Understanding the 4C’s The traditional 4P’s marketing mix was developed from the point of view of the organization. Each of the marketing mix elements relates to something that the firm needs to do to be successful in the marketplace. For example, they need to develop a range of products to sell, they then need … Read more…
Benefits of the marketing mix The marketing mix has been a fundamental concept of marketing textbooks the past 50 years or more. This article explores the benefits and the role of the marketing mix in both the study and the practice of marketing. As a learning tool While one of the limitations of the … Read more…
The extended marketing mix for services (the 7P’s) Services marketing emerged primarily in the 1980s, as more developed economies became more reliant on services as part of their overall gross domestic product. (Please see the article on service firm examples to have better sense of types of industries that need to operate under the … Read more…
Some definitions of marketing There are several formal definitions of marketing and hundreds of informal definitions of this concept, but the simplest way to define marketing is: to satisfy customers’ needs in a profitable manner for the organization. According to the American Marketing Association, marketing is: “the activity, set of institutions and processes for creating, … Read more…
The American Marketing Association’s Definition of Marketing Explained Probably the best definition of marketing to consider is the one that is published by the American Marketing Association. Although many textbooks will have their own variation of the definition of marketing, the American Marketing Association is really the peak body for marketing practitioners, and therefore … Read more…
The 12 Component Marketing Mix Neil Borden, of the Harvard Business School, was the first to document the concept of a marketing mix, way back in the 1950s. At that stage, the marketing profession was still considered to be art, not science, and in his paper, it compared a marketer to a chef in … Read more…
What is the traditional marketing mix? E. J. McCarthy, in 1960, classified the marketing activities into a tool designed to describe the 4 types of choices an organization has to make in order to successfully be engaged in marketing. His classification was a simplification of Borden’s initial 12 component marketing mix.This classification is also … Read more…
This example of a SWOT analysis of 3M is designed to help you understand how to prepare an structure a SWOT for strategic input. Company Overview for 3M The brand name of 3M comes from its original name of the Minnesota Mining and Manufacturing Company. It is a large, global and diversified company with its … Read more…
This SWOT example for 7-Eleven convenience stores is designed to help you understand and structure a SWOT analysis. It is ideal for university assignments or as a template for a business exercise. Company Overview 7-Eleven has its head office in Dallas, Texas, USA. It was founded in 1927 and now has over 50,000 outlets worldwide. … Read more…
Using a SWOT analysis A SWOT analysis is an analytical method used to identify and understand both the internal and external factors which have an impact on the company’s business environment. SWOT is an acronym that stands for: Strengths (S), Weaknesses (W), Opportunities (O) and Threats (T). This particular business tool can be used … Read more…
