Marketing Basics and Concepts
Why Study Marketing? Approaches to Studying Marketing
After considering the definition of marketing, we can understand some of the obvious reasons why the study of marketing is relevant. Here are the reasons why I should study marketing. The marketing field offers a variety of interesting and challenging career opportunities, such as personal selling, advertising, packaging, transport, storage, marketing research, product development, wholesaling,...
Marketing: Definition, Scope, Importance, Role
Marketing is a tricky topic to define and frame in. The Marketing studies field has rapidly moved and reached a very high level, but defining it into some fixed variables is impossible. Marketing is defined as the process responsible for identifying, anticipating, and satisfying customer requirements profitably. Marketing is part of the management process responsible...
7 Goals of Marketing
Effective Marketing is difficult because producers and consumers are separated in several ways. The exchange between producers and consumers is hampered by spatial separation of ownership exchange of further complicated by discrepancies of quality and discrepancies of assortment between Producers and Consumers. Marketing facilitates production and consumption in different ways. The goals of marketing are...
Marketing Environment: Macro and Micro Marketing Environment
Marketing environment consists of external forces that directly or indirectly influence an organizations acquisition of inputs and generation of outputs.
Societal Marketing Concept: Definition, Advantages, Examples
The Societal Marketing Concept puts Human welfare on top before profits and satisfying the wants. Societal Marketing emphasizes social responsibilities and suggests that to sustain long-term success, the company should develop a marketing strategy to provide value to the customers to maintain and improve both the customers’ and society’s well-being better than the competitors. The...
5 Marketing Concepts: Marketing Management Philosophies
5 marketing concepts helps organizations plans, design strategies and execute their marketing strategies to get target consumers.
5 Core Customer and Marketplace Concepts
The 5 core concepts of customer and marketplace allow you to understand and examine the customer, marketplace, and why it behaves in various situations. 5 core customer and marketplace concepts are; (1) needs, wants, and demands, (2) market offerings such as products, services, and experiences, (3) value, satisfaction, and quality (4) exchange, transactions, and relationships,...
Marketing Strategy
7 Methods of Forecasting Future Market Demands
Forecasting is estimating future demand by anticipating what buyers are likely to do under a given set of conditions. Forecasting is a difficult task for most products or services. Forecasting is relatively easier for products with steady sales or growth in a stable competitive situation. But most markets lack stable total and company demand. Therefore,...
Marketing Plan: Contents of a Marketing Plan
Undertaking actions based on a marketing plan can place a company better than its competitors. Preparing the plan requires a few sequential steps, which should be followed for a better plan to follow. A marketing plan contains an executive summary, statement of the current marketing situation, analysis of the opportunities and issues, objectives of the...
What is Marketing Analysis?
The task of managing the marketing function starts with a detailed analysis of the company’s situation. For this purpose, the company must make an analysis of its markets and marketing environment to locate opportunities and to avert environmental threats. It must review company strengths and weaknesses, as well as current and possible marketing action, which...
Factors Influencing Marketing Strategy
The strategic plan outlines the company’s overall mission and objectives. Marketing plays an important role in helping achieve overall strategic objectives. What Are The Factors Influencing Marketing Strategy? The figure shows the marketing’s role and activities in the organization. The figure shows at a glance the entire marketing process and the forces influencing company marketing...
Product Market Expansion Grid
In addition to evaluating current businesses, designing the business portfolio aims at finding businesses and products the company should consider in the future. For this purpose, management uses a device called product/market expansion grid. What is Product-Market Expansion Grid? The product/ market expansion grid is a portfolio-planning tool for identifying company growth opportunities through market...
7Ps of Marketing
Marketing Mix is a blend of marketing variables that determine the level of marketing efforts on the target market. 7Ps of Marketing are derived from the 4Ps of Marketing and 4Cs of Marketing. 7P’s of the marketing mix are – People, Product, Price, Promotion, Place, Process, and Physical Evidence. Companies use the 7Ps to identify...
4Ps of Marketing
4Ps of Marketing Mix describes the combination of the 4 inputs, which constitute the core of a company’s marketing system: the product, the price structure, the promotional activities, and the distribution system. 4Ps of Marketing Mix was developed by E. J. McCarthy in his book, “Basic Marketing – A Managerial Approach” in 1960 by. 4p’s...
