Marketing is the study and management of exchange relationships. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Marketing is defined by the American Marketing Association as "the activity, set of institutions, and Marketing Literature Review Pdf for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
From a Sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. The Chartered Institute of Read article defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Marketing practice tended to be seen as a creative industry in the past, which included advertisingdistribution and selling. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  source not in citation given ] allowing numerous universities to offer Master-of-Science MSc programs.
The process of marketing is that of bringing a product to market. As such, the steps include, broad market research; market targeting and market segmentation ; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals.
The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs.
A marketing orientation has been defined as a "philosophy of business management.
Use of celebrities as part of marketing communications strategy is a fairly common practice for major firms in supporting corporate or brand imagery. Firms invest. 2/4/ A literature review compiles and evaluates the research available on a certain topic or issue that you are researching and writing about. literature review on effectiveness of the use of social media a report for peel public health rebecca schein, phd(1), kumanan wilson msc, md, frcs (2) and jennifer. Based on literature from the domains of organization science, marketing, accounting, and management information systems, this review article examines the theoretical. Materialism in consumer behavior and marketing: a review Materialism: a socio-cultural perspective As a socio-cultural phenomenon, materialism refers to.
A firm employing a product orientation is mainly concerned with the quality of its own product. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality. The approach is most effective when the firm has deep Marketing Literature Review Pdf into customers and their needs and desires derived from research or intuition and understands consumers' quality expectations and reservation prices.
For example, Sony Walkman or Apple iPod were innovative product designs that addressed consumers unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms Marketing Literature Review Pdf a product orientation can still be found in haute couture and in arts marketing.
Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. A firm focusing on a production orientation specializes in Marketing Literature Review Pdf as much as possible of a given product or service in order to achieve economies of scale or economies of scope.
A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation. The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies here industries.
Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers The marketing orientation is perhaps the most common orientation used in contemporary marketing.
It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value. Instead, marketing activities should strive to benefit society's check this out well-being.
Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities. They should consider the impact of their activities on all stakeholders. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports.
Sustainable marketing or green marketing is an extension of societal marketing. The four Ps, often referred to as the marketing mix or the marketing program represent the basic tools which marketers can use to bring their products or services to market.
They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps. During the s, the discipline of marketing was in transition.
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8 billion, while revenue from suppliers 10. 77 billion, almost double the net profit. Softer materials are generally milled at higher speeds while harder materials usually require slower speeds.
Interest in the functional school of thought, which was primarily concerned with mapping the functions of marketing was waning while the managerial school of thought, which focussed on the problems and challenges confronting marketers was gaining ground.
Many scholars and practitioners relied on lengthy classifications of factors that needed to be considered Marketing Literature Review Pdf understand consumer responses. Inspired by the idea of marketers as mixers of ingredients, Neil Borden one of Culliton's colleagues at Harvard, coined the phrase the marketing mix and used it wherever possible.
According to Borden's own account, he used the term, 'marketing mix' consistently from the late s. The "marketing mix" gained widespread acceptance with the publication, inof E.
Jerome McCarthy 's text, Basic Marketing: A Managerial Approach which outlined the ingredients in the mix as the memorable 4 Ps, namely product, link, place and promotion.
The successful use of the model is predicated upon the degree to which the target market's needs and wants have been understood, and the extent to which marketers have developed and correctly deployed the tactics.
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Today, the marketing mix click to see more marketing program link understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". The traditional marketing mix refers to four broad levels of marketing decision, namely: Morgan, in Riding the Waves of Change Jossey-Bass,suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the inside—out view learn more here from the company outwardswhereas the essence of marketing should be the outside—in approach".
An inside-out approach is the traditional planning Marketing Literature Review Pdf where the organisation identifies its desired goals and objectives which are often based around what has always been done.
Marketing's task then becomes one of "selling" the organisation's products and messages to the "outside" or external stakeholders. From a model-building perspective, the 4 Ps has attracted a number of criticisms.
Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems. Some of the Ps are only defined in vague terms. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" general and informative communications such as public relations and corporate communications and "promotion" persuasive communications such as advertising and direct selling.
Certain marketing activities, such as personal selling, may be classified as either promotion or as part of the place i. Other important criticisms include that the marketing mix lacks a strategic framework and is therefore unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of the marketing environment.
To overcome the deficiencies of the 4 P model, some authors have suggested extensions or Marketing Literature Review Pdf to the original model. Marketing Literature Review Pdf of the four P's include "people", "process", and "physical evidence" and are often applied in the case of services marketing  Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing:.
A firm's marketing environment consists of three main areas, which are:. A firm's marketing macro-environment consists of a variety of external factors that manifest on a large or macro scale. These are typically economic, social, political or technological phenomena.
Within a PESTLE analysisa firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators such as economic growth, inflationunemployment, etc. A firm's micro-environment comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company. By contrast to the macro-environment, an organization holds a greater degree of control over these factors.
A firms internal environment consists of factors inside of the actual company. These are factors controlled by the firm Marketing Literature Review Pdf they affect the relationship that a firm has with its customers.
These include factors such as:. Marketing research is a systematic process of analyzing data which involves conducting Abroad For Studying To An Write How Essay to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain information from suppliers.
A distinction should be made between marketing research and market research. Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research. Marketing researchers use statistical methods such as quantitative researchqualitative researchhypothesis testsChi-square testslinear regressioncorrelation coefficientsfrequency distributionsPoisson and binomial distributionsetc.
Marketing research spans a number of stages,  including:. Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects.
Market segmentation is conducted for two main purposes, including:. A firm only possesses a certain amount of resources. Accordingly, it must make choices and appreciate the related costs in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, Marketing Literature Review Pdf are taking noting the benefit of servicing a multiplicity of new markets.
Once a segment has been identified, a firm must ascertain whether the segment is beneficial for them to service. DAMP is explained in further detail below:. The next step in Marketing Literature Review Pdf targeting process is the level of differentiation involved in a segment serving.
Three modes of differentiation exist, which Marketing Literature Review Pdf commonly applied by firms. Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from the competitor's products. A firm often performs this by producing a perceptual map, which denotes similar products produced in the same industry according to how consumers perceive their price and quality.
From a product's placing on the map, a firm would tailor its marketing communications to suit meld with the product's perception among consumers, and its position among competitors' offering.
Marketing communications is an audience-centered activity designed to engage audiences and promote responses. It is defined by actions a firm takes to communicate with end-users, consumers, and external Marketing Literature Review Pdf. Oral presentation given by a salesperson who approaches individuals or a group of potential customers:. An example is coupons or a sale. People are given an incentive to buy, but this does not build customer loyalty or encourage future repeat buys.
A major drawback of sales promotion is that it is easily copied by competition. It cannot be used as a sustainable source of differentiation. Organizations undertake PR in order to assure consumers, and to forestall negative perceptions towards it.
Publicity involves attaining space in media, without having to pay directly for such coverage. As an example, an organization may have the launch of a new product covered by a newspaper or TV news segment. This benefits the firm in question since it is making consumers aware of its product, without necessarily paying a newspaper or television station to cover the event.
Advertising occurs when a firm directly pays a media channel to publicize its product. Common examples of this include TV and radio adverts, billboards, branding, sponsorship, etc.