The World Marketing Summit (WMS) is an independent global organization, headquartered in Toronto , Canada .
65-463: The World Marketing Summit was founded and convened in 2011 by Philip Kotler . It aims to initiate global movements through marketing strategies that change human behaviour leading to a positive impact on society and living for future generations. WMS organizes an annual Summit conference which aims to bring brought global experts to discuss the most pressing issues faced by world, including marketing, business and economics impacting poverty, health and
130-553: A Permacrisis World , with Sarkar and Foglia. In 1967, Kotler published Marketing Management: Analysis, Planning, and Control , now in its 15th edition,{2016} and the world's most widely adopted textbook in graduate schools of business. Whereas previous marketing textbooks were highly descriptive, this text was the first to draw on economic science , organizational theory , psychology of behavior and choice , and analytics. It described theory and practice, and drew on findings from empirical studies and cases . On December 9, 1996,
195-616: A business or organization. Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies. The 7 P's of B2B marketing are: product, price, place, promotion, people, process, and physical evidence. Some of the trends in B2B marketing include content such as podcasts, videos, and social media marketing campaigns. Examples of products sold through B2B marketing include: The four major categories of B2B product purchasers are: Business-to-consumer marketing, or B2C marketing, refers to
260-489: A competitive advantage". For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably". In the past, marketing practice tended to be seen as a creative industry, which included advertising , distribution and selling , and even today many parts of
325-517: A conceptual framework driven by marketing principles and implement the findings in a real world scenario. Each incubator will have a mix of partners that will contribute both a theoretical point of view as well as a practical point of view. The research wing of WMS actively collaborates with world’s leading experts from universities, business chambers, think tanks and other research-based organizations help developing business and academic model. Philip Kotler Philip Kotler (born May 27, 1931)
390-488: A concrete process that can be followed to create a marketing plan . The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith 's book The Wealth of Nations but would not become widely used until nearly 200 years later. Marketing and Marketing Concepts are directly related. Given
455-419: A greater focus on meeting customers' needs and on the benefits received from a product or service. Third, he has broadened the concept of marketing from more selling to a general process of communication and exchange, and has shown how marketing can be extended and applied to charities, museums, performing arts organizations, political parties and many other non-commercial situations. Kotler argued for "broadening
520-408: A managerial approach that covered analysis , consumer behavior , market research , market segmentation , and planning . Phillip Kotler , popularised this approach and helped spread the 4 Ps model. McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners. One of the limitations of the 4Ps approach is its emphasis on an inside-out view. An inside-out approach
585-412: A market. In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way. The two major segments of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing. B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards
650-657: A model-building perspective, the 4 Ps has attracted a number of criticisms. Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" (general and informative communications such as public relations and corporate communications) and "promotion" (persuasive communications such as advertising and direct selling). Certain marketing activities, such as personal selling, may be classified as either promotion or as part of
715-416: A more consumer-orientated version of the 4 Ps that attempts to better fit the movement from mass marketing to niche marketing . Consumer (or client) The consumer refers to the person or group that will acquire the product. This aspect of the model focuses on fulfilling the wants or needs of the consumer. Cost Cost refers to what is exchanged in return for the product. Cost mainly consists of
SECTION 10
#1733124780413780-476: A multiplicity of new markets. Market segmentation can be defined in terms of the STP acronym, meaning Segmentation, Targeting, and Positioning . Segmentation involves the initial splitting up of consumers into persons of like needs/wants/tastes. Commonly used criteria include: Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for them to service. The DAMP acronym
845-432: A section to the marketing mix. The 4Ps refers to four broad categories of marketing decisions, namely: product , price , promotion , and place . The origins of the 4 Ps can be traced to the late 1940s. The first known mention has been attributed to a Professor of Marketing at Harvard University, James Culliton. The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within
910-416: A specific type of food (e.g. Got Milk? ), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product, is affected by the environment surrounding
