...Approaches to Marketing Management In common parlance, marketing is the process of selling something at a shop or market place. To some it has meant the study of individual commodities and their movement in the more place; to some it has meant the study of institutions and personas who move these products or study of the economic contribution; whereas to product movements and the way eh perosnas involved move them. Thus the study of marketing has, thus, been approached in more than one ways. However, these different approaches have immensely contributed to the evolution of the modern approach and the concept of marketing. To facilitate the study, these different approaches may be broadly classified as the commodity approach, the institutional approach and the managerial approach. Besides these well recognized and established approaches, of late, the recently developed societal and systems approaches have been attracting considerable attention. A brief description of these different approaches is given below, reflectionghtie respective focus and characteristics. (A) Commodity Approach : In the commodity approach to the study of marketing, the focus of study is a specific commodity, say, wheat, rice, approach, the subject matter of discussion around the specific commodity selected for the study; nature and extent of demand, the distribution channels used and the function, such as buying , selling , financing, advertising, storage repeating such studies in case of different...
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...guidelines. Introduction: The fundamental component of Market segmentation is a market-based strategy. A market segment is a purchase behaviors and different descriptive characteristics and specific group of customers with distinctive customer needs (Baker M.J, 1995) By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the other requirement and technical requirements of each of these, organizations may be able to secure big competitive position than if they attempted to satisfy the fundamental requirements of the market as a whole. In market segmentation there are four criteria that have to be satisfied in order for market segmentation to be effective. A market segment should be accessible, identifiable, substantial, and stable. In Identifiable, there should be indicators of observable that enable the segment to be defined and quantified (Baker M.J, 1995). Accessible, that is, it should be probable to target specifically the segment using distribution channels and existing communication. In Substantial, that the segment should be of enough size to make the effort involved in segmentation worthwhile. In the Stable, the segment there should be capitalized by sufficient time on the investment implicated in segmentation (Baker M.J, 1995). Brief Discussion: Using a variety of philosophical approaches markets can be...
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...Identifying market segments is critical to the successful development of management strategies based on marketing mix components (i.e., product, distribution, price, and promotion)(Kyle, 2002). By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organizations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole. There are four criteria that are crucial to an effective marketing segmentation. A market segment should be identifiable, substantial, accessible and stable. Identifiable, at which there should be observable indicators that enable the segment to be defined and quantified. Substantial, meaning that the segment should be of enough size to make the effort involved in segmentation worthwhile. Accessible, that is, it should be probable to target specifically the segment using existing communication and distribution channels. Stable, so that after classification of the segment there should be sufficient time to capitalize on the investment implicated in segmentation. (Baker, 1995) Markets can be segmented using a variety of philosophical approaches. In terms of operationalizing these approaches, demographic approaches, geographic approaches, socio-economic approaches and psychographic approaches are commonly used. There are a number of demographic-related bases for segmenting markets such as age...
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...image (the way it is promoted) and, of course, the price which should be charged. These are some of the ingredients which a marketing manager must mix together when optimising a limited amount of resources. What is the best mix? A marketing manager has to juggle resources and decide on the best marketing mix. Should money be spent or forfeited on: reduced prices? Improved products? New delivery trucks? Or maybe invest all your money in a high risk TV advertising campaign? Did you recognise the 4 Ps just there? In 1960 Jerome McCarthey presented the 4 Ps to the world. Since then marketing managers around the world have become familiar with them. Can you recall them? In addition to the 4 Ps, there are other approaches to the mix. These are explored under 'Different Approaches' subtopic as shown in the title map. Let's look at each of the 4 Ps briefly. Product - this means the product's (or service's) quality, the functions, the features and benefits of its design plus packaging, guarantees and level of after-sales service. Choices can be made about any of these aspects. Price includes recommended prices to end-user customers, distributor's trade prices, cash discounts, bulk discounts, terms of credit. Place means where and when the customer buys and consumes the product or service. Place is sometimes referred to as the marketing channels, physical distribution, logistics or location. Promotion means the promotions mix or the communications mix. This mix...
