sinisa zaric - selected texts on marketing

8/13/2019 Sinisa Zaric - Selected Texts on Marketing

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SELECTED TEXTS ON MARKETING

Further definitions

Marketing is defined by the American Marketing Associationas "the activity, set of

institutions, and processes for creating, communicating, delivering, and exchanging offerings

that have value for customers, clients, partners, and society at large."[3]The term developed

from the original meaning which referred literally to going to a market to buy or sell goods or

services. Seen from a systems point of view sales process engineeringviews marketing as "a

set of processes that are interconnected and interdependent with other functions,[!]whose

methods can be improved using a variety of relatively new approaches."

The "hartered #nstitute of Marketingdefines marketing as "the management process

responsible for identifying, anticipating and satisfying customer requirements profitably."[$]A

different concept is the value-based marketingwhich states the role of marketing to contribute

to increasing shareholder value.[%]#n this conte&t marketing is defined as "the management

process that seeks to maximise returns to shareholders by developing relationships with

valued customers and creating a competitive advantage."[%]

Marketing practice tended to be seen as a creative industry in the past which included

advertisingdistributionand selling. 'owever because the academic study of marketing

makes e&tensive use of social sciencespsychologysociology mathematicseconomics

anthropologyandneuroscience the profession is now widely recogni(ed as a science

allowing numerous universities to offer Master)of)Science *MSc+ programmes. The overall

process starts with marketing research and goes through market segmentationbusinessplanning and e&ecution ending with pre and post)sales promotional activities. #t is also

related to many of the creativearts. The marketing literature is also adept at re)inventing itself

and its vocabulary according to the times and the culture.

Marketing orientations

An orientation in the marketing conte&t relates to a perception or attitude a firm holds

towards its product or service essentially concerning consumers and end)users.

Earier a!!roa"hes

Main article, 'istory of marketing

The marketing orientation evolved from earlier orientations namely the production

orientation the product orientation and the selling orientation.[-]

OrientationProfit

driver

Western

European

timeframe

Description
http://en.wikipedia.org/wiki/American_Marketing_Associationhttp://en.wikipedia.org/wiki/Marketing#cite_note-ama-a-2%23cite_note-ama-a-2http://en.wikipedia.org/wiki/Sales_process_engineeringhttp://en.wikipedia.org/wiki/Marketing#cite_note-Selden_1997-3%23cite_note-Selden_1997-3http://en.wikipedia.org/wiki/Chartered_Institute_of_Marketinghttp://en.wikipedia.org/wiki/Chartered_Institute_of_Marketinghttp://en.wikipedia.org/wiki/Marketing#cite_note--4%23cite_note--4http://en.wikipedia.org/wiki/Value-based_marketinghttp://en.wikipedia.org/wiki/Shareholder_valuehttp://en.wikipedia.org/wiki/Marketing#cite_note-paliwoda-a-5%23cite_note-paliwoda-a-5http://en.wikipedia.org/wiki/Marketing#cite_note-paliwoda-a-5%23cite_note-paliwoda-a-5http://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Distribution_(business)http://en.wikipedia.org/wiki/Distribution_(business)http://en.wikipedia.org/wiki/Saleshttp://en.wikipedia.org/wiki/Social_scienceshttp://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Sociologyhttp://en.wikipedia.org/wiki/Mathematicshttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Anthropologyhttp://en.wikipedia.org/wiki/Neurosciencehttp://en.wikipedia.org/wiki/Neurosciencehttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Creativityhttp://en.wikipedia.org/wiki/Creativityhttp://en.wikipedia.org/wiki/History_of_marketinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/American_Marketing_Associationhttp://en.wikipedia.org/wiki/Marketing#cite_note-ama-a-2%23cite_note-ama-a-2http://en.wikipedia.org/wiki/Sales_process_engineeringhttp://en.wikipedia.org/wiki/Marketing#cite_note-Selden_1997-3%23cite_note-Selden_1997-3http://en.wikipedia.org/wiki/Chartered_Institute_of_Marketinghttp://en.wikipedia.org/wiki/Marketing#cite_note--4%23cite_note--4http://en.wikipedia.org/wiki/Value-based_marketinghttp://en.wikipedia.org/wiki/Shareholder_valuehttp://en.wikipedia.org/wiki/Marketing#cite_note-paliwoda-a-5%23cite_note-paliwoda-a-5http://en.wikipedia.org/wiki/Marketing#cite_note-paliwoda-a-5%23cite_note-paliwoda-a-5http://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Distribution_(business)http://en.wikipedia.org/wiki/Saleshttp://en.wikipedia.org/wiki/Social_scienceshttp://en.wikipedia.org/wiki/Psychologyhttp://en.wikipedia.org/wiki/Sociologyhttp://en.wikipedia.org/wiki/Mathematicshttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Anthropologyhttp://en.wikipedia.org/wiki/Neurosciencehttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Creativityhttp://en.wikipedia.org/wiki/History_of_marketinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6


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#rodu"tion[-]roduction

methods

until the

/0$1s

A firm focusing on a production orientation speciali(es

in producing as much as possible of a given product or

service. Thus this signifies a firm e&ploiting economies

of scale until the minimum efficient scaleis reached. A

production orientation may be deployed when a highdemand for a product or service e&ists coupled with a

good certainty that consumer tastes do not rapidly alter

*similar to the sales orientation+.

#rodu"t[-]2uality of

the product

until the

/0%1s

A firm employing a product orientation is chiefly

concerned with the uality of its own product. A firm

would also assume that as long as its product was of a

high standard people would buy and consume the

product. A typical e&ample for a successful launch of a

new product which based not on previous researched

market needs was theSony 4alkmanand the

advertising of the Apple iod.

Seing[-]Selling

methods

/0$1s and

/0%1s

A firm using a sales orientation focuses primarily on the

selling5promotion of a particular product and not

determining new consumer desires as such.

"onseuently this entails simply selling an already

e&isting product and using promotion techniues to

attain the highest sales possible.

Such an orientation may suit scenarios in which a firm

holds dead stock or otherwise sells a product that is in

high demand with little likelihood of changes in

consumer tastes diminishing demand.

