Marketing’s View of Price
We often come across the term price; it’s a common term in everyday life.
In general terms, price can be considered as a monetary amount that is charged in order to get something desired from the … Read more...
Category: Introductory Concepts
The Marketing Process
What are the steps in the basic marketing process? As you probably know, the purpose of marketing activities is to create value for consumers and to deliver ongoing profitability (or other success metric) for the firm as a result. Marketing … Read more...
A simple definition of marketing
Here is a straightforward definition of marketing…
Marketing is the delivery of customer value and satisfaction at a profit
When you first start learning about marketing, you will notice that there are lots of different definitions. The above definition is … Read more...
Marketing strategy and the marketing mix
There is a direct relationship between the firm/brand’s marketing strategy and its marketing mix design. A marketing mix should be the execution of the firm’s marketing strategy.
In other words, marketing strategy is implemented through the combination and design of … Read more...
How marketing strategy guides marketing decisions
Any organization/brand is faced with an almost unlimited selection of choices and opportunities in the marketplace. For example, there are literally thousands of different ways that firms can choose to promote their activities. There are millions of different products available … Read more...
Markets, exchange and target markets
When studying marketing it is important to understand the concept of a market and the exchange process.
When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall … Read more...
Outcomes of customer satisfaction
The two dimensions of customer satisfaction
The customer’s assessment of their satisfaction following a purchase and consumption of a product involves a comparison of two views:
- What were their EXPECTATIONS of value prior to purchase?
- What was their perception of
What is a benefit?
Defining benefits in marketing terms
In marketing, the word benefit refers to some advantage or positive outcome for the consumer. That is, the consumer is better off due to the purchase/consumption of the product.
Products are designed to solve problems … Read more...
Value proposition example for McDonald’s
A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.
Over time, firms/brands will develop and enhance multiple offerings for their target markets. If … Read more...
Utility in marketing
Customer value = economic utility
If you have previously studied economics, then the chances are you have seen the word “utility”. Utility is the economic term for the range of value and benefits received by consumer from the acquisition and … Read more...
What is marketing? In simple terms
What is marketing?
The best place to start a study of marketing principles is to first clearly understand what is meant by marketing.
As you have probably gathered, the word “marketing” is obviously related to the word “market”. You should … Read more...
Quick marketing checklist for consumer products
In marketing textbooks, consumer products are often shown classified into one of four classes – namely, convenience products, shopping products, specialty products, and unsought products. This is a very old marketing model that is still current and relevant today.
There … Read more...
The marketing mix for convenience products
In marketing textbooks, when discussing the product mix, the consumer product classification system is usually discussed. Please note that there are several articles on this website relating to the consumer product classification system, such as how products are classified, … Read more...
The marketing mix for shopping products
In many marketing textbooks, when discussing the product mix, the consumer product classification system is often a model that is presented. Please note that there are several articles on this website relating to the consumer product classification system – please … Read more...
The marketing mix for specialty products
Many marketing textbooks present the consumer product classification system, which is a model that helps guide the development and design of the marketing mix. Please note that there are several articles on this website relating to the consumer product classification … Read more...
The marketing mix for unsought products
It is common that introductory marketing textbooks discuss the consumer product classification system, which is a model that helps guide the design of the marketing mix. Note: There are several articles on this website relating to the consumer product classification … Read more...
Why classify consumer products?
Please note that this is one article on the consumer products classification system, which discusses why this classification system is helpful. There are also other articles on this website that discuss how products are classified and how the system guides … Read more...
Consumer Products Classification System
The consumer products classification system is a model commonly presented in most marketing principles textbooks in the product mix chapter. This model classifies as consumer products into one of four classes, namely:
- Convenience products
- Shopping products
- Specialty products
- Unsought products
Product at the center of the marketing mix
The importance of product in the marketing mix
Marketing textbooks typically list all four elements (that is, the 4P’s) of the marketing mix equally in their diagrams. However, these textbooks usually structure product as the first chapter of the marketing … Read more...
Customer Satisfaction Definition
Definitions of Customer Satisfaction
A nice, easy-to-remember customer satisfaction definition is:
Customer satisfaction is a consumer’s perception of how well an organization has delivered on their communicated value proposition.
The key points to note about this definition are:
- Customer