This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. Retail which geographic region or industry, to which segment (young adults, families, business people etc. Also referring to how the environment in which the product is sold in can affect sales. Promotion This includes all aspects of marketing communications; advertising, sales promotion, including promotional education, public relations, personal selling, product placement, branded entertainment, event marketing, trade shows and exhibitions. Criticisms edit morgan, in Riding the waves of Change (Jossey-bass, 1988 suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the insideout view (looking from the company outwards whereas the essence of marketing should be the outsidein. An inside-out approach is the traditional planning approach where the organisation 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 organisation's products and messages to the "outside" or external stakeholders. 43 In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer.
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40 Brief outline edit resume The traditional marketing mix katherine refers to four broad levels of marketing decision, namely: product, price, promotion, and place. 41 42 Product The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user 's needs and wants. The product element consists of product design, new product innovation, branding, packaging, labelling. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. Branding, a key aspect of the product management, refers to the various methods of communicating a brand identity for the product, brand, or company. Pricing This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services,. Time, energy, or attention or any sacrifices consumers make in order to acquire a product or service. The price is the cost that a consumer pays for a product—monetary or not. Methods of setting prices are in the domain of pricing science. Place (or distribution ) This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner.
36 For instance, he is on record as having used the term, 'marketing mix in his presidential address given to the American Marketing Association in 1953. 37 In the mid-1960s, borden published a retrospective article detailing the early history of the marketing mix in which he claims that he was inspired by culliton's idea of 'mixers and credits himself with coining the term, 'marketing mix'. 38 Borden's continued and consistent use of the phrase, "marketing mix contributed to the process of popularising the concept throughout the 1940s and 50s. The "marketing mix" gained widespread acceptance with the publication, in 1960,. Jerome McCarthy 's text, basic Marketing: a managerial Approach which outlined the ingredients in the mix as the memorable 4 Ps, namely product, price, place and promotion. 39 The marketing mix is based upon four controllable variables that a company manages in its effort to satisfy the corporation's objectives as well as the needs and wants of a target market. 35 Once there is understanding of the target market's interests, marketers develop tactics, using the 4Ps, to encourage buyers to purchase product. The successful use of the model is predicated upon the degree to which the target market's needs and wants have been understood, and the extent to which marketers have developed and correctly deployed the tactics. Today, the marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
Origins edit during the 1940s, the discipline of marketing was in transition. Interest in the functional school word of thought, which was primarily concerned with mapping the functions of marketing was waning while the managerial school of thought, which focussed on the problems and challenges confronting marketers was gaining ground. 32 The concept of marketers as "mixers of ingredients was first introduced by james Culliton, a professor at Harvard Business School. 33 At this time theorists began to develop checklists of the elements that made up the marketing mix, however, there was little agreement as to what should be included in the list. Many scholars and practitioners relied on lengthy classifications of factors that needed to be considered biography to understand consumer responses. 34 neil Borden developed a complicated model in the late 1940s, based upon at least twelve different factors. 35 The original marketing mix or the 4Ps Inspired by the idea of marketers as mixers of ingredients, neil Borden one of Culliton's colleagues at Harvard, coined the phrase the marketing mix and used it wherever possible. According to borden's own account, he used the term, 'marketing mix' consistently from the late 1940s.
As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals. Societal marketing edit main article: Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value. Instead, marketing activities should strive to benefit society's overall well-being. Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities. They should consider the impact of their activities on all stakeholders. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports. Sustainable marketing or green marketing is an extension of societal marketing. 30 The marketing mix (the 4 Ps) edit main article: Marketing mix The four Ps, often referred to as the marketing mix or the marketing program, 31 represent the basic tools which marketers can use to bring their products or services to market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these.
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Consequently, ascertaining consumer demand is vital for a firm 's future viability and even existence as a going concern. Organizational orientation : In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization. Information from an organization's marketing department would be used to guide the actions of other department's within the firm. As an example, a marketing department could ascertain (via marketing research) that consumers desired a new type of product, or a new usage for an existing plan product. With this in mind, the marketing department would inform the r d department to create a prototype of a product/service based on consumers' new e production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing.
Additionally, a firm's finance department would be consulted, with respect to securing appropriate funding for the development, production and promotion of the product. Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization. Mutually beneficial exchange : In a transaction in the market economy, a firm gains revenue, which thus leads to more profits/market share/sales. A consumer on the other hand gains the satisfaction of a need/want, utility, reliability and value for money from the purchase of a product or service.
23 The sales orientation "is typically practised with unsought goods." 24 One study found that industrial companies are more likely to hold a sales orientation than consumer goods companies. 25 The approach may also suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes diminishing demand. A 2011 meta analyses 26 has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge (knowledge of market segments, sales presentation skills, conflict resolution, and products degree of adaptiveness (changing behaviour based on the aforementioned knowledge role. Production edit further information: History of marketing Production orientation A firm focusing on a production orientation specializes in producing as much as possible of a given product or service in order to achieve economies of scale or economies of scope. A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant (similar to the sales orientation).
The so-called production era is thought to have dominated marketing practice from the 1860s to the 1930s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries. Specifically kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers. And is still useful in some situations." 27 Marketing edit further information: Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. Firms adopting a marketing orientation typically engage in extensive market research to gauge consumer desires, use r d to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure consumers are aware of the product's existence and the benefits. 28 Scales designed to measure a firm's overall market orientation have been developed and found to be relatively robust in a variety of contexts. 29 The marketing orientation often has three prime facets, which are: Customer orientation : A firm in the market economy can survive by producing goods that persons are willing and able to buy.
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17 Orientations edit main article: History of marketing Orientations or philosophies that inform marketing practice a marketing orientation has been defined as a "philosophy of business management." 18 or "a corporate state of mind" 19 or as an "organisational culture" 20 Although scholars continue. A product orientation is based on paper the assumption that, all things being equal, consumers will purchase products of a superior quality. The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and (or) intuition and understands consumers' quality expectations and price they are willing to pay. For example, sony walkman and Apple ipod were innovative product designs that addressed consumers' unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing. 22 Sales edit further information: History of marketing Selling orientation A firm using a sales orientation focuses primarily on the selling/promotion of the firm's existing products, rather than determining new or unmet consumer needs or desires. Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible.
life. When needs remain unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs can be objective and physical, such as the need for food, water and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem. Wants : Something that is desired, wished for or aspired. Wants are not essential for basic survival and are often shaped by culture or peer-groups. Demands : When needs and wants are backed by the ability to pay, they have the potential to become economic demands. Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs. 13 Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes." 14 needs-based segmentation (also known as benefit segmentation ). 16 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.
Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably." 6, a similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. 7, 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 a competitive advantage." 7, marketing practice tended to be seen as a creative industry in the past, which. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science, 8 not in citation given allowing numerous universities to offer Master-of-Science (MSc) programs. 9 not in citation given The process of marketing is that of bringing a product to market which includes these steps: broad market research; market targeting and market segmentation ; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market. 10 Many parts night of the marketing process (e.g. Product design, art director, brand management, advertising, copywriting etc.) involve use of the creative arts. Concept edit The 'marketing concept' proposes that in order to satisfy the 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.
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For the magazine, see, marketing (magazine). Marketing is the study and management of exchange relationships. 1 2, marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components. Business Management - the other being innovation. 3, contents, definition edit, marketing is defined by the, american Marketing Association 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.". The term developed from the original meaning which referred literally to going to market with goods for sale. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. 5, philip Kotler defines marketing as :-marketing is about, satisfying needs and wants through an exchange process.