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81 generic strategy
Gen Mgta strategy for marketing products or services. Generic strategy is a term introduced by Michael Porter. He suggested there are three generic strategies for marketing products or services: cost leadership, differentiation, and focus. The first implies the supply of products in a more cost-effective way than competitors; the second refers to adding value to products or services; and the third focuses on a specific product market segment with the goal of establishing a monopoly. -
82 internal marketing
Mktgthe application of the principles of marketing within an organization. Internal marketing involves the creation of an internal market by dividing departments into business units, with control over their own operations and expenditure, with attendant impacts on corporate culture, politics, and power. Internal marketing also involves treating employees as internal customers with the goal of increasing employees’ motivation and customer focus. -
83 product
Mktganything that is offered to a market that customers can acquire, use, interact with, experience, or consume, to satisfy a want or need. Early marketing tended to focus on tangible physical goods and these were distinguished from services. More recently, however, the distinction between products and services has blurred, and the concept of the product has been expanded so that in its widest sense it can now be said to cover any tangible or intangible thing that satisfies the consumer. Products that are marketed can include services, people, places, and ideas.
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