Philip Kotler: Marketing Strategy

this is the mantra Marketing CC DV TP I mean I don't know if your boss quoted that probably not because I just invented it but what it means is your job is to create communicate and deliver V value to a T target market at ap profit create communicate and deliver value to a target market at a profit now let's take the create communicating deliver creating value is called product management your product may be a service but whatever whether it's a tangible or an intangible some way your company must have product management that's a that's creating value but you have to communicate value that's called branding and that's brand management there's a difference between product management and brand management you could have five products what have you doing what have you done to brand them to communicate excitement differentiation and so on and then to deliver value is called customer management so you're in three businesses product management brand management and customer management and they've changed you know product management was really this business of you have a company and from the inside you make things and then you ask the sales and marketing people to get rid of them but you do it inside you do with your scientists and engineers what's changing in product management today take Procter and Gamble the ones making a new product for Procter & Gamble are not just they're scientists they have connected with 10 times as many scientists outside see the old idea was you got to do things secretly in other words you're inventing something that Unilever should know about closed doors now P&G will tap scientists anywhere in the world where they have solutions to a problem that P&G wants to sell for example P&G makes Pringles and they 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 it's called open technology open innovation is the the word we're giving find the best ideas anywhere they can come from so with respect to product management we've opened it up with respect 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 and when you reach customers and it's emotional and be highly emotional and there's there's a new direction emotions were generally thought the formula was this I'm going after your mind I'm going after your heart I want mine share and I want heart share now we're saying we also want spirit share share of something a little more than narrow to your own interests we might be a firm that is civic is caring and we to be appreciated because we we care about the shape of the world and that's called corporate social responsibility or whatever but in creating an emotional relationship it's more than limited to the person's own nurturing of his or her ego so CCD V T P and even the D of customer management has changed customer management do you think you're doing customer management if you essentially have a database of customers and you're reaching them through direct mail and online email and so on is that really customer management or is that dealing with a database what's new about customer management is we want to meet the customers and know them really beyond the database in fact we want to we want to get their help to get the customers help in creating products we want to co-create with the customer our products and we want to even co-create our advertising we want their help in creating ads for us now this is a radical change in marketing you

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Keywords: branding, business talks, brands, business speech, customers, business tips, business talk, Marketing, Business, business interview, leadership development, leadership tips, branding tips, london business forum, London Business Forum, motivation, Kotler, inspiration, London, strategy, top tips, personal development, marketing strategy, marketing tips, marketing, LBF, Philip Kotler, tips

Id: bilOOPuAvTY

Length: 6min 15sec (375 seconds)

Published: Fri Sep 05 2008