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Sales & Marketing Articles
Page 7 of 8
Key Marketing Management Philosophies
What are Marketing Management Philosophies?Marketing is the process of selling and buying products or services with the objective to gain profit either in monetary terms or in fringe benefits. It is a part of a larger management process. Management is the structured way adopted and followed by an organization from the starting till the implementation process.All the marketing efforts are guided by certain philosophies, which determine how the marketing activities should be carried out. Such philosophies are known as the marketing management philosophies.Marketing management has five philosophies to achieve the objectives of an organization. The evolution of marketing management philosophies ...
Read MoreKey Components of Strategic Marketing Planning
What is Strategic Marketing Planning?The act of drafting and executing a strategy to accomplish a specific marketing goal is known as strategic marketing planning. Companies may devise strategic marketing plans in order to boost revenue and profits, get increased visibility, deter competitors, or improve their image through a complete rebranding.All of the world's most successful businesses have one thing in common: VISION. Strategic planning is the process of realizing that objective. If they want to build a formidable, long-lasting company model, even the tiniest businesses must engage in some amount of strategic planning.Key Components of Strategic Marketing PlanningManagement and operations ...
Read MoreProduct Classification: Definition, Types, and Significance
What is a Product in Marketing?A product is something that is made with the purpose of being sold in the marketplace. The use of products satisfies the needs of customers. All marketing operations centre around the product, which is one of the most important aspects of marketing.There are two types of products: tangible and intangible. Intangible products are referred to as services, while physical things are referred to as goods.According to Perreault, Cannon and McCarthy “A product is the need-satisfying offering of a firm.”According to Grewal and Levy “A product is anything that is of value to a consumer and ...
Read MoreWhat is meant by Market Positioning?
Definition: Market PositioningMarket positioning is the process of creating a marketing mix that puts a product or service in a unique position for the target segments and turning them into potential buyers. It is a crucial part of marketing strategies as it helps in creating a distinct mental position or image of a product or a service in the mind of the customers as compared to other brands in the market. This is accomplished through formulating competitive positioning for a product and a detailed marketing mix.Products can be positioned basis their prime attributes − For example, a sunscreen lotion brand can ...
Read More5 Principles of Enlightened Marketing
What is Enlightened Marketing?Enlightened Marketing's concept is founded on the crucial factor that a company's marketing should evaluate the marketing system's optimal long-term performance. Enlightened marketing prioritises the customer's impression of the product; avoid exhausted approaches; examine the social impact; pass on the true value for the price; and demonstrate that the company is as socially responsible as it is profitable. This is the belief that a company's marketing system should be customer-centric, innovative, and societally beneficial, as well as give long-term value and be founded on a sense of commitment or mission.What are the 5 Principles of Enlightened Marketing?Enlightened ...
Read MoreWhat are the Different Types of Marketing?
Marketing has almost always been an integral part of businesses, and marketing techniques used by organisations are continuously evolving. An effective marketing strategy will be based on careful marketing research and understanding the target audience.Types of Marketing: Based on Target AudienceMarketing can broadly be classified into two categories − Business to Business (B2B) and Business to Consumers (B2C).Let’s take a quick look at these two.B2C MarketingAs mentioned earlier, B2C marketing stands for "business to consumer." This means that the target audience is a direct consumer of the product or service. The sales cycle for a B2C product is directly dependent ...
Read MoreWhat is Global Marketing?
Definition: Global MarketingBusinesses often market their products locally. However, foreign items have been regularly launched in various markets throughout history. Salespeople have modified, updated, or revised their techniques to establish themselves in the local market.Global marketing is defined as "marketing on a global scale, in different nations, reconciling or taking economic advantage of global operational differences, similarities, and possibilities in order to fulfil global objectives." In simple words, when a company sells the same products worldwide, it is called Global Marketing.Examples - The Samsung Galaxy S series is an excellent example of global marketing because it is distributed internationally and ...
Read MoreDifferences between Institutional Markets and Government Markets
The American Management Association defines government markets as, “…one which includes purchases by governmental units-federal, state, and local-that procure or rent goods and services in carrying out the main functions of the government.” Likewise, institutional markets can be defined as, “…a market consisting of schools, universities, hospitals, charities, clubs, and similar organisations which buy goods and services for use in the production of their own goods and services.”Institutional and government markets constitute a not-for-profit market with the primary objective of the general welfare of the people. Low budgets and captive patrons characterize such markets. Companies catering to institutional markets, establish ...
Read MoreWhat is Social Impact Marketing?
What is Social Impact Marketing?Social impact marketing is a strategy where businesses play an active role in the community, above and beyond their core mission as a business. In social impact marketing, a company/brand actively advocates for change, or to advance a specific cause. At this point, the brand functions as a member of society and not just as a provider of products and services.Social impact marketing is linked to the idea of corporate social responsibility. Simply put, before a company can credibly work for change, it must first embrace its principles in its whole business. For example, a popular ...
Read MoreWhat are the Current Marketing Challenges?
What is Marketing?The American Marketing Association (AMA) defines marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. Over the years, marketing has transformed from being print and TV media-dependent to relying more on the internet because of the reach and scope of the latter. The primary objective of marketing is to take a product or service, identify the ideal/target customers or consumers, and draw their attention towards the product/service.The overall marketing strategy depends on consumers’ perception or understanding of the product, quality, durability, availability, ...
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