Marketing - Wikipedia

2020/4/15 Marketing - Wikipedia
Marketing
Marketing is the study and management of exchange relationships.[1][2] It is the business process of
identifying, anticipating and satisfying customers' needs and wants. Because marketing is used to
attract customers, it is one of the primary components of business management and commerce.[3]
Marketers can direct product to other businesses (B2B marketing) or directly to consumers (B2C
marketing).[4]
Regardless of who is being marketed to, several factors, including the perspective the marketers will
use. These market orientations determine how marketers will approach the planning stage of
marketing.[5] This leads into the marketing mix, which outlines the specifics of the product and how
it will be sold.[6][7] This can in turn be affected by the environment surrounding the product [8], the
results of marketing research and market research[9], and the characteristics of the product's target
market.[10]
Once these factors are determined, marketers must then decide what methods will be used to market
the product.[4] This decision is based on the factors analyzed in the planning stage as well as where
the product is in the product life cycle.[4]
Contents
Definition
Concept
B2B and B2C Marketing
B2B marketing
B2C marketing
Differences in B2B and B2C marketing
Orientations
Product
Sales
Production
Marketing
Societal marketing
The Marketing Mix
The 4Ps
Outline
Criticisms
Modifications and extensions
The 4Cs
Outline
Environment
Macro
https://en.wikipedia.org/wiki/Marketing 1/19
Micro
Internal
Research
Segmentation
Promotional Mix
Personal selling
Sales promotion
Public relations
Advertising
Social Media
The Marketing Plan
Process
Levels of marketing objectives within an organization
Product life cycle
See also
Types of marketing
Marketing orientations or philosophies
References
Bibliography
External links
Definition
Marketing is defined by the American Marketing Association 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".[11] The term developed from the original meaning
which referred literally to going to market with goods for sale. From a sales process engineering
perspective, marketing is "a set of processes that are interconnected and interdependent with other
functions of a business aimed at achieving customer interest and satisfaction".[12]
Philip Kotler defined marketing as "Satisfying needs and wants through an exchange process".[13] and
a decade later defines it as “a social and managerial process by which individuals and groups obtain
what they want and need through creating, offering and exchanging products of value with
others.”[13]
The Chartered Institute of Marketing defines marketing as "the management process responsible for
identifying, anticipating and satisfying customer requirements profitably".[14] A similar concept is the
value-based marketing which states the role of marketing to contribute to increasing shareholder
value.[15] 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".[15]
In the past, marketing practice tended to be seen as a creative industry, which included advertising,
distribution and selling. However, because the academic study of marketing makes extensive use of
social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the
profession is now widely recognized as a science,[16] allowing numerous universities to offer Master-
of-Science (MSc) programs.[17]
The process of marketing is that of bringing a product to market, which includes these steps: broad
market research; market targeting and market segmentation; determining distribution, pricing and
promotion strategies; developing a communications strategy; budgeting; and visioning long-term
market development goals.[18] Many parts of the marketing process (e.g. product design, art director,
brand management, advertising, inbound marketing, copywriting etc.) involve use of the creative
arts.
Concept
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.[19] 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:[20]
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.[21] 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."[22] 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."[23] 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.[24][21] 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.[25]
B2B and B2C Marketing

