FAQs on Marketing

The following are the main points Kotler emphasized in his book FAQs on Marketing answered by the guru of marketing philip kotler:


1- It has become increasingly important for marketing professionals to speak the language of the CFO. A financial background allows marketers to better quantify the anticipated impact of any campaign, which in turn aids in greater buy-in.
2- Too much of today’s marketing is 1P marketing. Companies mainly concentrate on promotion and sales and disregard product, price and place (distribution). This results in ineffective marketing.
3- “A Business has two… and only two basic functions: marketing and innovation. Marketing and innovation produce results: all the rest are costs.” - Peter Drucker
4- We are living in a world that is no longer facing a shortage of goods, but a shortage of customers.
5- With the advent of the internet, customers are able to compare prices easily and this has raised the importance of pricing among the 4Ps. That being said, branding is still crucial. Customers will not necessarily go for the cheapest brand. However, they are more than likely to buy their preferred brand from the retailer offering the lowest price.