975-665: A year of postdoctoral work in mathematics at Harvard University (1960) and in behavioral science at the University of Chicago (1961). Kotler began teaching marketing in 1962 at the Kellogg School of Management , Northwestern University. He believed marketing was an essential part of economics and saw demand as influenced not only by price but also by advertising , sales promotions , sales forces , direct mail , and various middlemen (agents, retailers , wholesalers , etc.) operating as sales and distribution channels . In 2003,
1040-484: Is a subset of marketing research. (Avoiding the word consumer, which shows up in both, market research is about distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce effectiveness). The stages of research include: Well-known academic journals in the field of marketing with the best rating in VHB-Jourqual and Academic Journal Guide, an impact factor of more than 5 in
1105-951: Is an American marketing author, consultant, and professor emeritus ; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University (1962–2018). He is known for popularizing the definition of marketing mix . He is the author of over 80 books, including Marketing Management , Principles of Marketing , Kotler on Marketing , Marketing Insights from A to Z , Marketing 4.0 , Marketing Places , Marketing of Nations , Chaotics, Market Your Way to Growth, Winning Global Markets, Strategic Marketing for Health Care Organizations, Social Marketing, Social Media Marketing, My Adventures in Marketing, Up and Out of Poverty, and Winning at Innovation. Kotler describes strategic marketing as serving as "the link between society's needs and its pattern of industrial response." Kotler helped create
1170-422: Is conducted for two main purposes: better allocation of a firm's finite resources and to better serve the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of resources. Thus, it must make choices (and appreciate the related costs) in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, firms are noting the benefit of servicing
1235-420: Is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of
1300-497: Is not tied to any political, partisan or national interests. WMS is led by a Board of Directors, an Advisory Board; represented by 15 prominent personalities from academia, research, business sectors, and international organizations including UN bodies. Philip Kotler is the founder, chairperson, convener and chief advisor of WMS. WMS has a number of activities on marketing and business which includes seminars, research, publications, academic courses and programs. The flagship event of
1365-401: Is the traditional planning approach where the organization identifies its desired goals and objectives, which are often based around what has always been done. Marketing's task then becomes one of "selling" the organization's products and messages to the "outside" or external stakeholders. In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer. From
SECTION 20
#17331247804131430-519: Is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses ( B2B ) or directly to consumers ( B2C ). Sometimes tasks are contracted to dedicated marketing firms, like a media , market research , or advertising agency . Sometimes, a trade association or government agency (such as the Agricultural Marketing Service ) advertises on behalf of an entire industry or locality, often
1495-410: Is used as criteria to gauge the viability of a target market. The elements of DAMP are: The next step in the targeting process is the level of differentiation involved in a segment serving. Three modes of differentiation exist, which are commonly applied by firms. These are: Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from
1560-601: The Financial Times cited Marketing Management as one of the 50 greatest business books of all time {December 9, 1996} Kotler is the author and co-author of over 166 published articles and 80 books. Kotler has also written books on such subjects as corporate social responsibility , education, environment, government marketing, healthcare , hospitality , innovation , museums, performing arts , place marketing , poverty alleviation, professional services , religious institutions, tourism , capitalism , and democracy . He
1625-401: The Financial Times described Kotler's three contributions to marketing and to management: First, he has done more than any other writer or scholar to promote the importance of marketing, transforming it from a peripheral activity, bolted on to the more "important" work of production. Second, he continued a trend started by Peter Drucker, shifting emphasis away from price and distribution to
1690-621: The Social Sciences Citation Index and an h-index of more than 130 in the SCImago Journal Rank are These are also designated as Premier AMA Journals by the American Marketing Association. Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. The process
1755-515: The sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction". Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating
1820-633: The academic members of the American Marketing Association . The Financial Times on November 18, 2005, surveyed 1,000 executives in 25 countries about the Most Influential Business Writers/Management Gurus, and Kotler ranked fourth after Peter Drucker, Bill Gates , and Jack Welch . Kotler's contributions are described in at least one chapter found in every book written about the " gurus " of business and management (see References below). In 2007, Kotler
