- May 10 2021
The Father of Modern Marketing-Philip Kotler
The Father of Modern Marketing, Philip Kotler is currently rolling out embellishment in the marketing industry. Have you ever thought of how these companies make you into buying their product irrespective of your necessity, and why a ton of money companies spend on advertisements? All these traces back to marketing mogul Philip Kotler (born May 27, 1931 ) started college at DePaul University and got accepted in Master’s program in economics at the University of Chicago and later gained his Ph.D. at MIT in economics. He completed his postdoctoral work at Harvard University and the University of Chicago in mathematics and behavioral science.
Philip Kotler spent years studying how markets and marketing are turning turfs upside down. He is currently the S.C. Johnson & Son Distinguished Professor Of International Marketing at the Kellogg School Of Management at Northwestern University. He gave the definition of the marketing mix and authored 57 books on marketing including Marketing Management: Analysis, Planning, Implementation and Control, the epitome of the marketing world, and it is considered in all the business schools worldwide; Principles of Marketing; Marketing Models; Strategic Marketing for Nonprofit Organizations; The New Competition; High Visibility; Social Marketing; Marketing Places; Marketing for Congregations; Marketing for Hospitality and Tourism; The Marketing of Nations; Kotler on Marketing, Building Global Bio brands, Attracting Investors, Ten Deadly Marketing Sins, Marketing Moves, Market Your Way to Growth, Winning Global Markets, and Confronting Capitalism. He also published one hundred and fifty articles in world journals which later received an award of best articles.
The theory of marketing mix refers to four well-defined levels of marketing decision and focuses on four factors which are: Product, Place, Promotion, and Price. The correct alignment of these factors plays a vital role in business marketing. The marketing mix refers to the set of actions, or tactics, that a company uses to advertise its brand or product in the market.
The representation of 4P’s:
The product may be a service but whether it’s tangible or intangible some way your company must have product management that’s creating value but you have to communicate the value that’s branding, the entity that seems to meet a specific customer need or demand. All products went through the product life cycle and marketers need to understand and plan relatively. In the end, the categorization of potential buyers of a product must be done.
It covers how much the customer is expected to pay and how much market rivals are offering for the same, considering its supply chain costing and markups. Price is the perceived value of the product is to the customer, rather than an objective costing of the product on offer.
Distribution is the key to the product life cycle. The planning is done to find the most optimized route for the product and how the product is made accessible to the end-user.
The most essential factor of marketing of telling people off about the product through various marketing channels which includes: discounts, sales, special offers, and public relations regarding the product and decide which channel is most efficient for a particular product.
Philip Kotler has consulted for companies as International Business Machine, GM, BoA, and others in the segments of marketing strategy, marketing categorization, international marketing, and marketing planning.
He has been spreading the word in most of Europe, Asia, and South America, providing suggestions and lecturing to many organizations about how to apply economic and marketing science principles to increase competitiveness.
“Customers are the voters. They can make a brand or destroy it by a shift in their purchases.”
Many companies are destroyed as they weren’t able to bridge the gap between what they offer and the pricing of a product. Today take Procter and Gamble, the one’s making a new product for Procter&Gamble is not they’re scientists but they have connected with 10 times as many scientists outside, likewise, the old idea was you got to do things secretly in other you’re inventing something Unilever should know about closed doors. Now, P&G will tap scientists anywhere in the world where they have solutions to the problem that P&G wants to sell for example P&G make pringles and decided that for kids they’d like to print funny things on each Pringle which is a potato chip, how do you print a funny thing a picture or a word on a Kringle chip and their scientists couldn’t figure it out until they identified a cookie maker in Italy who has been printing things on his cookies, so its called open technology innovation is the word we’re giving find the best ideas anywhere they can come from so for product management we’ve opened it up to brand management the brand-building that used to mean packaging, it meant a name a logo brand management today is what you’re all about.
The Brand is a promise, the brand inspires everything you do the way you act when you’re approached. We want to get their help to get the customers to help in creating a product we want to co-create with the customer our products and we want even co-create our advertising we want their help in creating ads for a company. Now, this is a radical change in marketing.