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Principles of Marketing by Philip Kotler & Gary Armstrong

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This is an undergraduate level textbook which is core reading for marketing students. Marketing is the process by which companies create value for consumers in order to capture their value in return.

The mission statement should be motivating. Outlines principles behind ethnographic research and explains how to produce qualitative research such as surveys which include non leading questions. Suggests that in customer relationship management marketing (CRM) the company’s understanding of the individual customers profile is very important. Big data can be used to personalise ads. In addition customer loyalty schemes are useful. Suggests a wealth of information can be found about competitors by simply looking at the Internet.

Mentions a company that without explicit consent that took recordings of consumers interacting and purchasing things in stores. Using artificial intelligence purchasing habits could be established. The company claimed that it deletes data but perhaps unsurprisingly there is great surprise from customers if they find out they are being videoed not for solely security purposes.

Outlines that research is often paid for by companies with leading questions that are framed in a certain way to serve potential marketing campaigns. Be aware that different cultures have different buying habits. People from some cultures are more likely to shop alone, others are more likely to shop with their family. In addition buying patterns vary with some being more brand conscious therefore some make targeted branding accordingly.

Brand familiarity is extremely important for small purchases which are often purchased out of habit with low consumer involvement. More major purchases such as cars and computers have high consumer involvement who may seek more information and may or may not develop brand loyalty.

Comparing customer markets to business markets the later contain fewer but larger buyers. Business customers are more geographically concentrated. Business buyer demand is derived from final consumer demand. To compete successfully in global markets, or even to deal effectively with international firms in their home markets, companies must help their managers to understand the needs, customs, and cultures of international business buyers.

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