A Comprehensive Guide to Marketing Management: A South Asian Perspective by Kotler, Keller, Koshy and Jha
Marketing Management South Asian Perspective Philip Kotler Koshy Jha 14th Edition: A Comprehensive Guide
Marketing management is one of the most important functions of any organization. It involves planning, implementing and controlling the marketing activities to achieve the organizational goals. Marketing management also requires understanding the needs and wants of the customers, developing and delivering value propositions, creating and maintaining customer relationships, and measuring and improving marketing performance.
Marketing Management South Asian Perspective Philip Kotler Koshy Jha 14th Edition
But how can marketing managers succeed in the dynamic and diverse South Asian market? What are the best practices and frameworks that can help them navigate the opportunities and challenges of this region? How can they learn from the experiences and insights of some of the leading marketing experts in the world?
In this article, we will answer these questions by reviewing one of the most popular and authoritative books on marketing management: Marketing Management: A South Asian Perspective by Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha. This book is the 14th edition of the classic text by Kotler and Keller, adapted for the South Asian context by Koshy and Jha. We will explore what this book offers to students, teachers, practitioners and researchers of marketing management in terms of content, features, benefits and value.
What is Marketing Management?
Before we dive into the book, let us first understand what marketing management is and why it is important.
Definition and Scope of Marketing Management
According to Kotler et al., marketing management is "the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value" (p. 5).
This definition implies that marketing management has a broad scope that covers various aspects such as:
Segmenting, targeting and positioning (STP) the market
Developing the marketing mix (product, price, place and promotion)
Managing the marketing channels (distribution, intermediaries, logistics)
Building customer relationships (customer satisfaction, loyalty, retention)
Designing customer value propositions (value creation, delivery, communication)
Analyzing the marketing environment (macro, micro, internal)
Conducting marketing research (data collection, analysis, interpretation)
Formulating marketing strategies (objectives, plans, programs)
Implementing and controlling marketing actions (budgets, schedules, feedback)
Evaluating and improving marketing performance (metrics, audits, improvement)
Evolution and Importance of Marketing Management
Marketing management has evolved over time from being a product-centric to a customer-centric discipline. Kotler et al. describe the five stages of marketing evolution as follows (p. 13):
The production concept: The focus is on producing goods efficiently and making them available widely.
The product concept: The focus is on offering products with superior quality, performance and features.
The selling concept: The focus is on persuading customers to buy the products through aggressive sales and promotion.
The marketing concept: The focus is on identifying and satisfying the needs and wants of the customers better than the competitors.
The holistic marketing concept: The focus is on integrating and aligning all the marketing activities with the overall organizational goals and values.
Marketing management is important for several reasons, such as:
It helps organizations to create value for their customers and stakeholders.
It helps organizations to gain competitive advantage and market share.
It helps organizations to adapt to the changing customer preferences and market conditions.
It helps organizations to innovate and differentiate their products and services.
It helps organizations to measure and improve their marketing effectiveness and efficiency.
What is the South Asian Perspective on Marketing Management?
Now that we have a basic understanding of marketing management, let us see how it applies to the South Asian market. What are the characteristics and challenges of this market? What are the opportunities and strategies for this market?
Characteristics and Challenges of the South Asian Market
The South Asian market consists of eight countries: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. This region has a population of about 1.8 billion people, which accounts for about 23% of the world's population. It also has a GDP of about $3.5 trillion, which accounts for about 4.5% of the world's GDP (World Bank, 2020).
The South Asian market is characterized by several features, such as:
Diversity: The region has a rich diversity in terms of culture, religion, language, ethnicity, geography, climate, etc.
Growth: The region has a high growth potential due to its large population, young demographic profile, rising income levels, urbanization, etc.
Digitalization: The region has a high penetration of internet and mobile devices, which enables digital access, communication and commerce.
Socialization: The region has a strong influence of social norms, values and networks, which shape consumer behavior and decision making.
Innovation: The region has a vibrant ecosystem of entrepreneurs, startups, incubators, accelerators, etc., which foster innovation and disruption.
However, the South Asian market also poses several challenges for marketing managers, such as:
Complexity: The region has a complex regulatory environment, political instability, social unrest, corruption, etc., which create uncertainty and risk.
Poverty: The region has a high level of poverty, inequality, illiteracy, malnutrition, etc., which limit consumer access and affordability.
Competition: The region has a high level of competition from both local and global players, which require differentiation and positioning.
