The Six Markets Model/Framework illustrates an expanded view on where Marketing can be applied. It identifies Six Key market domains where organizations should direct marketing activity and where the development of detailed marketing strategies may be needed. Apart from existing and potential customers, those markets are: Referral markets; Supplier Markets; employer recruitment Markets; influence Markets; and internal Markets. 1. Customer Markets Customer markets are characterized by long-term relations between buyers and sellers. Long-term relations evolve if buyers trust sellers to provide high quality and if sellers are trustworthy. However, changes in the terms of this implicit contract may antagonize customers and disrupt the relation. We experimentally show that mutually beneficial long-term relations frequently prevail in markets for experience goods, and that price rigidity after a temporary cost shock is much more pronounced if price increases cannot be justified by cost increases. Hence, long-term relations on customer markets mitigate market failure Continue reading
Marketing Management
Marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas – markets, products, prices, places, promotion, and people. Management is getting things done through other people. Managers engage in five key activities – planning, organizing, staffing, directing, and controlling. Marketing management implies the integration of these concepts.
Impact of Service-Dominant Logic on Strategic Marketing and Relationship Marketing
The Stephen Vargo and Robert Lusch paper “Evolving to a New Dominant Logic for Marketing” (2004, Journal of Marketing) redefines and redirects the age-old economic view of goods and services. Their paper states, “Over the past several decades, marketing has been evolving toward a new dominant logic… The evolving logic represents a shift away from the exchange of tangible output (goods) toward the exchange of services, which are defined as the application of specialized competences (knowledge and skills), through deeds, processes, and performances for the benefit of another entity or the entity itself.” This philosophy of marketing argues that firms are not really providing goods, but are actually rendering a service to consumers through their goods. This new service-dominant logic view of marketing has already made a huge impact on both the strategic marketing and relationship marketing of firms and will continue to further impact future marketing strategy. For nearly Continue reading
Green Marketing: Importance and Challenges
Environmental issues have gained importance in business as well as in public life through out the world. It is not like that a few leaders of different countries or few big renowned business houses are concerned about the day to day deterioration of oxygen level in our atmosphere but every common citizen of our country and the world is concerned about this common threat of global warming. So in this scenario of global concern, corporate houses has taken green-marketing as a part of their strategy to promote products by employing environmental claims either about their attributes or about the systems, policies and processes of the firms that manufacture or sell them. Clearly green marketing is part and parcel of over all corporate strategy; along with manipulating the traditional marketing mix (product, price, promotion and place), it require an understanding of public policy process. So we can say green marketing covers Continue reading
What is Stealth Marketing? Meaning, Techniques and Examples
Due to the fact that new generations of consumers are becoming less drawn to the conventional, in your face advertising, advertising industries have created a more ‘under the radar’ approach of advertising. This is done by making consumers believe that they are responding to a promotion, rather than an advertisement. This promotional advertising is a more subtle approach of communication, as much of the public does not want to be associated with the obvious advertisement of products. This way, consumers don’t feel like they are being sold something, rather they feel like they are discovering something. This approach is called stealth or covert marketing, which employs marketing activities easily into consumer’s lives without awareness. These campaigns stay away from traditional advertising, where consumers are continuously aware that they are being sold something. This new form of advertising is discreet when communicating messages to consumers, working best by “flying below the Continue reading
Importance of Marketing in an Organization
Marketing has many definitions. Definitions that focus on customer needs and that are customer-oriented can be used to explain the success of an organization much more clearly. Marketing can be defined as the process through which potential clients and customers who are willing and able to buy are enticed to buy your products or services. According to American Marketing Association, marketing is defined as “the process, the activity, and set of institutions for communicating, creating, exchanging and delivering offerings that have value for clients, customers, partners, and society at large.” According to the Chartered Institute of Marketing, marketing is defined as “The process of management used to identify, anticipate and satisfy customer requirements with the aim of making profits.” Importance of Marketing in an Organization An organization can only succeed when proper marketing strategies are put in place. Marketing determines the nature of an organization’s production and distribution channels for Continue reading
Event Planning Concept in Event Management
The planning function is involved in micro-level event coordination activities such as liaison with the creative team discussing, facilitating and arranging for the technical specification viz., sound, light, stages and sets. Short-listing artists and stand by artists in tune with the dictates of the creative guys/gals is one of the most challenging tasks in the event planning function. Event planning also involves checking out alternative arrangements for locating the event, the venue, the conditions for the event and gathering information to assist in taking a decision on whether the event would be held indoors or outdoors. While at the last task, understanding the requirements of licenses, clearances, etc. and arranging for the same as and when required is a fundamentally responsible task that the event coordinator is burdened with. Deciding soft issues such as whether the show is to be a ticketed, non-ticketed, fully or partially sponsored is also part Continue reading