Marketing is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses (B2B) or directly to consumers (B2C).[5] Sometimes tasks are contracted to dedicated marketing firms, like a media, market research, or advertising agency. Sometimes, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination.
Market orientations are philosophies concerning the factors that should go into market planning.[6] The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product,[7][8] is affected by the environment surrounding the product,[9] the results of marketing research and market research,[10][11] and the characteristics of the product's target market.[12] Once these factors are determined, marketers must then decide what methods of promoting the product,[5] including use of coupons and other price inducements.[13]
Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large".[14] However, the definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years.[14] The interests of "society at large" were added into the definition in 2008.[15] The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct the flow of goods, and services from producers to consumers".[16] The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing.
Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process",[17] and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return".[18] A related definition, from the sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction".[19]
Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage".[20] For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably".[21]
The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith's book The Wealth of Nations but would not become widely used until nearly 200 years later.[25] Marketing and Marketing Concepts are directly related.
Given the centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential:[26]
Needs: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs can be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
Wants: Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups.
Demands: When needs and wants are backed by the ability to pay, they have the potential to become economic demands.
Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs.[27] Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes."[28] Needs-based segmentation (also known as benefit segmentation) "places the customers' desires at the forefront of how a company designs and markets products or services."[29] Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market.[30][27] In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way.[31]
B2B and B2C marketing
The two major segments of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing.[5]
B2B marketing
B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards a business or organization.[32] Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies. The 7 P's of B2B marketing are: product, price, place, promotion, people, process, and physical evidence.[32] Some of the trends in B2B marketing include content such as podcasts, videos, and social media marketing campaigns.[32]
Examples of products sold through B2B marketing include:
The four major categories of B2B product purchasers are:
Producers- use products sold by B2B marketing to make their own goods (e.g.: Mattel buying plastics to make toys)
Resellers- buy B2B products to sell through retail or wholesale establishments (e.g.: Walmart buying vacuums to sell in stores)
Governments- buy B2B products for use in government projects (e.g.: purchasing weather monitoring equipment for a wastewater treatment plant)
Institutions- use B2B products to continue operation (e.g.: schools buying printers for office use)[5]
B2C marketing
Business-to-consumer marketing, or B2C marketing, refers to the tactics and strategies in which a company promotes its products and services to individual people.
Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently the term B2C refers to the online selling of consumer products.[33]
C2B marketing
Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of the major benefit of this type of business model is that it offers a company a competitive advantage in the market.[34]
C2C marketing
Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and the sharing economy.[35]
Differences in B2B and B2C marketing
The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main differences in these markets are demand, purchasing volume, number of customers, customer concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional methods.[5]
Demand: B2B demand is derived because businesses buy products based on how much demand there is for the final consumer product. Businesses buy products based on customer's wants and needs. B2C demand is primarily because customers buy products based on their own wants and needs.[5]
Purchasing volume: Businesses buy products in large volumes to distribute to consumers. Consumers buy products in smaller volumes suitable for personal use.[5]
Number of customers: There are relatively fewer businesses to market to than direct consumers.[5]
Customer concentration: Businesses that specialize in a particular market tend to be geographically concentrated while customers that buy products from these businesses are not concentrated.[5]
Distribution: B2B products pass directly from the producer of the product to the business while B2C products must additionally go through a wholesaler or retailer.[5]
Buying nature: B2B purchasing is a formal process done by professional buyers and sellers, while B2C purchasing is informal.[5]
Buying influences: B2B purchasing is influenced by multiple people in various departments such as quality control, accounting, and logistics while B2C marketing is only influenced by the person making the purchase and possibly a few others.[5]
Negotiations: In B2B marketing, negotiating for lower prices or added benefits is commonly accepted while in B2C marketing (particularly in Western cultures) prices are fixed.[5]
Reciprocity: Businesses tend to buy from businesses they sell to. For example, a business that sells printer ink is more likely to buy office chairs from a supplier that buys the business's printer ink. In B2C marketing, this does not occur because consumers are not also selling products.[5]
Leasing: Businesses tend to lease expensive items while consumers tend to save up to buy expensive items.[5]
Promotional methods: In B2B marketing, the most common promotional method is personal selling. B2C marketing mostly uses sales promotion, public relations, advertising, and social media.[5]
A marketing orientation has been defined as a "philosophy of business management."[6] or "a corporate state of mind"[36] or as an "organizational culture"[37] Although scholars continue to debate the precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows:[38]
Product concept: mainly concerned with the quality of its product. It has largely been supplanted by the marketing orientation, except for haute couture and arts marketing.[39][40]
Production concept: specializes in producing as much as possible of a given product or service in order to achieve economies of scale or economies of scope. It dominated marketing practice from the 1860s to the 1930s, yet can still be found in some companies or industries. Specifically, Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers... [and] is still useful in some situations."[41]
Selling concept: focuses on the selling/promotion of the firm's existing products, rather than developing new products to satisfy unmet needs or wants primarily through promotion and direct sales techniques,[42] largely for "unsought goods"[43] in industrial companies.[44] A 2011 meta analyses[45] found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge (market segments, presentation skills, conflict resolution, and products), degree of adaptiveness, role clarity, cognitive aptitude, motivation and interest in a sales role).
