Marketing is everything, says McKenna. It is the business aspect of doing market research about your targeted clientele and their preferences and then providing the superior customer value. It is the communicating to the customers or the market about your product or services and why the client partner or society should choose your product. According to Silk, marketing is the process by which a firm creates value for its customers, and value is created by meeting customer needs, hence, a firm must define itself not by the products it sells but the benefits customers get from it. ...view middle of the document...
Seventh P is for Physical evidence which refers to the services clients receive, much as it is a service there should be evidence that they actually received the service. Te eighth P is for Productivity and quality which refers to how good a deal cost management.
The SWOT analysis in marketing is a theory that looks at the business strengths, weaknesses, Opportunities and threats. Albert Humphrey is the management consultant and businessman that came up with this theory. After doing the SWO analysis, one has to come up with realistic and achievable goals for the business or product. The first two look at internal factors while the last two look at external factors. A business looks at ways to turn weaknesses to strengths and threats to opportunities.
The stakeholder map theory looks at stakeholders (the people that have an interest, can be affected, or effect the business, this could be a community, staff, customers, or shareholders). Stakeholders could be internal stakeholders; such as directors, managers, employees, or connected stakeholders, connected; such as company shareholders distributors, or customers, or external stakeholders such as governments, interest or pressure groups, media and news organizations, or local communities. Grouping is important but they are not exclusive/separate. What is important is to position each according to how much they impact the business and how the business affects them.
Next is the consumer decision-making theory. This seeks to understand who exactly your target market is and what they need, upon problem identification you evaluate the alternatives that are in the market and how to stand out as a better or more attractive option. At this point the customer will now choose one product and purchase it, upon which they will go and experience the post-purchase effect of satisfaction or dissatisfaction. The role of the business is not only to attract the customer but also make sure it is a good product that customers will buy again or recommend to others.
There is also the Boston consulting group theory which is a matrix that aims to assess products on two dimensions, that is the general level of growth within its market and the product`s share relative to the biggest competitor in the Industry. This allows one to judge the likely opportunities and challenges for the product. Products are classified under the stars if they have rapid growth and dominant market share, in the cash cow is when the market growth starts to decline but with high market share, and these products can be milked to fund star products, under dogs the product which is in a low growth market has low market share, and under problem child the product has low share of the market yet the market has a high growth. Once classified then the business manager will know high product to invest in.
Last we look at PESTEL. This is a tool marketers use to monitor macro-environmental issues that may impact on the business, and it stand for...