To many of us, the name “Kotler” is synonymous with marketing. Maintaining a high level of expertise, this latest book from Philip Kotler and Milton Kotler does not disappoint in bringing practical advice to a broad audience. The book provides a fresh collection of marketing strategies and tactics for managers, introduced in a way that emphasizes growth through clearly explained executable steps. The book is a quick enjoyable read that takes on a conversational but wise tone. Ripe with examples, the content is general enough that all can relate, but precise enough to provide strong targeted guidance.
Kotler and Kotler provide savvy advice for businesses needing to revitalize their marketing strategy. They discuss the two tiers of the current global economy, such that America and the European nations are experiencing low growth while faster growth is occurring in Asian and South African markets. Providing insight on this new global economy, the authors advise marketing leaders on successfully identifying and taking advantage of opportunities for growth as their firms navigate a new and changed business environment.
The book introduces “nine megatrends of opportunity” for managers to consider for increasing the success of their businesses in the current low-growth economy. To address and benefit from the identified opportunities, the remainder of the book emphasizes straightforward approaches for firms to grow. Focus is placed on achieving growth that is, specifically, both profitable and sustainable.
The authors organize the book’s content in such a way that the audience is encouraged to read deeply and reflect on the material at a high level. The book consists of eight chapters, each of which is full of substance and details a pathway to growth. Organized with a relevant approach, the first three chapters (Chapters 1-3) focus on growth by scale. The next three chapters (Chapters 4-6) emphasize on growth by scope, and the final two chapters (Chapters 7-8) speak on growth by spirit. Along with the title, a brief synopsis of each chapter follows.
Chapter 1: Grow by building your market share. This chapter focuses on the importance of reflection and self-assessment, a time when the firm examines its core mission, vision, values and offerings. A strengths, weaknesses, opportunities, and threats (SWOT) analysis is recommended, paired with tactics for overcoming weaknesses.
Chapter 2: Grow through developing committed customers and stakeholders. Reminding readers that it is “more important to obsess about your customers than to obsess about your competitors” (p. 27), the authors discuss stages of customer commitment and the related benefits.
Chapter 3: Grow by developing a powerful brand. Emphasizing that yes, everything can be branded, Kotler and Kotler identify elements of a brand. They go on to explore how to maintain a brand’s momentum.
Chapter 4: Grow by innovating new products, services and experiences. Focusing on innovation, this chapter discusses ways for a company to be just the right amount of innovative. From asking customers for ideas to working with outside entrepreneurs, the authors emphasize the importance of willingness to adapt and change – even at the risk of failure.
Chapter 5: Grow by international expansion. This chapter, focused on expanding to new markets, considers engaging in foreign direct investment as well as exporting. Companies in low-growth markets are encouraged to explore high-growth economies (e.g. the Brazil, Russia, India, and China (BRIC) countries) to see if they can grow by fulfilling some of the increasing needs in these quickly changing markets.
Chapter 6: Grow by mergers, acquisitions, alliances and joint ventures. Because natural growth is sometimes limited, other options for building a business are explored in this chapter. Types of inorganic growth are identified (such as acquiring a competitor) and paired with guidance for how, warnings of threats and tips for success. Many examples show positive and negative experiences from this growth strategy.
Chapter 7: Grow by building an outstanding reputation for social responsibility. Focusing on social responsibility, this chapter’s foundation is well-established from the start with Mahatma Gandhi’s quote, “Be the change that you want to see in the world” (p. 153). In addition to covering guidelines for social responsibility from the International Organization for Standardization (ISO), this chapter also encourages companies to develop a strong reputation for caring about human concerns through their business models and practices to relate to both stakeholders and the community.
Chapter 8: Grow by partnering with government and non-governmental organizations (NGOs). The book’s final chapter advises firms to monitor government activity and learn to bid successfully for requests for proposals (RFPs) that align with the company’s offering. Multiple roles of the government are discussed, as well as growth that NGOs can offer businesses. The authors emphasize these opportunities because of their stability in that, even when business and consumer spending is decreasing, strong economies can offer profitable jobs through the government and NGOs.
All eight chapters are cleverly designed to garner reflection and stimulate interest in complex topics without causing confusion. The authors use simple language and avoid jargon. Although many may classify this book as an “easy read”, a high level of involvement and intensity toward finding solutions is naturally encouraged for readers who want to dig in because of the book’s style. The book encompasses a vast number of topics in marketing management, so readers with business experience will find the most value for applying the reading and answering the questions. Almost taking on a workbook format, Market Your Way to Growth has questions at the end of each chapter that encourage further exploration and application of the chapter’s content to the business situation of the reader’s own company.
The content is very timely, directly addressing changes in the world’s economy and adaptation of businesses for long-term success 2013 onward. The authors consider how advancements in technology have reshaped us as a society and helped customers gain power through increased information availability. Because information is just a few clicks away, they emphasize the increased importance of high-quality products and outstanding customer service. Accordingly, they encourage business leaders to strategically adapt and be innovative so as to not be left behind. In doing so, they include terrific examples and entertaining stories of well-known firms.
Marketing leaders with the need or desire for growth will find the book most encouraging and helpful, but any business leader can apply the author’s strategies and tactics to avoid becoming stagnant. At the same time, these questions are thought-provoking at a broad level and may aid academic scholars in developing timely research topics with practical implications for how firms respond in a low-growth economy.