1885-423: The basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes." Needs-based segmentation (also known as benefit segmentation ) "places the customers' desires at the forefront of how a company designs and markets products or services." Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment
1950-399: The case of services marketing . Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing. In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing mix model. Robert F. Lauterborn proposed a 4 Cs classification in 1990. His classification is
2015-404: The centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential: Marketing research , conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs . Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on
World Marketing Summit - Misplaced Pages Continue
2080-428: The competitor's products. A firm often performs this by producing a perceptual map, which denotes similar products produced in the same industry according to how consumers perceive their price and quality. From a product's placing on the map, a firm would tailor its marketing communications to meld with the product's perception among consumers and its position among competitors' offering. The promotional mix outlines how
2145-408: The consumer to attain the product, thus making them more likely to do so. Communication Like "Promotion" in the 4Ps model, communication refers to how consumers find out about a product. Unlike promotion, communication not only refers to the one-way communication of advertising, but also the two-way communication available through social media. The term "marketing environment" relates to all of
2210-447: The definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years. The interests of "society at large" were added into the definition in 2008. The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct
2275-504: The environment. World Marketing Summit was founded in 2011 by Philip Kotler, an American marketing professor, author and consultant; currently the S. C. Johnson Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University. Kotler attended a seminar in Abu Dhabi in which he first shared the idea of forming a forum of marketers who can contribute towards alleviating poverty. Later, this idea
2340-520: The environment. Some of the experts who presented papers to the summit were Philip Kotler, Syed Saad Andaleeb, Mitchell Habib, Laura Ries, Abraham Koshy, Alan Andreasen, Gerald Hastings, Don Schultz, Hermann Simon, Hermawan Kartajaya, Craig Lefebvre, Imad Baalbaki and Milton Kotler. WMS 2012 was closed with the formulation of the "Dhaka Declaration". The second summit (WMS 2013) was held in Kuala Lumpur on September 28–30, 2013. The third summit (WMS 2014)
2405-457: The factors (whether internal, external, direct or indirect) that affect a firm's marketing decision-making/planning. A firm's marketing environment consists of three main areas, which are: Marketing research is a systematic process of analyzing data that involves conducting research to support marketing activities and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge
2470-449: The field of social marketing that focuses on helping individuals and groups modify their behaviors toward healthier and safer living styles. He also created the concept of "demarketing" to aid in the task of reducing the level of demand. He developed the concepts of "prosumers," "atmospherics," and "societal marketing." He is regarded as "The Father of Modern Marketing" by many scholars. Kotler's latest work focuses on economic justice and
2535-565: The field of social marketing , which applies marketing theory to influence behavior change that would benefit consumers, their peers, and society as a whole. Kotler and Sidney Levy developed the idea of demarketing , which organizations must employ to reduce overall or selective demand when demand is too high. Thus, when water is in short supply , the government needs to persuade various water consumers to reduce water usage so that enough water will be available for essential uses. In 2018, Christian Sarkar and Kotler began promoting brand activism ,
2600-501: The field of marketing" to cover not only commercial operations but also the operations of non-profit organizations and government agencies. He held that marketing can be applied not only to products, services, and experiences, but also to causes, ideas, persons, and places. Thus a museum needs the marketing skills of Product, Price, Place, and Promotion (the 4P's ) if it is to be successful in attracting visitors, donors, staff members, and public support. Kotler and Gerald Zaltman created
2665-555: The field of marketing, innovation and leadership in various industries. In 2024, the first prize in Europe was awarded in Poland for the first time: Kotler Awards Poland "Guru" books that contain a complete chapter on Kotler's contributions include such titles as: Marketing Marketing is the act of satisfying and retaining customers . It is one of the primary components of business management and commerce . Marketing
World Marketing Summit - Misplaced Pages Continue
