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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: [27] 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.
Marketers typically begin planning with a detailed understanding of customer needs and wants. A need is something required for a healthy life (e.g. food, water, shelter, emotional bonding); A want is a desire, wish or aspiration; When needs or wants are backed by purchasing power, they have the potential to become demands.
The term higher-order planning is often used to refer to marketing strategy since this strategy helps establish the general direction for the firm while providing a structure for the marketing program. [5] [6] Marketing Management is a combined effort of strategies on how a business can launch its products and services. On the other hand ...
The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in 1984. [3] In services marketing, an extended marketing mix is used, typically comprising the 7 Ps (product, price, promotion, place, people, process, physical evidence), made up of the original 4 Ps extended by ...
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.
Marketing activation can be enriched with the use of online tools. The advent of online video has opened up many opportunities for marketers who use it to engage customers in more compelling ways with new forms of advertising. YouTube, for example, "has given marketers a platform for celebrating and amplifying nearly every marketing activation ...
Marketing mix is the most important part of marketing strategy, which is "the framework to manage marketing and incorporate it within a business context [6] ". Marketing strategy: how a business achieves its marketing objectives. The initial step to achieve a marketing strategy is to identify the market target and build up a business plan.
The "marketing mix" (also known as the four Ps) is a foundation concept in marketing and has defined the so-called managerial approach since the 1960s. The marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". [40]