Understanding the Marketing Mix: Product, Logistics, Promotion, and Price
Understanding the Marketing Mix
The marketing mix defines what is known as PLIP, which stands for Product, Distribution Logistics, Promotion, and Price.
1. Product
A product is anything that can be offered in a market to attract public attention and encourage purchase or consumption. This includes physical objects, services, places, ideas, or organizations.
During product development, the physical characteristics of the product are defined, including packaging quality and the full line of variations,
Read MoreUnderstanding Economics: Micro, Macro, and History
Understanding Economics
Economics studies how a society uses scarce resources to achieve its objectives.
Microeconomics
Microeconomics studies the behavior of individual economic agents. It examines individual firms producing goods and consumers. Studies include price formation, consumer preferences, employment costs, etc.
Macroeconomics
Macroeconomics studies the economy of a country, including employment, inflation, and economic policy. It also considers the law of large numbers.
The Methodology of
Read MoreKey Concepts of the Industrial Revolution and Social Change
Technological Advancements
Spinning Jenny
Developed by James Hargreaves, the Spinning Jenny revolutionized textile production by enabling the spinning of eight threads simultaneously, significantly increasing efficiency.
Economic and Social Structures
Economic Liberalism
Championed by Adam Smith, this system promoted free markets and minimal government intervention in economic activities.
Law of Supply and Demand
This fundamental economic principle explains the relationship between the availability of
Read MoreMarxist Economics: Key Concepts Explained
Marxist Economics: Key Concepts
Work is the activity by which humans transform reality to meet their physical and spiritual needs. In operating companies, work experience is often seen as alienated rather than a means of self-realization. For Marx, work becomes an anthropological category. He posits that humans possess an inherent drive to transform reality. Humans are an asset, and work is the expression of their mental capacities. Work can be an end in itself, sought and enjoyed for its own sake.
Read MoreGender Dynamics in Leadership: Styles, Impact, and Trends
Gender Dynamics in Leadership
Linking to the previous discussion, we now focus on whether there are real differences between men and women when it comes to leadership, a current and relevant topic. A major effect of gender on leadership is the presumption that women are less competent and less worthy of leadership positions. Leaders adapt to expectations based on how people categorize them as male or female. These expectations stem from traditional gender roles in society, family, and employment.
Read MoreMarketing Strategy: Environment Analysis and Planning Process
Environmental Monitoring Process
- Gather information about the external environment of the organization.
- Analyze the gathered information.
- Predict the effect of any trends suggested by the analysis.
Environmental Monitoring Scopes
- Company Internal Environment
- Microenvironment
- Macroenvironment
External Environment Factors
Marketing Factors
- Demography: Character, size, distribution, and population growth, including minority situations.
- Sociocultural Factors: Environmentalism, changing gender roles, health and