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Marketing Management 3rd Edition



Marketing Management 3rd Edition PDF

Author: Philip Kotler, Kevin Lane Keller

Publisher: Pearson Education

Genres:

Publish Date: May 15, 2016

ISBN-10: 9781292093239

Pages: 976

File Type: PDF

Language: English

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Book Preface

What is Marketing
Management all about?

The US edition of Marketing Management is the world’s leading marketing text because its content and organisation consistently reflect changes in marketing theory and practice. The third European edition of Marketing Management has been inspired by the US editions and explores the challenges facing European marketing practitioners. Increased global competition for business in European markets has led to a need for firms to develop market offerings that are specially tailored to meet the requirements of individual countries and customers. In the sellers’ markets of yesteryear, competition was less pronounced and many firms concentrated on becoming costeffective performers. This led to a mindset known as the leastcost production paradigm.

The paradigm change to buyers’ markets calls for marketers to provide customers with what they want and has become a major challenge to supplying firms. It usually requires additional costs and may also involve substantial changes to their modus operandi. Additional costs are entailed as firms seekto meet customer-perceived value requirements. This normally involves offering a carefully tailored package of product and service benefits that makes up the required customer offering. This challenges supplying firms to ‘get up close and personal’ with their existing and potential customers. While this alone calls for firms to develop a consistent customeroriented approach to their businesses, there are further challenges thanks to the explosion of digital technology and the rapid expansion of social media in its wake.

Such challenges demand a reappraisal of traditional marketing practice. Traditional marketing mix approaches such as the 4Ps, the 7Ps and service-dominant logic can provide insight into how to meet the expectations of consumers in competitive economies. The traditional split between product and service marketing is best superseded by a composite approach that focuses on the need for suppliers to meet their customers’ perceived value expectations. Developing the right product or service and failing to serve a customer in the expected manner is as undesirable as taking trouble to offer a praiseworthy service while failing to provide a suitable product.

The explosive development of digital technology continues to have a profound effect for marketers. Firms now operate in a variety of direct and indirect channels. Mass advertising, while still an important tool in the marketing communication mix, has become less dominant as the major means of communicating with both existing and potential customers. New forms of communication are enriching the traditional communications mix and meeting today’s requirement to open up and sustain a two-way communication mix. The internet has spawned a host of powerful communication tools, such as email, blogs, podcasts and especially the explosion of social media vehicles such as Facebook and Twitter, to cite but two.

In response, companies are moving from managing strictly product or service portfolios to seeking to discover customerpreferred value attributes and benefits, enabling them to develop winning market offerings. Digitalisation has greatly empowered market research and big data can be generated, accessed and used at ever increasing speeds. The drive to personalise rather than standardise market offerings is potentially costly if pursued in a relatively undisciplined way. Marketers are paying close attention to efficiency in their spends across the spectrum of marketing activities covered in the chapters of this text, and displaying interest in seeking key metrics to measure their effectiveness. Monitoring payback and true profit potential on specific marketing initiatives is a difficult task owing to the nature of the mix of qualitative and quantitative variables that influences customer buying behaviour and the contextual dynamics and complexities of individual markets. Significant progress in the search for reliable metrics to assist firms to measure the financial return on their marketing investment is a key challenge for the decade.

As companies change their boardroom understanding of the importance of marketing practice they are increasingly regarding marketing activity not narrowly as a cost but as an investment that demands close attention. It is progressively being seen as a company-wide rather than a functional activity. It drives the company’s vision, mission and strategic planning. It is about identifying and consistently delivering customer-perceived value offerings to carefully targeted customers in the face of vibrant competition. This involves a host of vital decisions, such as who the company wants as its customers, which of their perceived needs to meet, what market offerings to develop, what channels of distribution to use and what partnerships to seek. Marketing can succeed only when all the key functions in an organisation work in a coordinated way to beat competitive organisations by consistently pleasing and delighting customers.

Marketing management

To achieve the right balance between the concepts of effectiveness and efficiency, marketers practise their expertise on a national, international and global scale. Marketing management is the design, development and implementation of marketing programmes, processes and activities that recognise the breadth and interdependencies of the business environment.

Marketing managers face four key tasks:

1 Develop a detailed and deep understanding of current and prospective customers. Much of this should come from regular direct contact with customers and from programmed ad hoc research to reveal new trends in customer preferences. Suitable customer-perceived value offerings should then be developed and introduced into the market as quickly as prudent to gain or maintain a sustainable competitive advantage.
2 Develop a detailed and deep understanding of existing and emerging competitors by regarding expenditure on suitable market research as an investment decision rather than a cost sign-off.
3 Develop a detailed and deep understanding of how markets are changing. This needs to be communicated clearly by regular briefing reports to all functional managers to facilitate a holistic approach to marketing in the company. Updated topics might include the state of key markets (context), distribution and marketing communication channels – especially social media.
4 Develop a strategic marketing approach to support corporate strategy. Seek to become a ‘market driver’ rather than be a company that is ‘market driven’. Marketing management recognises that ‘everything matters’ with marketing and that a broad, integrated perspective is necessary.

Organisation

The text specifically addresses the following operations that constitute the essence of modern marketing management:
1 Understanding marketing management.
2 Capturing marketing insights.
3 Connecting with customers.
4 Shaping and pricing the market offering.
5 Communicating value.
6 Delivering value.
7 Managing marketing implementation and control.
The most significant organisational changes in the European edition as compared with the US edition are as follows:
• All chapters provide a European focus and include illustrations drawn from European companies.
• The text argues the case for marketing management in Europe and explores its practice through the use of a number of marketing mixes.
• Management skills and the core requirements of a successful manager are introduced in this text, which sees management skills as critical for marketing managers.
• The aim of marketing management is the provision of customer-perceived value offerings to both consumers and business-to-business customers.
• The growth in digital marketing has provided marketing management with an array of tools, including the internet, mobile and smart phones, social networking and viral marketing, self-service technologies, dashboards and big data, to name but a few.
• To complement the use of digital technologies the text provides a window into the increasing interest in and use of creative marketing technologies.
• As marketing management becomes crucial in Europe, there is a need to ensure that marketing initiatives are both effective and efficient. The text devotes a whole chapter to exploring marketing metrics.
• A selection of topic templates, including formats to encourage readers to practise drawing up marketing plans, is also included.
• European case studies and exercises are featured to help readers bridge the gap between knowledge and practice.


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