Understanding the product conceptFollowing the production era of reduced production and distribution costs in order to deliver better value to consumers, firms had success with adopting a different philosophy – the product concept – which took the view that a good product will create its own market or consumers were willing to pay a little […]
About the Product era Find Out More...
Also known as the selling concept, the sales/promotion era is based upon the assumption that a customer will not buy, on his/her own, enough products or services from a certain company. Therefore, any organization needs to set up an aggressive and efficient selling and promotional system on an ongoing basis.It is one of the five
The sales/promotion era Find Out More...
Most marketing textbooks will include a discussion, generally in chapter 1, of how marketing has evolved over the last hundred years or so. In this discussion they talk about various concepts, philosophies or eras. The exact terminology slightly various between the major marketing textbooks, but generally they address these five main marketing eras or philosophies:Production
The evolving marketing eras Find Out More...
Service marketing is a different subject in university and/or the different chapter in a marketing textbook because there are distinct challenges in marketing services as opposed to marketing physical products (goods).When marketing courses and textbooks were first developed, they primarily focused on the marketing efforts of manufacturers selling a physical product through a distribution channel
Why services are different Find Out More...
When you study services marketing as part of your business degree, you quickly learn that services represent 70 – 80% of gross domestic product in most developed countries.Over the past 50 years or so, service sectors have grown significantly, relative to manufacturing, to become the dominant aspect of many economies throughout the world.The size of
Why the service economy is growing Find Out More...
Why are retailers classified as service firms?In the study of services marketing, retailers are classified as service providers. One of the questions I am often asked by university students is why retailers are service firms. After all, retailers generally sell a physical product – so why are they service providers?This is a good question, given
Are retailers service firms? Find Out More...
When you study services marketing at University, you will learn that there are some unique challenges that service firms and industries face.That is why the services marketing mix has been extended from 4 P’s to the 7 P’s.A good way to start your understanding of services marketing is to get a good sense of what
Service firm examples Find Out More...
What is a service?A common definition for a service in marketing terms is:A service is any performance, experience or act (that one party can offer to another and that is essentially intangible and does not result in the ownership of anything.A good way to remember the scope of the services to use the acronym of
How services add value Find Out More...
In the Journal of Marketing in 2008, Pravin Nath and Vijay Mahajan published their study of the impact of chief marketing officers on the business performance of a firm.Here is the link to the Journal of Marketing website and the relevant journal article – you may be able to access this article via your university
Chief Marketing Officers (CMO’s) and their impact on the firm’s performance Find Out More...
Why having a marketing plan will be beneficial to the firmIn addition to documenting the plan itself and outlining the various action tasks, a marketing plan can actually provide other benefits to an organization.Key “extra” benefits of a marketing planIt is a very effective communication tool – particularly upwards to senior management about what will
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