Marketing Taxonomy Essay

1312 words - 5 pages

Marketing Taxonomy

Running head: MARKETING TAXONOMY

Marketing Taxonomy

Don Carter

Grand Canyon University

Introduction: Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. To be understandable and lively means that we need to communicate you. Marketing is a key factor in business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Below I will list 10 of the many marketing theories which companies use.

Marketing Taxonomy

Author Theory and description Significance

Frank Bass The Innovation Diffusion - The theory was It is used primarily as a

developed as mathematical based model to forecasting tool. Companies

predict the acceptance of a new product. use this to predict how fast

(Kapur, Singh, & Anand, 2007) their product will be accepted.

Icek Ajzen Planned Behavior - Intentions towards The behaviors are influenced

behaviors can be predicted with a high by a variety of factors,

level of accuracy from the attitudes toward including social, cultural and

the behavior. (Ajzen, 1985) personal influences. By

predicting these behaviors a

company can hopefully plan

for these behaviors.

Shelby D. Hunt Comparative Advantage Theory of This theory is in contrast to

Robert M. Morgan Competition - Emphasizes relationships the classic theory of pure

amongst companies instead of pure competition. It demonstrates

competition. (Hunt & Morgan, 1995) that a company can work effectively with another

company and both can

benefit.

Daniel Kahneman Prospect Theory - The concept Average consumers will tend

Amos Tversky incorporates consumer psychology into to decide on a purchase based

pricing decisions. on a neutral point that the

(Tversky & Kahneman, 1979) purchase will be a positive

transaction.

Eric J Arnould Market-Oriented Ethnograghy - Describes It can also be described as

Melanie Wallendorf the behavior of people in market for a "word of mouth". The

product. (Arnould & Wallendorf, 1994) conversations consumers

have involving the products

or services they encounter in

their daily lives can be a great

source of advertising for a

company.

Bart Macchiette Affinity Marketing - Aims to bring clarity Affinity Marketing assumes

Abhijit Roy to the concept of affinity and distinguish that there is a connection

it from other marketing-related terms. between the consumer and

(Macchieete & Roy, 1993) the product he or she...

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