Two main factors can be considered as how marketing has evolved: marketing technology and consumer needs. How Marketing has evolved over time See Marketing Philosophies Components of Marketing 5.0 According to Kotler, technology is adding value to marketing through five components: Data-driven marketing can be considered a basis for any … [Read more...]
Concept of Value Chain in Marketing
The concept of Value Chain on marketing refers to the various business activities and processes in creating a product or performing a service. A value chain can consist of multiple stages of a product or service’s lifecycle, including research and development, sales, and everything in between. Harvard Business School Professor Michael Porter conceived the concept in his … [Read more...]
Needs, Wants & Demand
In marketing management, the concepts of "need," "want," and "demand" are fundamental to understanding consumer behavior and shaping effective marketing strategies. Let's delve into each concept and provide two examples to illustrate their distinctions: Need: A need is a basic requirement that arises due to a physiological or psychological imbalance. It's something … [Read more...]
Concept of Marketing with Examples
Marketing can be defined as the strategic process of identifying, creating, communicating, and delivering value to customers to meet their needs and wants while also achieving the organization's goals. It involves market research, product development, branding, promotion, distribution, and customer relationship management. Let's understand the concept of marketing with … [Read more...]
Concept of Value with Examples
In marketing, the concept of value refers to the perceived worth or benefits that a product or service offers to customers in relation to its cost. It is a fundamental aspect of any marketing strategy, as customers are more likely to make purchasing decisions based on the value they perceive in a product or service. Value can be created through various factors, such as … [Read more...]
