Marketing plans cover every aspect of the business and involves almost every operation surrounding a product or service Boulding, et. al, 2005. It covers the roles and responsibility of the people, products, supply & demand, and even factors that influence all of the primary variables mentioned Boulding, et. al, 2005. Theories in marketing research how consumers think, the way they live, a way to approach them as individuals and collectively (Lazonick, 2016). Components of marketing provides an holistic approach to business.
At the very base of every business is a service or product that is sold to the market at what is assumed a fair price (Lazonick, 2016). The process becomes extremely complicated when adding in all the influences that surrounds the product or service. To further complicate the task of business we add in the competitive nature of others in the same market with homogeneous products or services. These variables and the nature of them will always provide a means for researchers to study behavior, conditions empirically, and theoretically.
Reference
Boulding, W., Staelin, R., Ehert, M., & Johnson, W. J. (2005). A customer relationship management road map: What is known, potential pitfalls, and where to go. Journal of Marketing, 60(4), 155-166. doi:10.1509.2005.69.4.155
Lazonick, W. (2016). The theory of the market economy and the social foundation of innovative enterprise. Economic and Industrial Democracy, 24(1). 9-44
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