Marketing[-]6eeds and

wants of

customers

/0-1 to

present

day

The marketing orientationis perhaps the most common

orientation used in contemporary marketing. #t involves

a firm essentially basing its marketing plans around the

marketing concept and thus supplying products to suit

new consumer tastes. As an e&ample a firm would

employ market research to gauge consumer desires use

789 to develop a product attuned to the revealed

information and then utili(e promotion techniues to

ensure persons know the product e&ists.

#rodu"t orientation

#n a product innovation approach the company pursues product innovation then tries to

develop a market for the product. roduct innovation drives the process and marketing

research is conducted primarily to ensure that profitable market segment*s+ e&ist for the

innovation. The rationale is that customers may not know what options will be available tothem in the future so we should not e&pect them to tell us what they will buy in the future.

:
http://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Economies_of_scalehttp://en.wikipedia.org/wiki/Economies_of_scalehttp://en.wikipedia.org/wiki/Minimum_efficient_scalehttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Sony_Walkmanhttp://en.wikipedia.org/wiki/Sony_Walkmanhttp://en.wikipedia.org/wiki/IPod_advertisinghttp://en.wikipedia.org/wiki/Sellinghttp://en.wikipedia.org/wiki/Sellinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Sellinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Innovationhttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Economies_of_scalehttp://en.wikipedia.org/wiki/Economies_of_scalehttp://en.wikipedia.org/wiki/Minimum_efficient_scalehttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Sony_Walkmanhttp://en.wikipedia.org/wiki/IPod_advertisinghttp://en.wikipedia.org/wiki/Sellinghttp://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Marketing#cite_note-adcock-a-6%23cite_note-adcock-a-6http://en.wikipedia.org/wiki/Innovation


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'owever marketers can aggressively over)pursue product innovation and try to overcapitali(e

on a niche. 4hen pursuing a product innovation approach marketers must ensure that they

have a varied and multi)tiered approach to product innovation. #t is claimed that if Thomas

;disondepended on marketing research he would have produced larger candles rather than

inventing light bulbs. Many firms such as research and development focused companies

successfully focus on product innovation. Many purists doubt whether this is really a form ofmarketing orientation at all because of the e& post status of consumer research. Some even

uestion whether it is marketing.

Conte$!orar% a!!roa"hes

7ecent approaches in marketing is the relationship marketingwith focus on the customer the

business marketingor industrial marketingwith focus on an organi(ation or institution and

thesocial marketingwith focus on benefits to the society.[


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Custo$er orientation

A firm in the market economysurvives by producing goodsthat persons are willing and able

to buy. "onseuently ascertaining consumer demandis vital for a firm>s future viability and

even e&istence as a going concern. Many companies today have a customer focus *or market

orientation+. This implies that the company focuses its activities and products on consumerdemands. ?enerally there are three ways of doing this, the customer)driven approach the

sense of identifying market changes and the product innovation approach.

#n the consumer)driven approach consumer wants are the drivers of all strategic marketing

decisions. 6o strategy is pursued until it passes the test of consumer research. ;very aspect of

a market offering including the nature of the product itself is driven by the needs of potential

consumers. The starting point is always the consumer. The rationale for this approach is that

there is no point spending 789 funds developing products that people will not buy. 'istory

attests to many products that were commercial failures in spite of being technological

breakthroughs.[0]

A formal approach to this customer)focused marketing is known asSIVA[/1] *Solution

#nformation @alue Access+. This system is basically the four s renamed and reworded to

provide a customer focus. The S#@A Model provides a demand5customer centric version

alternative to the well)known !s supply side model *product price place promotion+ of

marketing management.

roduct Solution

romotion #nformation

rice @alue

lacement Access

Organi'ationa orientation

#n this sense a firm>s marketing department is often seen as of prime importance within thefunctional level of an organi(ation. #nformation from an organi(ation>s marketing department

would be used to guide the actions of other departments within the firm. As an e&ample a

marketing department could ascertain *via marketing research+ that consumers desired a new

type of product or a new usage for an e&isting product. 4ith this in mind the marketing

department would inform the 789 department to create a prototype of a product5service

based on consumers> new desires.

The production department would then start to manufacture the product while the marketing

department would focus on the promotion distribution pricing etc. of the product.

Additionally a firm>s finance department would be consulted with respect to securing

appropriate funding for the development production and promotion of the product. #nter)

departmental conflicts may occur should a firm adhere to the marketing orientation.

!
http://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Goodhttp://en.wikipedia.org/wiki/Consumer_demandhttp://en.wikipedia.org/wiki/Business_entityhttp://en.wikipedia.org/wiki/Business_entityhttp://en.wikipedia.org/wiki/Going_concernhttp://en.wikipedia.org/wiki/Marketing#cite_note-8%23cite_note-8http://en.wikipedia.org/wiki/SIVAhttp://en.wikipedia.org/wiki/SIVAhttp://en.wikipedia.org/wiki/Marketing#cite_note-dev-a-9%23cite_note-dev-a-9http://en.wikipedia.org/wiki/SIVAhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Goodhttp://en.wikipedia.org/wiki/Consumer_demandhttp://en.wikipedia.org/wiki/Business_entityhttp://en.wikipedia.org/wiki/Going_concernhttp://en.wikipedia.org/wiki/Marketing#cite_note-8%23cite_note-8http://en.wikipedia.org/wiki/SIVAhttp://en.wikipedia.org/wiki/Marketing#cite_note-dev-a-9%23cite_note-dev-a-9


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roduction may oppose the installation support and servicing of new capital stock which

may be needed to manufacture a new product. Binance may oppose the reuired capital

e&penditure since it could undermine a healthy cash flow for the organi(ation.

Mutua% (enefi"ia e)"hange

A further marketing orientation is the focus on a mutually beneficial exchange. #n a

transaction in the market economy a firm gains revenue which thus leads to more

profits5market share5sales. A consumer on the other hand gains the satisfaction of a

need5want utility reliability and value for money from the purchase of a product or service.

As no one has to buy goods from any one supplier in the market economy firms must entice

consumers to buy goods with contemporary marketing ideals.

