Marketing, as we know is the process of identifying, stimulating and satisfying customer’s genuine wants and needs. There are many different types of marketing models used by businesses. These models give us a framework to assess how we’re doing things now compared to our competitors and further helps in planning marketing strategies for the future. Let’s look at 10 different types of marketing models that stood the test of time and gained immense popularity.
8 Popular Marketing Models
1. 7 Ps – Marketing Mix
Product, Price, Place, Promotion, People, Process and Physical evidence, a combination of all these 7 elements form core tactical components of a marketing plan. Understanding the marketing mix is at the core of making any marketing for the business. And the marketing mix is the interaction point between your marketing efforts and the customer. It is one of the most dynamic concepts of marketing over time.
2. USP – Unique Selling Proposition
Unique Selling Proposition is the concept which brands should make clear to potential buyers; it is basically why they are different and better than the competition. A great concept and an essential message are vital to communicate online since the core brand message often isn’t clear.
3. BCG Matrix
The Boston consulting group matrix is a model that categorizes products in a portfolio as Stars, Cash Cows, Dogs, and Question Marks, by looking at the market growth and market share. This model is more suitable for big corporations and not for small and medium businesses. It is one of the most popular marketing strategy models which help businesses decide their correct marketing strategy.
4. Ansoff Matrix
Deciding the future of the company and the products is often a very difficult thing to do. With the Ansoff’s matrix marketing managers are able to decide the future strategies which can be implemented at product level or brand level as well.
5. Brand positioning map
This model allows the marketers to picture a brand’s relative position to competitors in the market place by plotting consumer insights of the brand and competitor brands against the characteristics that drive purchase. This is one great concept for understanding how customers visualize a brand.
6. GE-McKinsey Matrix
If you want to analyze your business portfolio, or you plan to enter in a different industry altogether, then the GE McKinsey matrix might be of great help. Its 9 cell approach helps business draw the right decision.
7. Porter’s Five Forces Model
When you consider an existing industry, as per Michael Porter there are five forces existing within that industry. These five forces hugely influence the existing players within that particular industry as well as the players trying to enter or exit from the industry.
This is an extension of the traditional PEST model, in this analysis framework is used to measure the impact of macro-environmental factors on a product or brand. The factors are political, economic, social, technological, legal and economic.
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