The American Marketing Association’s Definition of Marketing ExplainedProbably the best definition of marketing to consider is the one that is published by the American Marketing Association. Although many textbooks will have their own variation of the definition of marketing, the American Marketing Association is really the peak body for marketing practitioners, and therefore reflects current […]
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The 12 Component Marketing MixNeil Borden, of the Harvard Business School, was the first to document the concept of a marketing mix, way back in the 1950s. At that stage, the marketing profession was still considered to be art, not science, and in his paper, it compared a marketer to a chef in a restaurant
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What is the traditional marketing mix?E. J. McCarthy, in 1960, classified the marketing activities into a tool designed to describe the 4 types of choices an organization has to make in order to successfully be engaged in marketing. His classification was a simplification of Borden’s initial 12 component marketing mix.This classification is also known as
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This example of a SWOT analysis of 3M is designed to help you understand how to prepare an structure a SWOT for strategic input.Company Overview for 3MThe brand name of 3M comes from its original name of the Minnesota Mining and Manufacturing Company. It is a large, global and diversified company with its head office
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This SWOT example for 7-Eleven convenience stores is designed to help you understand and structure a SWOT analysis. It is ideal for university assignments or as a template for a business exercise.Company Overview7-Eleven has its head office in Dallas, Texas, USA. It was founded in 1927 and now has over 50,000 outlets worldwide.Since the early
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Using a SWOT analysisA SWOT analysis is an analytical method used to identify and understand both the internal and external factors which have an impact on the company’s business environment. SWOT is an acronym that stands for:Strengths (S),Weaknesses (W),Opportunities (O) andThreats (T).This particular business tool can be used to formulate and select the proper marketing
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Overview of the 4P’s Marketing MixA key model in marketing is the marketing mix, usually known as the 4P’s (where the 4P’s are product, price, place and promotion). The 4P’s marketing mix model is commonly covered in all marketing textbooks, with some introductory texts also addressing the expanded marketing mix (the 7P’s), which is more
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Using and Understanding the Intangibility ContinuumEssentially all product offerings in the marketplace are a mix of services and goods – that is, intangible and tangible elements. This was first documented by Lynn Shostack in 1977 in a journal article published in the Journal of Marketing (Breaking Free from Product Marketing). (Note: It is at a
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What’s the Difference between Services Marketing and Customer Service?When you study Services Marketing at university, essentially you are learning about firms that primarily sell a service as their core product. The whole essence of a services marketing textbook revolves around “pure” service firms.However, when we hear the word “service” we often think of customer service.
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Understanding Benefits and FeaturesConsumers buy product solutions – that is, the benefits of the product or service – for their need/problem.Consumers are generally more interested in meeting their needs and solving their problems, rather than the details of the product features.For example, what do you think consumers would care about more; whether there is an
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