Marketing - Wikipedia

Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, ... Marketing FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Studyandprocessofexploring,creating,anddeliveringvaluetocustomers FortheCanadianmagazine,seeMarketing(magazine).FortheBritishmagazine,seeMarketing(Britishmagazine). Advertisingboardsbehindarugbyunionmatch,showinglogoofthecompaniesNike,Peugeot,andPétroleHahn Marketingistheprocessofexploring,creating,anddeliveringvaluetomeettheneedsofatargetmarketintermsofgoodsandservices;[1][2]potentiallyincludingselectionofatargetaudience;selectionofcertainattributesorthemestoemphasizeinadvertising;operationofadvertisingcampaigns;attendanceattradeshowsandpublicevents;designofproductsandpackagingattractivetobuyers;definingthetermsofsale,suchasprice,discounts,warranty,andreturnpolicy;productplacementinmediaorwithpeoplebelievedtoinfluencethebuyinghabitsofothers;agreementswithretailers,wholesaledistributors,orresellers;andattemptstocreateawarenessof,loyaltyto,andpositivefeelingsaboutabrand.Marketingistypicallydonebytheseller,typicallyaretailerormanufacturer.Sometimestasksarecontractedtoadedicatedmarketingfirmoradvertisingagency.Morerarely,atradeassociationorgovernmentagency(suchastheAgriculturalMarketingService)advertisesonbehalfofanentireindustryorlocality,oftenaspecifictypeoffood(e.g.GotMilk?),foodfromaspecificarea,oracityorregionasatourismdestination. Itisoneoftheprimarycomponentsofbusinessmanagementandcommerce.[3]Marketerscandirecttheirproducttootherbusinesses(B2Bmarketing)ordirectlytoconsumers(B2Cmarketing).[4]Regardlessofwhoisbeingmarketedto,severalfactorsapply,includingtheperspectivethemarketerswilluse.Knownasmarketorientations,theydeterminehowmarketersapproachtheplanningstageofmarketing.[5] Themarketingmix,whichoutlinesthespecificsoftheproductandhowitwillbesold,[6][7]isaffectedbytheenvironmentsurroundingtheproduct,[8]theresultsofmarketingresearchandmarketresearch,[9][10]andthecharacteristicsoftheproduct'stargetmarket.[11]Oncethesefactorsaredetermined,marketersmustthendecidewhatmethodsofpromotingtheproduct,[4]includinguseofcouponsandotherpriceinducements.[12] Thetermmarketing,whatiscommonlyknownasattractingcustomers,incorporatesknowledgegainedbystudyingthemanagementofexchangerelationships[13][14]andisthebusinessprocessofidentifying,anticipatingandsatisfyingcustomers'needsandwants. Contents 1Definition 2Concept 3B2BandB2Cmarketing 3.1B2Bmarketing 3.2B2Cmarketing 3.3C2Bmarketing 3.4C2Cmarketing 3.5DifferencesinB2BandB2Cmarketing 4Marketingmanagementorientations 5Themarketingmix 5.1The4Ps 5.1.1Outline 5.1.2Criticisms 5.1.3Modificationsandextensions 5.2The4Cs 5.2.1Outline 6Environment 7Research 8Segmentation 9Promotionalmix 10Themarketingplan 10.1Outlineofthemarketingplan 10.2Levelsofmarketingobjectiveswithinanorganization 11Productlifecycle 12Seealso 12.1Typesofmarketing 12.2Marketingorientationsorphilosophies 13References 14Bibliography 15Externallinks Definition Marketing Marketing Marketingmanagement Keyconcepts Distribution Pricing Retail Service Activation Brandlicensing Brandmanagement Co-creation Dominance Effectiveness Ethics Promotion Segmentation Strategy Account-basedmarketing Digitalmarketing Productmarketing Socialmarketing Influencermarketing Attribution Annoyancefactor Horizontalintegration Verticalintegration Promotionalcontent Advertising Branding Corporateanniversary Directmarketing Loyaltymarketing Mobilemarketing On-holdmessaging Personalselling Premiums Prizes Productplacement Propaganda Publicity Salespromotion Sexinadvertising Underwritingspot Promotionalmedia Behavioraltargeting Brandambassador Displayadvertising Dripmarketing In-gameadvertising Mobileadvertising Nativeadvertising Newmedia Onlineadvertising Out-of-homeadvertising Pointofsale Productdemonstration Promotionalmerchandise Promotionalrepresentative Visualmerchandising Webbanner Word-of-mouth Research Marketresearch Marketingresearch Mysteryshopping vte MarketingiscurrentlydefinedbytheAmericanMarketingAssociation(AMA)as"theactivity,setofinstitutions,andprocessesforcreating,communicating,delivering,andexchangingofferingsthathavevalueforcustomers,clients,partners,andsocietyatlarge".[2]However,thedefinitionofmarketinghasevolvedovertheyears.TheAMAreviewsthisdefinitionanditsdefinitionfor"marketingresearch"everythreeyears.[2]Theinterestsof"societyatlarge"wereaddedintothedefinitionin2008.