Category: Marketing Essentials
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SWOT Analysis
SWOT Analysis SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors. A strength is a positive internal…
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What is Marketing? Marketing definitions.
There are many definitions of marketing. The better definitions are focused upon customer orientation and satisfaction of customer needs.
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SMART Objectives
SMART objectives are simple and quick to learn. The objective is the starting point of the marketing plan. Once environmental analyses (such as SWOT, Five Forces Analysis, and PEST) and marketing audit have been conducted, their results will inform objectives. SMART objectives should seek to answer the question ‘Where do we want to go?’.
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Marketing mix
What is the marketing mix? Overview The marketing mix is a fundamental concept in marketing that encompasses a set of tactical tools and strategies used by businesses to achieve their marketing objectives. The concept was introduced by Neil Borden in 1964 and popularized by E. Jerome McCarthy in the 1960s. The marketing mix comprises four…
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What is a customer?
A customer is a person or company who purchases goods and services.
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Three Levels of a Product
In order to actively explore the nature of a product further, lets consider it as three different products – the CORE product, the ACTUAL product, and finally the AUGMENTED product. These are known as the ‘Three Levels of a Product.’ So what is the difference between the three products, or more precisely ‘levels?’
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Target
Targeting is the second stage of the SEGMENT target POSITION process. After the market has been separated into its segments, the marketer will select a segment or series of segments and ‘target’ it/them.
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Promotion
Another one of the 4P’s is ‘promotion’. This includes all of the tools available to the marketer for ‘marketing communication’. As with Neil H.Borden’s marketing mix, marketing communications has its own ‘promotions mix.’
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Pricing Strategies
There are many ways to price a product. Let’s have a look at some of them and try to understand the best policy/strategy in various situations.
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Marketing Place
Place as part of the marketing mix is considered in this FREE lesson from Marketing Teacher.
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PESTEL
PESTEL Model This lesson is about PESTEL analysis. As we know from our lesson on the marketing environment the wider macroenvironment impacts upon how marketing managers make decisions. During this lesson we’re going to look at how we audit and evaluate our external business environment. There are a number of acronyms which are popular for…
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PEST Analysis
PEST analysis is very important that an organization considers its environment before beginning the marketing process. In fact, environmental analysis should be continuous and feed all aspects of planning.
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Marketing Environment
The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment.
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Marketing Concept
Marketing Concept. The marketing concept holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Kotler and Armstrong (2010). The marketing concept arrived after a series of other orientations that marketing companies underwent during the 20th Century. Initially there was production…
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Marketing Audit
The marketing audit is a fundamental part of the marketing planning process. It is conducted not only at the beginning of the process, but also at a series of points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the…
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Decision Making Unit
The decision Making Unit (DMU) is a collection or team of individuals who participate in a buyer decision process. Generally DMU relates to business or organisational buying decisions rather than to those of a family for example.
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Buyer Decision Process
Buyer Decision Process The stages of the Buyer Decision Process The buyer decision process represents a number of stages that the purchaser will go through before actually making the final purchase decision. The consumer buyer decision process and the business/organisational buyer decision process are similar to each other. Obviously core to this process is the…
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Positioning in marketing
Products or services are ‘mapped’ together on a ‘positioning map’. This allows them to be compared and contrasted in relation to each other. This is the main strength of this tool. Marketers decide upon a competitive position which enables them to distinguish their own products from the offerings of their competition (hence the term ‘positioning…
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Segmentation
Segmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer behavior.