Core Concepts of Marketing

FUNDAMENTALS OF MARKETING SUBMITTAL

BOOK REVIEW

BOOK TITLE: CORE CONCEPTS OF MARKETING

BOOK AUTHOR: JOHN BURNETT

Book Title: Core Concepts of Marketing

Book Author: John Burnett

Summary

The first chapter discussed marketing as one of the major tactical tools available to the business companies. Marketing is:

1. Based on the mission statement of the organization
2. Dependent on the effective management of other functional areas
3. Contains a functional area guided by its own philosophy
4. The functional area that is concerned with market exchanges
5. Likely to be successful when the philosophy, tasks, and manner of implementing available technology are coordinated and complimentary

It also discussed numerous characteristics shared by organizations that directly implement marketing namely (Cs):

1. Consumer contact
2. Company capabilities
3. Communication
4. Cross-functional contact
5. Community contact.

It was pointed out that the said factors divide into specific types:

1. Macromarketing and micromarketing
2. Services and goods marketing
3. For-profit and nonprofit marketing
4. Mass and direct marketing
5. Local, regional, national, and international marketing
6. Consumer goods and business-to-business marketing.

Lastly, the chapter discussed the four levels of strategic management with considerations applicable to marketing: corporate functional, marketing, and marketing mix.

The next chapter was all about the concept of a market. The definition was based from three (3) perspectives: people, place, and economic activity. There are also four types of markets mentioned: consumer markets, industrial markets, institutional markets, and reseller markets – identifying the correct market is important so that appropriate marketing activities can be developed.

The chapter highlighted the two (2) general marketing approaches toward the market: undifferentiated (aggregated) and segmental. Undifferentiated is defined as “the assumption that the market is homogeneous and developing separate strategies is unnecessary” and Segmental as “the acknowledgement that markets contain submarkets known as segments, which must be evaluated as potential target markets”.