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The contemporary definition of 'marketing' as a process of moving goods from producer to consumer with an emphasis on sales and advertising first appeared in dictionaries in 1897. [8] The term, marketing, is a derivation of the Latin word, mercatus meaning marketplace or merchant. [9]
Product concept: mainly concerned with the quality of its product. It has largely been supplanted by the marketing orientation, except for haute couture and arts marketing. [39] [40] Production concept: specializes in producing as much as possible of a given product or service in order to achieve economies of scale or economies of scope. It ...
Marketing or product differentiation is the process of describing the differences between products or services, or the resulting list of differences. This is done in order to demonstrate the unique aspects of a firm's product and create a sense of value. Marketing textbooks are firm on the point that any differentiation must be valued by buyers ...
Product life-cycle management (marketing) A model for the product sales lifecycle, with the assumption of four major phases: introduction, growth, maturity, and decline. Curve of sales as a function of the time of the product on the market. After a plateau in sales at product maturity, a steep decline can follow.
A product strategy sets the direction for new product development. Companies utilize the product strategy in strategic planning and marketing to set the direction of the company's activities. [1] The product strategy is composed of a variety of sequential processes in order for the vision to be effectively achieved.
Whole product. In marketing, the whole product concept is an adaptation of the total product concept developed by Ted Levitt, a professor at Harvard Business School. In his book entitled “The Marketing Imagination” Levitt drew attention to the fact that consumers purchase more than the core product itself. Rather, they purchase the core ...
Product concept. A product concept is a description of a product or service, at an early stage in the product lifecycle. [1] It is generated before any detailed design work is undertaken and takes into consideration market analysis, customer experience, product features, product cost, strategic fit, and product architecture. [2]
Marketing mix. The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."