Sustainability: The region has a high level of environmental degradation, resource depletion, climate change, etc., which require social responsibility and ethical practices.
Adaptation: The region has a high level of heterogeneity and dynamism in consumer preferences and expectations, which require customization and innovation.
Opportunities and Strategies for the South Asian Market
Despite the challenges, the South Asian market offers immense opportunities for marketing managers who can leverage its strengths and overcome its weaknesses. Some of the opportunities are:
Segmentation: The region offers a large and diverse customer base that can be segmented based on various criteria such as demographics, psychographics, behavior, geography, etc.
Penetration: The region offers a low penetration rate for many products and services that can be increased by expanding distribution channels, improving accessibility and affordability, creating awareness and trust, etc.
Loyalty: The region offers a high loyalty potential for brands that can build strong customer relationships by delivering value propositions that meet or exceed customer needs and wants, and engage them through various channels and touchpoints.
Innovation: The region offers a fertile ground for innovation and disruption by leveraging digital technologies, social networks, local insights, etc.
To capitalize on these opportunities, marketing managers need to adopt some strategies that are suitable for the South Asian market, such as:
Localization: The strategy of adapting the products, prices, places and promotions to suit the local preferences and conditions of each market segment.
Frugalization: The strategy of offering products and services that are affordable, accessible and acceptable to the low-income and value-conscious consumers.
Customization: The strategy of offering products and services that are tailored to the individual needs and wants of each customer.
Digitization: The strategy of using digital platforms and tools to reach, communicate and transact with customers across the online and offline channels.
Socialization: The strategy of leveraging social media and influencers to create awareness, trust and advocacy among customers and communities.
Who are Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha?
Now that we have a clear picture of the South Asian market and its implications for marketing management, let us get to know the authors of the book. Who are they and what are their credentials and contributions to the field of marketing?
Philip Kotler: The Father of Modern Marketing
Philip Kotler is one of the most influential and respected marketing thinkers in the world. He is the S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University. He has a PhD in economics from MIT and has taught at Harvard, Stanford and other leading universities. He has authored or co-authored over 80 books, including Marketing Management, which is considered the most authoritative marketing textbook in the world. He has also published over 150 articles in leading journals and has received numerous awards and honors for his academic excellence and social impact. He is widely regarded as the father of modern marketing for his pioneering work on marketing theory, practice and education.
Kevin Lane Keller: The Expert on Branding and Customer Relationships
Kevin Lane Keller is another prominent marketing scholar and practitioner. He is the E.B. Osborn Professor of Marketing at the Tuck School of Business at Dartmouth College. He has a PhD in marketing from Duke University and has taught at Stanford, Berkeley, USC and other prestigious institutions. He has authored or co-authored over 90 papers on various topics such as branding, customer relationships, advertising, consumer behavior, etc. He is best known for his work on brand equity and customer-based brand management. He is also a consultant for many global companies such as American Express, Disney, Ford, Google, Nike, Starbucks, etc.
Abraham Koshy: The Pioneer of Marketing Education in India
Abraham Koshy is a distinguished marketing educator and consultant in India. He is a Professor Emeritus at the Indian Institute of Management Ahmedabad (IIMA), where he served as a faculty member for over three decades. He has a PhD in marketing from IIMA and has taught at several other institutions in India and abroad. He has authored or co-authored over 20 books and 100 cases on various aspects of marketing such as consumer behavior, services marketing, retailing, rural marketing , etc. He has also consulted for many leading organizations such as Tata, Reliance, HDFC, ICICI, etc.
Mithileshwar Jha: The Professor of Marketing at IIM Bangalore
Mithileshwar Jha is a renowned marketing educator and researcher in India. He is a Professor of Marketing at the Indian Institute of Management Bangalore (IIMB), where he has been teaching since 1992. He has a PhD in marketing from IIMA and has taught at several other institutions in India and abroad. He has authored or co-authored over 10 books and 50 papers on various topics such as services marketing, customer satisfaction, loyalty, retention, etc. He has also conducted several executive education programs and consulting projects for various organizations such as Infosys, Wipro, IBM, HP, etc.
What are the Features and Benefits of the 14th Edition of Marketing Management: A South Asian Perspective?
Finally, let us see what makes this book a valuable resource for anyone interested in learning and practicing marketing management in the South Asian context. What are the features and benefits of this edition?
