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MARKETING SCIENCE

 
Created by : Rohit Khanna, Project Leader/Managing Consultant, Accenture  | 10 30 2008 17:43:26 +0000
Keywords : Marketing Science Art
Activity:  401 views;  last activity : 07 06 2010 20:18:09 +0000

I read a blog post the other day where someone answered the good old marketing question being - "is marketing art or science". Let me tell you all, this is a very tricky question. Let's just clear that question once and for all.

 

 
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I think marketing is a science because marketing is about satisfying customers needs. To understand customer needs we need to develop scientific methods to learn about our customers and the needs they have. Also, the market and consumers generally behave in certain manners and deal with known variables. Porter's five forces is a good example of this. These five forces determine the profitability and behaviors within a market. The five forces being: competition within the industry, customers bargaining power, suppliers bargaining power, threat of entry of new competitors, threat of substitute products. These forces shape the strategy of the company.


By Rohit Khanna, Project Leader/Managing Consultant, Accenture  | 10 30 2008 17:43:26 +0000
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