[15]Thedevelopmentofthedefinitionmaybeseenbycomparingthe2008definitionwiththeAMA's1935version:"Marketingistheperformanceofbusinessactivitiesthatdirecttheflowofgoods,andservicesfromproducerstoconsumers".[16]Thenewerdefinitionhighlightstheincreasedprominenceofotherstakeholdersinthenewconceptionofmarketing. Recentdefinitionsofmarketingplacemoreemphasisontheconsumerrelationship,asopposedtoapureexchangeprocess.Forinstance,prolificmarketingauthorandeducator,PhilipKotlerhasevolvedhisdefinitionofmarketing.In1980,hedefinedmarketingas"satisfyingneedsandwantsthroughanexchangeprocess",[17]andin2018defineditas"theprocessbywhichcompaniesengagecustomers,buildstrongcustomerrelationships,andcreatecustomervalueinordertocapturevaluefromcustomersinreturn".[18]Arelateddefinition,fromthesalesprocessengineeringperspective,definesmarketingas"asetofprocessesthatareinterconnectedandinterdependentwithotherfunctionsofabusinessaimedatachievingcustomerinterestandsatisfaction".[19] Besides,customerssomedefinitionsofmarketinghighlightmarketing'sabilitytoproducevaluetoshareholdersofthefirmaswell.Inthiscontext,marketingcanbedefinedas"themanagementprocessthatseekstomaximisereturnstoshareholdersbydevelopingrelationshipswithvaluedcustomersandcreatingacompetitiveadvantage".[20]Forinstance,theCharteredInstituteofMarketingdefinesmarketingfromacustomer-centricperspective,focusingon"themanagementprocessresponsibleforidentifying,anticipatingandsatisfyingcustomerrequirementsprofitably".[21] Inthepast,marketingpracticetendedtobeseenasacreativeindustry,whichincludedadvertising,distributionandselling,andeventodaymanypartsofthemarketingprocess(e.g.productdesign,artdirector,brandmanagement,advertising,inboundmarketing,copywritingetc.)involvetheuseofthecreativearts.[22]However,becausemarketingmakesextensiveuseofsocialsciences,psychology,sociology,mathematics,economics,anthropologyandneuroscience,theprofessionisnowwidelyrecognizedasascience.[23]Marketingsciencehasdevelopedaconcreteprocessthatcanbefollowedtocreateamarketingplan.[24] Concept The"marketingconcept"proposesthattocompleteitsorganizationalobjectives,anorganizationshouldanticipatetheneedsandwantsofpotentialconsumersandsatisfythemmoreeffectivelythanitscompetitors.ThisconceptoriginatedfromAdamSmith'sbookTheWealthofNationsbutwouldnotbecomewidelyuseduntilnearly200yearslater.[25]MarketingandMarketingConceptsaredirectlyrelated. Giventhecentralityofcustomerneeds,andwantsinmarketing,arichunderstandingoftheseconceptsisessential:[26] Needs:Somethingnecessaryforpeopletoliveahealthy,stableandsafelife.Whenneedsremainunfulfilled,thereisaclearadverseoutcome:adysfunctionordeath.Needscanbeobjectiveandphysical,suchastheneedforfood,water,andshelter;orsubjectiveandpsychological,suchastheneedtobelongtoafamilyorsocialgroupandtheneedforself-esteem. Wants:Somethingthatisdesired,wishedfororaspiredto.Wantsarenotessentialforbasicsurvivalandareoftenshapedbycultureorpeer-groups. Demands:Whenneedsandwantsarebackedbytheabilitytopay,theyhavethepotentialtobecomeeconomicdemands. Marketingresearch,conductedforthepurposeofnewproductdevelopmentorproductimprovement,isoftenconcernedwithidentifyingtheconsumer'sunmetneeds.[27]Customerneedsarecentraltomarketsegmentationwhichisconcernedwithdividingmarketsintodistinctgroupsofbuyersonthebasisof"distinctneeds,characteristics,orbehaviorswhomightrequireseparateproductsormarketingmixes."[28]Needs-basedsegmentation(alsoknownasbenefitsegmentation)"placesthecustomers'desiresattheforefrontofhowacompanydesignsandmarketsproductsorservices."[29]Althoughneeds-basedsegmentationisdifficulttodoinpractice,ithasbeenprovedtobeoneofthemosteffectivewaystosegmentamarket.[30][27]Inaddition,agreatdealofadvertisingandpromotionisdesignedtoshowhowagivenproduct'sbenefitsmeetthecustomer'sneeds,wantsorexpectationsinauniqueway.[31] B2BandB2Cmarketing Thetwomajorsegmentsofmarketingarebusiness-to-business(B2B)marketingandbusiness-to-consumer(B2C)marketing.[4] B2Bmarketing B2B(business-to-business)marketingreferstoanymarketingstrategyorcontentthatisgearedtowardsabusinessororganization.Anycompanythatsellsproductsorservicestootherbusinessesororganizations(vs.consumers)typicallyusesB2Bmarketingstrategies. ExamplesofproductssoldthroughB2Bmarketinginclude: Majorequipment Accessoryequipment Rawmaterials Componentparts Processedmaterials Supplies Venues Businessservices[4] ThefourmajorcategoriesofB2Bproductpurchasersare: Producers-useproductssoldbyB2Bmarketingtomaketheirowngoods(e.g.:Mattelbuyingplasticstomaketoys) Resellers-buyB2Bproductstosellthroughretailorwholesaleestablishments(e.g.:Walmartbuyingvacuumstosellinstores) Governments-buyB2Bproductsforuseingovernmentprojects(e.g.:purchasingcontractorservicestorepairinfrastructure) Institutions-useB2Bproductstocontinueoperation(e.g.:schoolsbuyingprintersforofficeuse)[4] B2Cmarketing Business-to-consumermarketing,orB2Cmarketing,referstothetacticsandstrategiesinwhichacompanypromotesitsproductsandservicestoindividualpeople. Traditionally,thiscouldrefertoindividualsshoppingforpersonalproductsinabroadsense.MorerecentlythetermB2Creferstotheonlinesellingofconsumerproducts.