Marketing concept: This is the most common concept used in contemporary marketing, and is a customer-centric approach based on products that suit new consumer tastes. These firm engage in extensive market research, use R&D (Research & Development), and then use promotion techniques.[46][47] The marketing orientation includes:
Customer orientation: A firm in the market economy can survive by producing goods that people are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm's future viability and even existence as a going concern.
Organizational orientation: The marketing department is of prime importance within the functional level of an organization. Information from the marketing department is used to guide the actions of a company's other departments. A marketing department could ascertain (via marketing research) that consumers desired a new type of product, or a new usage for an existing product. With this in mind, the marketing department would inform the R&D department to create a prototype of a product/service based on consumers' new desires. The production department would then start to manufacture the product. The finance department may oppose required capital expenditures since it could undermine a healthy cash flow for the organization.
Societal marketing concept: Social responsibility that goes beyond satisfying customers and providing superior value embraces societal stakeholders such as employees, customers, and local communities. Companies that adopt this perspective typically practice triple bottom line reporting and publish financial, social and environmental impact reports. Sustainable marketing or green marketing is an extension of societal marketing.[48]
A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix.
The 4Ps
The 4Ps refers to four broad categories of marketing decisions, namely: product, price, promotion, and place.[7][49] The origins of the 4 Ps can be traced to the late 1940s.[50][51] The first known mention has been attributed to a Professor of Marketing at Harvard University, James Culliton.[52]
The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The product element consists of product design, new product innovation, branding, packaging, labeling. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. Branding, a key aspect of the product management, refers to the various methods of communicating a brand identity for the product, brand, or company.[60]
This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention or any sacrifices consumers make in order to acquire a product or service. The price is the cost that a consumer pays for a product—monetary or not. Methods of setting prices are in the domain of pricing science.[61]
This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner. This third P has also sometimes been called Place or Placement, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales.[61]
One of the limitations of the 4Ps approach is its emphasis on an inside-out view.[63] An inside-out approach is the traditional planning approach where the organization identifies its desired goals and objectives, which are often based around what has always been done. Marketing's task then becomes one of "selling" the organization's products and messages to the "outside" or external stakeholders.[60] In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer.[64]
From a model-building perspective, the 4 Ps has attracted a number of criticisms. Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" (general and informative communications such as public relations and corporate communications) and "promotion" (persuasive communications such as advertising and direct selling). Certain marketing activities, such as personal selling, may be classified as either promotion or as part of the place (i.e., distribution) element.[65] Some pricing tactics, such as promotional pricing, can be classified as price variables or promotional variables and, therefore, also exhibit some overlap.
Other important criticisms include that the marketing mix lacks a strategic framework and is, therefore, unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of the marketing environment.[66]
Modifications and extensions
To overcome the deficiencies of the 4P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's are often included in cases such as services marketing where unique characteristics (i.e. intangibility, perishability, heterogeneity and the inseparability of production and consumption) warrant additional consideration factors. Other extensions have been found necessary for retail marketing, industrial marketing, and internet marketing
include "people", "process", and "physical evidence" and are often applied in the case of services marketing[67] Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing.