The two major segments of marketing are business-to-business (B2B) marketing and business-to-
consumer (B2C) marketing. [4]
B2B marketing
B2B marketing involves a business marketing its products to groups or individuals who will use the
products for uses other than consumption.
Examples of products sold through B2B marketing include:
Major equipment
Accessory equipment
Raw materials
Component parts
Processed materials
Supplies
Business services[4]
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
contractor services to repair infrastructure)
Institutions- use B2B products to continue operation (e.g.: schools buying printers for
office use) [4]
B2C marketing
B2C marketing involves a business marketing its products to those who will use the products for
personal consumption. The marketing material that the general public sees is B2C marketing
material because the marketer is trying to convince customers to buy a product for their personal
use.[4]
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, amount of customers, customer
concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and
promotional methods.[4]
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
customers wants and needs. B2C demand is primary because customers buy products
based on their own wants and needs.[4]
Purchasing volume: Businesses buy products in large volumes to distribute to consumers.
Consumers buy products in smaller volumes suitable for personal use.[4]
Number of customers: There are relatively fewer businesses to market to than direct
consumers.[4]
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.[4]
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.[4]
Buying nature: B2B purchasing is a formal process done by professional buyers and
sellers, while B2C purchasing is informal.[4]
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.[4]
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.[4]
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.[4]
Leasing: Businesses tend to lease expensive items while consumers tend to save up to buy
expensive items.[4]
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.[4]
Orientations
A marketing orientation has been defined as a "philosophy of business management."[5] or "a
corporate state of mind"[26] or as an "organisation[al] culture"[27] Although scholars continue to
debate the precise nature of specific orientations that inform marketing practice, the most commonly
cited orientations are as follows:[28]
Product
A firm employing a product orientation is mainly concerned with the quality of its product. A product
orientation is based on the assumption that all things being equal, consumers will purchase products
of superior quality. The approach is most effective when the firm has deep insights into customer
needs and desires as derived from research or intuition and understands consumer's quality
expectations and price consumers are willing to pay. Although the product orientation has largely
been supplanted by the marketing orientation, firms practicing a product orientation can still be
found in haute couture and arts marketing.[29][30]
Sales
A sales orientation focuses on the selling/promotion of the firm's existing products, rather than
developing new products to satisfy unmet needs or wants. This orientation seeks to attain the highest
possible sales through promotion and direct sales techniques.[31] The sales orientation "is typically
practiced with unsought goods."[32] One study found that industrial companies are more likely to
hold a sales orientation than consumer goods companies.[33] The approach may also suit scenarios in
which a firm holds dead stock, or otherwise sells a product that is in high demand, with little
likelihood of changes in consumer tastes diminishing demand.
A 2011 meta analyses[34] found that the factors with the greatest impact on sales performance are a
salesperson's sales related knowledge (knowledge of market segments, sales presentation skills,
conflict resolution, and products), degree of adaptiveness (changing behavior based on the
aforementioned knowledge), role clarity (salesperson's role is to expressly to sell), cognitive aptitude
(intelligence) and work engagement (motivation and interest in a sales role).
Production
A firm focusing on a production orientation specializes in producing as much as possible of a given
product or service in order to achieve economies of scale or economies of scope. A production
orientation may be deployed when a high demand for a product or service exists, coupled with
certainty that consumer tastes and preferences remain relatively constant (similar to the sales
orientation). The so-called production era is thought to have dominated marketing practice from the
1860s to the 1930s, but other theorists argue that evidence of the production orientation 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."[35]
Marketing
The marketing orientation is the most common orientation used in contemporary marketing. It is a
customer-centric approach that involves a firm basing its marketing program around products that
suit new consumer tastes. Firms adopting a marketing orientation typically engage in extensive
market research to gauge consumer desires, use R&D (Research & Development) to develop a
product attuned to the revealed information, and then utilize promotion techniques to ensure
consumers are aware of the product's existence and the benefits it can deliver.[36] Scales designed to
measure a firm's overall market orientation have been developed and found to be robust in a variety
of contexts.[37]
The marketing orientation has three prime facets, which are:
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.
As an example, 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, while the
marketing department would focus on the promotion, distribution, pricing, etc. of the
product. Additionally, a firm's finance department would be consulted, with respect to
securing appropriate funding for the development, production and promotion of the
product. Finance may oppose the required capital expenditure, since it could undermine
a healthy cash flow for the organization.
Mutually beneficial exchange: In a transaction in the market economy, a firm gains
revenue, which thus leads to more profits, market shares, or sales. A consumer on the
other hand gains the satisfaction of a need/want, utility, reliability and value for money
from the purchase of a product or service.
Societal marketing
A number of scholars and practitioners have argued that marketers have a greater social
responsibility than simply satisfying customers and providing them with superior value. Marketing
organisations that have embraced the societal marketing concept typically identify key stakeholder
groups such as employees, customers, and local communities.Companies that adopt a societal
marketing perspective typically practice triple bottom line reporting whereby they publish social
impact and environmental impact reports alongside financial performance reports. Sustainable
marketing or green marketing is an extension of societal marketing.[38]
The Marketing Mix