[32] C2Bmarketing Consumer-to-businessmarketingorC2Bmarketingisabusinessmodelwheretheendconsumerscreateproductsandserviceswhichareconsumedbybusinessesandorganizations.ItisdiametricallyopposedtothepopularconceptofB2CorBusiness-to-Consumerwherethecompaniesmakegoodsandservicesavailabletotheendconsumers. C2Cmarketing CustomertocustomermarketingorC2Cmarketingrepresentsamarketenvironmentwhereonecustomerpurchasesgoodsfromanothercustomerusingathird-partybusinessorplatformtofacilitatethetransaction.C2Ccompaniesareanewtypeofmodelthathasemergedwithe-commercetechnologyandthesharingeconomy.[33] DifferencesinB2BandB2Cmarketing ThedifferentgoalsofB2BandB2CmarketingleadtodifferencesintheB2BandB2Cmarkets.Themaindifferencesinthesemarketsaredemand,purchasingvolume,numberofcustomers,customerconcentration,distribution,buyingnature,buyinginfluences,negotiations,reciprocity,leasingandpromotionalmethods.[4] Demand:B2Bdemandisderivedbecausebusinessesbuyproductsbasedonhowmuchdemandthereisforthefinalconsumerproduct.Businessesbuyproductsbasedoncustomer'swantsandneeds.B2Cdemandisprimarilybecausecustomersbuyproductsbasedontheirownwantsandneeds.[4] Purchasingvolume:Businessesbuyproductsinlargevolumestodistributetoconsumers.Consumersbuyproductsinsmallervolumessuitableforpersonaluse.[4] Numberofcustomers:Therearerelativelyfewerbusinessestomarkettothandirectconsumers.[4] Customerconcentration:Businessesthatspecializeinaparticularmarkettendtobegeographicallyconcentratedwhilecustomersthatbuyproductsfromthesebusinessesarenotconcentrated.[4] Distribution:B2BproductspassdirectlyfromtheproduceroftheproducttothebusinesswhileB2Cproductsmustadditionallygothroughawholesalerorretailer.[4] Buyingnature:B2Bpurchasingisaformalprocessdonebyprofessionalbuyersandsellers,whileB2Cpurchasingisinformal.[4] Buyinginfluences:B2Bpurchasingisinfluencedbymultiplepeopleinvariousdepartmentssuchasqualitycontrol,accounting,andlogisticswhileB2Cmarketingisonlyinfluencedbythepersonmakingthepurchaseandpossiblyafewothers.[4] Negotiations:InB2Bmarketing,negotiatingforlowerpricesoraddedbenefitsiscommonlyacceptedwhileinB2Cmarketing(particularlyinWesterncultures)pricesarefixed.[4] Reciprocity:Businessestendtobuyfrombusinessestheysellto.Forexample,abusinessthatsellsprinterinkismorelikelytobuyofficechairsfromasupplierthatbuysthebusiness'sprinterink.InB2Cmarketing,thisdoesnotoccurbecauseconsumersarenotalsosellingproducts.[4] Leasing:Businessestendtoleaseexpensiveitemswhileconsumerstendtosaveuptobuyexpensiveitems.[4] Promotionalmethods:InB2Bmarketing,themostcommonpromotionalmethodispersonalselling.B2Cmarketingmostlyusessalespromotion,publicrelations,advertising,andsocialmedia.[4] Marketingmanagementorientations Mainarticle:Historyofmarketing§ Orientationsorphilosophiesthatinformmarketingpractice Amarketingorientationhasbeendefinedasa"philosophyofbusinessmanagement."[5]or"acorporatestateofmind"[34]orasan"organisation[al]culture"[35]Althoughscholarscontinuetodebatetheprecisenatureofspecificconceptsthatinformmarketingpractice,themostcommonlycitedorientationsareasfollows:[36] Productconcept:mainlyconcernedwiththequalityofitsproduct.Ithaslargelybeensupplantedbythemarketingorientation,exceptforhautecoutureandartsmarketing.[37][38] Productionconcept:specializesinproducingasmuchaspossibleofagivenproductorserviceinordertoachieveeconomiesofscaleoreconomiesofscope.Itdominatedmarketingpracticefromthe1860stothe1930s,yetcanstillbefoundinsomecompaniesorindustries.Specifically,KotlerandArmstrongnotethattheproductionphilosophyis"oneoftheoldestphilosophiesthatguidessellers...[and]isstillusefulinsomesituations."[39] Sellingconcept:focusesontheselling/promotionofthefirm'sexistingproducts,ratherthandevelopingnewproductstosatisfyunmetneedsorwantsprimarilythroughpromotionanddirectsalestechniques,[40]largelyfor"unsoughtgoods"[41]inindustrialcompanies.