Social Media Means
Social Media Means
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In contrast to other marketing models, the 7 Cs Compass Model considers both the marketing strategies as well as the segment to which the strategies are being targeted. The seven Cs are Corporation, Commodity, Cost, Communication, Channel, Consumer and Circumstances.
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Read More »Broadly speaking, the seven Cs are the seven factors that need to be considered when determining what about the organization either needs to be modified to improve market performance or maintained in order to preserve market position. The 7 Cs of the 7 Cs Compass Model incude: Corporation: This is the company model itself, which is either a for-profit or non-profit organization. In addition, the organization needs to consider who are its competitors within the industry and how the other Cs in this model compare to what they do. The 7 Cs Model emphasizes the importance of aligning marketing strategies with the broader goals of the organization. Commodity: The product or service the company sells to its clientele. Cost: How much it costs to create the product or service, in addition to how much it is sold for, the cost of the materials or resources used to create it and the cost to advertise and market it. Communication: The manner in which the product or service is marketed to the customer. This includes how it is advertised, sales promotions, and how much it is talked about in the community. Communication also refers to how efficiently and respectfully individuals within the organization speak with one another and how clearly information is transmitted from one person to the next. Channel: The paths through which the product or service is distributed to the customer. Consumer: The needs and desires of the customer as well as what kinds of educational materials they will need to be able to use the product or service, the type of warranty that is included, how safe the product production process is and how safe the product is to use. In order to improve their market position, the organization might consider offering additional product features to meet customer needs. Circumstances: External conditions that might have an effect on organizational functions or employees but are outside the control of any organizational member. These include the national and international environment (politics, policies, ethics, etc.), the weather, the economy, and social and cultural norms. Encapsulated within the 7 Cs Compass Model is the Four Cs, which include customer focused success factors. These are commodity, cost, communication and channel. Notably, the Four C’s are the more customer-centric version of the Four P’s supply side model (i.e., product, price, place and promotion).
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Read More »Philip Kotler Philip Kotler, the Father of Modern Marketing, Will Never Retire.
Philip Kotler is 86 years old and will never retire; he doesn’t believe in retirement. “Do I ever relax?” he asks in the epilogue of his latest book, an autobiography titled My Adventures in Marketing. Perhaps Kotler relaxes in his own way, but he prides himself on activity. He answers his own question: “I just enjoy producing more than consuming.” And produce Kotler does; he still works as a professor of international marketing at the Northwestern University Kellogg School of Management, and he continues to write. He’s written more than 60 books, has more than 60 “episodes” (or chapters) in his autobiography, and for a chunk of time, he may have been the only octogenarian who regularly updated a blog. Kotler also travels enough to make most marketers homesick by proxy. At the time of Kotler’s conversation with Marketing News, he had just returned from a speaking engagement in Italy and had plans to travel to Japan, Singapore, South Korea and Bahrain soon after. Each trip brings new friends, he says, to go along with new experiences and the possibility of a much thicker new book. “I could write another 60 stories that have happened to me in the last few years that would be of interest to people,” Kotler says. Login to view this page. You may create a free account from the login page after clicking "login". Sign Up
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