2730-723: The flow of goods, and services from producers to consumers". The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing. Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process", and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return". A related definition, from
2795-537: The idea that businesses must go beyond Corporate Social Responsibility to tackle the world's most urgent problems. In 2021 Kotler launched the Regenerative Marketing Institute with Christian Sarkar and Enrico Foglia. The Institute promotes the practice of regeneration of the Common Good in institutions, businesses, and communities. In 2023, Kotler co-authored Regeneration: The Future of Community in
2860-451: The ideas presented there can be implemented. With a view to initiate global movements through marketing strategies, WMS has undertaken the Incubator concept of carrying out research on health, food, climate change and education in different countries and developing a marketing model in line with Millennium Development Goals (MDGs). The main objective of the incubator approach is to formulate
2925-415: The major benefit of this type of business model is that it offers a company a competitive advantage in the market. Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and
2990-506: The marketing environment. To overcome the deficiencies of the 4P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's are often included in cases such as services marketing where unique characteristics (i.e. intangibility, perishability, heterogeneity and the inseparability of production and consumption) warrant additional consideration factors. Other extensions include "people", "process", and "physical evidence" and are often applied in
3055-418: The marketing process (e.g. product design , art director , brand management , advertising, inbound marketing, copywriting etc.) involve the use of the creative arts. However, because marketing makes extensive use of social sciences , psychology , sociology , mathematics , economics , anthropology and neuroscience , the profession is now widely recognized as a science. Marketing science has developed
3120-474: The monetary value of the product. Cost also refers to anything else the consumer must sacrifice to attain the product, such as time or money spent on transportation to acquire the product. Convenience Like "Place" in the 4Ps model, convenience refers to where the product will be sold. This, however, not only refers to physical stores but also whether the product is available in person or online. The convenience aspect emphasizes making it as easy as possible for
3185-458: The nature of a firm's marketing environment and to attain information from suppliers. A distinction should be made between marketing research and market research. Market research involves gathering information about a particular target market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research
3250-739: The organization is the annual meeting on marketing, held every year since 2012. The first summit was held in Dhaka , Bangladesh , on March 1–3, 2012 (WMS 2012). The three-day summit was inaugurated by Sheikh Hasina , Prime Minister of the People’s Republic of Bangladesh and brought together 60 global experts and attracted 4,000 participants. Speakers from America, Europe, Asia and Africa representing universities, research agencies, multi-national business organizations, United Nations bodies, and financial institutions discussed pressing issues, including marketing, business and economics impacting poverty, health and
3315-417: The place (i.e., distribution) element. Some pricing tactics, such as promotional pricing, can be classified as price variables or promotional variables and, therefore, also exhibit some overlap. Other important criticisms include that the marketing mix lacks a strategic framework and is, therefore, unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of
SECTION 50
#17331247804133380-420: The precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows: A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes
3445-709: The present, including his views on topics such as demarketing, brand activism , marketing of the arts, place marketing, as well as the challenges facing capitalism, democracy, and the common good. In 2018, he co-founded a think tank with futurist David Houle and Jason Voss called The Sarasota Institute. The TSI sponsors public meetings and publishes peer-reviewed articles in ten areas: Technology, Public Policy, Natural Resources, Marketing and Media, Intelligence, Health Care, Education, Democracy, Climate Change, and Economics. In 2018 he and Sarkar founded ActivistBrands.com , an online resource on progressive brand activism . In 2019, Sarkar and Kotler began an open-source project to model
3510-569: The product, the results of marketing research and market research , and the characteristics of the product's target market. Once these factors are determined, marketers must then decide what methods of promoting the product, including use of coupons and other price inducements. Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". However,
3575-530: The sharing economy. The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main differences in these markets are demand, purchasing volume, number of customers, customer concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional methods. A marketing orientation has been defined as a "philosophy of business management." or "a corporate state of mind" or as an "organizational culture." Although scholars continue to debate