[42]A2011metaanalyses[43]foundthatthefactorswiththegreatestimpactonsalesperformanceareasalesperson'ssalesrelatedknowledge(marketsegments,presentationskills,conflictresolution,andproducts),degreeofadaptiveness,roleclarity,cognitiveaptitude,motivationandinterestinasalesrole). Marketingconcept:Thisisthemostcommonconceptusedincontemporarymarketing,andisacustomer-centricapproachbasedonproductsthatsuitnewconsumertastes.Thesefirmengageinextensivemarketresearch,useR&D(Research&Development),andthenutilizepromotiontechniques.[44][45]Themarketingorientationincludes: Customerorientation:Afirminthemarketeconomycansurvivebyproducinggoodsthatpeoplearewillingandabletobuy.Consequently,ascertainingconsumerdemandisvitalforafirm'sfutureviabilityandevenexistenceasagoingconcern. Organizationalorientation:Themarketingdepartmentisofprimeimportancewithinthefunctionallevelofanorganization.Informationfromthemarketingdepartmentisusedtoguidetheactionsofacompany'sotherdepartments.Amarketingdepartmentcouldascertain(viamarketingresearch)thatconsumersdesiredanewtypeofproduct,oranewusageforanexistingproduct.Withthisinmind,themarketingdepartmentwouldinformtheR&Ddepartmenttocreateaprototypeofaproduct/servicebasedonconsumers'newdesires.Theproductiondepartmentwouldthenstarttomanufacturetheproduct.Thefinancedepartmentmayopposerequiredcapitalexpendituressinceitcouldundermineahealthycashflowfortheorganization. Societalmarketingconcept:Socialresponsibilitythatgoesbeyondsatisfyingcustomersandprovidingsuperiorvalueembracessocietalstakeholderssuchasemployees,customers,andlocalcommunities.Companiesthatadoptthisperspectivetypicallypracticetriplebottomlinereportingandpublishfinancial,socialandenvironmentalimpactreports.Sustainablemarketingorgreenmarketingisanextensionofsocietalmarketing.[46] Themarketingmix Mainarticle:Marketingmix Amarketingmixisafoundationaltoolusedtoguidedecisionmakinginmarketing.Themarketingmixrepresentsthebasictoolsthatmarketerscanusetobringtheirproductsorservicestothemarket.Theyarethefoundationofmanagerialmarketingandthemarketingplantypicallydevotesasectiontothemarketingmix. The4Ps Thetraditionalmarketingmixreferstofourbroadlevelsofmarketingdecision,namely:product,price,promotion,andplace.[6][47] Oneversionofthemarketingmixisthe4Psmethod. Outline Product Theproductaspectsofmarketingdealwiththespecificationsoftheactualgoodsorservices,andhowitrelatestotheend-user'sneedsandwants.Theproductelementconsistsofproductdesign,newproductinnovation,branding,packaging,labeling.Thescopeofaproductgenerallyincludessupportingelementssuchaswarranties,guarantees,andsupport.Branding,akeyaspectoftheproductmanagement,referstothevariousmethodsofcommunicatingabrandidentityfortheproduct,brand,orcompany.[48] Pricing Thisreferstotheprocessofsettingapriceforaproduct,includingdiscounts.Thepriceneednotbemonetary;itcansimplybewhatisexchangedfortheproductorservices,e.g.time,energy,orattentionoranysacrificesconsumersmakeinordertoacquireaproductorservice.Thepriceisthecostthataconsumerpaysforaproduct—monetaryornot.Methodsofsettingpricesareinthedomainofpricingscience.[49] Place(ordistribution) Thisreferstohowtheproductgetstothecustomer;thedistributionchannelsandintermediariessuchaswholesalersandretailerswhoenablecustomerstoaccessproductsorservicesinaconvenientmanner.ThisthirdPhasalsosometimesbeencalledPlaceorPlacement,referringtothechannelbywhichaproductorserviceissold(e.g.onlinevs.retail),whichgeographicregionorindustry,towhichsegment(youngadults,families,businesspeople),etc.alsoreferringtohowtheenvironmentinwhichtheproductissoldincanaffectsales.[49] Promotion Thisincludesallaspectsofmarketingcommunications:advertising,salespromotion,includingpromotionaleducation,publicrelations,personalselling,productplacement,brandedentertainment,eventmarketing,tradeshows,andexhibitions.ThisfourthPisfocusedonprovidingamessagetogetaresponsefromconsumers.Themessageisdesignedtopersuadeortellastorytocreateawareness.[49] Criticisms Oneofthelimitationsofthe4Psapproachisitsemphasisonaninside-outview.[50]Aninside-outapproachisthetraditionalplanningapproachwheretheorganisationidentifiesitsdesiredgoalsandobjectives,whichareoftenbasedaroundwhathasalwaysbeendone.Marketing'staskthenbecomesoneof"selling"theorganization'sproductsandmessagestothe"outside"orexternalstakeholders.[48]Incontrast,anoutside-inapproachfirstseekstounderstandtheneedsandwantsoftheconsumer.