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50-536: Canada Dry introduced Barrelhead as a new brand of root beer in the Summer of 1971, with the brand last being advertised in 1993. Barrelhead went into the test market in 1971 in Buffalo and was then introduced into Boston, Providence, R. I., all of Maine, and Utica, N.Y. It was originally marketed as "draft style" root beer. One of their marketing points was the flavor, which was said to be strong enough to stand up to

100-619: A business or organization. Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies. The 7 P's of B2B marketing are: product, price, place, promotion, people, process, and physical evidence. Some of the trends in B2B marketing include content such as podcasts, videos, and social media marketing campaigns. Examples of products sold through B2B marketing include: The four major categories of B2B product purchasers are: Business-to-consumer marketing, or B2C marketing, refers to

150-420: A commitment to Continuing Professional Development (CPD) . To retain the designation of a chartered professional, all registered chartered marketers are required to submit their yearly CPD records which the institute then reviews to verify their relevance and completion. Candidates who fail the audit have their Chartered Marketer status revoked. Introduced in the 1960s to capture the institute's history,

200-481: A company will market its product. It consists of five tools: personal selling, sales promotion, public relations, advertising and social media: Chartered Institute of Marketing The Chartered Institute of Marketing ( CIM ) was founded in 1911. It has over 30,000 members, including more than 3,000 registered Chartered Marketers. CIM offers 130 study centres in 36 countries, and exam centres in 132 countries. In 1952 Prince Philip, Duke of Edinburgh , became

250-498: A competitive advantage". For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably". In the past, marketing practice tended to be seen as a creative industry, which included advertising , distribution and selling , and even today many parts of

300-488: A concrete process that can be followed to create a marketing plan . The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith 's book The Wealth of Nations but would not become widely used until nearly 200 years later. Marketing and Marketing Concepts are directly related. Given

350-408: A managerial approach that covered analysis , consumer behavior , market research , market segmentation , and planning . Phillip Kotler , popularised this approach and helped spread the 4 Ps model. McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners. One of the limitations of the 4Ps approach is its emphasis on an inside-out view. An inside-out approach

400-412: A market. In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way. The two major segments of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing. B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards

450-657: 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. 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

500-416: A more consumer-orientated version of the 4 Ps that attempts to better fit the movement from mass marketing to niche marketing . Consumer (or client) The consumer refers to the person or group that will acquire the product. This aspect of the model focuses on fulfilling the wants or needs of the consumer. Cost Cost refers to what is exchanged in return for the product. Cost mainly consists of

550-513: A mug full of ice without becoming watered down. The " jingle " on their radio commercials was, "For old fashioned flavor, take our advice, drink Barrelhead root beer, and don't spare the ice, 'cause it's real draft style root beer, with real draft style foam, 'cause Barrelhead has, Barrelhead has brought homestyle root beer home!" In September 2016, at the Atlantic City Seafood Festival, Barrelhead Ventures re-launched

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600-479: A multiplicity of new markets. Market segmentation can be defined in terms of the STP acronym, meaning Segmentation, Targeting, and Positioning . Segmentation involves the initial splitting up of consumers into persons of like needs/wants/tastes. Commonly used criteria include: Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for them to service. The DAMP acronym

650-586: A quarter of a century”, the radical departure from the old look and feel of the brand came after the research exercise uncovered a number of inherent weaknesses in the old logo, including its incompatibility in the new digital landscape, a wordmark that was far from optimal, and a “barely decipherable" crest. The objective of CIM's rebrand was comprehensive as it also included a change in the institute's direction. As reported in Marketing Week , "The logo change...is just one element of CIM’s relaunch. Following

700-432: A section to the marketing mix. The 4Ps refers to four broad categories of marketing decisions, namely: product , price , promotion , and place . The origins of the 4 Ps can be traced to the late 1940s. The first known mention has been attributed to a Professor of Marketing at Harvard University, James Culliton. The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within

750-416: A specific type of food (e.g. Got Milk? ), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product, is affected by the environment surrounding

800-544: A year-long consultation during which thousands of members and marketers were canvassed on what they wanted from CIM, the body has set itself the long-term aim of becoming a catalyst for debate and conduit for lifting the profession’s standing". This sentiment was later reflected in the Trustees' Report of 2015, with the chairman of the Board of Trustees declaring that, "The launch of CIM’s new brand positioning and identity during

850-415: Is a hand ‘advancing the standard of trade and commerce’. The standard is green and gold for the same reason as the chevron; and finally, the two rods of mercury symbolise trade and commerce. The supporting dragons represent the customer or consumer. They are winged with the same bezants wreaths of laurel round their necks to show that the customer likes, and is worthy of, the best. The dragons are white because

900-490: Is a subset of marketing research. (Avoiding the word consumer, which shows up in both, market research is about distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce effectiveness). The stages of research include: Well-known academic journals in the field of marketing with the best rating in VHB-Jourqual and Academic Journal Guide, an impact factor of more than 5 in

950-422: Is conducted for two main purposes: better allocation of a firm's finite resources and to better serve the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of resources. Thus, 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

1000-420: Is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of

1050-401: Is the traditional planning approach where the organization 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 organization's products and messages to the "outside" or external stakeholders. In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer. From

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1100-531: Is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses ( B2B ) or directly to consumers ( B2C ). Sometimes tasks are contracted to dedicated marketing firms, like a media , market research , or advertising agency . Sometimes, a trade association or government agency (such as the Agricultural Marketing Service ) advertises on behalf of an entire industry or locality, often

1150-410: Is used as criteria to gauge the viability of a target market. 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