4Cs of Marketing
4Cs of Marketing complements the 4Ps of Marketing. It shows what the each P of the 4Ps of Marketing needs to focus on, To understand the use of 4Ps of Marketing we need to know the 4Cs of Marketing. 4C’s of the marketing mix are; Customer. Cost. Convenience. Communication. Customer Customer or consumer is the...
Marketing Process: 5 Steps of Marketing Process
Marketing is how companies create value for customers and build strong customer relationships to capture value from customers in return. 5 step process of the marketing framework wherein value is created for customers and marketers capture value from customers in return. Understanding The Marketplace And Customer Needs And Wants. Designing A Customer-Driven Marketing Strategy. Constructing...
BCG Matrix: Definition, Chart, Explanation With Examples
BCG stands for Boston Consulting Group; also called ‘Growth/Share Matrix/ BCG Matrix’; developed by Boston Consulting Group, a world-renowned management consulting firm located in the USA. It is a useful tool for analyzing a diversified company’s business portfolio. In the BCG matrix, SBU(Strategic Business Unit) is a unit of the company that has a separate mission...
General Electric Approach
General Electric introduced a comprehensive portfolio planning tool called a strategic business-planning grid. Like the BCG approach, it uses a matrix with two dimensions – one representing industry attractiveness (the vertical axis) and the other one representing company strength in the industry (the horizontal axis). The best businesses are those located in highly attractive industries...
Marketing Mix: Definition, Elements, Examples, Diagram
The marketing mix is the mixture of controllable marketing variables that the firm uses to influence and pursue the sought level of sales in the target market. It is the tools use to influence or persuade the wants, needs, and demands of the customer for PSI (product, service, or information). In simple terms, the marketing...
Consumer Buying Behavior
New Product Development: Definition, Process
Getting the product right is the single most important activity of marketing. If the product is not what the market wants, no amount of price adjustment, dependable delivery, or brilliant promotion will encourage consumers to buy it – or at least, not more than once, and very few companies produce products which are ‘once-in-a-lifetime’ buys....
Types of Buying Decision Behavior
Buying behavior differs greatly for different types of products. As participants and deliberation in the buying process increase, buying decisions become more complex. The types of consumer buying behavior depend on buyer involvement and the degree of differences among brands. Four types of buying behavior are; Complex Buying Behavior. Dissonance- Reducing Buying Behavior. Habitual Buying...
Factors Influencing Consumer Behavior
Various cultural, social, personal, and psychological factors strongly influence consumer purchase decisions. Factors influencing consumer behavior are; (1) cultural factors (culture, subculture, and social class), (2) social factors (family, groups, and social roles), (3) personal factors (age and life-cycle stage, occupation, economic situation, lifestyle, personality, and self-concept), and (4) psychological factors (motivation, perception, learning, and beliefs and attitudes).
5 Stages of Consumer Adoption Process [Buyer Decision Process for New Products]
Consumer adoption process has five stage: awareness, interest, evaluation, trial, and adoption; Marketers should guide consumers through these stages for successful product adoption.
5 Types of Adopters: Innovators, Early Adopters, Early Majority, Late Majority, Laggards.
Different people try new products at varying speeds. For each product, we find consumption pioneers and early adopters. Other consumers adopt new products much later. Consumers pass through five stages in the process of adopting a new product. Let’s look at the diagram to understand how adopters adopt a new product over time. After a...
Consumer Decision Process [Buyer Decision Process]
Consumers go through the 5 stages of the buyer decision process in taking the decision to purchase any goods or services.
Market Segmentation
Segmentation, Targeting and Positioning Process (STP Model)
A successful marketing plan needs proper segmentation, targeting, and positioning. The process of segmentation, targeting, and positioning is called STP Model ((segmentation, targeting, and positioning). For a brand and its products to be successful, the marketer needs the identify the segments of the market and understand under which bases each segment falls. Once the segments...
4 Types of Market Segmentation: Bases of Consumer Market Segmentation
A market segment means a homogeneous group consisting of buyers who seek the same offering. In market segmentation, the aim is not merely to divide the market into sub-classes based on product differentiation but to distinguish want categories that correspond to the distinct demands of various groups in the market. For proper market segmentation, the...
Market Segmentation: Meaning, Bases, Types, Levels, Importance
Market segments refer to the sub-classes of the market reflecting sub-classes of wants and the process of conceptually distinguishing segments is known as the process of market segmentation.