[51] Fromamodel-buildingperspective,the4Pshasattractedanumberofcriticisms.Well-designedmodelsshouldexhibitclearlydefinedcategoriesthataremutuallyexclusive,withnooverlap.Yet,the4Psmodelhasextensiveoverlappingproblems.SeveralauthorsstressthehybridnatureofthefourthP,mentioningthepresenceoftwoimportantdimensions,"communication"(generalandinformativecommunicationssuchaspublicrelationsandcorporatecommunications)and"promotion"(persuasivecommunicationssuchasadvertisinganddirectselling).Certainmarketingactivities,suchaspersonalselling,maybeclassifiedaseitherpromotionoraspartoftheplace(i.e.,distribution)element.[52]Somepricingtactics,suchaspromotionalpricing,canbeclassifiedaspricevariablesorpromotionalvariablesand,therefore,alsoexhibitsomeoverlap. Otherimportantcriticismsincludethatthemarketingmixlacksastrategicframeworkandis,therefore,unfittobeaplanninginstrument,particularlywhenuncontrollable,externalelementsareanimportantaspectofthemarketingenvironment.[53] Modificationsandextensions Toovercomethedeficienciesofthe4Pmodel,someauthorshavesuggestedextensionsormodificationstotheoriginalmodel.ExtensionsofthefourP'sareoftenincludedincasessuchasservicesmarketingwhereuniquecharacteristics(i.e.intangibility,perishability,heterogeneityandtheinseparabilityofproductionandconsumption)warrantadditionalconsiderationfactors.Otherextensionshavebeenfoundnecessaryforretailmarketing,industrialmarketing,andinternetmarketing include"people","process",and"physicalevidence"andareoftenappliedinthecaseofservicesmarketing[54]Otherextensionshavebeenfoundnecessaryinretailmarketing,industrialmarketingandinternetmarketing. Physical-theenvironmentcustomersareinwhentheyaremarketedto People-servicepersonnelandothercustomerswithwhomcustomersinteractwith.Thesepeopleformpartoftheoverallserviceexperience. Process-thewayinwhichordersarehandled,customersaresatisfiedandtheserviceisdelivered[55] PhysicalEvidence-thetangibleexamplesofmarketingthatthecustomerhasencounteredbeforebuyingtheadvertisedproduct Productivity-theabilitytoprovideconsumerswithqualityproductusingasfewresourcesaspossible[56] The4Cs Inresponsetoenvironmentalandtechnologicalchangesinmarketing,aswellascriticismstowardsthe4Psapproach,the4Cshasemergedasamodernmarketingmixmodel. Outline Consumer(orclient) Theconsumerreferstothepersonorgroupthatwillacquiretheproduct.Thisaspectofthemodelfocusesonfulfillingthewantsorneedsoftheconsumer.[7] Cost Costreferstowhatisexchangedinreturnfortheproduct.Costmainlyconsistsofthemonetaryvalueoftheproduct.Costalsoreferstoanythingelsetheconsumermustsacrificetoattaintheproduct,suchastimeormoneyspentontransportationtoacquiretheproduct.[7] Convenience Like"Place"inthe4Psmodel,conveniencereferstowheretheproductwillbesold.This,however,notonlyreferstophysicalstoresbutalsowhethertheproductisavailableinpersonoronline.Theconvenienceaspectemphasizesmakingitaseasyaspossiblefortheconsumertoattaintheproduct,thusmakingthemmorelikelytodoso.[7] Communication Like"Promotion"inthe4Psmodel,communicationreferstohowconsumersfindoutaboutaproduct.Unlikepromotion,communicationnotonlyreferstotheone-waycommunicationofadvertising,butalsothetwo-waycommunicationavailablethroughsocialmedia.[7] Environment Mainarticle:Marketenvironment Theterm"marketingenvironment"relatestoallofthefactors(whetherinternal,external,directorindirect)thataffectafirm'smarketingdecision-making/planning.Afirm'smarketingenvironmentconsistsofthreemainareas,whichare: Themacro-environment(Macromarketing),overwhichafirmholdslittlecontrol,consistsofavarietyofexternalfactorsthatmanifestonalarge(ormacro)scale.Theseinclude:economic,social,politicalandtechnologicalfactors.Acommonmethodofassessingafirm'smacro-environmentisviaaPESTLE(Political,Economic,Social,Technological,Legal,Ecological)analysis.WithinaPESTLEanalysis,afirmwouldanalyzenationalpoliticalissues,cultureandclimate,keymacroeconomicconditions,healthandindicators(suchaseconomicgrowth,inflation,unemployment,etc.),socialtrends/attitudes,andthenatureoftechnology'simpactonitssocietyandthebusinessprocesseswithinthesociety.[8] Themicro-environment,overwhichafirmholdsagreateramount(thoughnotnecessarilytotal)control,typicallyincludes:Customers/consumers,Employees,SuppliersandtheMedia.Incontrasttothemacro-environment,anorganizationholdsagreater(thoughnotcomplete)degreeofcontroloverthesefactors.[8] Theinternalenvironment,whichincludesthefactorsinsideofthecompanyitself[8]Afirm'sinternalenvironmentconsists of:Labor,Inventory,CompanyPolicy,Logistics,Budget,andCapitalAssets.