*erd (eha+ior

erd behaviorin marketing is used to e&plain the dependencies of customers> mutual

behavior. The Economistreported a recent conference in 7omeon the subCect of thesimulation of adaptive human behavior.[//]#t shared mechanisms to increase impulse buying

and get people Dto buy more by playing on the herd instinct.D The basic idea is that people

will buy more of products that are seen to be popular and several feedback mechanisms to get

product popularity information to consumers are mentioned including smart cardtechnology

and the use of 7adio Breuency #dentification Tagtechnology. A Dswarm)movesD model was

introduced by a Blorida #nstitute of Technologyresearcher which is appealing to

supermarkets because it can Dincrease sales without the need to give people discounts.D

Ether recent studies on the Dpower of social influenceD include an Dartificial music market in

which some /!111 people downloaded previously unknown songsD *"olumbia Fniversity

6ew Gork+H a Iapanesechain of convenience stores which orders its products based on Dsales

data from department stores and research companiesHD aMassachusettscompany e&ploiting

knowledge of social networking to improve salesH and online retailers who are increasingly

informing consumers about Dwhich products are popular with like)minded consumersD *e.g.

Ama(on e=ay+.

Further orientations

An emerging area of study and practice concerns internal marketing or how

employees are trained and managed to deliver the brand in a way that positively

impacts the acuisition and retention of customers see also employer branding. iffusion of innovations research e&plores how and why people adopt new products

services and ideas.

4ith consumers> eroding attention span and willingness to give time to advertising

messages marketers are turning to forms ofpermission marketingsuch asbranded

contentcustom mediaand reality marketing.

$
http://en.wikipedia.org/wiki/Herd_behaviorhttp://en.wikipedia.org/wiki/The_Economisthttp://en.wikipedia.org/wiki/Romehttp://en.wikipedia.org/wiki/Marketing#cite_note-10%23cite_note-10http://en.wikipedia.org/wiki/Smart_cardhttp://en.wikipedia.org/wiki/Smart_cardhttp://en.wikipedia.org/wiki/RFIDhttp://en.wikipedia.org/wiki/Florida_Institute_of_Technologyhttp://en.wikipedia.org/wiki/Columbia_Universityhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Massachusettshttp://en.wikipedia.org/wiki/Massachusettshttp://en.wikipedia.org/wiki/Amazon.comhttp://en.wikipedia.org/wiki/EBayhttp://en.wikipedia.org/wiki/Internal_marketinghttp://en.wikipedia.org/wiki/Employer_brandinghttp://en.wikipedia.org/wiki/Diffusion_of_innovationshttp://en.wikipedia.org/wiki/Permission_marketinghttp://en.wikipedia.org/wiki/Branded_contenthttp://en.wikipedia.org/wiki/Branded_contenthttp://en.wikipedia.org/wiki/Branded_contenthttp://en.wikipedia.org/wiki/Custom_mediahttp://en.wikipedia.org/wiki/Custom_mediahttp://en.wikipedia.org/wiki/Reality_marketinghttp://en.wikipedia.org/wiki/Herd_behaviorhttp://en.wikipedia.org/wiki/The_Economisthttp://en.wikipedia.org/wiki/Romehttp://en.wikipedia.org/wiki/Marketing#cite_note-10%23cite_note-10http://en.wikipedia.org/wiki/Smart_cardhttp://en.wikipedia.org/wiki/RFIDhttp://en.wikipedia.org/wiki/Florida_Institute_of_Technologyhttp://en.wikipedia.org/wiki/Columbia_Universityhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Massachusettshttp://en.wikipedia.org/wiki/Amazon.comhttp://en.wikipedia.org/wiki/EBayhttp://en.wikipedia.org/wiki/Internal_marketinghttp://en.wikipedia.org/wiki/Employer_brandinghttp://en.wikipedia.org/wiki/Diffusion_of_innovationshttp://en.wikipedia.org/wiki/Permission_marketinghttp://en.wikipedia.org/wiki/Branded_contenthttp://en.wikipedia.org/wiki/Branded_contenthttp://en.wikipedia.org/wiki/Custom_mediahttp://en.wikipedia.org/wiki/Reality_marketing


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Marketing , an introdu"tion for the

entre!reneur

Although it may sound counter)intuitive marketing does not start with a new idea orinnovative product. #t begins with the customer J these are the people who make your

business successful and this is where the marketing process begins not at the point when the

product is ready to sell.

;ntrepreneurs are always naturally enthusiastic about their ideas and assume other people will

feel the same but it doesn>t always work that way. 9uring the process of setting up a new

business or launching a new product you>ll need to persuade many people that your product is

worth buying so it helps if you know a bit about them first. 4hat are their problems needs

and wantsK "an you help save them time money or effortK

Gour customers are not Cust limited to the people who buy your product off the shelf Jinvestors distributors retailers and other stakeholders are also in this bracket. They need to

feel that their investment is safe and will yield a return so you need to convince them too. This

means doing your homework researching the consumer and writing a marketing plan.

Bor decades academics have been trying to come up with a concise definition for marketing.

9ictionaries tend to take the most literal route such as,

DThe commercial functions involved with transferring goods from producer to consumerD

=ut for the purposes of this site we>re interested in successful marketing which is how the

various marketing associations tend to define the word.

The "hartered #nstitute of Marketing describe it as,

DThe management process for identifying anticipating and satisfying customer reuirements

profitablyD

The American Marketing Association approved their most recent definition in :11-,

DMarketing is the activity set of institutions and processes for creating communicatingdelivering and e&changing offerings that have value for customers clients partners and

society at largeD

'owever once you stray outside the circle of marketing professionals or academics the

definition tends to become increasingly blurred. Many people describe marketing as being

synonymous with advertising or promotion but it>s important to realise these are Cust the cogs

in a larger more efficient machine.

Marketing)made)simple.com defines marketing as,

DA business ethos that ensures focus on the customerD

%


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This means,

/. Fnderstanding potentials customers and the e&ternal business environment in as much

detail as possible

:. #dentifying opportunities and developing a strategy to capitali(e on these

3. Fsing established marketing tools to deliver the strategy.!. Measurement of your results and a process of continual improvement

-hat $arketing is.

utting the customer first

A business ethos

A planning process

"ore to sustained business success

Allocating resources to achieve your goals

-hat $arketing isn/t.

Simply advertising 5 promotion

Iust a department

An optional e&tra

Fina 0ords

At the end of the day the e&act definition of marketing is not important. 4hat is important to

both large and small businesses alike is to ensure that the customer is at the very core of your

vision throughout all departments and understood by every one of your employees.

