Marketing Management by Philip Kotler in Hindi audiobook Chapter 1

Marketing School Hindi

20 Mar 202412:13

Summary

TLDRThe script discusses the transformative impact of technology, globalization, and social responsibility on marketing and business practices. It highlights how sharing information has become a new form of power, and how businesses are leveraging online communities and innovative tools like iPads to enhance efficiency and customer engagement. The script also explores the rising influence of emerging markets and multicultural consumer bases, the importance of corporate social responsibility, and the evolving capabilities of consumers and companies in the digital age.

Takeaways

🌐 Information is power: The script emphasizes that sharing information is a significant power in the tech industry, with companies like SAP leveraging their online community for product development contributions.
🔑 Marketing innovation: Companies like Jen's Place Barber Shop use innovative marketing strategies, such as offering free products in exchange for customer data, to reduce marketing costs and increase repeat business.
📈 Impact of technology on sales: The script discusses how technology has affected traditional marketing and sales, with one company providing iPads to its sales team to improve data quality and efficiency.
🌍 Globalization's effect: The script highlights the ease of global trade and communication due to new technologies, and predicts a significant increase in emerging markets' consumption by 2025.
📊 Emerging markets' growth: It is noted that developing markets like Brazil and Egypt have a large population of young people, indicating potential for rapid growth in the middle class.
💡 Multicultural influence: The script points out that globalization has made countries more multicultural, with minorities in the U.S. having increasing economic power and purchasing influence.
🛍️ Companies adapting to multiculturalism: Many companies are planning to increase or maintain multicultural marketing budgets to cater to diverse consumer bases.
🏭 Innovation through global learning: Companies are innovating by adopting ideas and practices from one country and applying them in another, as illustrated by a portable ultrasound scanner adapted for the Chinese market.
🌳 Corporate social responsibility: The script discusses the private sector's role in addressing global issues like poverty, pollution, and climate change, with an emphasis on corporate social responsibility.
📈 Marketing 3.0: The concept of Marketing 3.0 is introduced, which is customer-centric and values-driven, requiring companies to understand and meet consumer needs while maintaining a positive societal impact.
📱 Technology's role in consumer empowerment: The script explains how technology has empowered consumers with access to information, price comparisons, and the ability to express opinions and loyalty through social media.

Q & A

How is technology transforming the concept of power in the business world?
-Technology is shifting the power dynamics by enabling information sharing and empowering software companies. It is now recognized that sharing information can lead to a powerful online community, as seen with the 2 million members in the SaaS company's community.
What strategy did the company implement to attract customers for product development?
-The company chose 100 people annually to contribute to product development. In return, they offered free cut shampoo and hot towel treatment, requiring customers to provide their name, phone number, email, address, and favorite social network.
What was the average marketing cost per customer for the company mentioned in the script?
-The average marketing cost per customer was 101 cents, which facilitated repeat purchases more easily.
How has technology impacted traditional marketing and sales force efficiency?
-Technology has significantly impacted traditional marketing and sales force efficiency by enabling real-time data entry through devices like iPads, improving data quality and saving time for other tasks.
What is the projected annual expenditure in emerging markets by 2025?
-By 2025, the annual expenditure in emerging markets is expected to reach $30 trillion, contributing to more than 70% of the global GDP growth.
Which countries are the fastest-growing in terms of middle-class development according to the script?
-The Philippines, China, and Peru are the fastest-growing countries in terms of middle-class development.
What is the projected increase in the purchasing power of African Americans, Asians, and Native Americans in the US from 2010 to 2015?
-The purchasing power of these groups is expected to grow from $1.6 trillion in 2010 to $2.1 trillion by 2015, which is 15% of the country's total.
What percentage of companies plan to increase or maintain their multicultural media budgets according to a survey?
-87% of companies are planning to increase or maintain their multicultural media budgets.
How has globalization changed innovation and product development for companies?
-Globalization has led to companies learning ideas from one country and applying them in another, as exemplified by the creation of a portable ultrasound scanner tailored to the Chinese market.
What are the three important aspects of Marketing 3.0 according to the authors mentioned in the script?
-The three important aspects of Marketing 3.0 are increased customer participation, collaborative marketing, and the rise of the creative society.
How have technological developments, globalization, and social responsibility changed the marketplace according to the script?
-These three forces have dramatically changed the marketplace by altering the marketplace channel structure, increasing competition, and providing consumers and companies with new capabilities.
What percentage of German consumers over the age of 65 were using the internet between 2011 and 2012?
-The percentage of German consumers over the age of 65 using the internet increased from 24% to 33% between 2011 and 2012.
How can consumers express loyalty and compare products, prices, and features from anywhere in the world at any time?
-Consumers can express loyalty and compare products, prices, and features by using the internet 24/7, reading user reviews, and ordering goods online from anywhere in the world.
What new capabilities have companies gained to cope and respond to market changes due to globalization, social responsibility, and technology?
-Companies have gained new capabilities such as using the internet as a powerful information and sales channel, collecting detailed information about customers, prospects, and competitors, and reaching targeted audiences quickly and efficiently through social media and mobile marketing.