[8] Research Mainarticle:Marketingresearch Marketingresearchisasystematicprocessofanalyzingdatathatinvolvesconductingresearchtosupportmarketingactivitiesandthestatisticalinterpretationofdataintoinformation.Thisinformationisthenusedbymanagerstoplanmarketingactivities,gaugethenatureofafirm'smarketingenvironmentandtoattaininformationfromsuppliers.Adistinctionshouldbemadebetweenmarketingresearchandmarketresearch.Marketresearchinvolvesgatheringinformationaboutaparticulartargetmarket.Asanexample,afirmmayconductresearchinatargetmarket,afterselectingasuitablemarketsegment.Incontrast,marketingresearchrelatestoallresearchconductedwithinmarketing.Marketresearchisasubsetofmarketingresearch.[9](Avoidingthewordconsumer,whichshowsupinboth,[57]marketresearchisaboutdistribution,whilemarketingresearchencompassesdistribution,advertisingeffectiveness,andsalesforceeffectiveness).[58] Marketingresearchersusestatisticalmethods(suchasquantitativeresearch,qualitativeresearch,hypothesistests,Chi-squaretests,linearregression,correlationcoefficients,frequencydistributions,Poissonandbinomialdistributions,etc.)tointerprettheirfindingsandconvertdataintoinformation.[59] Thestagesofresearchinclude: Definetheproblem Planresearch Research Interpretdata Implementfindings[10] Segmentation Mainarticle:Marketsegmentation Marketsegmentationconsistsoftakingthetotalheterogeneousmarketforaproductanddividingitintoseveralsub-marketsorsegments,eachofwhichtendstobehomogeneousinallsignificantaspects.[11]Theprocessisconductedfortwomainpurposes:betterallocationofafirm'sfiniteresourcesandtobetterservethemorediversifiedtastesofcontemporaryconsumers.Afirmonlypossessesacertainamountofresources.Thus,itmustmakechoices(andappreciatetherelatedcosts)inservicingspecificgroupsofconsumers.Moreover,withmorediversityinthetastesofmodernconsumers,firmsarenotingthebenefitofservicingamultiplicityofnewmarkets. MarketsegmentationcanbedefinedintermsoftheSTPacronym,meaningSegment,Target,andPosition. Segmentationinvolvestheinitialsplittingupofconsumersintopersonsoflikeneeds/wants/tastes.Commonlyusedcriteriainclude: Geographic(suchasacountry,region,city,town) Psychographic(e.g.personalitytraitsorlifestyletraitswhichinfluenceconsumerbehaviour) Demographic(e.g.age,gender,socio-economicclass,education) Gender Income Life-Cycle(e.g.BabyBoomer,GenerationX,Millennial,GenerationZ) Lifestyle(e.g.techsavvy,active) Behavioural(e.g.brandloyalty,usagerate)[60] Onceasegmenthasbeenidentifiedtotarget,afirmmustascertainwhetherthesegmentisbeneficialforthemtoservice.TheDAMPacronymisusedascriteriatogaugetheviabilityofatargetmarket.TheelementsofDAMPare: Discernable–howasegmentcanbedifferentiatedfromothersegments. Accessible–howasegmentcanbeaccessedviaMarketingCommunicationsproducedbyafirm Measurable–canthesegmentbequantifiedanditssizedetermined? Profitable–canasufficientreturnoninvestmentbeattainedfromasegment'sservicing? Thenextstepinthetargetingprocessisthelevelofdifferentiationinvolvedinasegmentserving.Threemodesofdifferentiationexist,whicharecommonlyappliedbyfirms.Theseare: Undifferentiated–whereacompanyproducesalikeproductforallofamarketsegment Differentiated–inwhichafirmproducedslightmodificationsofaproductwithinasegment Niche–inwhichanorganizationforgesaproducttosatisfyaspecializedtargetmarket Positioningconcernshowtopositionaproductinthemindsofconsumersandinformwhatattributesdifferentiateitfromthecompetitor'sproducts.Afirmoftenperformsthisbyproducingaperceptualmap,whichdenotessimilarproductsproducedinthesameindustryaccordingtohowconsumersperceivetheirpriceandquality.Fromaproduct'splacingonthemap,afirmwouldtailoritsmarketingcommunicationstomeldwiththeproduct'sperceptionamongconsumersanditspositionamongcompetitors'offering.[61] Promotionalmix Seealso:IntegratedmarketingcommunicationsandPromotionalmix Thepromotionalmixoutlineshowacompanywillmarketitsproduct.Itconsistsoffivetools:personalselling,salespromotion,publicrelations,advertisingandsocialmedia Personalsellinginvolvesapresentationgivenbyasalespersontoanindividualoragroupofpotentialcustomers.Itenablestwo-waycommunicationandrelationshipbuilding,andismostcommonlyseeninbusiness-to-businessmarketingbutcanalsobefoundinbusiness-to-consumermarketing(e.g.:sellingcarsatadealership).[4] Personalselling:Youngfemalebeersellersadmonishthephotographerthathealsohastobuysome,Tirelimarket,Mali1989 Salespromotioninvolvesshort-termincentivestoencouragethebuyingofproducts.Examplesoftheseincentivesincludefreesamples,contests,premiums,tradeshows,giveaways,coupons,sweepstakesandgames.Dependingontheincentive,oneormoreoftheotherelementsofthepromotionalmixmaybeusedinconjunctionwithsalespromotiontoinformcustomersoftheincentives.