This paper is a review of the book entitled Marketing Management and written by Kotler et al. (2019). The book can be regarded as guidance for researchers and practitioners as it touches upon theoretical and practical aspects, making it highly relevant in the real world. Kotler et al. (2019) pay much attention to the contemporary challenges practitioners may face and diverse strategies to address the most common issues. This paper also includes a brief analysis of the parallels between the reviewed book and the book by Kerin and Hartley (2019) entitled Marketing.
Major Points and Strengths of the Reviewed Book
The book under review addresses global issues and can be valuable for business people from all over the world. Kotler et al. (2019) also provide examples that are understandable for European readers focusing on European businesses. Clearly, all case studies and examples are well-known businesses, which makes the book an important source of knowledge. As mentioned above, the authors provide theoretical insights into marketing, helping readers to acknowledge the essence and the role marketing plays in the business world.
The book starts with the discussion of definitions of central concepts in marketing. The researchers provide a very short but precise definition of marketing, stating that it is an attempt to meet customers’ needs in a profitable manner (Kotler et al., 2019). The authors emphasize that marketers try to identify and address the existing and potential customers’ needs. This approach has proved to be effective in the modern world as marketers try to ensure that customers receive exactly what they want.
One of the advantages of the book is its focus on the digital domain, as modern marketing is characterized by the extensive use of technology. Kotler et al. (2019) provide valuable insights into the utilization of technology in data analysis, forecasting, and marketing research. The researchers claim that companies have to implement both quantitative and qualitative research on a regular basis to examine the peculiarities of the environment and competition.
The authors stress that the understanding of the current trends and roles of all stakeholders (customers, consumers, partners, competitors, authorities, and so on) is instrumental in the creation of an effective marketing plan. The assessment of the effectiveness of marketing efforts should also be carried out with the help of sound marketing metrics, according to Kotler et al. (2019). Numerous aspects, including but not confined to financial, social, economic, and cultural, should be considered.
The book under review contains an important section that will be specifically valuable for practitioners. Kotler et al. (2019) provide a detailed analysis of the process of creating value for customers and using the most appropriate strategies to market products and services. The authors provide insights into such areas as developing, implementing, and controlling marketing strategies. One of the advantages of the book is its focus on communication management. The researchers claim that diverse communication channels should be utilized to deliver value to customers. Various methods and strategies are illustrated in the book in question, including conventional (such as television and print advertising, as well as direct marketing) and digital means (including social networks).
Parallels Between the Two Books
It is possible to draw multiple parallels between the book by Kotler et al. (2019) and Kerin and Hartley (2019). Both books address the major aspects of effective marketing and include descriptions of strategies and methods based on profound research and real-life stories. The books are divided into similar sections that reflect the most productive approach to marketing that involves research, theoretical background, marketing strategy development, marketing plan implementation, and the assessment of the outcomes. Pricing is one of the central aspects highlighted in both books. Kotler et al. (2019) and Kerin and Hartley (2019) emphasize that setting the right price is one of the fundamentals of effective marketing as customers place this factor to the fore, especially during times of economic uncertainty, which is the case now.
Both books contain a considerable bulk of information on reaching out to global markets and customers. The authors stress that the modern market is highly globalized, and companies of different sizes have to operate globally. The researchers provide their ideas regarding the matter, which also reveals the similarities the books have. For instance, the use of technology is regarded as the cornerstone of effective global marketing. At the same time, the value-based approach (with particular attention to diversity) is seen as the basis of the development of relationships with customers.
Differences Between the Book
Although the two books are quite similar, certain differences can also be found. For instance, Kerin and Hartley (2019) pay much attention to retailing and wholesaling, unveiling the most recent advancements in this area. Both books contain the data regarding the major peculiarities of these two types of delivering products to consumers, but Kerin and Hartley (2019) find it one of the core channels to be considered as these types of selling has become one of the most popular internationally. Customers find retailing networks to be convenient platforms for gaining pleasant buying experiences. Importantly, Kerin and Hartley (2019) describe the shift towards a certain blend between physical and digital retailing options. Thus, retailers offer diverse opportunities for their customers, including the Internet-of-Things and self-serving.
Social responsibility is another topic highlighted slightly differently in the two books. Kotler et al. (2019) and Kerin and Hartley (2019) state that companies need to comply with the standards of corporate social responsibility set on the global scale and pay attention to local norms and expectations. At that, Kerin and Hartley (2019) analyze this area in more detail and claim that sustainable development is the only option of any organization.
The current environment is highly influenced by people’s attitudes towards unethical and irresponsible behaviors. It is also noteworthy that a large section devoted to social responsibility is placed at the beginning of the book by Kerin and Hartley (2019). A similar section is the final section of the book by Kotler et al. (2019), which can show that this area is not seen as the most important domain to consider.
Another similarity both books share in common is the language the authors use. Both books contain central concepts, terms, and definitions, but the researchers manage to explain and describe quite complex issues in a clear and straightforward manner. Although it may seem that the language is quite irrelevant for the review of a book, the choice of words and cohesion make a source valuable or appropriate for a small audience. Both books under discussion are appropriate for a wide audience, making them some of the most popular and referred to sources in marketing.
The review of the book by Kotler et al. (2019) provides a number of lessons regarding marketing, as well as the current marketing research. It is clear that the field is evolving at a significant pace, and the changes are consistent with the transformations human society is undergoing. Marketers try to explore the peculiarities of customer behavior and shape their strategies based on these findings.
Numerous effective methods and strategies have been introduced, and they can be applied in various situations. At that, the major trends in marketing are apparent and properly studied. Further technological penetration, globalization, and the focus on sustainability have become the three pillars of modern marketing. The real-life examples and case studies described in the two books mentioned above help readers to understand the exact ways marketing strategies are utilized and evaluate their outcomes in different markets.
In conclusion, it is possible to note that Kotler et al. (2019) provide a deep analysis of the current marketing strategies and provide clear guidelines to practitioners. The book can serve as guidance and a practical manual for practitioners who want to market products or services. The book can also be helpful for those doing marketing research as Kotler et al. (2019) refers to the widely used models and strategies. The authors pay specific attention to the diverse ways technology has been employed in marketing and the outcomes of such utilization. The data regarding marketing strategies that can be utilized in the global setting are also highly relevant. Although quite many good books on marketing exist, such as the one by Kerin and Hartley (2019), Kotler et al. (2019) shed light on the aspects that have gained insufficient attention in other sources. The major strength of this book is its focus on practical aspects, making it a good source for researchers, practitioners, and students.
Kerin, R. A., & Hartley, S.W. (2019). Marketing (14th ed.). McGraw-Hill.
Kotler, P., Keller, K. L., Brady, M., Goodman, M., & Hansen, T. (2019). Marketing management. Pearson UK.