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Emerging trends and issues in marketing
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INTRODUCTION
Marketing is one of the vital functions of any organisation. The marketing efforts enables the firm’s products to be visible and desired by customers. Marketing decisions can be made based on certain predefined theories and models, that enable a marketer to make an educated decision (Van Bruggen and Wierenga 2000).
The term ‘marketing model’ refers to any diagrammatic, mathematical or tabular representation of information that can provide insights to the user in a logical manner (Lazer 1962). Marketers have been using various marketing models since the end of World War II. Since then, the models have changed drastically to adapt to the business environment (Leeflang and Wittink 2000). Some of these are: brand equity models (Kamakura and Russell 1993) diffusion models (Simon 1994), brand loyalty (Dekimpe et al. 1997) and the like.
Keeping this in mind, this report focuses on how marketing models have evolved from the post World War II era to the present. It then goes on to discuss whether these models hold any importance in today’s business environment. By using an example, the report also examines how the use of models result in a successful outcome for the organisation. It also shows the need of models to be updated to meet the changes in the business environment.
THE EVOLUTION OF MARKETING MODELS
Leeflang and Wittink (2000) divide the evolution of marketing models into five stages. The first stage is defined by the application of management science (MS) and operations research (OR) to marketing practices. These models are classified into descriptive, predictive and normative models, based on their primary application. Descriptive models are those that describe and discuss the marketing process (Cye...
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6 framework I and many others regularly use in analysis of marketing situations. We supplemented
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Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
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Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
Kotler, J., & Keller, K. (2012). A framework for marketing management. Essex: Pearson Education Ltd.
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