Marketing resear"h

Marketing research involves conducting research 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 attain

information from suppliers etc. Marketing researchers use statistical methods *such as

uantitative research ualitative researchhypothesis tests "hi)suared tests linear

regressioncorrelation co)efficientsfreuency distributionsoisson and =inomial

distributions etc.+ to interpret their findings and convert data into information. The marketingresearch process spans a number of stages[/:]including the definition of a problem

development of a research plan collecting and interpretation of data and disseminating

information formally in form of a report.

A distinction should be made between mar!eting researchand mar!et research. Market

research pertains to research in a given market. As an e&ample a firm may conduct research

in a target market after selecting a suitable market segment. #n contrast marketing research

relates to all research conducted within marketing. Thus market research is a subset of

marketing research.

-
http://en.wikipedia.org/wiki/Quantitative_researchhttp://en.wikipedia.org/wiki/Qualitative_researchhttp://en.wikipedia.org/wiki/Qualitative_researchhttp://en.wikipedia.org/w/index.php?title=Hypothesis_tests&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Chi-squared_tests&action=edit&redlink=1http://en.wikipedia.org/wiki/Linear_regressionhttp://en.wikipedia.org/wiki/Linear_regressionhttp://en.wikipedia.org/w/index.php?title=Correlation_co-efficient&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Correlation_co-efficient&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Correlation_co-efficient&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Frequency_distributions&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Frequency_distributions&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Poisson_and_Binomial_distributions&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Poisson_and_Binomial_distributions&action=edit&redlink=1http://en.wikipedia.org/wiki/Marketing#cite_note-polaris-a-11%23cite_note-polaris-a-11http://en.wikipedia.org/wiki/Marketing_researchhttp://en.wikipedia.org/wiki/Market_researchhttp://en.wikipedia.org/wiki/Quantitative_researchhttp://en.wikipedia.org/wiki/Qualitative_researchhttp://en.wikipedia.org/w/index.php?title=Hypothesis_tests&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Chi-squared_tests&action=edit&redlink=1http://en.wikipedia.org/wiki/Linear_regressionhttp://en.wikipedia.org/wiki/Linear_regressionhttp://en.wikipedia.org/w/index.php?title=Correlation_co-efficient&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Frequency_distributions&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Poisson_and_Binomial_distributions&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Poisson_and_Binomial_distributions&action=edit&redlink=1http://en.wikipedia.org/wiki/Marketing#cite_note-polaris-a-11%23cite_note-polaris-a-11http://en.wikipedia.org/wiki/Marketing_researchhttp://en.wikipedia.org/wiki/Market_research


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Marketing en+iron$ent

The term marketing environmentrelates to all of the factors *whether internal e&ternal direct

or indirect+ that affect a firm>s marketing decision)making or planning and is subCect of the

marketing research. A firm>s marketing environment consists of two main areas which are,

Macro environment

En the macro environment a firm holds only little control. #t consists of a variety of

e&ternal factors that manifest on a large *or macro+ scale. These are typically

economic social political or technological phenomena. A common method of

assessing a firm>s macro)environment is via a ;STL; *olitical ;conomic Social

Technological Legal ;cological+ analysis. 4ithin a;STL; analysis a firm would

analy(e national political issues culture and climate key macroeconomic conditions

health and indicators *such as economic growth inflation unemployment etc.+ social

trends5attitudes and the nature of technology>s impact on its society and the business

processes within the society.

Micro environmentA firm holds a greater amount *though not necessarily total+ control of the micro

environment. #t comprises factors pertinent to the firm itself or stakeholders closely

connected with the firm or company. A firm>s micro environment typically spans,

"ustomers5consumers

;mployees

Suppliers

The Media

=y contrast to the macro environment an organi(ation holds a greater degree of

control over these factors.

Market seg$entation

Market segmentation pertains to the division of a market of consumers into persons with

similar needs and wants.[/3]As an e&ample if using ellogg>s cerealsin this instance Brosties

are marketed to children. "runchy 6ut "ornflakesare marketed to adults. =oth goods

aforementioned denote two products which are marketed to two distinct groups of persons

both with like needs traits and wants.

The purpose for market segmentation is conducted for two main issues. Birst a segmentation

allows a better allocation of a firm>s finite resources. A firm only possesses a certain amountof resources. Accordingly it must make choices *and appreciate the related costs+ in servicing

specific groups of consumers. Burthermore the diversified tastes of the contemporary 4estern

consumers can be served better. 4ith more diversity in the tastes of modern consumers firms

are taking noting the benefit of servicing a multiplicity of new markets.

Market segmentation can be defined in terms of theS"Pacronym meaningSegment "arget

andPosition.


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Segment

!egmentationinvolves the initial splitting up of consumers into persons of like

needs5wants5tastes. Bour commonly used criteria are used for segmentation which

include,

Geogra!hi"a*e.g. country region city town etc.+

#s%"hogra!hi"*i.e. personality traits or character traits which influenceconsumer behaviour+

De$ogra!hi"*e.g. age gender socio)economic class etc.+

&eha+ioura*e.g. brand loyalty usage rate etc.+

Market Seg$entation

Market segmentation is the identification of portions of the market that are different from one

another. Segmentation allows the firm to better satisfy the needs of its potential customers.

The Need for Market Seg$entation

The marketing concept calls for understanding customers and satisfying their needs better

than the competition. =ut different customers have different needs and it rarely is possible to

satisfy all customers by treating them alike.

ass marketingrefers to treatment of the market as a homogenous group and offering the

same marketing mi& to all customers. Mass marketing allows economies of scale to be

reali(ed through mass production mass distribution and mass communication. The drawback

of mass marketing is that customer needs and preferences differ and the same offering is

unlikely to be viewed as optimal by all customers. #f firms ignored the differing customer

needs another firm likely would enter the market with a product that serves a specific groupand the incumbant firms would lose those customers.

Target marketingon the other hand recogni(es the diversity of customers and does not try to

please all of them with the same offering. The first step in target marketing is to identify

different market segments and their needs.

Re1uire$ents of Market Seg$ents

#n addition to having different needs for segments to be practical they should be evaluated

against the following criteria,

#dentifiable, the differentiating attributes of the segments must be measurable so that

they can be identified.

Accessible, the segments must be reachable through communication and distribution

channels.

Substantial, the segments should be sufficiently large to Custify the resources reuired

to target them.

Fniue needs, to Custify separate offerings the segments must respond differently to

the different marketing mi&es.

0
http://en.wikipedia.org/wiki/Market_segmenthttp://en.wikipedia.org/wiki/Market_segment


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9urable, the segments should be relatively stable to minimi(e the cost of freuent

changes.