Outlines

00:00

🌐 Global Impact of Technology on Marketing

The script discusses how technology is revolutionizing traditional marketing concepts, with information becoming a source of power. It highlights the role of online communities and customer participation in product development. An example is given where a company's online community of over 2 million customers, partners, and others are selected to contribute to product development. The script also touches on the use of free products in exchange for customer data, reducing marketing costs and increasing repeat purchases. It further explains how technology has affected traditional marketing tasks, with a pharmaceutical company distributing iPads to its sales team to improve data quality and save time. The narrative also covers the impact of globalization, the growth of emerging markets, and the increasing purchasing power of minorities in the US, with a focus on ethical marketing practices and the need for marketers to consider the societal impact of their strategies.

05:00

🛍️ Evolution of Marketing in the Digital Age

This paragraph delves into the third era of marketing, known as Marketing 3.0, which is driven by values and focuses on moving beyond product-centric and consumer-centric models. It emphasizes three key trends: customer empowerment, collaborative marketing, and the rise of creative society due to technological developments. The script mentions the importance of incorporating marketing values into corporate culture and mission, and the role of social media in creating a more expressive and collaborative market environment. It also discusses how consumers are seeking trustworthy advice and information from each other, leading to a shift in the market dynamics. The paragraph concludes by highlighting how technology, globalization, and social responsibility have dramatically changed the marketplace, providing consumers and companies with new capabilities.

10:03

📱 The Role of Technology in Enhancing Consumer Engagement

The final paragraph explores how technology has given companies new capabilities to cope with and respond to market changes. It discusses the use of the internet as a powerful information and sales channel, individualized products and services, and the importance of collecting detailed information about customers, prospects, and competitors. The script also touches on how companies can reach consumers quickly and efficiently through social media and mobile marketing, offering targeted discounts, information, and special deals. It concludes by noting the increased intolerance of consumers towards inappropriate and low-quality advertising, and how companies must adapt to these new consumer behaviors and expectations.

Mindmap

Keywords

💡Information Sharing

Information sharing refers to the practice of exchanging data, knowledge, and insights among individuals or organizations. In the video, it's highlighted that 'sharing information is power,' signifying a shift from the traditional idea that 'information is power.' This concept is central to the theme of collaboration and transparency in modern business practices.

💡Customer Engagement

Customer engagement involves creating meaningful interactions with customers to build loyalty and trust. The video mentions how companies like 'द जेंस प्लेस बबर शॉप' engage customers by offering free services in exchange for personal information, which helps in building a strong client base and reduces marketing costs.

💡Sales Force Efficiency

Sales force efficiency is the effectiveness of a sales team in achieving its goals. The video describes how a pharmaceutical company provided iPads to its sales team to improve real-time data entry, enhancing data quality and saving time for other tasks, thus boosting overall efficiency.

💡Globalization

Globalization refers to the increasing interconnectedness and interdependence of the world. The video discusses how new transportation, shipping, and communication technologies have made it easier to interact globally, leading to significant economic growth in emerging markets and affecting various industries.

💡Emerging Markets

Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. The video projects that by 2025, annual consumption in these markets will reach $30 trillion, significantly contributing to global GDP growth and transforming global financial services.

💡Corporate Social Responsibility (CSR)

CSR refers to companies taking responsibility for their impact on society and the environment. The video highlights how firms are increasingly focusing on CSR to improve living conditions and address issues like poverty and climate change, integrating social responsibility into their business models.

💡Marketing 3.0

Marketing 3.0 is a concept where marketing is driven by values and aims to treat customers as whole human beings with minds, hearts, and spirits. The video explains that this approach goes beyond product-centric and consumer-centric models, emphasizing human and emotional elements in marketing.

💡Consumer Capabilities

Consumer capabilities refer to the abilities of consumers to access information and make purchases through technology. The video illustrates how consumers use the internet and mobile devices for product research, comparison, and purchasing, leveraging social media to share opinions and express loyalty.

💡Social Media Impact

Social media impact encompasses the influence of social media platforms on consumer behavior and business strategies. The video discusses how social media enables consumers to connect, share content, and interact with brands, highlighting its role in empowering consumers and shaping marketing efforts.

