Prepared by a marketing lecturer, designed for university-level students
One of the very common analytical approaches in strategic planning is SWOT analysis. The first letter stands for “strengths” and the first letter stands for “opportunities”. These two letters, or parts of the SWOT analysis, … Read more...
Core competencies are special skills and capabilities of the firm that provides some competitive advantage in the marketplace. We are primarily interested in those skills and capabilities that allow the firm/brand to deliver superior customer value.… Read more...
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...
The overall product mix for a firm is the complete range of products that they offer in the marketplace. It is also sometimes referred to as their product assortment.
There are multiple decisions to make in regards to an overall … Read more...
A segment profile is a descriptive summary of the size, needs, behaviors and preferences of consumers within a particular market segment, with the goal of evaluating segment attractiveness and developing suitable marketing strategies.
A key opportunity to differentiate a product in the marketplace is by augmenting the product. This principle as highlighted in the product levels model of marketing, which highlights that a product should be considered on the basis of the following … Read more...
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...
In marketing textbooks, consumer products are classified into four related sets of products, namely:
Below is a list of examples for classifying consumer products on this basis.
To help understand how the strategic hierarchy model helps us understand how the concept of strategy differs between levels in an organization, let’s look at one of the world’s largest and most diversified companies, General Electric (GE).
The following … Read more...
When I was a marketing student, a long time ago, I did not study integrated marketing communications. Instead, I studied advertising and sales management as separate subjects. That was the way it was taught in university and that was … Read more...
When you study services marketing at University, you will learn that there are some unique challenges that service firms and industries face.
That is why the services marketing mix has been extended from 4 P’s to the 7 P’s… Read more...