A good market segmentation will result in segment members that are internally homogenous

and e&ternally heterogeneousH that is as similar as possible within the segment and as

different as possible between segments.

&ases for Seg$entation in Consu$er Markets

"onsumer markets can be segmented on the following customer characteristics.

?eographic

9emographic

sychographic

=ehavioralistic

?eographic Segmentation

The following are some e&amples of geographic variables often used in segmentation.

7egion, by continent country state or even neighborhood

Si(e of metropolitan area, segmented according to si(e of population

opulation density, often classified as urban suburban or rural

"limate, according to weather patterns common to certain geographic regions

9emographic Segmentation

Some demographic segmentation variables include,

Age

?ender

Bamily si(e

Bamily lifecycle

?eneration, baby)boomers ?eneration N etc.

#ncome

Eccupation ;ducation

;thnicity

6ationality

7eligion

Social class

Many of these variables have standard categories for their values. Bor e&ample family

lifecycle often is e&pressed as bachelor married with no children *9#6S, 9ouble #ncome

6o ids+ full)nest empty)nest or solitary survivor. Some of these categories have several

stages for e&ample full)nest # ## or ### depending on the age of the children.

sychographic Segmentation

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sychographic segmentation groups customers according to their lifestyle. Activities

interests and opinions *A#E+ surveys are one tool for measuring lifestyle. Some

psychographic variables include,

Activities

#nterests Epinions

Attitudes

@alues

=ehavioralistic Segmentation

=ehavioral segmentation is based on actual customer behavior toward products. Some

behavioralistic variables include,

=enefits sought

Fsage rate

=rand loyalty

Fser status, potential first)time regular etc.

7eadiness to buy

Eccasions, holidays and events that stimulate purchases

=ehavioral segmentation has the advantage of using variables that are closely related to the

product itself. #t is a fairly direct starting point for market segmentation.

&ases for Seg$entation in Industria Markets

#n contrast to consumers industrial customers tend to be fewer in number and purchase larger

uantities. They evaluate offerings in more detail and the decision process usually involves

more than one person. These characteristics apply to organi(ations such as manufacturers and

service providers as well as resellers governments and institutions.

Many of the consumer market segmentation variables can be applied to industrial markets.

#ndustrial markets might be segmented on characteristics such as,

Location

"ompany type

=ehavioral characteristics

Location

#n industrial markets customer location may be important in some cases. Shipping costs may

be a purchase factor for vendor selection for products having a high bulk to value ratio so

distance from the vendor may be critical. #n some industries firms tend to cluster together

geographically and therefore may have similar needs within a region.

"ompany Type

=usiness customers can be classified according to type as follows,

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"ompany si(e

#ndustry

9ecision making unit

urchase "riteria

=ehavioral "haracteristics

#n industrial markets patterns of purchase behavior can be a basis for segmentation. Such

behavioral characteristics may include,

Fsage rate

=uying status, potential first)time regular etc.

urchase procedure, sealed bids negotiations etc.

Target

Ence a segment has been identified a firm must ascertain whether the segment is

beneficial for them to service. TheDA#Pacronym meaningDiscernibleAccessible

#easurableandProfitable are used as criteria to gauge the viability of a target

market. 9AM is e&plained in further detail below,

Dis"erna(e) 'ow a segment can be differentiated from other segments.

A""essi(e) 'ow a segment can be accessed via Marketing "ommunications

produced by a firm.

Measura(e) "an the segment be uantified and its si(e determinedK

#rofita(e) "an a sufficient return on investment be attained from a segment>s

servicingK

The ne&t step in the targeting process is the level of differentiation involved in asegment serving. Three modes of differentiation e&ist which are commonly applied by

firms. These are,

2ndifferentiated ) 4here a company produces a like product for all of a

market segment.

Differentiated ) #n which a firm produced slight modifications of a product

within a segment.

Ni"he) #n which an organisation forges a product to satisfy a specialised target

market.

osition

#ositioningconcerns how to position a product in the minds of consumers. A firmoften performs this by producing a perceptual map which denotes products produced

in its industry according to how consumers perceive their price and uality. Brom a

product>s placing on the map a firm would tailor its marketing communications to suit

meld with the product>s perception among consumers.

Marketing infor$ation s%ste$

Main article, Marketing information system

A mar!eting information system $#%IS&is an information systemthat is commonly used by

marketing management to analyse and view information pertaining to marketing activities. As

the label suggests an M#S is a computer)based information system therefore used to input

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store process and output marketing information.[/!]An M#S spans four subset components

which are detailed below,

Marketing intelligence system

This sub)system stores information gathered from a firm>s marketing intelligence

activities. Marketing intelligence consists of actions a firm would undertake within itsown market or industry geared towards information e&isting within its markets. This

can be obtained via communication with suppliers consumers or other bodies within a

market.

#nternal processes system

The internal processes system catalogues all internal marketing processes within a

firm.

Marketing research system

This section of the overall system contains data from a firm>s marketing research

activities.

Analytical system

The analytical system is the only sub)system which does not store data or information.#t>s function is to analyse and process data from the other three systems into reliable

timely and relevant information for the perusal and use of marketing management.

T%!es of $arketing resear"h

Marketing research as a sub)set aspect of marketing activities can be divided into the

following parts,

rimary research[/$]*also known as field research+ which involves the conduction and

compilation of research for the purpose is was intended. Secondary research[/%]*also referred to as desk research+ is initially conducted for one

purpose but often used to support another purpose or end goal.

=y these definitions an e&ample of primary research would be market research conducted

into health foods which is usedsolelyto ascertain the needs5wants of the target market for

health foods. Secondary research again according to the above definition would be research

pertaining to health foods but used by a firm wishing to develop an unrelated product.

rimary research is often e&pensive to prepare collect and interpret from data to information.

6onetheless while secondary research is relatively ine&pensive it often can become outdated

and outmoded given it is used for a purpose other than for which is was intended. rimaryresearch can also be broken down into uantitative research and ualitative research which as

the labels suggest pertain to numerical and non)numerical research methods techniues. The

appropriateness of each mode of research depends on whether data can be uantified

*uantitative research+ or whether subCective non)numeric or abstract concepts are reuired

to be studied *ualitative research+.