Business Market Segmentation
Business markets need to be segmented like consumer markets geographically or by benefits sought, user status, usage rate, and loyalty status. Some additional variables are also used for segmenting business markets. These are Business Market Segmentation bases; Customer demographics (industry, company size), operating characteristics, purchasing approaches, situational factors, and personal characteristics. The table below examples...
Market Targeting
Target Marketing: Meaning, Process, Benefits
Target marketing involves the identification of the most profitable market segments. Therefore, businesses may decide to focus on just one or a few of these segments. They may develop products or services to satisfy each selected segment. Such a target marketing strategy differs from mass marketing (where a company may decide to produce and distribute...
Market Coverage: Definition, Strategies, Examples
Once the market segmentation has been completed, the company should be aware of the needs and wants of its selected segments. It is in the interest of the business to identify any untapped needs in the marketplace, as there could be customers who may not be adequately served by competitors. It is then necessary to...
Segmentation, Targeting and Positioning Process (STP Model)
A successful marketing plan needs proper segmentation, targeting, and positioning. The process of segmentation, targeting, and positioning is called STP Model ((segmentation, targeting, and positioning). For a brand and its products to be successful, the marketer needs the identify the segments of the market and understand under which bases each segment falls. Once the segments...
Market Positioning
Segmentation, Targeting and Positioning Process (STP Model)
A successful marketing plan needs proper segmentation, targeting, and positioning. The process of segmentation, targeting, and positioning is called STP Model ((segmentation, targeting, and positioning). For a brand and its products to be successful, the marketer needs the identify the segments of the market and understand under which bases each segment falls. Once the segments...
Market Positioning: Definition, Strategies, Importance, Errors
Marketing positioning is the process of developing a marketing mix that puts the product in a unique position to the targeted segments for attracting potential buyers. Marketing positioning involves arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers, which is accomplished through...
Products
What is Product?
Product is considered to be one of the most critical elements of the marketing mix. Distribution, promotion, and pricing strategies depend very heavily upon what the product is, its attributes, and its function. There are many misconceptions about what a product is. Therefore, attention must be directed to defining a product and the product mix....
Types of Products (Consumer Products and Industrial Products)
Marketers consider goods primarily in terms of whom they are being targeted. They classify goods based on whether they are consumer goods or industrial goods. Generally, products are classified into two types; Consumer Products (convenience products, shopping products, specialty products, unsought products). Industrial Products (capital goods, raw materials, component parts, major equipment, accessory equipment, operating...
Levels of Product
A particular product has 5 levels (core benefit, generic product, expected level, augmented product, and potential product). When a buyer buys a product, he buys a package, not only the tangible product. With a soap, you purchase, for example, the soap itself, an image, and a number of interrelated satisfactions. Marketers should, therefore, need think...
Product Mix Decisions
A product mix is all of the product lines that the company sells in the marketplace, and not those still in the development or testing stages. For example, a company’s product mix may be constituted of cosmetics, toiletries, and medicine. Again, each line may have a subline, such as cosmetics may be broken down into...
Product Life Cycle: 4 PLC Stages and Marketing Strategies of PLC
The product life cycle is a series of stages progressing from its initial entry to its ultimate withdrawal from the market. Contemporary marketers try to plan for the life of the product before it is ever introduced. They try to maximize profits over the entire period. It is on the market, not just in the...
Product Line Decisions
Product Line Decisions means a company offers similar products to solve a whole range of similar problems that target customers have. To understand Product Line Decisions simply, we can look at a smartphone manufacturer, like Samsung and Apple. They are known to customers as smartphone makers, but they are more than that. Both Samsung and...
Individual Product Decisions
For developing marketing plans and strategies, a marketer needs to make individual product decisions. These answers what decisions a marketer has to make before developing and marketing individual products? Individual product decisions start with setting the right product attributes. To make the product stand out from the competition, branding needs to be done properly. Packaging...
Placing Products
Logistics Management: Nature, Goals, Functions
As today’s market assumes a global dimension, bringing a product is often harder than selling it. Appropriate decisions must be made regarding storing, handling, and moving products and services to make them available to customers in the proper assortments, at the proper time, and in the proper place. Logistics effectiveness will have a significant bearing...
Channel Design & Management Decisions In Marketing
Distribution channels are networks of people and companies that work together to meet their goals. Each member has a specific role, and the channel works best when they work well together. But conflicts can happen, and it’s important to manage them to keep the channel working smoothly. To create a good marketing channel, companies need...