The marketing mix is a foundational tool used to guide decision making in marketing. The marketing
mix represents the basic tools which marketers can use to bring their products or services to market.
They are the foundation of managerial marketing and the marketing plan typically devotes a section
to the marketing mix.
The 4Ps
The traditional marketing mix refers to four broad levels of marketing decision, namely: product,
price, promotion, and place.[6][39]
Outline
Product
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
One version of the marketing mix is the
wants. The product element consists of
4Ps method.
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. [40]
Pricing
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. [41]
Place (or distribution)
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. [41]
Promotion
This includes all aspects of marketing communications; advertising, sales promotion,

including promotional education, public relations, personal selling, product placement,
branded entertainment, event marketing, trade shows and exhibitions. This fourth P is
focused on providing a message to get a response from consumers. The message is
designed to persuade or tell a story to create awareness.[41]
Criticisms
One of the limitations of the 4Ps approach is its emphasis of an inside out-view. [42] An inside-out
approach is the traditional planning approach where the organisation 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 organisation's products and messages to the "outside" or external
stakeholders.[40] In contrast, an outside-in approach first seeks to understand the needs and wants of
the consumer.[43]
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.[44] 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.[45]
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[46] Other extensions have been found necessary in retail marketing, industrial marketing
and internet marketing.
Physical- the environment customers are in when they are marketed to

People- service personnel and other customers with whom customers interact with. These
people form part of the overall service experience.
Process- the way in which orders are handled, customers are satisfied and the service is
delivered[47]
Physical Evidence- the tangible examples of marketing that the customer has
encountered before buying the advertised product
Productivity- the ability to provide consumers with quality product using as few resources
as possible[48]
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.
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. [7]
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. [7]
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. [7]
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. [7]
Environment
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, over which a firm holds little control

The micro-environment, over which a firm holds a greater amount (though not necessarily
total) control
The internal environment, which includes the factors inside of the company itself[8]
Macro
A firm's marketing macro-environment consists of a variety of external factors that manifest on a
large (or macro) scale. These include factors that are:
economic
social
political
technological
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. [8]
Micro
A firm's micro-environment comprises factors pertinent to the firm itself, or stakeholders closely
connected with the firm or company.
A firm's micro-environment typically spans:
Customers/consumers
Employees
Suppliers
The Media
In contrast to the macro-environment, an organization holds a greater (though not complete) degree
of control over these factors.[8]
Internal
A firms internal environment consists of factors inside of the actual company. These are factors
controlled by the firm and they affect the relationship that a firm has with its customers. These
include factors such as:
Labor
Inventory
Company Policy
Logistics
Budget
Capital Assets [8]
Research
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.
Marketing researchers use statistical methods (such as quantitative research, qualitative research,
hypothesis tests, Chi-square tests, linear regression, correlation coefficients, frequency distributions,
Poisson and binomial distributions, etc.) to interpret their findings and convert data into
information.[49]
The stages of research include:
Define the problem

Plan research
Research
Interpret data
Implement findings [9]
Segmentation
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.[10] 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.
Market segmentation can be defined in terms of the STP acronym, meaning Segment, Target, and
Position.
Segmentation involves the initial splitting up of consumers into persons of like needs/wants/tastes.
Commonly used criteria include:
Geographic (such as a country, region, city, town)

