Ways to identify a suitable value propositionProviding a value proposition is a central part of a firm’s offering in the marketplace. A value proposition helps differentiate firms and brands by having something unique about their “offering”.In marketing terms, an “offering” is the collection of benefits that is available to potential customers from transacting with the […]
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The societal marketing concept builds upon the same philosophy as the marketing concept by adding the focus on giving back to the society by offering products or the business practices that will improve society overall.The marketing conceptAs the marketing concept is the basis of the societal marketing concept, it is worthwhile exploring this quickly first.
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Understanding the production conceptMarketing textbooks usually describe five main eras, or philosophies, of how marketing evolved. The first accepted phase is the production era in marketing, which is based upon the assumption that consumers prefer available and affordable products. With this philosophy, broad distribution and cost leadership were winning strategy combinations.This concept dates from the
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Understanding the product conceptFollowing the production era of reduced production and distribution costs in order to deliver better value to consumers, firms had success with adopting a different philosophy – the product concept – which took the view that a good product will create its own market or consumers were willing to pay a little
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Also known as the selling concept, the sales/promotion era is based upon the assumption that a customer will not buy, on his/her own, enough products or services from a certain company. Therefore, any organization needs to set up an aggressive and efficient selling and promotional system on an ongoing basis.It is one of the five
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Most marketing textbooks will include a discussion, generally in chapter 1, of how marketing has evolved over the last hundred years or so. In this discussion they talk about various concepts, philosophies or eras. The exact terminology slightly various between the major marketing textbooks, but generally they address these five main marketing eras or philosophies:Production
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In the Journal of Marketing in 2008, Pravin Nath and Vijay Mahajan published their study of the impact of chief marketing officers on the business performance of a firm.Here is the link to the Journal of Marketing website and the relevant journal article – you may be able to access this article via your university
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The difference between the marketing concept and the promotional eraIn a number of marketing textbooks, one of the topics that they address in chapter 1 is the discussion of different marketing philosophies or concepts – which some marketing textbooks also referred to as marketing eras.Typically there are five different concepts usually discussed in these textbooks,
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Which is the right marketing career option for me?You should read view this article if you have undertaken the marketing career quiz and achieved a score in the mid-range, which would suggest that you are suited to certain aspects of the marketing profession.If you haven’t taken the career quiz – click here to go to
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Well done on completing the 20 questions in the marketing career quiz. You should have totaled your answers with A = 1 point, B = 2 points, C = 3 points and have a total score of somewhere between 20 and 60.Haven’t done the career quiz yet?If you haven’t done the marketing career quiz as
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