Philip Kotler's 7 Marketing Strategies for the 21st Century
Posted: Sat Dec 28, 2024 7:00 am
Laptop with colorful graphs evaluating Philip Kotler's marketing strategies
Considered the father of modern marketing, Philip Kotler is a true authority when it comes to sales, marketing and business.
That is why here we will talk about the 7 marketing strategies that Kotler considers the most appropriate to overcome the new challenges that the 21st century has for companies and organizations.
Who is Philip Kotler?
Philip Kotler is a prestigious American economist and university professor, recognized as one of the pioneers of modern marketing. Born in Chicago, Illinois, Kotler has left a mark on the field of marketing thanks to the theories, strategies and models he has developed.
Furthermore, the father of modern marketing has stood out as a visionary when it comes to understanding the importance of marketing beyond advertising. As if that were list of telegram users in japan not enough, Kotler has also advised large corporations such as IBM, General Electric, AT&T, Honeywell, Bank of America, and others.
Despite being born in the 1930s, Kotler has also contributed to the development of innovative concepts such as social marketing and demarketing. He is also notable for being one of the first to talk about the transition from traditional marketing to digital marketing.
Types of strategies for the digital age, according to Kotler
Low cost strategy
The first of Philip Kotler's strategies focuses on offering products or services at a lower price than the competition. That is, here we focus on competing solely on market price sensitivity .
It is important to note that, in order to achieve a low price, as well as profitability, it is necessary to have an efficient and highly productive company. In addition, inputs will play a role, since the higher the cost, the lower the profitability.
Unique Experience Strategy
For marketing, differentiation through a unique customer experience is one of the best ways to stand out in the market. Today, everyone competes on price, attributes, colors, flavors, among other aspects, but few do so on experience.
Differentiation through experience can be about creating exceptional customer service or a product that offers a unique solution to a common problem through innovation and creativity.
Innovation and technology as part of marketing strategies
Innovation strategy
Another marketing strategy is continuous innovation, which is very important to stay relevant. Just remember what has happened with companies that stopped innovating, such as Kodak or Blockbuster.
Innovation culture can come in many forms, from the way you market or deliver an experience, to developing new technologies or business models.
Business model reinvention strategy
As an important part of the culture of innovation, reinventing the business model is another of Philip Kotler's most notable marketing strategies. Sometimes, to stay ahead, a company needs to reinvent itself.
A perfect example is Amazon, which went from changing its system of selling books to becoming the largest online retailer in the world. Similarly, this business model can change the way you generate revenue, perhaps moving from selling to renting or paying for a subscription.
Design improvement strategy
Design in marketing is not only about aesthetics, but also about functionality and user experience. According to Philip Kotler, this is another area that can be innovated and improved.
A good brand design and tone of voice will help users have a better experience, and it can also affect the perception of value. If that weren't enough, it can also help improve concepts such as price.
Niche market strategy
Market niches are segmentations within segmentations, so to speak. In other words, they are a small piece of the more specialized market, which can be profitable, especially for small companies.
Rather than competing in a broad market, the goal here is to specialize in a specific niche. This allows you to focus on the particular needs of customers, offer tailored solutions and achieve more efficient actions.
Considered the father of modern marketing, Philip Kotler is a true authority when it comes to sales, marketing and business.
That is why here we will talk about the 7 marketing strategies that Kotler considers the most appropriate to overcome the new challenges that the 21st century has for companies and organizations.
Who is Philip Kotler?
Philip Kotler is a prestigious American economist and university professor, recognized as one of the pioneers of modern marketing. Born in Chicago, Illinois, Kotler has left a mark on the field of marketing thanks to the theories, strategies and models he has developed.
Furthermore, the father of modern marketing has stood out as a visionary when it comes to understanding the importance of marketing beyond advertising. As if that were list of telegram users in japan not enough, Kotler has also advised large corporations such as IBM, General Electric, AT&T, Honeywell, Bank of America, and others.
Despite being born in the 1930s, Kotler has also contributed to the development of innovative concepts such as social marketing and demarketing. He is also notable for being one of the first to talk about the transition from traditional marketing to digital marketing.
Types of strategies for the digital age, according to Kotler
Low cost strategy
The first of Philip Kotler's strategies focuses on offering products or services at a lower price than the competition. That is, here we focus on competing solely on market price sensitivity .
It is important to note that, in order to achieve a low price, as well as profitability, it is necessary to have an efficient and highly productive company. In addition, inputs will play a role, since the higher the cost, the lower the profitability.
Unique Experience Strategy
For marketing, differentiation through a unique customer experience is one of the best ways to stand out in the market. Today, everyone competes on price, attributes, colors, flavors, among other aspects, but few do so on experience.
Differentiation through experience can be about creating exceptional customer service or a product that offers a unique solution to a common problem through innovation and creativity.
Innovation and technology as part of marketing strategies
Innovation strategy
Another marketing strategy is continuous innovation, which is very important to stay relevant. Just remember what has happened with companies that stopped innovating, such as Kodak or Blockbuster.
Innovation culture can come in many forms, from the way you market or deliver an experience, to developing new technologies or business models.
Business model reinvention strategy
As an important part of the culture of innovation, reinventing the business model is another of Philip Kotler's most notable marketing strategies. Sometimes, to stay ahead, a company needs to reinvent itself.
A perfect example is Amazon, which went from changing its system of selling books to becoming the largest online retailer in the world. Similarly, this business model can change the way you generate revenue, perhaps moving from selling to renting or paying for a subscription.
Design improvement strategy
Design in marketing is not only about aesthetics, but also about functionality and user experience. According to Philip Kotler, this is another area that can be innovated and improved.
A good brand design and tone of voice will help users have a better experience, and it can also affect the perception of value. If that weren't enough, it can also help improve concepts such as price.
Niche market strategy
Market niches are segmentations within segmentations, so to speak. In other words, they are a small piece of the more specialized market, which can be profitable, especially for small companies.
Rather than competing in a broad market, the goal here is to specialize in a specific niche. This allows you to focus on the particular needs of customers, offer tailored solutions and achieve more efficient actions.