summary principles of marketing 19th edition kotler 9781292449364

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summary principles of marketing 19th edition kotler 9781292449364 Great timesaver, understand most important concepts in 30 minutes + important visuals included 2 / 4

summary principles of marketing 19th edition kotler 9781292449364

Chapter 1: Marketing- Creating customer value and engagement

Marketing definition

★ Keyword: Customer

★ “A set of strategies and activities involves acquiring and engaging customers, building strong customer relationships, and creating superior customer value” → Capture value from customers (customer buy BENEFITS) ★ The ultimate purpose of marketing: Profitability & Customer satisfaction Marketing process Customer needs, wants and demands ➢Needs: State of felt deprivation (ex. basic physical needs, social needs, individual needs) ➢Wants: The form of human needs taken as they are shaped by culture and individual personality

➢Demands: Human wants that are backed by buying power

Market offerings- Products, services, solutions and experience ➢Market offerings: Some combination of products, services, solutions, and experiences offered to a market to satisfy a need or want.→ Create experience ➢Marketing myopia: The mistake of paying more attention to the specific products than to the benefits, and experiences produced by these products.○Customers will have the same need but will want the new product.

2.Need to look beyond the attributes of the products and services they sell. 3 / 4

summary principles of marketing 19th edition kotler 9781292449364 Marketing orientation No.OrientationDefinition

• Production concept

“Consumers will favor products that are available and highly affordable One of the oldest orientation → Focus on production and distribution

→ Disadvantage: May lead to marketing myopia

• Product concept

“[...] favor products that offer the most in quality, performance, and

Characteristics: Product-centered make-and-sell

→ Disadvantage: May lead to marketing myopia

• Selling concept

“ Consumers will not buy enough of the firm’s products unless the large-scale (aggressive) selling and promotion effort” Typical with unsought products (types of products that buyers do

Characteristics: Inside-out perspective

→ Disadvantage: High risk

• Marketing concept

“[..] achieving organizational goals depends on knowing the needs and delivering the desired satisfactions better [...]”

Key focus: Customer focus and value

Characteristics: Customer-centered sense-and-respond; outside-in

• “[...] a company’s marketing decisions should consider consumer’s
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