Summary of Marketing 3.0

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Rating

8

Qualities

  • Applicable

Recommendation

This book may revitalize tired marketing aficionados who are weary of the same old approaches. They will welcome the authors’ contention that their field is entering a new, transformational phase. Philip Kotler, Hermawan Kartajaya and Iwan Setiawan explain the tremendous commercial and social potential of “Marketing 3.0,” their name for a tactic that emphasizes reaching consumers by pursuing values that matter to them, like sustainability, public service and philanthropy. Even if the book is not groundbreaking, getAbstract applauds its refreshing belief in the potential power of strategic marketing initiatives based on an authentic regard for customers and social welfare. While this dual focus may be somewhat overambitious during challenging economic times, certainly corporate social responsibility has rarely been more important. The authors give it a boost by demonstrating how firms can use online social media to promote their values and their Marketing 3.0 cause-related agendas. Although some of the book’s examples of firms that have achieved a positive impact with Marketing 3.0 seem a bit daunting – or even overblown – they also provide provocative, inspiring marketing ideas.

About the Authors

Philip Kotler, a leading authority and author on marketing, teaches international marketing at Northwestern’s Kellogg School of Management. CEO Hermawan Kartajaya founded MarkPlus, where Iwan Setiawan is a senior consultant.

 

Summary

Where Marketing Has Been and Where It’s Going

The history of U.S. marketing has followed three main stages. Marketing 1.0, which emerged from the Industrial Revolution, sold goods with product-centric promotions. It urged consumers to compare prices and quality, based on a “one-to-many” relationship. Each company addressed many customers. The information age spawned Marketing 2.0, which set out to satisfy consumers with goods and services that addressed their “functional and emotional” needs. The rise of personal computer networks and the internet gave the public access to vast amounts of new information. To differentiate their products, marketers added emotion to their “one-to-one” communication, with each firm trying to establish relationships with individual customers.

“New-wave technology” has now enabled “Marketing 3.0.” While consumers will always want products to work well for a reasonable price, they now also expect firms to keep them in the loop via social networking and to address their values. Marketing 3.0 is based on engaging companies in a “many-to-many” relationship with consumers, featuring “functional, emotional and spiritual” connections with communities...


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