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1. Product/service - what product features will users be attracted to?

2. Price - how much will our target customers be prepared to pay?

3. Place - where would our target customers go to purchase the product?

4. Promotion - how will we let our target customers know about the product?

5. People - how can other people help facilitate the sale?

6. Process - what processes will be needed to satisfy customer demand?

7. Physical evidence - how will our target customers experience the product?

Janis Durunda

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Product, Price, Place, Promotion, People, Process, and Physical Evidence are the elements that make up the marketing mix with the seven Ps.

It's a thorough framework that companies utilise to plan and carry out marketing initiatives strategically. A crucial component of any marketing plan is represented by a P, which can range from the product itself to its price, distribution, and promotion, as well as factors like personnel, procedures, and tangible evidence to improve the consumer experience in general.

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Traditional marketing refers to traditional forms of advertising and promotion, like print ads, TV commercials, and billboards. Digital marketing, on the other hand, focuses on online channels like social media, email marketing, and search engine optimization.

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Price strategies for cost-plus and loss leader are as follows:

1. Cost-Plus Pricing:

• Definition: Cost-plus pricing involves adding a markup to the cost of producing a product to determine its selling price. The markup is typically a percentage of the cost.

• Strategy: Calculate the total cost of producing the product, including both variable and fixed costs. Then, add a predetermined markup percentage to cover overhead expenses and generate profit.

• Advantages: Provides a straightforward method for setting prices, ensures that all costs are covered, and guarantees a certain level of profit.

• Disadvantages: May not account for market demand or competition, could result in overpricing or underpricing if markup percentage is inaccurate, and may not maximize profits in competitive markets.

2. Loss Leader Pricing:

• Definition: Loss leader pricing involves selling a product at a price below its cost in order to attract customers and stimulate sales of other, more profitable products.

• Strategy: Select a popular or high-demand product to sell as a loss leader. Price it below cost to make it an attractive deal for customers. Then, encourage customers to purchase additional products that have higher profit margins.

• Advantages: Attracts customers to your business, increases foot traffic or website visits, encourages impulse purchases, and can help build brand loyalty.

• Disadvantages: May lead to short-term losses on the loss leader product, requires careful management of inventory and pricing to ensure profitability overall, and may not be sustainable if relied upon too heavily.

Both pricing strategies have their own pros and cons, and their effectiveness depends on factors such as market conditions, competition, and business objectives. It’s important to carefully analyze your specific situation and consider which strategy aligns best with your goals and resources.

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A loss leader is a pricing strategy where a product is sold at a price below its market cost or below the cost of production, with the intention of attracting customers to purchase other, more profitable items. Essentially, the retailer or business is willing to take a loss on the initial item in order to stimulate sales of complementary or higher-margin products. Loss leaders are commonly used in retail and grocery stores to draw customers into the store or to promote specific products. While the sale of the loss leader may result in a short-term loss, the hope is that it will lead to increased overall sales and profitability through the purchase of other items.

One common example of the loss leader strategy is seen in the grocery industry, particularly with products like milk or eggs. Grocery stores often sell these staple items at a price that is lower than their cost or just at cost. By offering these items as loss leaders, the stores attract customers who may then purchase other higher-margin items during their visit, such as bread, meat, or household goods. This strategy helps the store drive traffic and increase overall sales volume, ultimately leading to higher profitability despite the initial loss on the loss leader items.

loss leader can have both advantages and disadvantages. Let's break it down:

Advantages:

1. Attracting Customers: Loss leaders are products sold at a loss or very low price to entice customers into a store. It's like a sweet deal that grabs people's attention and brings them in.

2. Increased Sales: Once customers are in the store for the loss leader, they are more likely to purchase other items at regular prices. It's a strategy to boost overall sales and potentially increase customer loyalty.

Disadvantages:

1. Profit Loss: Selling products at a loss means the company is not making a profit on those specific items. It's a calculated risk, hoping that the increased sales of other products will offset the loss.

2. Customer Expectations: Offering a loss leader can set a precedent for customers expecting low prices on all items. It can be challenging to maintain profitability if customers only want to purchase discounted products.