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...Marketing Segmentation Theory” Defining the Segmentation: Segmentation can be defined as “the term given to the grouping of customers with similar needs by a number of different variables”. In simple words it can also be define as “the act of dividing or partitioning; separation by the creation of a boundary that divides or keeps apart”. What Does Market Segmentation Mean? “A marketing term refers to the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action”. Market segmentation can also be define as “the process of dividing a market up into different groups of customers, in order to create different products to meet their specific needs”. The most obvious type of segmentation is between customers who buy distinctly different products. For example, in manufacturing sandwiches, you would clearly be able to make a distinction between creating sandwiches for vegetarians and those for meat eaters. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another. Generally three criteria can be used to identify different market segments: 1) Homogeneity (common needs within segment) 2) Distinction (unique from other groups) 3) Reaction (similar response to market) What is Market Segmentation Theory? “A modern theory pertaining to interest rates stipulating that there is no necessary relationship...
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...here are four different approaches to the study of marketing. These approaches explain clearly the mechanism and concept of marketing. These approaches are Commodity Approach, Institutional Approach, Functional Approach and Decision Making Approach. (1) Commodity Approach or Product Approach: This approach refers to the study of a product in detail. The marketing situation of each product chosen for study is examined from such viewpoints as sources and conditions of supply, producer marketing organisations, policies, different middlemen (wholesaler’s 6f retailers etc.) who take part in distributing the product. Problems with regard to a particular product are studied in detail under this approach. Products of any nature e.g. agricultural products wheat, rice, maize, etc., industrial products like machine tools, lathe-machines, generators, oil engines, etc., and any other products can be covered under this study. In practice, this approach tends to be repetitive and time consuming. (2) Institutional Approach: This approach relates to various marketing institutions viz., wholesalers, retailers etc., engaged in marketing. In applying this approach, a thorough study with regard to a particular middleman is undertaken. For example, in retailing, nature and significance of retailing in terms of functions and services performed and rendered by retail institutions like departmental stores, multiple shops, mail order houses etc. Besides wholesalers and retailers, other...
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...Consumer Behavior – Week Two Keller University 1/15/2016 Introduction Since 1907, UPS was known for being a business of small package transportation and delivery. They decided to expand its business offerings by being more than what they were known for. In order for the company to get the message out about its repositioning, they purse an integrated marketing communication. Their goal was to shift their consumer’s mindset of what they thought about the company, and to be known as a synchronized commerce. They changed their logo, discovered the color brown as a way of personifying their brand, and delivered a consistent brand message across all significant media and events. UPS now print labels, track shipments, order a pick-up, and provides many other services. UPS’ Decision to Pursue Integrated Marketing Communications UPS was led to pursue an integrated marketing approach because they were expanding their business offerings. For years the company was mainly known for small package transportation and delivery, by majority of their customers. They knew the only way to help their consumers see them as a synchronized commerce, they had to effectively communicate for it to be relevant and memorable. They conveyed their brand message consistently across all significant media and events. Promotional Objective The promotional objective for UPS, was to build awareness to their four primary audiences. They were repositioning itself as a synchronized...
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...this essay I will be looking at three different approaches to health education, explaining two models of behaviour change that have been used in recent health education campaigns, and assessing how the social context may influence the ability of health education campaigns to change behaviour in relation to health. Health promotion involves doing things to prevent disease and to improve individual and community’s health. Health promotion offers solutions to many of the health problems facing society such as obesity, lack of exercise and smoking though developing skills and knowledge, community action, supportive environments, healthy public policy and health services. Health promotion helps individuals or communities to increase control over and improve their health and wellbeing. The features of health promotion are that it is based on a holistic view of health; it uses participatory approaches it focuses on the determinants and addressing of health not just health problems and conditions. These include the social, behavioural, environmental and economic conditions that are the root cause of poor health, wellbeing and illness such as education, income, employment, working conditions, social status. Health promotion builds on existing strengths and assets and it uses multiple, complementary approaches to promote health for the individual, community and population as a whole. There are three main approaches to health education. The approaches have been used to as a way to improve...