Marketing !anning

The area of mar!eting planninginvolves forging a plan for a firm>s marketing activities. A

marketing plan can also pertain to a specific product as well as to an organisation>s overallmarketing strategy. ?enerally speaking an organisation>s marketing planning process is

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derived from its overallbusiness strategy. Thus when top management are devising the firm>s

strategic direction or mission the intended marketing activities are incorporated into this plan.

4ithin the overall strategic marketing plan the marketing planning process contains the

following stages,

Mission statement "orporate obCectives ) These are the broad)based obCectives resulting from the firm>s

mission statement.

Marketing audit ) a marketing audit is an audit of all marketing processes within a

firm. #t>s purpose is to highlight which areas reuire improvement and which ones

reuire modification prior to the establishment of the marketing plan.

S4ET analysis

Assumptions arising from the marketing auditand S4ET analysis

Marketing obCectives derived from the assumptions

An estimation of the e&pected results of the obCectives

#dentification of alternative plans or mi&es

=udgeting for the marketing plan

A first)year implementation program

There are several levels of marketing obCectives within an organi(ation. As stated previously

the senior management of a firm would formulate a general business strategy for a firm.

'owever this general business strategy would be interpreted and implemented in different

conte&ts throughout the firm.

"orporate

"orporate marketing obCectives are typically broad)based in nature and pertain to the

general vision of the firm in the short medium or long)term. As an e&ample if onepictures a group of companies *or a conglomerate+ top management may state that

sales for the group should increase by :$O over a ten year period.

Strategic business unit

An S=F is an autonomous entity within a firm which produces a uniue

product5service. #t could be a singleproduct aproduct line or a subsidiaryof a larger

group of companies. The S=F would embrace the corporate strategy and attune it to

its own particular industry. Bor instance an S=F may partake in the sports goods

industry. #t thus would ascertain how it would attain additional sales of sports goods

in order to satisfy the overall business strategy.

Bunctional

The functional level relates to departments within the S=Fs such as marketingfinance '7 production etc. The functional level would adopt the S=F>s strategy and

determine how to accomplish the S=F>s own obCectives in its market. To use the

e&ample of the sports goods industry again the marketing department would draw up

marketing plans strategies and communications to help the S=F achieve its marketing

aims.

#rodu"t Life C%"e

Main articles, roduct life cycle managementand roduct lifecycle management

The #rodu"t Life C%"e[/-]orP'(is a tool used by marketing managers to gauge theprogress of a product especially relating to sales or revenue accrued over time. The L" is

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based on a few key assumptions including that a given product would possess an

introductiongrowth maturityand declinestage. Burthermore it is assumed that no product

lasts perpetually on the market. Last but not least a firm must employ differing strategies

according to where a product is on the L".

#ntroduction#n this stage a product is launched onto the market. To stimulate growth of

sales5revenue use of advertising may be high in order to heighten awareness of the

product in uestion.

?rowth

The product>s sales5revenue is increasing which may stimulate more marketing

communications to sustain sales. More entrants enter into the market to reap the

apparent high profits that the industry is producing.

Maturity

A product>s sales start to level off and an increasing number of entrants to a market

produce price falls for the product. Birms may utilise sales promotions to raise sales.

9ecline9emand for a good begins to taper off and the firm may opt to discontinue

manufacture of the product. This is so if revenue for the product comes from

efficiency savings in production over actual sales of a good5service. 'owever if a

product services a niche market or is complementary to another product it may

continue manufacture of the product despite a low level of sales5revenue being

accrued.

Marketing $i)

Main article, Marketing mi&

#n the early /0%1s rofessor 6eil =orden at 'arvard =usiness Schoolidentified a number of

company performance actions that can influence the consumer decision to purchase goods or

services. =orden suggested that all those actions of the company represented a PMarketing

Mi&Q. rofessor ;. Ierome Mc"arthy at the Michigan State Fniversityin the early /0%1s

suggested that the Marketing Mi& contained ! elements product price place and promotion.

roduct

The product aspects of marketing deal with the specifications of the actual goods or

services and how it relates to the end)user>s needs and wants. The scope of a product

generally includes supporting elements such as warranties guarantees and support.ricing

This refers to the process of setting apricefor a product including discounts. The

price need not be monetaryH it can simply be what is e&changed for the product or

services e.g. time energy or attention. Methods of setting prices optimally are in the

domain ofpricing science. A number of modes of pricing techniues e&ist which

span,

;lasticities *whether rice ;lasticity of 9emand "ross ;lasticity of 9emand or

#ncome ;lasticity of 9emand+

Market skimming[/


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;lasticities are a microeconomic concept which gauges how elastic demand is for a given

good5service. #n a marketing conte&t its usefulness relates to the suitable level at which a

product can be priced in accordance with price a product>s complements and substitutes and

the level of income a consumer possesses.

Market skimming pertains to firm releasing a good in a Dfirst to marketD scenario. As ane&ample picture a company which releases a new type of personal media playing system. #t

may set the good at an initially high level but reduce it over time once the level of demand

gradually rises. Market skimming is best operable within a first to market scenario since there

would be few competitors within the company>s industry. This pricing strategy is also best

implemented within a market of high entry barriers *such as a monopoly or an oligopoly+.

This is so since the high barriers to entry discourage competitors into the industry for the

product.

Market penetration concerns pricing policies for late entrants to a market. As another

e&ample a company could release a product into a market years after it is initially introduced

but at an artificially low price in order to stimulate demand. The result of such a pricingstrategy would be to draw consumers from competitors and into purchasing its own product.

Market penetration in contrast to market skimming best functions within a market form with

low barriers to entry *such as perfect competition or monopolistic competition+. Low barriers

to entry facilitates a company>s ability to sell goods at a price lower than its market clearing

point.

lacement*or distribution+

This refers to how the product gets to the customerH for e&ample point)of)sale

placement orretailing. This third has also sometimes been called #lace referring to

the channel by which a product or service is sold *e.g. online vs. retail+ which

geographic region or industry to which segment *young adults families business

people+ etc. also referring to how the environment in which the product is sold in can

affect sales.

romotion

This includes advertising sales promotion includingpromotional educationpublicity

andpersonal selling. =randingrefers to the various methods of promoting the product

brand or company.

These four elements are often referred to as themarketing mi&[$]which a marketer can use to

craft a marketing plan. The four s model is most useful when marketing low value consumer

products. #ndustrial products services high value consumer products reuire adCustments tothis model. Services marketingmust account for the uniue nature of services.

