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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-68/13/2019 Sinisa Zaric - Selected Texts on Marketing
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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&le 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&le 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/Innovation8/13/2019 Sinisa Zaric - Selected Texts on Marketing
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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&le 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-98/13/2019 Sinisa Zaric - Selected Texts on Marketing
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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_marketing8/13/2019 Sinisa Zaric - Selected Texts on 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&le 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_research8/13/2019 Sinisa Zaric - Selected Texts on Marketing
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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$entation
Market segmentation pertains to the division of a market of consumers into persons with
similar needs and wants.[/3]As an e&le if using ellogg>s cerealsin this instance Brosties
are marketed to children. "runchy 6ut "ornflakesare marketed to adults. =oth goods
aforementioned denote two products which are marketed to two distinct groups of persons
both with like needs traits and wants.
The purpose for market segmentation is conducted for two main issues. Birst a segmentation
allows a better allocation of a firm>s finite resources. A firm only possesses a certain amountof resources. Accordingly it must make choices *and appreciate the related costs+ in servicing
specific groups of consumers. Burthermore the diversified tastes of the contemporary 4estern
consumers can be served better. 4ith more diversity in the tastes of modern consumers firms
are taking noting the benefit of servicing a multiplicity of new markets.
Market segmentation can be defined in terms of theS"Pacronym meaningSegment "arget
andPosition.
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Segment
!egmentationinvolves the initial splitting up of consumers into persons of like
needs5wants5tastes. Bour commonly used criteria are used for segmentation which
include,
Geogra!hi"a*e.g. country region city town etc.+
#s%"hogra!hi"*i.e. personality traits or character traits which influenceconsumer behaviour+
De$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.
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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&les 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&le 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&le 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&le 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&le 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&le 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&le 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&le 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&le 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&le 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&le+ 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&le 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. ;&les 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&le 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&le 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&les 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
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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)
:1
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)8/13/2019 Sinisa Zaric - Selected Texts on 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/STP8/13/2019 Sinisa Zaric - Selected Texts on Marketing
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