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... 1.1 The Philosophy of Marketing Theory: Historical and Future Directions – Mark Tadajewski 1 1.2 “Paradigms Lost”: On Theory and Method in Research in Marketing – Rohit Deshpande 4 1.3 Empirical Business Ethics Research and Paradigm Analysis – V. Brand 6 2 Summary on key learning notes 9 Bibliography 12 The Philosophy of Science The discussion of marketing as a science and the different paradigms related to it were unfamiliar to me before I read these articles included in the assignment. I had earlier gotten familiar with the discussion of economic sociology and the discussion and the debate between economics as a science (especially the neo-classic economic approach) and the subject it researches, i.e. the economic markets where these economic practices take place. It is thus also logical to become familiar with the evolution of marketing practices, as this to many degrees resembles and also equates to the evolution of economic sciences and other sciences alike. The articles are assessed in the order that I read them, since it is hopefully also possible for the reader to follow a logical construct in the development and adoption of the insight that the articles provide on marketing research. Even though this does not pose a logical progression of the articles time-wise, I still feel that it is natural to address these articles in this mentioned fashion. The first one of the articles discussed is “The Philosophy of Marketing Theory” by M. Tadajewski...
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...Umer Khan Consumer Behavior SecA Week 2 Video Case Study What led UPS to pursue an integrated marketing communications approach? What was the promotional objective as it repositioned itself in the "synchronized commerce" market space? Integrated market communication was required in order to get the maximum business out of the market. It was important for UPS to make the market understand that they are not only the package delivery company but they do so much more than just the package delivery. “Synchronized commerce” the name was given to this marketing model / market space. The need to pursue for integrated communication market was required when UPS had to change its image in the market. It was important for market to know that there is a leading edge company which can do much more than just delivering the package. The reason of adopting the integrated market communication was to create a bridge or channel of communication between the customer/consumer and the company. Company wanted each and every customer to walk through the same journey of innovation what UPS was going through. And with this message of their capabilities was communicated to the consumer. Promotional objective for the synchronized commerce was to get the potential business from the core market which was unaware of the capabilities of the company. Working this out was a good opportunity for the company to re-model their own shape in the market and to be known as A LEADING COMPANY in not...
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...Business Communication Student Name Student ID Date Business Communication: Business communication is a vital element of the progress of any company including AT&T. THE communication channels that the company has developed in place play a major role in ensuring business success and the successful passage of information from one part of the organization to another. Understanding the communication channels that a company has aids in understanding the information used. The approaches the company employs in propelling the information and the nature of effects that it produces in the company. Different forms of communication exist and each serves specific functions. These include but are not limited to those listed in the table below: Type of information | Example | Description | Purpose | Source | Verbal | Speech at a company gathering, communication between employees | Passage of a message using verbal means to a group within the company | The purpose of this form of communication is to ensure that a message is communicated in form of a speech. These may occur during a gathering or an avenue through which the passage of a message occurs using verbal means | Top management | Written | Business weekly reports, letters to the management, and letters from external bodies such as an auditor’s reports or letter | Based on the departments and their job roles within the company | The written reports provide support to communicating the weekly progress of the operations of the...