Marketing Systems: Horizontal Marketing Systems & Vertical Marketing Systems
The vertical marketing system is a recent development that has emerged to challenge conventional marketing channels. Let’s contrast the two types of channel arrangements. A conventional distribution channel consists of one or more independent producers, wholesalers, and retailers. Each is a separate business seeking to maximize its profits, even at the expense of profits for...
Types Of Marketing
To attain success in the rapidly evolving marketing industry, it is imperative to grasp diverse marketing strategies, such as social, personal, place, and organizational marketing. Each approach presents unique opportunities, including product promotion on social media, personal branding, location-specific advertising, and establishing robust brand identities. In this post, we will delve deep into these marketing...
4 Characteristics of Service
A service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Services do not always emerge out of physical products. When somebody rents a hotel room, deposits money in a bank, travels on an airplane, visits a physician, gets...
Personal Selling: Meaning, Roles, Steps
What is Personal Selling? – Meaning of Personal Selling Personal selling jobs are of many types. Personal selling plays a different role in different companies. The history of the selling profession dates back to the days of antiquity. People engaged in selling jobs bear many names such as salespeople, sales representatives, account executives, sales consultants,...
💰How To Build a Sales Force: Mastering Structure & Strategy
We define sales force management as the analysis, planning, implementation, and control of sales force activities. It includes designing a sales force strategy and structure and recruiting, selecting, training, compensating, supervising, and evaluating the firm’s salespeople. Designing Sales Force Strategy and Structure Marketers need to consider several issues relating to sales force strategy and design....
Public Relations: Definition, PR Tools, Public Relations Decisions
Public Relations(PR) is the management of communication between an organization and its publics. Public Relations is concerned with or dedicated to creating mutual understanding among groups and institutions.” Public relations work counseling, media relations, publicity, community relations, governmental affairs, employee relations, investor relations, development/fund-raising, special events, and marketing communications. Public relation is a distinct discipline...
Sales Promotion
What is Sales Promotion? Sales promotion consists of short-term incentives to encourage purchase or sales of a product or service. While advertising gives reasons to buy a product or service, sales promotion offers immediate buying reasons. We often notice sales promotion activities. Sales promotion has a lot of promotion tools. These aim at stimulating earlier...
Major Advertising Decisions
We define advertising as any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. Such presentation and promotion are done through a message called advertisement, which is disseminated through one or more media. The definition of advertising provides us with some important considerations. First, advertising differs from an...
Retailing and Wholesaling
Wholesaler Marketing Decisions
In recent years competition in wholesaling is increasing. Apart from new competition sources, more demanding customers, new technologies, and more direct-buying by large industrial, institutional, and retail buyers are challenges that the wholesalers are facing. To cope with these challenges, wholesalers improved its strategic decisions on the target market and positioning, and the marketing mix....
Wholesaling: Meaning, Types
Wholesalers sell merchandise to artisans, retailers, manufacturers, and other professional businesses. They are a major player in the economy, though still unknown to many. Ensuring the supply of goods along the entire value chain, wholesale plays a pivotal role as the interface between producers, retail, manufacturers, and catering. For some products, like certain foodstuffs and...
Retailer Marketing Decisions
With the changes in the marketing environment, consumer preferences, and technology advancement, retailers are looking for new marketing strategies to operate profitably. Retailers face major marketing decisions about their target markets and positioning, product assortment and services, price, promotion, and place. Retailer marketing decisions are; Target Market and Positioning Decision Product Assortment and Services Decision...
Retailing: Meaning, Types
From a marketing perspective, retailers are closer to consumers than manufacturers. Retailers are the final stage in the marketing chain and the contact point between consumers and manufactured products. Retailing Meaning – What is Retailing? Retailing previously prioritized buying decisions and product assortment, it now follows a more strategic approach to management and marketing and...
![5 Stages of Consumer Adoption Process [Buyer Decision Process for New Products]](https://i0.wp.com/www.iedunote.com/img/20011/buyer-decision-process-for-new-products.jpg?resize=300%2C200&quality=100&ssl=1 "5 Stages of Consumer Adoption Process [Buyer Decision Process for New Products]")
![Consumer Decision Process [Buyer Decision Process]](https://i0.wp.com/www.iedunote.com/img/20005/buyer-decision-process-consumer-decision-process.jpg?resize=300%2C200&quality=100&ssl=1 "Consumer Decision Process [Buyer Decision Process]")
