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Book Review of Marketing Management by Kotler&Keller(15th edition)
Marketing Management by Kotler&Keller(15th edition)is the leading marketing textbook as the content has reflected newest changes in the marketing concepts and practices.As the book outlines,it has enriched the content with latest marketing concepts and cases such as the functions of viral marketing and social networks in marketing campaigns.
The book is quite up-to-date to analyze the current marketing trends to products and markets.However,it is criticized that to focus more on concepts on the paper rather than utility in practice although it contains abundant core marketing knowledge.
The Marketing Management has a very clear layout to introduce marketing concepts in a logical order,from up to bottom.It explains the core concepts with multiple cases and examples to help further structure the vision of marketing.
l Marketing is an organizational function,which is skilled at managing demand,with an aim to create value and boost growth of the revenue(Kotler and Keller,2016,pp29).
l To respond the rapid marketing change,markets need to monitor the six external forces–social-cultural,economic,demographic,natural,political-legal and technological,(pp93).
l To conduct marketing research economically,companies can use the Internet;engage employee wisdom;ask students to contribute ideas;examine competitors;and absorb partner’s expertise;Good marketing research is embodied by scientific and multiple methods,creativity,accurate model,healthy skepticism,cost and benefit analysis,and focus on ethics(pp121).
l Profitable consumers are essential to a company’s profits.It could cost five times more to attract a new customer than to keep a current consumer satisfied.To retain consumers,relationship marketing is the key,with an aim to meet the individual needs of the valued consumers(pp152).
l Customer behavior will be impacted by 3 factors:social,cultural and personal.Hence marketing research is expected to explore these factors.Social factors include family,social roles and statuses,and reference groups.Cultural factors refer to culture,subculture and social class.Personal factors refer to age,jobs,financial status,lifestyle,personality and self-concept etc(pp183).
l Business markets in contrast with consumer markets have fewer and larger consumers,a closer relationship between buyer and supplier,and more often to face a price inelastic demand(pp212).
l To internalize one’s company,the managers need to define the international marketing objectives and policies so as to determine if it should enter a few or more nations.The candidate countries shall be judged with three aspects:market attractiveness,risk,and competitive advantage(pp240).
l Online marketing could enable much greater interaction with consumers and encourage individualization via special designed online sites,including ads,display ads and emails;mobile marketing has become increasingly important for marketers to interact with customers in their daily life with either mobile phone or tablets or laptops(pp 630).
Marketing Management has introduced abundant core marketing concepts with multiple examples.The book has first explained the basic marketing knowledge such as the aim and function of marketing,and then provides deeper analysis on how to plan a successful marketing procedure.The book has described the marketing dynamics between consumers,companies,and external environment by studying how to connect consumers and how to build strong brands and create value in a fast-changing environment.Standing at the view of organizations,it proposed a brunch of marketing strategies to attract consumers and earn profits,such as using the MIS technology,applying the marketing research ideology,analyzing the changeable consumer demand,and adopting international marketing approaches.It also segments the consumer markets and business market separately to explore the marketing strategies targeting from individual to group.Numerous marketing terms have been explained,such as market segments and targets,brand positioning,4Ps,marketing mix,integrated marketing communications,mass communications,digital communications,personal communications and holistic marketing.Numerous examples from different industries and countries have been illustrated with vivid explanation,from Nike to Google,and from IBM to KFC.
“Strategic planning takes place at four levels:corporate,division,business unit,and product(pp57).”All the marketing aims and actions belong to the four levels and all the different layers of planning shall finally serve for one single aim–the corporate mission.This quote has not only distinguished the four layers that a strategic plan can be conducted for but has also outlined the structure in which divisions and business unites prepare their plans.Hence before carrying out any division,business unit or product plans,they shall be examined to be consistent with the corporate mission and plan,otherwise they are meaningless to perform.This further indicates large companies such as international companies shall attention the priority steps when they process their international expansion.
Phillip Kotler,one of the most authoritative marketing masters,is the Distinguished Professor teaching International Marketing at the Kellogg School of Management,Northwestern University,who also worked in mathematics at Harvard University.He obtained his master degree in economics at the University of Chicago and finished his Ph.D.at MIT in economics.Kotler has written over 20 books and meanwhile published over 150 articles in the marketing area.He is the first author to receive the American Marketing Association’s Distinguished Marketing Educator Award(1985)and is the only one to win the Alpha Kappa Psi award for the best annual article in the Journal of Marketing for three times(pp4).Kotler has been the chairman of the College of Marketing of the Institute of Management Sciences and also filled important positions in many marketing associations.
Kevin Lane Keller,the co-author,works as E.B.Osborn Professor of Marketing at the Tuck School of Business at Dartmouth College,whose specialized area is in marketing strategy,planning and branding(pp5).He has actively participated in many successful marketing programs of world’s most successful companies,such as Accenture,P&G,Samsung,and Disney.He has also made speeches and marketing seminars in various forums and provided training courses to very famous clients such as Coco-Cola,Google,GE,and IBM.His book Strategic Brand Management has been appraised as the“bible of branding”.
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