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...communicating their core propositions for the Unites States through search engine results. Bing result: Online shopping from the earth's biggest selection of books, magazines, music, DVDs, videos, electronics, computers, software, apparel & accessories, shoes, jewelry ... Yahoo results: Online shopping from the earth's biggest selection of books, magazines, music, DVDs, videos, electronics, computers, software, apparel & accessories, shoes, jewelry ... Google result: Online retailer of books, movies, music and games along with electronics, toys, apparel, sports, tools, groceries and general home and garden items. Region 1 ... Both Yahoo and Bing are the same but Google communicates the same core propositions slightly different but all three communicate the same basic core propositions. These online search results are an excellent way of communicating Amazon’s core propositions. Amazon also communicates its propositions at its website Amazon.com but they are not in a sentence list. They are listed by department. Offline Amazon communicates its core propositions very clearly through advertising such as the commercial they ran during the Super bowl. They communicate their promotional offers very efficiently. With each item searched they offer free shipping for a minimum amount spent. They also offer discounts on items according to their popularity. They offer a membership program called Prime Member that offers free and discounted shipping and free kindle...
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...is a South American Country and is the fifth largest country in the world in terms of the geographical area. Among the most populous countries in the world, Brazil acquires fifth position and it is fourth among the most populous democracy in the world. Brazil has a diversified middle-income economy and it is one of the ten largest economies in the world. Its economy has wide variations in the manufacturing, agricultural and mining sectors and in the levels of development. Technology and service sectors also play a significant role in its economy and are growing rapidly (Infoplease, 2005). Objective The objective of the research is to design the research methodology to sell the top-selling product of the XYZ Inc. in Brazil. The different objectives, which the company wants to achieve with the help of the research, are various in numbers. Some of them are: • The company wants to study the market size, market potential and market growth. • The study of market profile and market characteristics is also one of the objectives of the research. • The analysis of market share and market segment. • The measurement and forecasting of the sale for the short run and long run. • The identification of complete business trends and seasonal trends (Ramaswamy & Namakumari, 2007). Research methodology Researches in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information...
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...Customer value-based pricing strategies: why companies resist Andreas Hinterhuber Andreas Hinterhuber is based at Hinterhuber and Partners, Innsbruck, Austria. Introduction Pricing has a huge impact on profitability. Pricing strategies vary considerably across industries, countries and customers. Nevertheless, researchers generally concur that pricing strategies can be categorised into three groups: 1. cost-based pricing; 2. competition-based pricing; and 3. customer value-based pricing. Of these, customer value-based pricing is increasingly recognised in the literature as superior to all other pricing strategies (Ingenbleek et al., 2003). For example, Monroe (2002, p. 36) observes that: ‘‘ . . . the profit potential for having a value-oriented pricing strategy that works is far greater than with any other pricing approach’’. Similarly, Cannon and Morgan (1990) recommend value pricing if profit maximisation is the objective, and Docters et al. (2004, p. 16) refer to value-based pricing as ‘‘one of the best pricing methods’’. Practitioners have also recognised the advantages of value-based pricing strategies. Several companies have successfully adopted such strategies. These include pharmaceutical companies such as Sanofi-Aventis, information technology companies such as SAP and Vendavo, wireless internet service providers such as the Australian company Xone, airlines such as Lufthansa, vehicle manufacturers such as BMW, and biotech companies such as Tigris Pharmaceuticals...
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...methods of communicating your message to your audience. I personally feel that the approaches that are most effective in making these communications a possibility are colors and shapes, cartoons and illustrations, and typography. Visual communication approaches like these make marketing and advertising easier and more competitive. Research has shown that people make judgments subconsciously about all sorts of things. Among these things are people, the environment, or product within ninety seconds of initial viewing and that between sixty two and ninety percent of that assessment is based on color and shapes. Catching the shopper’s eye and conveying information effectively are critical to successful sales. It has also been proven that color increases brand recognition by up to eighty percent. Shapes and colors improve reading and comprehension as well. There are many reasons why businesses use cartoons and illustrations in their marketing and advertising. When using cartoons and illustrations in marketing and advertising the characters and backgrounds are usually simple and use large shapes and contrasting colors so that the reader will capture the story right away without a lot of trouble. The advantage of these simplicities is that your message is identified by the reader very quickly and with little or, sometimes, no effort. Cartoons and illustrations are also an effective way to be used in marketing is because everyone reads them; they are simple and fun to read, and, thus, keep...
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