1503lamsPhilip Kotler Marketing Mantra CCDVTP

Summary

The 'Mantra of Marketing' revolves around three core principles: creating, communicating, and delivering value to a target market at a profit. It emphasizes product management (creating value), brand management (communicating value), and customer management (delivering value). The evolving landscape of marketing introduces open innovation, emotional branding, and co-creating with customers. Companies must now engage with external experts and involve customers in product and advertising development. The approach shifts from traditional methods to more collaborative and emotionally driven strategies that focus on both profit and social responsibility.

Takeaways

• 😀 The mantra of marketing is 'Create, Communicate, and Deliver value to a target market at a profit.'
• 😀 Creating value is tied to product management, which involves developing and managing the product or service, whether tangible or intangible.
• 😀 Communicating value is called brand management, where the focus is on building a brand's emotional connection, differentiation, and excitement.
• 😀 Delivering value refers to customer management, which focuses on understanding and meeting customer needs effectively.
• 😀 Product management has shifted from being an inside process involving scientists and engineers to a more open model involving external collaboration, like with global scientists.
• 😀 Open innovation is now a crucial part of product management, allowing companies to tap into the best ideas from external sources to solve problems.
• 😀 Brand management is no longer just about logos and packaging; it's about creating an emotional connection with customers and a deeper sense of purpose.
• 😀 The concept of 'Spirit Share' extends beyond mindshare and heartshare, focusing on connecting with customers' broader values, such as corporate social responsibility.
• 😀 Customer management today goes beyond simply using databases for marketing; it involves creating a deeper relationship and co-creating products and advertisements with customers.
• 😀 The radical change in customer management encourages businesses to seek customer input and involvement in product creation and advertising, making the process more collaborative.
• 😀 Overall, the evolving mantra highlights the need for businesses to innovate in product, brand, and customer management to stay relevant and profitable.

Q & A

What does the mantra 'Create, Communicate, and Deliver Value to a Target Market at a Profit' mean?

It refers to the fundamental role of marketing, which involves creating value through products or services, communicating that value effectively to the target audience, and delivering it profitably. The mantra emphasizes the importance of these three key elements in the marketing process.

What is the difference between product management and brand management?

Product management focuses on creating value through products or services, whether tangible or intangible. Brand management, on the other hand, is about communicating that value, creating excitement, differentiation, and emotional connections with consumers. Both are essential but serve different purposes in the marketing process.

How has product management evolved over time?

Historically, product management involved creating products internally with the help of a company's scientists and engineers. However, today, it has evolved into a more open approach, where companies like Procter & Gamble collaborate with external innovators and scientists worldwide to solve problems and improve products.

What is open innovation, and how is it changing product management?

Open innovation refers to the practice of seeking the best ideas from external sources, rather than relying solely on internal resources. Companies now collaborate with innovators from around the world to solve problems and bring new ideas into product development, as seen with Procter & Gamble’s use of external expertise in product creation.

What does brand management mean today compared to the past?

Brand management today goes beyond packaging, logos, and names. It’s about creating an emotional connection with consumers. Brands are now viewed as promises that inspire and reflect values, emotions, and even corporate social responsibility. The brand is more than just a product; it’s an experience.

What is meant by 'spirit share' in brand management?

'Spirit share' refers to a brand’s ability to connect with consumers on a deeper, more emotional level. It's about creating a relationship that goes beyond the individual's personal interests, extending to values like civic engagement and caring about the greater good, which is an important aspect of modern branding.

How has customer management changed in recent years?

Customer management is no longer just about maintaining a database and sending direct marketing materials. It has shifted to a more interactive, relationship-based approach where companies actively involve customers in product creation and even in co-creating advertising. It’s about knowing customers deeply and fostering long-term relationships.

What role does customer involvement play in modern customer management?

Customer involvement is central to modern customer management. Companies now seek to co-create products with their customers and even involve them in the advertising process. This level of engagement helps build stronger connections and ensures that the products and messaging resonate more deeply with the target audience.

How is brand management connected to emotional relationships with customers?

Brand management today is deeply rooted in creating emotional relationships with customers. Brands are not just about what they sell but how they make consumers feel. They need to inspire trust, loyalty, and passion, which requires understanding and aligning with the customers’ emotions, values, and experiences.

What does it mean to have a brand promise?

A brand promise is a commitment made by a company to its customers about the experience, quality, or values they can expect. It’s the emotional or functional benefit the brand guarantees to deliver, and it’s fundamental in building a lasting relationship with consumers. It guides everything a brand does, from product development to customer service.