1200-495: The European Union declared CIM's flagship qualification as the "preferred professional marketing qualification through member states". The two types of membership offered by CIM consist of the following grades: Introductory Membership : Graded Membership : Chartered Status The Chartered Marketer status is awarded to candidates who satisfy a set of criteria that includes qualifications, proven experience, and

1250-654: The Social Sciences Citation Index and an h-index of more than 130 in the SCImago Journal Rank are These are also designated as Premier AMA Journals by the American Marketing Association. 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. The process

1300-515: The sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction". Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating

1350-714: The CIM crest was originally launched with the motto, "Bold in Selling Honest in Telling". Following a request for change, in 1975 the College of Arms authorised the present motto, "The World is our Market". In 1976, the institute, then formally known as the Institute of Marketing, described the design of its crest as follows: "Many people have admired the Institute of Marketing crest, but few have any idea that its design

1400-423: The basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes." Needs-based segmentation (also known as benefit segmentation ) "places the customers' desires at the forefront of how a company designs and markets products or services." Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment

1450-399: The case of services marketing . Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing. In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing mix model. Robert F. Lauterborn proposed a 4 Cs classification in 1990. His classification is

1500-404: The centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential: Marketing research , conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs . Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on

1550-428: The competitor's products. 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. The promotional mix outlines how

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1600-408: The consumer to attain the product, thus making them more likely to do so. Communication Like "Promotion" in the 4Ps model, communication refers to how consumers find out about a product. Unlike promotion, communication not only refers to the one-way communication of advertising, but also the two-way communication available through social media. The term "marketing environment" relates to all of

1650-480: The crest as "the dot above the i". Following a 12-month extensive research and consultation process, CIM appointed the international brand strategy agency, Brash, to handle its creative brief. After the agency carried out further analysis, the institute launched its new brand identity in 2014, with “royal blue” as its lead colour to recognise “the value of Britishness in the global market”. Described as “CIM’s biggest strategic and creative brand change in more than

1700-460: The customer is blameless and always right. At the same time the golden clause and spikes indicate that customers know how to protect themselves" (p.147). The CIM crest forms an important part of the institute's heritage as it features in both the old and new logos. In the new CIM logo, the crest was given more prominence as it was placed alongside the CIM acronym whereas in the old logo, due to its relatively small proportions, many typically referred to

1750-450: The definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years. The interests of "society at large" were added into the definition in 2008. The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct

1800-457: The factors (whether internal, external, direct or indirect) that affect a firm's marketing decision-making/planning. A firm's marketing environment consists of three main areas, which are: Marketing research is a systematic process of analyzing data that 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

1850-723: The flow of goods, and services from producers to consumers". The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing. Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process", and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return". A related definition, from

1900-459: The institute's patron, taking over from King George VI who was appointed in 1937 as CIM's first royal patron. In 2019 King Charles III (then Prince of Wales ), became the new patron of CIM. The first Code of Practice was introduced in 1973, and in 1989, the institute was awarded a royal charter . CIM offers training courses, and professional qualifications, from foundation to postgraduate or master's degree level ( EQF Level 7 ). In 1992,

1950-415: The major benefit of this type of business model is that it offers a company a competitive advantage in the market. Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and

2000-506: The marketing environment. To overcome the deficiencies of the 4P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's are often included in cases such as services marketing where unique characteristics (i.e. intangibility, perishability, heterogeneity and the inseparability of production and consumption) warrant additional consideration factors. Other extensions include "people", "process", and "physical evidence" and are often applied in

2050-418: The marketing process (e.g. product design , art director , brand management , advertising, inbound marketing, copywriting etc.) involve the use of the creative arts. However, because marketing makes extensive use of social sciences , psychology , sociology , mathematics , economics , anthropology and neuroscience , the profession is now widely recognized as a science. Marketing science has developed

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2100-474: The monetary value of the product. Cost also refers to anything else the consumer must sacrifice to attain the product, such as time or money spent on transportation to acquire the product. Convenience Like "Place" in the 4Ps model, convenience refers to where the product will be sold. This, however, not only refers to physical stores but also whether the product is available in person or online. The convenience aspect emphasizes making it as easy as possible for

2150-458: 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. Market research involves gathering information about a particular target market. 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

2200-417: The place (i.e., distribution) element. Some pricing tactics, such as promotional pricing, can be classified as price variables or promotional variables and, therefore, also exhibit some overlap. 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

2250-420: The precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows: A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes

2300-653: The product, the results of marketing research and market research , and the characteristics of the product's target market. Once these factors are determined, marketers must then decide what methods of promoting the product, including use of coupons and other price inducements. Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". However,

2350-530: The sharing economy. The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main differences in these markets are demand, purchasing volume, number of customers, customer concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional methods. A marketing orientation has been defined as a "philosophy of business management." or "a corporate state of mind" or as an "organizational culture." Although scholars continue to debate

2400-409: The soft drink brand. This brand-name food or drink product–related article is a stub . You can help Misplaced Pages by expanding it . This soft drink –related article is a stub . You can help Misplaced Pages by expanding it . Marketing Marketing is the act of satisfying and retaining customers . It is one of the primary components of business management and commerce . Marketing

2450-460: The tactics and strategies in which a company promotes its products and services to individual people. Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently the term B2C refers to the online selling of consumer products.< Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It

2500-508: Was inspired by Lord Mancroft, President of the Institute from 1961-1962. Even fewer people know the explanation of the armorial bearings. The scales indicate fair trading, the bezants on the chevron show money passing on a green cloth. All goods are transported by sea (the Galley), land (Horseshoes), or air (Wings), and food (represented by the Grabs) must be a main feature of all markets. The crest

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