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MARKETING STRATEGY

According to the American Marketing Association’s online dictionary, “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” This is a bit of an evolution from the long-standing model of the four Ps: product, price, promotion, and place. Since these are internally focused concepts, many experts (as suggested in the AMA definition) have shifted to the external perspective of customers. Viewing the product as addressing customer needs rather than as a bundle of features is paramount to this viewpoint. Figure 12.1 shows not only a few additional components added to the four Ps mnemonic, but also the shift from the traditional Ps to an external look at Cs.


  

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