MARKETING THEORIES – THE MARKETING MIX – FROM 4 P’S TO 7 P’S Visit our Marketing Theories Page to see more of our marketing buzzword busting blogs. Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 P’s to explain the mix, nowadays it is more commonly accepted
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Theories of Marketing Week 1 – lecture 1 History of marketing 1. Production : supplying markets 2. Selling: convince people that what the organization happen to have is what they need. 3. marketing : let’s ask people what they want and then produce it. What can I make that will serve my customers better? It needs to be something relevant, innovative or unique MKG definition it’s all about sales and market share : it doesn’t say anything about relationship NOW : how can
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Product Lifecycle: Business analysis that attempts to identify a set of common stages in the life of commercial products Portfolio Analysis: Process of comparing the contents of the portfolio to see which products or services are the most promising and deserve further investment, and which should be discontinued BCG: * Model for managing product lines. * It displays the various products on a graph based on market growth rate vs. market share relative to its main competitor. *
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Marketing is a way of thinking and doing things. It’s a philosophy to say the least. It’s about progress keeping in mind how you deal with your customers, your employees, society and the environment. To truly understand the depth and reach of marketing we have to look beyond the conventional activities of Product, place, price and promotion. “There is nothing easier than lowering the price. I don’t pay a manager to lower prices for my products – A computer can do that for me. I pay a manager
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determine the competitive intensity and therefore attractiveness of a market . Three of Porter's five forces refer to competition from external sources. The remainder are internal threats. Ansoff Matrix : The Ansoff Growth matrix is another marketing planning tool that helps a business determine its product and market growth strategy. Ansoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets
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THEORIES IN MARKETING STRATEGY[1] In general, there are three aspects to the strategy of firms, regardless of the level of the strategy: content, formulation process, and implementation. Strategy content (what the strategy is) refers to the specific relationships, offerings, timing, and pattern of resource deployment planned by a business in its quest for competitive advantage (e.g., generic strategy of cost leadership versus differentiation; push versus pull strategy). Strategy formulation process
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Marketing may be described as a process where goods and services transcend to the customer from concept. This usually involves the elements of marketing being well coordinated. This starts with the development of a product that has been identified and selected, price determination, channel selection and implementation of the promotional strategy. New Apple products, for instance, are developed to include advanced application and systems, set at different price depending on how much capability the
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They are cost leadership, differentiation, and market segmentation (or focus). Market segmentation is narrow in scope while both cost leadership and differentiation are relatively broad in market scope. Empirical research on the profit impact of marketing strategy indicated that firms with a high market share were often quite profitable, but so were many firms with low market share. The least profitable firms were those with moderate market share. This was sometimes referred to as the hole in the
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Page 1 of 21 SECTION A: Problem in Context and Statement of the Problem The effect of In-store advertising and strategic shelf space within the South African FMCG market, and the impact it has on consumer buyer behaviour. Impulse buys are a form of consumer buyer behaviour but could it be that these buys are purchases that are fueled by emotion and desire, for instant gratification and not just a spontaneous urge. Research shows (Shaw, 2014) us that in fact we are drawn out of a subconscious state
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What is the relationship between marketing and the fundamental theory of exchange? To understand the relationship between marketing and the fundamental theory of exchange, one must define the two separately to know the benefit of them together. The Merriam-Webster dictionary defines marketing “as the process or technique of promoting, selling, and distributing a product or service.” (1) With any business, one must have this skill to be able to promote the goods or service that they wish to sell
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