#ndustrial or =:=marketing must account for the long term contractual agreements that are

typical in supply chaintransactions. 7elationship marketingattempts to do this by looking at

marketing from a long term relationship perspective rather than individual transactions. As a

counter to this Morgan in$iding the %aves of &hange*Iossey)=ass /0


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#ro"ess) the way in which orders are handled customers are satisfied and the service

is delivered.

#h%si"a E+iden"e) is tangible evidence of the service customers will receive *for

e&ample a holiday brochure+.

#eo!e) the people meeting and dealing with the customers.

As markets have become more satisfied the - s have become relevant to those companies

selling products as well as those solely involved with services, customers now differentiate

between sellers of goods by the service they receive in the process from the people involved.

Some authors cite a further ) #a"kaging) this is thought by many to be part of #rodu"t but

in certain markets *Iapan "hina for e&ample+ and with certain products *perfume cosmetics+

the packaging of a product has a greater importance ) maybe even than the product itself.

Marketing "o$$uni"ations

Main articles, Marketing communicationsand #ntegrated marketing communications

#ar!eting communicationsis defined by actions a firm takes to communicate with end)

users consumers and e&ternal parties. A simple definition of marketing communication is

"the means by which a supplier of goods, services, values and'or ideas represent themselves

to their target audience with the goal of stimulating dialog leading to better commercial or

other relationships".[:/]arcomsis a freuently used short)form for marketing

communications.[:/]Marketing communications can be seen as a part of thepromotional mi&[citation needed]as the e&act nature of how to apply marketing communications depends on the

nature of the product in uestion. Accordingly a given product would reuire a uniue

communications mi& in order to convey successfully information to consumers. Some

products may reuire a stronger emphasis on personal sales while others may need morefocus on advertising.

The process in which the differing modes of marketing communications are complemented

and synthesised is called integrated mar!eting communications $I#(&. #t is used in order to

create a single and coherent marketing communications process. As an e&ample a firm can

advertise the e&istence of a sales promotion via a newspaper maga(ine T@ radio etc. The

same promotion can also be communicated via direct marketing or personal selling. The aim

of #M" is to lessen confusion among a product>s target market and to lessen cost for the firm.

Several different subsets of marketing communications can be distinguished.

ersonal sellingEral presentation given by a salesperson who approaches individuals or a group of

potential customers. ersonal selling is often used in business to business *i.e. D=:=D+

settings in addition to business to consumer *i.e. D=:"D+ scenarios in which a

personal and face to face medium is reuired for the communication of the product. #n

=:= situations personal selling is preferred if the product is technical in nature.

ersonal selling can compose of the use of presentations in order to convey the

benefits of a firm>s good5service. #n =:" settings personal selling is utilised if the

product reuires to be tailored to the uniue needs of an individual. ;&amples of this

include car *and other vehicle+ sales financial services *such as insurance or

investment+ etc. ersonal selling involves the following points,

Live interactive relationship ersonal interest

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Attention and response

#nteresting presentation

"lear and thorough.

Sales promotion

Short)term incentives to encourage buying of products. #nstant appeal

An&iety to sell

An e&ample is coupons or a sale. eople are given an incentive to buy but this does

not build customer loyalty or encourage future repeat buys. A maCor drawback of sales

promotion is that it is easily copied by competition. #t cannot be used as a sustainable

source of differentiation. Sales promotions are typically used to heighten

sales5revenue especially if a firm holds dead5e&cess stock or if the market for a

product has matured.

ublic relations

ublic 7elations *or 7 as an acronym+ is the use of media tools by a firm in order topromote goodwill from an organi(ation to a target market segment or other consumers

of a firm>s good5service. 7 stems from the fact that a firm cannot seek to antagoni(e

or inflame its market base due to incurring a lessened demand for its good5service.

Ergani(ations undertake 7 in order to assure consumers and to forestall negative

perceptions towards it. 7 can span,

#nterviews

Speeches5resentations

"orporate literature such as financial statements brochures etc.

ublicityublicity involves attaining space in media without having to pay directly for such

coverage. As an e&ample an organi(ation may have the launch of a new product

covered by a newspaper or T@ news segment. This benefits the firm in uestion since

it is making consumers aware of its product without necessarily paying a newspaper

or television station to cover the event.

Advertising

Advertising occurs when a firm directly pays a media channel to publici(e its product.

"ommon e&amples of this include T@ and radio adverts billboards branding

sponsorship etc.

9irect marketing

9irect marketing is a process where a firm uses communication channels to attain andretain consumers for its product. #t is a comparatively new mode of marketing

communications *when compared with forms such as advertising sales promotions

personal selling etc.+ 9irect marketing involves carefully seeking out persons within a

target market and communicating to them about the nature of a product. This process

is signified by brochures sent via the mail e)mails from companies etc. #t can also

constitute the use of telemarketing in order to communicate with a target market.

Internationa $arketing

Main article, #nternational marketing

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International mar!etingcan be defined as the application of marketing strategies planning

and activities to e&ternal or foreign markets. #nternational marketing is of conseuence to

firms which operate in countries and territories other than their home country or the country in

which they are registered in and have their head office. The factors influencing international

marketing are culture political and legal factors a country>s level of economic development

and the mode of involvement in foreign markets.

The reasons why a firm would engage in international markets are numerous including,

Maturity within domestic markets

To increase general market share sales or revenue

Cuture

Social norms attitudes towards buying foreign goods and the working practices of foreign

markets are all cultural factors when opting to invest in foreign markets. Social norms affect

business practices since social norms are one factor in the demand for a product. A company

marketing pork would e&perience less sales in an #slamic country than it would in "hina

*which is the world>s largest consumer of pork+. #n 4estern societies se&uality and se&ual

topics are often used in marketing communications *such as advertising for instance+.

'owever in a comparatively more conservative society *such as #ndia for instance+ social

attitudes may shun the use of se&ual topics to advertise products.

#oiti"a and ega fa"tors

The following political5legal factors are of bearing in international marketing,

?overnment attitude to business

The level of governmental regulations red)tape and bureaucracy

Monetary regulations

olitical stability

6ot all governments are as open to foreign investment as others nor are all governments

eually favourable to business. Typically a firm may opt to invest in an economy in which

the government is more inclined to support business activity in a country. #n other words the

Dbusiness)friendlinessD of a foreign government is paramount in this instance.