[4] Publicrelationsistheuseofmediatoolstopromoteandmonitorforapositiveviewofacompanyorproductinthepublic'seye.Thegoalistoeithersustainapositiveopinionorlessenorchangeanegativeopinion.Itcanincludeinterviews,speeches/presentations,corporateliterature,socialmedia,newsreleasesandspecialevents.[4] Advertisingoccurswhenafirmdirectlypaysamediachannel,directlyviaanin-houseagency[62]orviaanadvertisingagencyormediabuyingservice,topublicizeitsproduct,serviceormessage.Commonexamplesofadvertisingmediainclude: TV Radio Magazines Online Billboards Eventsponsorship Directmail Transitads[4] Socialmediaisusedtofacilitatetwo-waycommunicationbetweencompaniesandtheircustomers.OutletssuchasFacebook,Twitter,Tumblr,Pinterest,SnapchatandYouTubeallowbrandstostartaconversationwithregularandprospectivecustomers.Viralmarketingcanbegreatlyfacilitatedbysocialmediaandifsuccessful,allowskeymarketingmessagesandcontentinreachingalargenumberoftargetaudienceswithinashorttimeframe.Theseplatformscanalsohouseadvertisingandpublicrelationscontent.[4] Themarketingplan Mainarticle:Marketingplan Theareaofmarketingplanninginvolvesforgingaplanforafirm'smarketingactivities.Amarketingplancanalsopertaintoaspecificproduct,aswellastoanorganization'soverallmarketingstrategy.Anorganization'smarketingplanningprocessisderivedfromitsoverallbusinessstrategy.Thus,whentopmanagementisdevisingthefirm'sstrategicdirection/mission,theintendedmarketingactivitiesareincorporatedintothisplan. Outlineofthemarketingplan Withintheoverallstrategicmarketingplan,thestagesoftheprocessarelistedasthus: ExecutiveSummary Currentmarketingsituation Threatsandopportunitiesanalysis Objectivesandissues MarketingStrategy Actionprograms Budgets Control Levelsofmarketingobjectiveswithinanorganization Asstatedpreviously,theseniormanagementofafirmwouldformulateageneralbusinessstrategyforafirm.However,thisgeneralbusinessstrategywouldbeinterpretedandimplementedindifferentcontextsthroughoutthefirm. Atthecorporatelevel,marketingobjectivesaretypicallybroad-basedinnature,andpertaintothegeneralvisionofthefirmintheshort,mediumorlong-term.Asanexample,ifonepicturesagroupofcompanies(oraconglomerate),topmanagementmaystatethatsalesforthegroupshouldincreaseby25%overaten-yearperiod. Astrategicbusinessunit(SBU)isasubsidiarywithinafirm,whichparticipateswithinagivenmarket/industry.TheSBUwouldembracethecorporatestrategy,andattuneittoitsownparticularindustry.Forinstance,anSBUmaypartakeinthesportsgoodsindustry.Itthuswouldascertainhowitwouldattainadditionalsalesofsportsgoods,inordertosatisfytheoverallbusinessstrategy. ThefunctionallevelrelatestodepartmentswithintheSBUs,suchasmarketing,finance,HR,production,etc.ThefunctionallevelwouldadopttheSBU'sstrategyanddeterminehowtoaccomplishtheSBU'sownobjectivesinitsmarket.Tousetheexampleofthesportsgoodsindustryagain,themarketingdepartmentwoulddrawupmarketingplans,strategiesandcommunicationstohelptheSBUachieveitsmarketingaims. Productlifecycle Furtherinformation:Productlife-cyclemanagement(marketing) Productlifecycle Theproductlifecycle(PLC)isatoolusedbymarketingmanagerstogaugetheprogressofaproduct,especiallyrelatingtosalesorrevenueaccruedovertime.ThePLCisbasedonafewkeyassumptions,including: Agivenproductwouldpossessintroduction,growth,maturity,anddeclinestage Noproductlastsperpetuallyonthemarket Afirmmustemploydifferingstrategies,accordingtowhereaproductisonthePLC Intheintroductionstage,aproductislaunchedontothemarket.Tostimulatethegrowthofsales/revenue,useofadvertisingmaybehigh,inordertoheightenawarenessoftheproductinquestion. Duringthegrowthstage,theproduct'ssales/revenueisincreasing,whichmaystimulatemoremarketingcommunicationstosustainsales.Moreentrantsenterintothemarket,toreaptheapparenthighprofitsthattheindustryisproducing. Whentheproducthitsmaturity,itsstartstoleveloff,andanincreasingnumberofentrantstoamarketproducepricefallsfortheproduct.Firmsmayusesalespromotionstoraisesales. Duringdecline,demandforagoodbeginstotaperoff,andthefirmmayopttodiscontinuethemanufactureoftheproduct.Thisisso,ifrevenuefortheproductcomesfromefficiencysavingsinproduction,overactualsalesofagood/service.However,ifaproductservicesanichemarket,oriscomplementarytoanotherproduct,itmaycontinuethemanufactureoftheproduct,despitealowlevelofsales/revenuebeingaccrued.