The five core concepts of marketing are; consumer needs/wants/demands, products and services, value/satisfaction/quality, exchanges/transactions/relationships and markets (Kotler, et al., 2008). To be able to understand and cater to all these factors, an organisation can use a variety of marketing theories. This report will outline and critique the various principles of marketing, noting the advantages and disadvantages of each. The theories that will be covered are; 4Ps, marketing, ambush marketing, buzz marketing, market segmentation, targeting and positioning, Ansoffs matrix, PESTEL analysis, porters’ five forces and micro-environment factors.
Successful marketing is based upon addressing some very basic, key issues. The 4Ps aims to address these issues, and allows a company to understand some very important aspects of their internal operations. The 4Ps are comprised of; product, price, place and promotion (CIM, 2009). Analysing these factors allows an organisation to put their customers at the centre of their marketing, and the company must do everything in their power to deliver the upmost quality and service to all of their customers. Booms & Bitner (1981) provide a list of attributes that each of the 4Ps may include. Although an old model, it is still very much applicable to today’s business environment.
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Furthermore, for the service industry, the 4Ps was extended to the 7Ps. This was mainly due to the higher degree of collaboration between the organisation and the consumer, which the original 4Ps were not taking into consideration(Webster, 1984). This resulted in the framework being extended, to take into account the variety of service attributes that come into play when devising marketing strategies. Service quality is becoming more significant to an organisation, as they can no longer only rely on the benefit of a good to attain and retain consumers (Lusch, et al., 2007). Booms & Bitner (1981) provide many of the attributes that the extra 3Ps encompass. These are;
There is a lot of moral uncertainty surrounding the use of ambush marketing. It is predominantly related to big events and sponsorship deals.
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