Principal of Marketing by Philip Kotler and Garry Armstrong provides a rich depth to the marketing manager’s critical decision
making to achieve organisational mission with the limited resources that the organisation have. Marketing is not at all only as advertising and sells generation. But Marketing is a business function to identify consumer’s wants and needs, determining the target market and choice organisational strategy for the said target market.
The book has twenty chapters devoted to analyze Market & Marketing Process, Strategic Planning & Marketing Process, Global Marketing Environment, Marketing opportunities & Strategy, Marketing Research and
Information System, Consumers Buying Behavior, Business Buyer Behavior, Market Segmentation, Product and Service Strategy The Book also enlighten on New Product
Development and Product life cycle, Pricing Strategy, Distributing channel and Logistics Management, Retailing and Wholesaling, Integrated Marketing Communication Strategy, Advertising Sales Promotion and Public relations, Marketing Mix, personal Selling and sales Management, Online Marketing, Competitive strategic, Consumer Relationships, Marketing Ethics and Social Responsibility, Global; Marketplace and case Studies.
Principal of Marketing tells us to design appropriate products, and programs for the target market those goals to creating consumers satisfaction and organisations Profitability by building value-laden relationship with valued customers.
‘Principal of Marketing’ defines Marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The core concepts of marketing are needs, wants and demands; products and services; value, satisfaction and quality: exchange, transaction and relationships and markets. Wants are the form assumed by human needs when shaped by culture and individual personality. Marketing management can be guided by five different philosophies. The production concept holds that are available and highly affordable management’s task is to improve production efficiency and bring down price.
In second chapter ‘Principal of Marketing explains the four steps of strategic planning, discussed how to design Business portfolios and growth strategies including functional planning strategies, marketing process and the forces influence them, marketing management functions and elements.
The chapter ‘Global Marketing Environment’ describes environmental forces that affect the company’s capabilities to serve it’s customers, how the demographic and economic environment affect marketing decisions, identifies the major trends in the firms natural and technological environments and explains the key changes in political and cultural environments.
In chapter ‘Marketing Research and Information System’ outlines the importance of the company information, parts of information System, marketing research process and its advantage and disadvantages. The chapter ‘ Consumer Market and Consumer Buyer Behavior’ explain the simple models of buying behavior and the factors influence consumers buying behavior including adoption and diffusion process of new products. In chapter ‘Business Market and Business Buyer Behavior’ the book discussed the difference between the business market and consumer market, identifies the major factors influence the business buyer behavior. It also compared among the institutional and government market and their buying decision process.
In the Chapter ‘Market Segmentation’, the book defined three steps of target marketing- market segmentation, market targeting and market positioning based on consumer and business market. It also emphasis on attractive market segments and choosing market coverage strategy and explains maximum competitive advantage in the marketplace.
InChapter Product and Services Strategy, the book explains the major classifications of Product and Services, explain the role of product service branding, packaging, leveling and other support services. It also specifies developing product lines and mixes and additional marketing considerations. ‘New Product Development and Product Life Cycle Strategy’ shows how companies find and develop new product ideas, defines the steps of new product development process, stages of product life cycles and discuss the changes of marketing strategies.
In Chapter ‘Pricing Products’ the book gives a clear idea of identifying and defining the initial factors affecting pricing decisions, external factors of affecting price and consumers perception on price and value.
The chapter ‘Pricing Product: Pricing Strategy’ the book gives a critical analysis of the major strategies of pricing initiatives and new products. It gives an empirical analysis on finding a set of prices and maximizes the profit from total product mix; discuss how companies adjust their price to accommodate different type of consumers and situation.
The Chapter ‘Distribution Channel and Logistics Management’ describe the function of these channels, it members, alternatives, motivate and evaluate intergraded logistic management. ‘Retailing and wholesaling’ also an impotent chapter of this book that explain the roles of retailers and wholesalers and marketing decisions that facing retailer and wholesalers.
‘Integrated Marketing Communication Strategy’ is an important chapter of the book which defines the tools of promotion mix, effective marketing communication , setting promotional budgets, process of integrated marketing communication and it’s changing environment
In Chapter ‘Advertising, Sales Promotion and Consumer Relation’ the book defines the roles of advertising sales promotion and promotion mix. The chapter ‘Competitive Strategies’ has based on the fundamentals of competitive marketing strategies aimed to creating value for the Customers.
The nineteenth chapter tells about the Global Marketplace. It discussed the international trade system, economic, political, legal and cultural environments affecting the companies’ overseas marketing strategies.
The last chapter ‘Marketing and Society’ tell the principals of socially responsible marketing, explain the ethics in marketing and the public policy towards marketing.
The special feature of this book is that each and every chapter has supported with empirical instance, stories that reveals the drama of modern markings and relevant case studies, which makes it easygoing to all students and marketers.