💡Technological Advancements

Technological advancements refer to the progress and innovations in technology that drive change. The video covers various technological developments, such as cheap internet, mobile devices, and open-source services, which have transformed traditional marketing, consumer behavior, and business operations.

Highlights

Information is power, and the sharing of information is transforming the landscape, with major software companies like SAP engaging with over 2 million customers, partners, and others in their online community.

The Genus Baber Shop in Frisco, Texas, attracted 5,000 clients by offering free haircuts and hot towel treatments in exchange for their contact information and favorite social media platforms.

The average marketing cost to add each customer was 101 cents, facilitating repeat purchases.

Technology has significantly impacted traditional marketing efforts, with companies like a pharmaceutical company equipping their entire sales team with iPads to enhance sales force efficiency.

iPads allowed the sales team to enter real-time data, improving data quality and saving time for other tasks.

Globalization has made the world a smaller place, with new transportation, shipping, and communication technologies making it easier to know, travel, and trade anywhere in the world.

By 2025, the annual expenditure in emerging markets is expected to reach $30 trillion, contributing over 70% to global GDP growth.

It is estimated that by 2050, 56% of global financial services expenditure will come from emerging markets.

In developing markets like India and Egypt, the majority of the population is under 25 years old, with a growing middle class.

The Philippines, China, and Peru are among the fastest-growing countries in terms of middle-class development.

Globalization has made countries more multicultural, with minorities in the U.S. having significant economic power and increasing purchasing power compared to the general population.

According to a report from the Terry College of Business at the University of Georgia, the total purchasing power of African Americans, Asians, and Native Americans in the U.S. is expected to rise from $1.6 trillion in 2010 to $2.1 trillion by 2015.

Hispanic purchasing power in the U.S. is projected to increase from $1 trillion in 2010 to $1.5 trillion by 2015, accounting for nearly 11% of the country's total.

A survey found that 87% of companies are planning to increase or maintain their multicultural media budgets.

Innovation and product development are changing due to globalization, as companies learn from one country and apply those insights in another.

For example, after not finding success with their premium ultrasound scanners in the Chinese market, GE developed a portable low-cost version tailored to Chinese market needs, which later succeeded globally.

Social responsibility has become increasingly important, with private sector companies taking on more responsibility and the concept of corporate social responsibility growing in importance.

Marketing must consider ethical, environmental, legal, and social aspects due to its impact on society, as outlined in 'Marketing 3.0' by Philip Kotler and Ivana Mae.

Customers today want marketers to see them as whole human beings, with needs that go beyond consumerism, which successful marketing must reflect through its human or motivational elements.

The third era of thought, known as 'Marketing 3.0', is driven by values and focuses on customer participation, collaborative marketing, globalization, and the rise of the creative society.

Technological developments, such as cheap internet, computers, mobile phones, open-source services, and systems, have enabled creative individuals to become more expressive and collaborative through social media.

Marketing can now help companies include marketing values in their corporate culture, vision, and mission, aiding creativity and spirituality.

The future of marketing is expected to be horizontal, with consumers relying more on each other for trustworthy advice and information, as products become more commoditized.

Some companies, like The Body Shop, Timberland, and Patagonia, are distinguishing themselves from competitors by adopting social responsibility and gaining significant sales and profits.

The market has dramatically changed due to technology, globalization, and social responsibility, providing consumers and companies with new capabilities and changing the marketplace structure and competition.

Consumers now have new abilities through social media, which is a rapidly growing phenomenon worldwide.

In Germany, the percentage of internet users over 65 years old increased from 24% to 33% between 2011 and 2012, with most of them engaged in social media services.

The number of Germans browsing the web wirelessly increased to 29 million in 2012 and was expected to reach 60 million by 2016.

Consumers can switch brands if they feel the company is not behaving properly or the offerings are not to their liking.

Progressive Insurance recognized the new consumer capabilities, as consumers can use the internet as a powerful tool for information, search, communication, and expression of opinions, as well as loyalty.

Companies can use the internet as a powerful information and sales channel, offering individualized, differentiated products and services.

Companies collect detailed information about customers, prospects, and competitors to understand their needs, wants, and interests and offer better solutions.

Social media and mobile marketing allow companies to quickly and efficiently reach targeted audiences with tailored offers, information, recruitment, training, and improving internal and external communications.

Consumers can use smartphones and tablets more in their daily lives for product research, purchase making, and expressing opinions, loyalty, and interacting with companies.

Consumers can reject marketing if they find it inappropriate or of poor quality, with surveys showing that they are less tolerant of undesired marketing.

With new capabilities from globalization, social responsibility, and technology, companies can cope and respond to market changes and consumer demands.