Branson (virgin) or Phil knight of Nike are some identity
• Information like thru encyclopedias, CDs and visit the internet for information. This is information marketing
• Ideas like the buyer of a drill are really buying a hole. Church should market itself as a place of worship or a community center.
Eight different states of demand:
• Negative demand: if a major part of market dislikes the product and may even pay a price to avoid it – vaccinations, gall bladder operations etc. Marketing task is to analyse why the market dislikes the product and whether a marketing program can change beliefs and attitudes.
• No Demand: Target consumers may be unaware of or uninterested in the product. Ex. College students may not be interested in foreign language courses. Marketing should look for ways to benefit others with their product and of course thus sell their product
• Latent demand: Market feels strong needs for some products like harmless cigarettes. Marketer needs to measure size of this market and develop such goods
• Declining demand: Market for product declines. Then