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 the marketing mix elements to meet the identified needs of a selected target market. Please …

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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 in the marketplace that firms can choose to produce and market. So how does a …

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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 market, any sub-markets and the brand’s target market/s. Overall market The overall market consists of …

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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 the value delivered AFTER purchase? The consumer will engage in a mental comparison and make …

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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 or meet needs of consumers. Therefore, an appropriate product design should deliver a series of …

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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 consumers perceive that the firm/brand offers good value then they are more likely to become …

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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 are several articles on this website discussing the specific marketing implications and marketing mix guidelines …

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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, examples of the different classes, and why this classification system is used. As you probably know, …

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