From mere selling, Philip Kotler has broadened the concept of marketing to a more general process of communication and exchange.
He also emphasised that marketing can be applied as well to non-commercial situations, causes, ideas, persons, and places aside from its sole commercial purpose of selling products, services, and experience.
Out of his many and known ideas about marketing, we have here ten marketing mistake that companies should avoid to become successful in their marketing efforts based on his ‘ten deadly marketing sins’.
1. Insufficiently market-focused and customer-driven.
It is suggested instead that the company needs to segment the market, choose the best segments, and develops a strong position in each chosen segment. By having a well-focused market, the company can easily identify and meet the needs of its customers.
2. Does not fully understand the target market.
Having a well-focused market is not enough. The company needs also to understand its target market. It is advised the company have to maps its customers’ needs, perceptions, preference, and behaviours, and motivates its stakeholders to obsess about serving and satisfying the customers.
3. Not well defined and monitored competitors.
The company have to identify its major competitors and their strength and weaknesses. By doing this, the company can craft necessary steps on how to position itself from its competitors. This can also be a good basis to improve the offerings of the company.
4. Poorly manages relationship with stakeholders.
According to businessdictionary.com, some examples of key stakeholders are creditors, directors, employees, government, owners, suppliers, unions, and the community from which the business draws its resources. The company needs to build partnership out of its stakeholders and generously rewards them.
5. Inefficient at finding new opportunities.
Every day is and opportunity, and opportunity is everywhere. Film actor Kyle Chandler once say that opportunity does not knock, it represents itself when you beat down the door.
Thus, it is good for the company to develop systems for identifying opportunities, ranking them, and choosing the best ones.
6. Deficient Marketing plans and planning processes.
One of the popular line of Benjamin Franklin is “If you fail to plan, you are planning to fail.” This is also applicable to the marketing aspect of the company.
As suggested, the company must manage a marketing planning system that leads to insightful long-term and short-term plans. These plan will serve as marketing blueprint of the company.
7. Products and services policies need tightening.
Products and services policy is a broad guidelines related to the production and development of a product or service. It also includes a strategic rule how a product or service is promoted to potential consumers. The company needs to exercise strong control over its products and service mix.
8. Weak brand building and communication skills.
Brand building is one of most complex process in the field of business because it is not only about the company logo, slogan, or stationery. It must always accompanied with strong communication skills to make it more effective.
It is advised that the company have to build strong brands by using the most cost effective communication and promotion tools.
9. Not well-organised to carry on effective and efficient marketing.
Implementation of plans is important to bring it into reality and right people are necessary to make it happen. The company should build marketing leadership and a team spirit among its various departments, and everyone must work together to achieve the common goals.
10. Not made maximum use of technology.
In a simple and common definition, technology refers to tools and machines that may be used to solve real-world problems. According to Richard Branson, the employees can provide better experience to customers if you give them the right tools.
Constantly adding technology that gives the company a competitive advantage in the marketplace is very important action to take.
Those are the ten marketing ideas inspired by the popular American Author, Marketing Professor and Consultant, Philip Kotler.