Additionally some economies are more DliberalD and less regulated by comparison to othereconomies. ;&cessive regulations can be a hindrance on a firm since they contribute to

additional costs to a firm. "onversely regulations can aid in assisting firms by easing the

path of doing business. A firm seeking to invest in foreign markets must gauge the regulatory

arrangement of the economy it is looking to invest in. Monetary regulations akin to the above

points can hinder the ability to do business. A high level of monetary regulations can hamper

foreign investment within an economy.

Lastly the political stability of a country is also a key factor in foreign investment decisions.

6ation)states e&periencing continual coup)d>etat can appear unattractive to invest in since the

continual changes in political system can compound the inherent risk in investing. Typically

a firm would opt to invest in a country which had a stable mode of government in which

handovers of power were peaceful and non)violent. ;ven if a country is not a liberal

/0


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democracy the level of political stability within a country may supersede the political system

*or more accurately the perceived immorality of a government>s policies5constitutional

structure+ of a given nation)state.

Le+e of e"ono$i" de+eo!$ent

The level of economic development of an economy can affect foreign investment decisions.

4ithin the field of developmental economics differing modes of economic development can

be identified. These are,

9eveloping economy

6ewly)#ndustrialised country

#ndustrialised country *also known as a developed country advanced economy or first

world economy+

A developing economy has a comparatively low general living standard *as defined by

material lifestyle5level of material possession+. Moreover a developing economy may also be

at subsistence level or possess a large share of its ?ross 9omestic roduct in primary

industries. Accordingly a developing country would not be a profitable market for high)end

consumer goods or fast)moving consumer goods commonly found in developed5advanced

economies. ;&ports of machinery *related to the e&traction and processing of raw materials+

may be viable for a developing economy due to primary industries possessing a large share of

national income.

A newly)industrialised economy is an economy which has e&perienced high recent economic

growth and thus has e&perienced a rise in general living standards. "oupled with the rapid

economic growth the emergence of a middle class leads to the development of a consumeristculture in the society. A newly)industrialised economy would conseuently possess a small

general demand for high)end consumer goods but not to the e&tent of an advanced economy.

A newly)industralised economy may e&port manufactured goods to other countries and often

possess secondary sector industries as a high percentage of its economic output.

An industrialised economy is typically identified via a high ?ross 9omestic roduct per

capita a high Fnited 6ations 'uman 9evelopment #nde& rating and a high level of

tertiary5uaternary5uinary sector industries in the conte&t of its national income. Thus the

high general living standard denotes the highest generalised demand for goods and services

within all modes of economic development. "ommonly developed5advanced economies are

high e&porters of high)tech manufactured goods as well as service sector products *such asfinancial services for instance+.

Marketing a"ron%$s

A"ron%$ Meaning

A#9A*S+ Attention,Interest,Desire,Action(Satisfaction)

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http://en.wikipedia.org/wiki/Developmental_economicshttp://en.wikipedia.org/wiki/Developing_economyhttp://en.wikipedia.org/w/index.php?title=Newly-Industrialised_country&action=edit&redlink=1http://en.wikipedia.org/wiki/Industrialised_countryhttp://en.wikipedia.org/wiki/AIDA_(marketing)http://en.wikipedia.org/wiki/Developmental_economicshttp://en.wikipedia.org/wiki/Developing_economyhttp://en.wikipedia.org/w/index.php?title=Newly-Industrialised_country&action=edit&redlink=1http://en.wikipedia.org/wiki/Industrialised_countryhttp://en.wikipedia.org/wiki/AIDA_(marketing)


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=:= )usiness-to-)usiness

=:" )usiness-to)Consumer

=:? )usiness-to-*overnment

"L@ (ustomer'ifetime Value

"7M (ause-+elated#arketing

CRM (ustomer+elationship#anagement

9AM Discernible,Accessible,#easurable,Profitable

IMC Integrated#arketing (ommunications

#M" Internet#arketing (onference

L"@ 'ifetime (ustomer Value

LT@ 'ifetime Value

M#S #arketingInformationSystem

L" Product'ife (ycle

L"M Product'ifecycle#anagement

S#@A Solution,Information, Value,Access

ST Segment, "arget,Position

:/
http://en.wikipedia.org/wiki/Business-to-businesshttp://en.wikipedia.org/wiki/Business-to-consumerhttp://en.wikipedia.org/wiki/Business-to-governmenthttp://en.wikipedia.org/wiki/Customer_lifetime_valuehttp://en.wikipedia.org/wiki/Cause_marketinghttp://en.wikipedia.org/wiki/Customer_relationship_managementhttp://en.wikipedia.org/wiki/DAMPhttp://en.wikipedia.org/wiki/Integrated_marketing_communicationshttp://en.wikipedia.org/wiki/Internet_Marketing_Conferencehttp://en.wikipedia.org/wiki/Customer_lifetime_valuehttp://en.wikipedia.org/wiki/Customer_lifetime_valuehttp://en.wikipedia.org/wiki/MKIShttp://en.wikipedia.org/wiki/PLChttp://en.wikipedia.org/wiki/Product_lifecycle_managementhttp://en.wikipedia.org/wiki/SIVAhttp://en.wikipedia.org/wiki/STPhttp://en.wikipedia.org/wiki/Business-to-businesshttp://en.wikipedia.org/wiki/Business-to-consumerhttp://en.wikipedia.org/wiki/Business-to-governmenthttp://en.wikipedia.org/wiki/Customer_lifetime_valuehttp://en.wikipedia.org/wiki/Cause_marketinghttp://en.wikipedia.org/wiki/Customer_relationship_managementhttp://en.wikipedia.org/wiki/DAMPhttp://en.wikipedia.org/wiki/Integrated_marketing_communicationshttp://en.wikipedia.org/wiki/Internet_Marketing_Conferencehttp://en.wikipedia.org/wiki/Customer_lifetime_valuehttp://en.wikipedia.org/wiki/Customer_lifetime_valuehttp://en.wikipedia.org/wiki/MKIShttp://en.wikipedia.org/wiki/PLChttp://en.wikipedia.org/wiki/Product_lifecycle_managementhttp://en.wikipedia.org/wiki/SIVAhttp://en.wikipedia.org/wiki/STP


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sinisa zaric - selected texts on marketing

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