The 4Cs
In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing mix model. Robert F. Lauterborn proposed a 4 Cs classification in 1990.[68] His classification is a more consumer-orientated version of the 4 Ps[69][70] that attempts to better fit the movement from mass marketing to niche marketing[68][71][72]
Outline
Consumer (or client)
The consumer refers to the person or group that will acquire the product. This aspect of the model focuses on fulfilling the wants or needs of the consumer.[8]
Cost
Cost refers to what is exchanged in return for the product. Cost mainly consists of the monetary value of the product. Cost also refers to anything else the consumer must sacrifice to attain the product, such as time or money spent on transportation to acquire the product.[8]
Convenience
Like "Place" in the 4Ps model, convenience refers to where the product will be sold. This, however, not only refers to physical stores but also whether the product is available in person or online. The convenience aspect emphasizes making it as easy as possible for the consumer to attain the product, thus making them more likely to do so.[8]
Communication
Like "Promotion" in the 4Ps model, communication refers to how consumers find out about a product. Unlike promotion, communication not only refers to the one-way communication of advertising, but also the two-way communication available through social media.[8]
The term "marketing environment" relates to all of the factors (whether internal, external, direct or indirect) that affect a firm's marketing decision-making/planning. A firm's marketing environment consists of three main areas, which are:
The macro-environment (Macromarketing), over which a firm holds little control, consists of a variety of external factors that manifest on a large (or macro) scale. These include: economic, social, political and technological factors. A common method of assessing a firm's macro-environment is via a PESTLE (Political, Economic, Social, Technological, Legal, Ecological) analysis. Within a PESTLE analysis, a firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators (such as economic growth, inflation, unemployment, etc.), social trends/attitudes, and the nature of technology's impact on its society and the business processes within the society.[9]
The micro-environment, over which a firm holds a greater amount (though not necessarily total) control, typically includes: Customers/consumers, Employees, Suppliers and the Media. In contrast to the macro-environment, an organization holds a greater (though not complete) degree of control over these factors.[9]
The internal environment, which includes the factors inside of the company itself[9] A firm's internal environment consists
of: Labor, Inventory, Company Policy, Logistics, Budget, and Capital Assets.[9]
Marketing research is a systematic process of analyzing data that involves conducting research to support marketing activities and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain information from suppliers. A distinction should be made between marketing research and market research. Market research involves gathering information about a particular target market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research.[10] (Avoiding the word consumer, which shows up in both,[73] market research is about distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce effectiveness).[74]
Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects.[12] The process is conducted for two main purposes: better allocation of a firm's finite resources and to better serve the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of resources. Thus, it must make choices (and appreciate the related costs) in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, firms are noting the benefit of servicing a multiplicity of new markets.
Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for them to service. The DAMP acronym is used as criteria to gauge the viability of a target market. The elements of DAMP are:
Discernable – how a segment can be differentiated from other segments.
Accessible – how a segment can be accessed via Marketing Communications produced by a firm
Measurable – can the segment be quantified and its size determined?
Profitable – can a sufficient return on investment be attained from a segment's servicing?
The next step in the targeting process is the level of differentiation involved in a segment serving. Three modes of differentiation exist, which are commonly applied by firms. These are:
Undifferentiated – where a company produces a like product for all of a market segment
Differentiated – in which a firm produced slight modifications of a product within a segment
Niche – in which an organization forges a product to satisfy a specialized target market
Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from the competitor's products. A firm often performs this by producing a perceptual map, which denotes similar products produced in the same industry according to how consumers perceive their price and quality. From a product's placing on the map, a firm would tailor its marketing communications to meld with the product's perception among consumers and its position among competitors' offering.[76]
The promotional mix outlines how a company will market its product. It consists of five tools: personal selling, sales promotion, public relations, advertising and social media
Personal selling involves a presentation given by a salesperson to an individual or a group of potential customers. It enables two-way communication and relationship building, and is most commonly seen in business-to-business marketing but can also be found in business-to-consumer marketing (e.g.: selling cars at a dealership).[5]
Personal selling: Young female beer sellers admonish the photographer that he also has to buy some, Tireli market, Mali 1989
Sales promotion involves short-term incentives to encourage the buying of products. Examples of these incentives include free samples, contests, premiums, trade shows, giveaways, coupons, sweepstakes and games. Depending on the incentive, one or more of the other elements of the promotional mix may be used in conjunction with sales promotion to inform customers of the incentives.[5]
Public relations is the use of media tools to promote and monitor for a positive view of a company or product in the public's eye. The goal is to either sustain a positive opinion or lessen or change a negative opinion. It can include interviews, speeches/presentations, corporate literature, social media, news releases and special events.[5]
Advertising occurs when a firm directly pays a media channel, directly via an in-house agency[77] or via an advertising agency or media buying service, to publicize its product, service or message. Common examples of advertising media include:
Social media is used to facilitate two-way communication between companies and their customers. Outlets such as Facebook, Instagram, Twitter, Tumblr, Pinterest, Snapchat , Tik Tok and YouTube allow brands to start a conversation with regular and prospective customers. Viral marketing can be greatly facilitated by social media and if successful, allows key marketing messages and content in reaching a large number of target audiences within a short time frame. These platforms can also house advertising and public relations content.[5]
The area of marketing planning involves forging a plan for a firm's marketing activities. A marketing plan can also pertain to a specific product, as well as to an organization's overall marketing strategy. An organization's marketing planning process is derived from its overall business strategy. Thus, when top management is devising the firm's strategic direction/mission, the intended marketing activities are incorporated into this plan.