[4] Seealso Mainarticle:Outlineofmarketing Account-basedmarketing Advertising Historyofadvertising OnlineAdvertising SexinAdvertising Advertisingmanagement Affinitymarketing Americanbusinesshistory B2BMarketing Brandawareness Consumerconfusion Consumerbehaviour Contentmarketing Databasemarketing Demandchain Digitalmarketing Emailremarketing Familyinadvertising GuerrillaMarketing Historyofmarketing Internetmarketing Listofmarketingterms Loyaltymarketing Macromarketing Marketingmanagement Marketingmix Marketingscience Marketingstrategy Micromarketing Mediamanipulation Mobilemarketing Multiculturalmarketing Productmanagement 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LibraryresourcesaboutMarketing Resourcesinyourlibrary ThedictionarydefinitionofmarketingatWiktionary QuotationsrelatedtomarketingatWikiquote MarketingatWikibooks vteMediamanipulationContext Bias Crowdpsychology Deception Dumbingdown Falsebalance Half-truths Machiavellianism Media Obfuscation Orwellian Persuasion Manipulation(psychology) Activism Alternativemedia Boycott Call-outculture Cancelculture Civildisobedience Culturejamming Demonstrations Deplatforming Guerrillacommunication Hacktivism Internet Media Occupations Petitions Protests Youth Advertising Billboards False Infomercials Mobiles Modeling Radio Sex Slogans Testimonials TV Criticismofadvertising Annoyancefactor CensorshipMediaregulation Books Broadcastlaw Buryingofscholars Catchandkill Corporate Cover-ups Euphemism Films Historicalnegationism Internet Political Religious Self Hoaxing Alternativefacts AprilFools' Deepfake Fakenews websites Fakelore Fictitiousentries Forgery Gaslighting List Literary Photographmanipulation Racial Urbanlegend Virus Marketing Branding Loyalty Product Productplacement Publicity Research Wordofmouth Newsmedia Agenda-setting Broadcasting Circus Cycle Falsebalance Infotainment Managing Narcotizingdysfunction Newspeak Pseudo-event Scrum Sensationalism Tabloidjournalism Politicalcampaigning Advertising Astroturfing Attackad Canvassing Characterassassination Dog-whistlepolitics Electionpromises Lawnsigns Manifestos Namerecognition Negative Pushpolling Smearcampaign Wedgeissue Propaganda Bandwagon Crowdmanipulation Disinformation Fearmongering Framing Indoctrination Loadedlanguage Lyingpress Nationalmythology Rally'roundtheflageffect Techniques Psychologicalwarfare Airborneleaflets Falseflag Fifthcolumn Information(IT) Lawfare Political Publicdiplomacy Sedition Subversion Publicrelations Cultofpersonality Doublespeak Non-apologyapology Reputationmanagement Slogans Soundbites Spin Transfer Understatement Weaselwords Corporatepropaganda Sales Coldcalling Door-to-door Pricing Productdemonstrations Promotion Promotionalmerchandise Telemarketing Related Influence-for-hire Mediabias UnitedStates Mediaconcentration Mediademocracy Mediaecology Mediaethics Mediafranchise Mediainfluence Mediaproprietor AuthoritycontrolNationallibraries France(data) Ukraine Germany Israel UnitedStates Japan Other HistoricalDictionaryofSwitzerland NationalArchives(US) Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Marketing&oldid=1076699312" Categories:BusinessprocessMarketingPromotionandmarketingcommunicationsHiddencategories:CS1French-languagesources(fr)CS1errors:genericnameArticleswithshortdescriptionShortdescriptionisdifferentfromWikidataWikipediaindefinitelysemi-protectedpagesUsedmydatesfromJune2020UseAmericanEnglishfromMarch2021AllWikipediaarticleswritteninAmericanEnglishCommonscategorylinkfromWikidataArticleswithBNFidentifiersArticleswithEMUidentifiersArticleswithGNDidentifiersArticleswithJ9UidentifiersArticleswithLCCNidentifiersArticleswithNDLidentifiersArticleswithHDSidentifiersArticleswithNARAidentifiers Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk English Views ReadViewsourceViewhistory More Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Inotherprojects WikimediaCommonsWikibooksWikiquote Languages AfrikaansالعربيةAragonésAsturianuAzərbaycancaবাংলাBân-lâm-gúБеларускаяБеларуская(тарашкевіца)БългарскиBoarischBosanskiCatalàČeštinaCorsuCymraegDanskDeutschEestiΕλληνικάEspañolEsperantoEuskaraفارسیFrançaisFryskGaeilgeGalegoગુજરાતી한국어Հայերենहिन्दीHrvatskiIdoBahasaIndonesiaItalianoעבריתಕನ್ನಡქართულიҚазақшаКыргызчаLatviešuLietuviųMagyarМакедонскиമലയാളംमराठीBahasaMelayuMinangkabauМонголမြန်မာဘာသာNederlandsनेपालीनेपालभाषा日本語NorskbokmålOʻzbekcha/ўзбекчаپنجابیپښتوPatoisPolskiPortuguêsRomânăРусскийСахатылаSarduShqipSicilianuසිංහලSimpleEnglishSlovenčinaSlovenščinaکوردیСрпски/srpskiSrpskohrvatski/српскохрватскиSuomiSvenskaTagalogதமிழ்తెలుగుไทยТоҷикӣTürkçeTürkmençeУкраїнськаاردوVènetoTiếngViệtWalon吴语ייִדיש粵語中文 Editlinks