Revised and Updated Content from the Global and Local Context
This edition reflects the latest changes and developments in marketing theory and practice from both the global and local perspectives. It covers the most relevant and contemporary topics such as:
Holistic marketing orientation and performance
Customer value, engagement and relationships
Digital and social media marketing
Brand equity and brand management
Marketing analytics and metrics
Sustainability and ethics in marketing
Marketing in the new normal post-COVID-19
The book also incorporates numerous examples and cases from the South Asian region to illustrate the concepts and applications of marketing management. Some of the examples and cases are:
Amul: The Taste of India
Flipkart: India's E-commerce Giant
Ola: The Uber of India
Zomato: Feeding India's Hunger
Unilever: Doing Well by Doing Good
Tata Nano: The People's Car
Airtel: Building a Global Brand
Enhanced Pedagogical Tools and Learning Aids
This edition offers a variety of pedagogical tools and learning aids to help students master the concepts and skills of marketing management. Some of these tools and aids are:
Learning objectives: Each chapter begins with a set of learning objectives that outline the key topics and outcomes of the chapter.
Chapter summaries: Each chapter ends with a concise summary that highlights the main points and takeaways of the chapter.
Review questions: Each chapter provides a set of review questions that test the students' understanding and recall of the chapter content.
Critical thinking exercises: Each chapter includes a set of critical thinking exercises that challenge the students to apply their knowledge and analysis to real-world situations and problems.
Marketing insight boxes: Each chapter features several marketing insight boxes that provide additional information, examples, data or perspectives on various aspects of marketing management.
Marketing memo boxes: Each chapter contains several marketing memo boxes that offer practical tips, guidelines or checklists for marketing managers.
Glossary: The book provides a comprehensive glossary of key terms and concepts used in marketing management.
Rich and Diverse Case Studies and Examples from the South Asian Region
This edition includes a rich and diverse collection of case studies and examples from the South Asian region that illustrate the concepts and applications of marketing management in various industries and contexts. Some of the case studies and examples are:
Reliance Jio: Disrupting the Indian Telecom Industry
Paytm: India's Leading Digital Payment Platform
Go-Jek: Indonesia's Super App
Colgate: Winning the Oral Care Market in India
Lazada: Southeast Asia's E-commerce Leader
Coca-Cola: Refreshing India with Thums Up
Samsung: Innovating for India
In conclusion, Marketing Management: A South Asian Perspective by Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha is a comprehensive and authoritative guide for anyone who wants to learn and practice marketing management in the South Asian context. The book offers a balanced blend of global and local content, features and benefits that make it a valuable resource for students, teachers, practitioners and researchers of marketing management. The book covers the most relevant and contemporary topics in marketing management, provides a variety of pedagogical tools and learning aids, and includes a rich and diverse collection of case studies and examples from the South Asian region. The book is also updated and revised to reflect the latest changes and developments in marketing theory and practice, especially in the post-COVID-19 era. The book is available in both print and digital formats from various online and offline sources.
Here are some frequently asked questions about the book:
Who is the target audience of the book?
The book is suitable for anyone who wants to learn and practice marketing management in the South Asian context. It can be used by undergraduate and postgraduate students of marketing and related disciplines, as well as by teachers, practitioners and researchers of marketing management.
What are the prerequisites for reading the book?
The book does not assume any prior knowledge of marketing or management. However, it would be helpful to have some basic familiarity with business concepts and terminology.
How is the book different from other books on marketing management?
The book is different from other books on marketing management in several ways, such as:
It focuses on the South Asian perspective on marketing management, while also incorporating global insights and best practices.
It covers the most relevant and contemporary topics in marketing management, such as digital and social media marketing, sustainability and ethics in marketing, marketing in the new normal post-COVID-19, etc.
It provides a variety of pedagogical tools and learning aids, such as learning objectives, chapter summaries, review questions, critical thinking exercises, marketing insight boxes, marketing memo boxes, glossary, etc.
It includes a rich and diverse collection of case studies and examples from the South Asian region that illustrate the concepts and applications of marketing management in various industries and contexts.
It is updated and revised to reflect the latest changes and developments in marketing theory and practice.
How can I access the book?
The book is available in both print and digital formats from various online and offline sources. You can buy or rent the book from Amazon, Flipkart, Pearson or other platforms. You can also access the book online through Pearson MyLab or other e-learning platforms.
How can I contact the authors of the book?
You can contact the authors of the book through their respective email addresses or social media profiles. You can also visit their official websites or academic profiles for more information about their work and achievements.