Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know
by Philip Kotler
If you’re working in marketing and haven’t read one of these books then you = crazy!
Seriously, he’s like the godfather of marketing.
This book of his in particularly, I love because it’s so simple: just summary of different marketing concepts. So every time you’re stuck, or want a bit of a refresher – just palm through the book (or choose a random page) and get some new ideas from thee master.
Here’s a few of my favourite pieces from the godfather aka Philip Kotler
(headings = mine, all quotes directly from the book)
1. How’s your customer experience?
“Don’t just sell a product. Sell an experience.”
2. Strategy is about choice and what to leave out
“Strategy. Any goal can be pursued in a variety of ways. It is the job of strategy to choose the most effective course of action for attaining objectives.”
3. Marketing should begin before the product (too often it just starts with the promotion)
“Selling starts only when you have a product. Marketing starts before a product exists. Marketing is the homework your company does to figure out what people need and what your company should offer.”
4. It’s the customer control era
“The chant of the Industrial Revolution was that of the manufacturer who said, ‘This is what I make, won’t you please buy it?’ The call of the Information Age is the consumer asking, ‘This is what I want, won’t you please make it?’
5. A handy definition of marketing if you can remember it
“Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, communicating, and delivering superior customer value.”
6. Constant sales promotions are a bad idea.
“Sales promotions in general should be used sparingly. Incessant prices off, coupons, deals, and premiums can devalue the brand in the consumers’ minds. They can lead customers to wait for the next promotion instead of buying now.”
7. How much is your business worth?
“A business is worth no more than the lifetime value of its customers.”
8. The end of the TV campaign?
“Will mass advertising diminish in its influence and use? I think so.”
9. You may need to eat yourself, no seriously!
“Change, not stability, is the only constant. Companies today have to run faster to stay in the same place. Some say that if you remain in the same business, you will be out of business. Note that companies such as Nokia and Hewlett-Packard gave up their original businesses. Survival calls for self-cannibalization.”
10. We are not all equal
“The conclusion: Treat every customer with care but not necessarily equally.”
Want more? Get the book here.
He’s written a ton of other books as well – I’d also recommend Marketing Management as another good classic read.