The Role of Price in Marketing
In addition to driving profits, pricing has a key role in the marketing mix and overall positioning.
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The Marketing Process
What are the steps in the basic marketing process? As you probably know, the purpose of marketing activities is to create value for consumers and to deliver ongoing profitability (or other success metric) for the firm as a result. Marketing should be a win-win situation for both the firm (or organization) and its customers.Steps in
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A simple definition of marketing
Here is a straightforward definition of marketing…Marketing is the delivery of customer value and satisfaction at a profitWhen you first start learning about marketing, you will notice that there are lots of different definitions. The above definition is a nice and simple one to start with – and it’s quite applicable for most profit-driven firms.From
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Marketing strategy and the marketing mix
There is a direct relationship between the firm/brand’s marketing strategy and its marketing mix design. A marketing mix should be the execution of the firm’s marketing strategy.In other words, marketing strategy is implemented through the combination and design of the marketing mix elements to meet the identified needs of a selected target market.Please note that
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How marketing strategy guides marketing decisions
Any organization/brand is faced with an almost unlimited selection of choices and opportunities in the marketplace. For example, there are literally thousands of different ways that firms can choose to promote their activities. There are millions of different products available in the marketplace that firms can choose to produce and market.So how does a firm/brand
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Markets, exchange and target markets
When studying marketing it is important to understand the concept of a market and the exchange process.When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall market, any sub-markets and the brand’s target market/s.Overall marketThe overall market consists of all potential buyers
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Outcomes of customer satisfaction
The two dimensions of customer satisfactionThe customer’s assessment of their satisfaction following a purchase and consumption of a product involves a comparison of two views:What were their EXPECTATIONS of value prior to purchase?What was their perception of the value delivered AFTER purchase?The consumer will engage in a mental comparison and make statements like:I am disappointed
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What is a Benefit?
In marketing, the word benefit refers to some advantage or positive outcome for the consumer. That is, the consumer is better off due to the consumption of the product.
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Value proposition example for McDonald’s
A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Over time, firms/brands will develop and enhance multiple offerings for their target markets. If consumers perceive that the firm/brand offers good value then they are more likely to become and
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What is Utility in Marketing?
When a firm or brand strives to create and distribute a product that delivers utility for the end consumer, there are five types of different utilities that may be generated, these are: Form utility, Task utility, Time utility, Place utility, and Possession utility.
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