3640-766: The shortcomings of capitalism. He published Confronting Capitalism: Real Solutions for a Troubled Economic System in 2015, Democracy in Decline: Rebuilding its Future in 2016, "Advancing the Common Good" in 2019, and Brand Activism: From Purpose to Action in 2018. Philip Kotler's parents, Betty and Maurice were born in the Chernigovskaya region of Ukraine (that time occupied by the Russian Empire ) and emigrated in 1917 as teenagers. They settled in Chicago . Philip Kotler
3705-460: The tactics and strategies in which a company promotes its products and services to individual people. Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently the term B2C refers to the online selling of consumer products.< Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It
3770-1199: The world's first Museum of Marketing (3.0) in Ubud , Bali, Indonesia. Kotler has received 22 honorary degrees from around the world (at Academy of Economic Studies in Bucharest, Athens School of Economics, BI Norwegian School of Management, Budapest School of Economic Science and Public Administration, Catholic University Santo Domingo, DePaul University, Cracow School of Economics, Groupe HEC, HHL Graduate School of Management, Iliria University, Istanbul Ticaret University, La Sapienza University, Mackenzie University, Mediterranean University, National University of Kyiv Mohyla Academy, Nyenrode Business University, Plekhanov Russian Academy of Economics, Universidad Americana, Universidad del Pacifico, University American College, University of Bucharest, University of Stockholm, and University of Zurich). Philip Kotler has two brothers, Milton and Neil Kotler, who are deceased. He met Nancy at Radcliffe (Harvard) and they married in 1955. They have three daughters. Kotler Awards are prestigious economic awards given for outstanding achievements and contributions in
3835-465: The world's most urgent problems. The Wicked7 Project aims to create an online movement of individuals and institutions interested in finding "virtuous solutions" to pressing wicked problems . In 2021, Kotler co-founded the Regenerative Marketing Institute with Enrico Foglia and Christian Sarkar. In 1975, Kotler was the first person to receive the "Leader in Marketing Thought" award voted on by
3900-590: The world." Also, in 2013 he was the first recipient of the Sheth Foundation Medal for Exceptional Contribution to Marketing Scholarship and Practice. Kotler is also the founder (2011) along with Fahim Kibria of the World Marketing Summit . WMS sponsors global conferences with top speakers discussing the latest developments in marketing and business practice that will improve commerce and the quality of life. He also established with Hermawan Kartajaya
3965-542: Was appointed a special Ambassador at large for Indonesian Tourism. In May 2011, the city of Denpasar in Bali bestowed the title of honorary resident of Denpasar. On February 16, 2013, he was the first recipient of the William L. Wilkie "Marketing for a Better World" award from the American Marketing Association to "honor marketers who have significantly contributed to the understanding and appreciation for marketing's potential to improve
SECTION 60
#17331247804134030-689: Was held in Tokyo, Japan on September 24–25, 2014. The fourth summit (WMS 2015) was held in Tokyo, Japan on October 13–14, 2015. Better World is the biannual journal of WMS (January and July) for business managers, academicians and researchers working in the areas of marketing and economics for alleviating poverty. WMS encourages articles covering diverse areas, industries, geographic locations and cultures which specifically focus on such areas as research, strategy, communication, pricing, distribution, sales, and leadership. Articles should be based on research analysis, theoretical insights, and practical experience so that
4095-581: Was invited to be the first Legend in Marketing. His published articles are presented, analyzed, and commented on in the nine-volume Legends in Marketing Series: Philip Kotler , edited by Professor Jagdish Sheth (2012). In 2016, he co-founded (with Christian Sarkar) The Marketing Journal , an online site dedicated to sharing insights and next practices in marketing. In 2017, Kotler published his autobiography, My Adventures in Marketing , an account of his experiences from his formative years to
4160-626: Was shared with other associates in Canada and Bangladesh and finally evolved into a tangible concept. The concept gave birth to World Marketing Summit in 2012 in Dhaka, Bangladesh under the patronage of the Government of Bangladesh in collaboration with Bangladesh Brand Forum. Headquartered in Toronto, Canada, World Marketing Summit has country representatives around the globe. It strives to be neutral and unbiased, and
4225-679: Was the oldest of their three sons; he was born in Chicago on May 27, 1931. He studied at DePaul University for two years and was accepted without a bachelor's degree into the Master's program at the University of Chicago (1953) and completed his PhD at Massachusetts Institute of Technology (1956), earning both degrees in economics. He studied under three Nobel Laureates in Economic Science : Milton Friedman , Paul Samuelson , and Robert Solow . He did
#412587