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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Listen to the Intro
Kotler on Marketing summary
Philip Kotler
How to Create, Win, and Dominate Markets
20 mins
Table of Contents
Kotler on Marketing
summarized in 6 key ideas
Audio & text in the Blinkist app
Key idea 1 of 6
The five steps in any successful marketing campaign are: research, target, position, implement, and evaluate.
Open a few books on marketing, and you’ll notice a trend: most focus on for-profit marketing. While these blinks follow this tradition as well, marketing needs extend far beyond commercial enterprises. All kinds of organizations face marketing problems – universities compete for students, political parties vie for votes, and churches try to attract parishioners.
What’s common to all of these organizations is the desire to attract resources from the public. These resources include money, sure – but also engagement, interest, votes, reviews, or good word-of-mouth. The challenge for any marketer is figuring out how to persuade people to hand them over.
We’ll lay out a five-stage marketing method for doing just that. The strategy guiding this method is to offer people some perceived value in return for their resources.
The first stage, then, is research. Without research, a company enters the market blind. A newly launched product isn’t likely to meet with success if there isn’t a desire for it. That means that, prior to anything else, it’s essential to learn about consumers’ needs, tastes, and income levels – as well as about any likely competitors.
The next stage is to choose your target market. Consumers aren’t all the same, and not every consumer will be a profitable prospect. So, it pays to streamline your marketing efforts by targeting only those consumers that have the means, and the desire, to buy your product.
The third stage is to position your product to appeal to this market. Product positioning refers to how you plan on communicating the value of your offering to consumers. For example, the car manufacturer Volvo actively targets safety-conscious consumers by positioning their cars as the safest on the market.
At this point, it’s time to execute your vision by implementing marketing tactics. As we’ll see later, firms can adapt the so-called Four P’s framework – that is, product, price, place, and promotion – to help choose effective marketing tactics.
Once you’ve implemented your tactics, it’s time for the final stage: evaluation. You can’t rely on the same marketing strategy forever – it’s imperative to continuously test your marketing efforts to ensure they’re still effective. Successful companies are those that show a willingness to listen to customer feedback, undertake regular auditing, and adapt to good ideas wherever – and whenever – they emerge.
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What is Kotler on Marketing about?
Kotler on Marketing (1999) is a modern management classic. Based on Kotler’s popular lecture series, it condenses the expertise from his world-renowned marketing textbooks into an invaluable manual for managers.
Who should read Kotler on Marketing?
- Marketing students looking for a quick rundown of Kotler’s ideas
- Business executives who make difficult marketing decisions on a regular basis
- Anyone seeking to drum up public interest or improve their public image
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