Marketers are becoming profit managersThe marketing profession has certainly evolved and developed over recent years and is significantly different in its role and scope than in the past.The following diagram, which highlights the progression in the emphasis of a marketing role, summarizes the transition of the marketing role – from sales focused to now becoming […]
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Why the shift from art to science in marketing?When you study marketing, often one of the early questions that are discussed and debated in lectures, is marketing an art or science?Certainly in the earlier days of marketing, probably up until the 1980s or so, marketing would have been considered to be an art. By this
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What is a not for profit organizationA not-for-profit organization is one that does not intend that its sole purpose is to deliver profitability. But it is important to remember that a not-for-profit organization will typically generate a profit which is then reinvested into the organization in order to achieve growth or to increase the impact
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Almost anything can be marketedWhen you study marketing at university, one of the first things that you learn is that virtually anything can be marketed – therefore, the principles of marketing extend well beyond the scope of physical (goods) products.Historically, the study of marketing tended to focus upon the marketing of goods only. This is
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Understanding the 4C’sThe traditional 4P’s marketing mix was developed from the point of view of the organization. Each of the marketing mix elements relates to something that the firm needs to do to be successful in the marketplace.For example, they need to develop a range of products to sell, they then need to set an
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The marketing mix has been a fundamental concept of marketing textbooks the past 50 years or more. This article explores the benefits and the role of the marketing mix in both the study and the practice of marketing.
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The extended marketing mix for services (the 7P’s)Services marketing emerged primarily in the 1980s, as more developed economies became more reliant on services as part of their overall gross domestic product. (Please see the article on service firm examples to have better sense of types of industries that need to operate under the 7P’s.)It was
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Some definitions of marketingThere are several formal definitions of marketing and hundreds of informal definitions of this concept, but the simplest way to define marketing is: to satisfy customers’ needs in a profitable manner for the organization.According to the American Marketing Association, marketing is:“the activity, set of institutions and processes for creating, communicating, delivering and
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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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