Marketing is a science for the management of a value delivery system that ensures the long-term welfare of society. Discuss, using your understanding of the marketing concepts.
Marketing is a science for the management of a value delivery system that ensures the long-term welfare of society. Discuss, using your understanding of the marketing concepts.
Marketing is a science because marketing is about understanding and influencing behaviors. Psychology, the science of behaviors, studies how people react to certain stimuli in predictable ways. This is similar to Newton's' third law - cause and effect. For every marketing action there is a reaction. The science is in anticipating the reactions to your actions.
Other schools of thought also say Marketing is a science because marketing is about measuring and analyzing the numbers. How many prospects do you reach? How many people read your message? How many do you convert to buyers? How much do they spend? How many buy again? These are mathematical questions and answers and important to the success of your marketing. Math and accounting are important sciences to your business.
While others are also of the view that Marketing is a science because the most common question is "How much money should I spend on marketing?" The business owner and the accountants want the answer to this question. It's a good question but the more important question is, "What returns can you expect from your marketing investment?" That's an important question and it is measurable like science.
Marketing professionals have long used data to measure campaigns and make marketing decisions. The caricature of the marketer as a “creative type” who can’t read a spreadsheet is just that. But with the advent of new channels and devices, marketers now have access to an unparalleled amount of data. That’s both an opportunity and a challenge.
Big data is paving the way for a fundamentally different approach to marketing–one that enables marketers to help identify deeply buried behavioral patterns, formulate and test new hypotheses, predict the future and prescribe the best course of action. In other words, the value of
Marketing is a science because marketing is about understanding and influencing behaviors. Psychology, the science of behaviors, studies how people react to certain stimuli in predictable ways. This is similar to Newton's' third law - cause and effect. For every marketing action there is a reaction. The science is in anticipating the reactions to your actions.
Other schools of thought also say Marketing is a science because marketing is about measuring and analyzing the numbers. How many prospects do you reach? How many people read your message? How many do you convert to buyers? How much do they spend? How many buy again? These are mathematical questions and answers and important to the success of your marketing. Math and accounting are important sciences to your business.
While others are also of the view that Marketing is a science because the most common question is "How much money should I spend on marketing?" The business owner and the accountants want the answer to this question. It's a good question but the more important question is, "What returns can you expect from your marketing investment?" That's an important question and it is measurable like science.
Marketing professionals have long used data to measure campaigns and make marketing decisions. The caricature of the marketer as a “creative type” who can’t read a spreadsheet is just that. But with the advent of new channels and devices, marketers now have access to an unparalleled amount of data. That’s both an opportunity and a challenge.
Big data is paving the way for a fundamentally different approach to marketing–one that enables marketers to help identify deeply buried behavioral patterns, formulate and test new hypotheses, predict the future and prescribe the best course of action. In other words, the value of