Knowledge Management for Sales and Marketing. A Practitioners Guide
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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. As a mnemonic for 'product', 'price', 'place' and 'promotion', the four Ps are often referred to as the marketing mix or the marketing program ,  represent 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 each of these Ps. During the s, the discipline of marketing was in transition. Interest in the functional school of thought, which was primarily concerned with mapping the functions of marketing was waning while the managerial school of thought, which focussed on the problems and challenges confronting marketers was gaining ground.
Many scholars and practitioners relied on lengthy classifications of factors that needed to be considered to understand consumer responses. Inspired by the idea of marketers as mixers of ingredients, Neil Borden one of Culliton's colleagues at Harvard, coined the phrase the marketing mix and used it wherever possible. According to Borden's own account, he used the term, 'marketing mix' consistently from the late s.
The "marketing mix" gained widespread acceptance with the publication, in , of E. Jerome McCarthy 's text, Basic Marketing: A Managerial Approach which outlined the ingredients in the mix as the memorable 4 Ps, namely product, price, place and promotion. The successful use of the model is predicated upon the degree to which the target market's needs and wants have been understood, and the extent to which marketers have developed and correctly deployed the tactics.
Today, 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". The traditional marketing mix refers to four broad levels of marketing decision, namely: product , price , promotion , and place.
Morgan, in Riding the Waves of Change Jossey-Bass, , suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the inside—out view looking from the company outwards , whereas the essence of marketing should be the outside—in approach". 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. 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.
The definitive guide to account-based marketing – ITSMA
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. 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.
To overcome the deficiencies of the 4 P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's include "people", "process", and "physical evidence" and are often applied in the case of services marketing  Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing:.
A firm's marketing environment consists of three main areas, which are:. A firm's marketing macro-environment consists of a variety of external factors that manifest on a large or macro scale. These are typically economic, social, political or technological phenomena. 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.
A firm's micro-environment comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company.
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By contrast to the macro-environment, an organization holds a greater degree of control over these factors. 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:. Marketing research is a systematic process of analyzing data which 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. 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.
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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. 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.
A firm only possesses a certain amount of resources. Accordingly, 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. Four commonly used criteria are used for segmentation, which include:. Once a segment has been identified to target , a firm must ascertain whether the segment is beneficial for them to service. The elements of DAMP are:. 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:. Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from the competitor's products.
Selling knowledge management to project stakeholders
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. Marketing communications is an audience-centered activity designed to engage audiences and promote responses. It is defined by actions a firm takes to communicate with end-users, consumers, and external parties.
Oral presentation given by a salesperson who approaches individuals or a group of potential customers:.
An example is coupons or a sale. People are given an incentive to buy, but this does not build customer loyalty or encourage future repeat buys. A major drawback of sales promotion is that it is easily copied by competition. Organizations undertake PR in order to assure consumers, and to forestall negative perceptions towards it.
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Publicity involves attaining space in media, without having to pay directly for such coverage. As an example, an organization may have the launch of a new product covered by a newspaper or TV news segment. This benefits the firm in question since it is making consumers aware of its product, without necessarily paying a newspaper or television station to cover the event. Advertising occurs when a firm directly pays a media channel to publicize its product.
Common examples of this include TV and radio adverts, billboards, branding, sponsorship, etc.
Marketing communications mix is used to reach, engage, provoke audience-centered conversations. The last main component of MC mix is Media, which corresponds to the channel used to send the message. Media is divided into 3 categories, and these are media by 1 Form, 2 Source and 3 Functionality.
Making It Easier for Sales and Marketing to Help Each Other
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 organisation's overall marketing strategy. Generally speaking, an organisation's marketing planning process is derived from its overall business strategy.
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.