Philip Kotler - Definition of Marketing Management | MIS | New Product, Decision Making, Personal Selling, Branding, with Biography

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Marketing

“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with other”

Physical distribution:

“Physical distribution involves planning, implementing and controlling the physical flow of materials and final goods from the point of origin of use to meet consumer needs at a profit.”

Advertising

Advertising is any paid form of non-personal presentation & promotion of ideas, goods, or services by an identified sponsor.

Marketing Mix

‘Marketing mix is the mixture of controllable marketing variable that the firm uses to pursue the sought level of sales in the target market’

Price

“Price is the amount of money charged for a product or service or the sum of the values that the consumers exchange for the benefits of having or using the product or service”

“Price is the only element in the marketing mix that produces revenue, the other elements produce cost.”

Branding

A”name, term, sign symbol (or a combination of these) that identifies the maker or seller of the product”

Decision Making

“A decision may be defined as a conscious choice among alternative courses of action.”

Market Segment

“ Market segmentation is sub-dividing a market into distinct and homogeneous subgroups of customers, where any group can conceivably be selected as a target market to be met with distinct marketing mix.”

Marketing Strategy

“Marketing strategy is the basic approach that the business unit will use to attain its goals and which comprises of elaborate decisions (strategies) on largest markets, market positioning and mix and marketing expenditure allocation. Moreover, the marketer should take care of the other two strategic aspects, viz., expected environment and competitive conditions while determining the marketing strategy”

New Product

New product mean original products, improved products, modified products and new brands which are developed by the firm through its own research and development efforts and includes those products which the consumers see as new. A new product is thus perceived differently by different people. It is a need satisfying concept with benefits for buyers bundle of need satisfying features; for marketers, a way to add value; for intermediaries, an opportunity to design; for R&D and to assemble and process for the production department.

Test Market

“Test marketing is the stage at which the product and marketing programs are introduced into more realistic market settings”.

Labelling

“The activities of designing and producing the container or wrapper for a product.”

MIS

“Marketing information system consist of people, equipment and procedures together,sort,analyse,evaluate and distribute the needed timely and accurate information and marketing decision makers. “

Personal Selling

“Personal selling is an ancient art. Effective sales persons have more than instinct; they are trained in a method of analysis and customer management. Selling today is a profession that involves mastering and applying a whole set of principles”.

Promotion

“Promotion includes all the activities the company undertakes to communicate and promote its products to the target market.”

About the Above Author

Biography: Philip Kotler

Philip Kotler is also the founding father of the famous Marketing Management theories: Decision Making Unit (DMU) and Five Product Levels.Philip Kotler obtained his M.Sc. from the University of Chicago and his Ph.D.D.) from the Massachusetts Institute of Technology.

Professor Kotler has advised companies such as IBM, General Electric, AT&T, Honeywell, Bank of America, Merck and others on marketing strategy and planning, marketing organization and international marketing.He has published over a hundred articles in leading journals, some of which have won Best Article awards.

He was a postdoctoral fellow in mathematics at Harvard University and behavioral sciences at the University of Chicago.Philips book Kotler Marketing Management (1967 , 1 th edition) is the world’s most widely used leading marketing textbook.

Marketing Management

Philip Kotler believes that marketing management theory must go beyond pricing theory and include the dynamics of innovation, distribution, and advertising systems in the analysis, explanation, and prediction of economic outcomes.

Some of the most famous concepts by Philip Kotler are the Decision Making Unit (DMU) and the five product levels.Throughout his career, Philip Kotler has advised many large companies on marketing strategy, planning and organization, and international marketing.

Achievements

On December 9, 1996, the Financial Times stated Marketing Management as one of the 50 best commercial enterprise books of all time.

In 2003, the Financial Times stated Kohler’s 3 principal contributions to advertising and to control.

1, he has achieved greater than another author or student to sell the significance of advertising, remodeling it from a peripheral activity, bolted directly to the greater “important” paintings of production.

2, he persisted a fashion began out via way of means of Peter Trucker, transferring emphasis far far from charge and distribution to an extra cognizance on assembly customers’ wishes and at the advantages obtained from a product or service.

3, he has broadened the idea of advertising from mere promoting to a greater well-known manner of communiqué and exchange, and has proven how advertising may be prolonged and implemented to charities, arts organization’s, political events and lots of different non-industrial situations.

The Financial Times on November 18, 2005, surveyed 1,000 executives in 25 international locations approximately the Most Influential Business Writers/Management Gurus, and Kohler ranked fourth after Peter Trucker, Bill Gates, and Jack Welch. Kohler’s contributions are defined in at the least one bankruptcy determined in each EEE book written, approximately the “gurus” of commercial enterprise and control.

On November 7, 2013, Kohler obtained the Badge of Honor of Officer of the Order of Academic Palms mounted in France with inside the nineteenth Century.
On November 19, 2013, Kohler became inducted into the Management Hall of Fame, in conjunction with 10 different control gurus.
On March 1, 2014, Kohler is range sixteen with inside the listing of the 30 World’s Top Management Professionals and the simplest marketer.
On May 28, 2014, Kohler is inducted with inside the Marketing Hall of Fame in New York City.
On April 23, 2016, Kohler obtained the Lifetime Achievement Award from the Leaders International on the sixth Global Leadership Awards.

Marketing Hero’s Note

I feel satisfied for attending this public lecture and meeting up the marketing guru and icon as well as my genuine marketing hero.

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Philip Kotler – Definition of Marketing Management | MIS | New Product, Decision Making, Personal Selling, Branding, with Biography