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Marketing

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Marketing Overview

Definition

Frosted Flakes Commercial Still

Marketing

The American Marketing Association (AMA) defines marketing as ‘an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders’ (Keefe, 2004). The Oslo Manual (2005) defines marketing innovation as ‘the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing’. This is the 4Ps model for marketing strategies: product, price, placement and promotion.

4 Ps of Marketing

Product design changes are changes in form and appearance of the product. They do not alter the functionality of a product or its user characteristics. They also include changes in packaging. This is significant, because packaging determines the appearance of products in industries such as foods, beverages and detergents. Product placement methods are methods used to sell goods and services. Promotion methods include new marketing campaigns, advertising in traditional and new media or branding efforts to promote a firm's products and services. Pricing includes pricing strategies to promote a firm's products or services.

from CREDO:Marketing Innovation: Palgrave Key Concepts: Key Concepts in Innovation

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