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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 firms engage in extensive market research, use R&D (Research & Development), and then use promotion techniques. [46] [47] The marketing orientation includes:
Given that marketing has its roots in economics, it shares many foundation concepts with that discipline. Most practicing marketers will have a working knowledge of basic economic concepts and theories. Competitive advantages & comparative advantages. Businesses seek to compete by achieving competitive advantages or comparative advantages.
These are personal selling, advertising, sales promotion, direct marketing, publicity, word of mouth and may also include event marketing, exhibitions and trade shows. [2] A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget should be allocated to each element.
The AAAA defined IMC as, "a concept of marketing communications planning that recognizes the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines (e.g. general advertising, direct response, sales promotion, and public relations) and combines these disciplines to provide clarity ...
The basic underlying concept of value in marketing is human needs. The basic human needs may include food, shelter, belonging, love, and self expression. Both culture and individual personality shape human needs in what is known as wants. When wants are backed by buying power, they become demands.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
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