Psychographic (e.g. personality traits or lifestyle traits which influence consumer
behaviour)
Demographic (e.g. age, gender, socio-economic class, education)
Gender
Income
Life-Cycle (e.g. Baby Boomer, Generation X, Millennial, Generation Z)
Lifestyle (e.g. tech savvy, active)
Behavioural (e.g. brand loyalty, usage rate) [50]
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. [51]
Promotional Mix
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
Personal selling involves an oral presentation given by a salesperson who approaches an individual or
a group of potential customers. Personal selling allows for two-way communication and relationship
building that can aid both the buyer and the seller in their goals. Personal selling is most commonly
seen in business-to-business marketing (e.g.: selling machinery to a factory, selling paper to a print
shop), but it can also be found in business-to-consumer marketing (e.g.: selling cars at a dealership).
[4]
Sales promotion
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
games
Depending on the incentive, one or more of the other elements of

the promotional mix may be used in conjunction with sales Female beer sellers warn the
promotion to inform customers of the incentives. [4] photographer that he also has to
buy some, Tireli market, Mali
1989
Public relations
Public relations is the use of media tools to promote a positive view of a company or product in the
public's eye. Public relations monitors the public opinion of a company or product and generates
publicity to either sustain a positive opinion or lessen or change a negative opinion.
Public relations can include interviews, speeches/presentations, corporate literature, social media,
news releases and special events. [4]
Advertising
Advertising occurs when a firm directly pays a media channel to publicize its product. Common
examples of advertising include:
TV commercials
Radio commercials
Radio ads
Magazine ads
Online ads
Billboards
Event sponsorship
Direct mail ads
Transit ads [4]
Social Media
Social media is used to facilitate two-way communication between companies and their customers.
Social media outlets such as Facebook, Twitter, Tumblr, Pinterest, Snapchat 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. Additionally, social media platforms can
also house advertising and public relations content. [4].
The Marketing Plan

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 are devising the firm's strategic direction/mission, the intended marketing
activities are incorporated into this plan.
Process
Within the overall strategic marketing plan, the stages of the process are listed as thus:
Mission Statement
SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis
Marketing Objectives
Targeted Marketing Strategy
Marketing Mix
Implementation [4]
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 life cycle

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
Product lifecycle
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. [4]
See also
Account-based marketing Marketing management

Advertising Marketing mix
History of advertising Marketing science
Sex in Advertising Marketing strategy
Advertising management Micromarketing
Affinity marketing Media manipulation
American business history Multicultural marketing
Brand awareness Product management
Consumer confusion Product marketing
Consumer behaviour Production orientation
Database marketing Public Sector Marketing
Demand chain Real-time marketing
Digital marketing Return on marketing investment (ROMI)
Email remarketing Relationship marketing
Family in advertising Smarketing
History of marketing Societal marketing
List of marketing terms Sustainable market orientation
Loyalty marketing Visual marketing
Macromarketing
Types of marketing
Agricultural marketing Influencer marketing
Business marketing and industrial Relationship marketing
marketing Services marketing
Destination marketing Social marketing
Global marketing
Marketing orientations or philosophies

Marketing orientation Socially responsible marketing and
Production orientation corporate social responsibility
Selling orientation Relationship marketing and customer
relationship management
References
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External links
The dictionary definition of marketing at Wiktionary
Quotations related to marketing at Wikiquote
Marketing at Wikibooks
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B2B and B2C Marketing

Examples of products sold through B2B marketing include:

The four major categories of B2B product purchasers are:

Differences in B2B and B2C marketing

The marketing orientation has three prime facets, which are:

The Marketing Mix

This includes all aspects of marketing communications; advertising, sales promotion,

From a model-building perspective, the 4 Ps has attracted a number of criticisms. Well-designed

Modifications and extensions

Physical- the environment customers are in when they are marketed to

Consumer (or Client)

The macro-environment, over which a firm holds little control

A common method of assessing a firm's macro-environment is via a PESTLE (Political, Economic,

A firm's micro-environment typically spans:

The stages of research include:

Define the problem

Geographic (such as a country, region, city, town)

Discernable – how a segment can be differentiated from other segments.

Differentiated – in which a firm produced slight modifications of a product within a

Depending on the incentive, one or more of the other elements of

The Marketing Plan

Levels of marketing objectives within an organization

Product life cycle

A given product would possess introduction, growth,

Account-based marketing Marketing management

Marketing orientations or philosophies

24. Ahmad, Rizal (May 2003). "Benefit segmentation" (https://www.warc.com/fulltext/JMRS/7

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