Outline of the marketing plan
Within the overall strategic marketing plan, the stages of the process are listed as thus:
Levels of marketing objectives within an organization
As stated previously, the senior management of a firm would formulate a general business strategy for a firm. However, this general business strategy would be interpreted and implemented in different contexts throughout the firm.
At the corporate level, marketing objectives are typically broad-based in nature, and pertain to the general vision of the firm in the short, medium or long-term. As an example, if one pictures a group of companies (or a conglomerate), top management may state that sales for the group should increase by 25% over a ten-year period.
A strategic business unit (SBU) is a subsidiary within a firm, which participates within a given market/industry. The SBU would embrace the corporate strategy, and attune it to its own particular industry. For instance, an SBU may partake in the sports goods industry. It thus would ascertain how it would attain additional sales of sports goods, in order to satisfy the overall business strategy.
The functional level relates to departments within the SBUs, such as marketing, finance, HR, production, etc. The functional level would adopt the SBU's strategy and determine how to accomplish the SBU's own objectives in its market. To use the example of the sports goods industry again, the marketing department would draw up marketing plans, strategies and communications to help the SBU achieve its marketing aims.
Product lifecycle, with the assumption of four major phases: introduction, growth, maturity, and decline. Curve of sales as a function of the time of the product on the market. After a plateau in sales at product maturity, a steep decline can follow.
The product life cycle (PLC) is a tool used by marketing managers to gauge the progress of a product, especially relating to sales or revenue accrued over time. The PLC is based on a few key assumptions, including:
A given product would possess introduction, growth, maturity, and decline stage
No product lasts perpetually on the market
A firm must employ differing strategies, according to where a product is on the PLC
In the introduction stage, a product is launched onto the market. To stimulate the growth of sales/revenue, use of advertising may be high, in order to heighten awareness of the product in question.
During the growth stage, the product's sales/revenue is increasing, which may stimulate more marketing communications to sustain sales. More entrants enter into the market, to reap the apparent high profits that the industry is producing.
When the product hits maturity, its starts to level off, and an increasing number of entrants to a market produce price falls for the product. Firms may use sales promotions to raise sales.
During decline, demand for a good begins to taper off, and the firm may opt to discontinue the manufacture of the product. This is so, if revenue for the product comes from efficiency savings in production, over actual sales of a good/service. However, if a product services a niche market, or is complementary to another product, it may continue the manufacture of the product, despite a low level of sales/revenue being accrued.[5]
Sales are activities related to selling or the number of goods sold in a given targeted time period. The delivery of a service for a cost is also considered a sale. A period during which goods are sold for a reduced price may also be referred to as a "sale".
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion.
In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on shared characteristics.
Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."
Marketing management is the strategic organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
Database marketing is a form of direct marketing that uses databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.
Business-to-business is a situation where one business makes a commercial transaction with another. This typically occurs when:
Business marketing is a marketing practice of individuals or organizations. It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services, or use them to support their works. It is a way to promote business and improve profit too.
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. The S-T-P framework implements market segmentation in three steps:
The target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to the previously intended audience. In marketing and advertising, the target audience is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.
Industrial marketing or business-to-business marketing is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw material. The term, industrial marketing has largely been replaced by the term B2B marketing.
A core product or flagship product is a company's primary promotion, service or product that can be purchased by a consumer. Core products may be integrated into end products, either by the company producing the core product or by other companies to which the core product is sold.
Industrial market segmentation is a scheme for categorizing industrial and business customers to guide strategic and tactical decision-making. Government agencies and industry associations use standardized segmentation schemes for statistical surveys. Most businesses create their own segmentation scheme to meet their particular needs. Industrial market segmentation is important in sales and marketing.
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
Value-based price is a market-driven pricing strategy which sets the price of a good or service according to its perceived or estimated value. The value that a consumer gives to a good or service, can then be defined as their willingness to pay for it or the amount of time and resources they would be willing to give up for it. For example, a painting may be priced at a higher cost than the price of a canvas and paints. If set using the value-based approach, its price will reflect factors such as age, cultural significance, and, most importantly, how much benefit the buyer is deriving. Owning an original Dalí or Picasso painting elevates the self-esteem of the buyer and hence elevates the perceived benefits of ownership.
Global marketing is defined as “marketing on a worldwide scale reconciling or taking global operational differences, similarities and opportunities in order to reach global objectives".
The following outline is provided as an overview of and topical guide to marketing:
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
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↑ US Census data is both for Market research and for Marketing research: "NAPCS Product List for NAICS 54191: Marketing Research"(PDF). data collection services for marketing research and public opinion surveys, by methods other than ... data collection services provided as part of a market research services package that includes
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