So, loss leaders have their pros and cons. They can attract customers and boost sales but may lead to temporary profit loss and challenging customer expectations. It's all about finding the right balance for a business. 🛍️💰

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The marketing mix, often referred to as the 7Ps, is a framework used by businesses to develop and implement marketing strategies. It consists of:

Product: This refers to the goods or services offered by a business, including features, design, quality, and branding.

Price: Pricing strategies involve determining the appropriate price for the product or service, considering factors such as cost, competition, perceived value, and pricing objectives

Place: Also known as distribution, this involves decisions about where and how customers can purchase the product or service, including distribution channels, logistics, and retail partnerships.

Promotion: This encompasses all the activities used to communicate and promote the product or service to the target audience, including advertising, public relations, sales promotion, and personal selling

People: Refers to the personnel involved in delivering the product or service, including customer service representatives, sales staff, and other employees who interact with customers

Process: This involves the procedures, systems, and workflows used to deliver the product or service, including order processing, delivery, and customer support processes

Physical Evidence: Refers to the tangible elements that customers interact with when purchasing or using the product or service, such as packaging, store layout, and service environment.

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The 7’p of marketing are: product, price, place, promotion, people, process and physical evidence. This framework is essential for effectively marketing intangible services, ensuring customer satisfaction and building strong relationships.

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By considering all seven elements, companies can create a comprehensive marketing strategy that addresses every aspect of their offering and customer experience.

Product

Refers to the goods or services offered to meet customer needs.

Price

The amount customers pay for the product or service.

Place

The distribution channels used to make the product available to customers.

Promotion

The methods used to communicate with customers and persuade them to buy the product.

People

The employees who interact with customers and influence their perceptions.

Process

The procedures and systems used to deliver the product or service.

Physical Evidence

Tangible elements that customers can see, touch, or experience that help to support the product or service.

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1. Product: What is being offered to meet customer needs.

2. Price: The amount customers pay for the product or service.

3. Place: How and where the product is distributed and made available to customers.

4. Promotion: The methods used to communicate and persuade customers to buy the product.

5. People: The personnel involved in delivering the product or service and their impact on the customer experience.

6. Process: The systems and procedures used to deliver the product or service.

7. Physical Evidence: Tangible elements that support the service delivery and influence customer perception.

The 7Ps framework provides a more comprehensive approach to developing marketing strategies, considering both tangible and intangible elements that contribute to customer satisfaction and business success.

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The marketing mix, also known as the 7Ps, is a framework in marketing that outlines the seven elements a business needs to consider to successfully promote its products or services. These elements are:

Product: This refers to the good or service itself, including its features, benefits, and quality.

Price: This is the cost a customer pays to acquire the product.

Place: This refers to how the product gets to the customer, including distribution channels and sales locations.

Promotion: This encompasses all the activities a company undertakes to communicate the product to its target audience. This includes advertising, public relations, social media marketing, and more.

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Consist of the 7 p..

Price

Place

Product

Promotion

Process

Physical evidence

Price must always exceed the selling cost(profit margin)

Maximize shareholder funds.

Price target . What people can afford.

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The 7 ps

1.product

2.price

3. place

4.promotion

5.people

6. Process

7.physical evidence

Short Summery of Marketing mix

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Because of its ability to facilitate comparison shopping, increase transparency, and increase store rivalry, the internet has had a tremendous impact on product pricing.

Customers are more price sensitive as a result of having easy access to information about discounts, prices, and reviews. Due to the abundance of possibilities provided by online marketplaces and e-commerce platforms, businesses are encouraged to modify their rates in order to stay competitive. More variable and individualised pricing tactics have also been brought about by the growth of online auctions and dynamic pricing algorithms. All things considered, the internet has created a more dynamic and competitive pricing environment, which frequently results in cheaper rates for customers.

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Place (Distribution):

• From Physical to Digital: The internet created new "places" to sell products and services. E-commerce platforms like Amazon and company websites became alternatives to brick-and-mortar stores.

• Global Reach: Businesses can now reach a global audience without needing physical stores in every location.

• Omnichannel Marketing: The internet fostered a blend of online and offline channels. Customers can research online, buy in-store, or vice versa.

Process:

• Automation: Online marketing automation tools streamline

• Automation: Online marketing automation tools streamline tasks like email marketing and social media management.

• Personalization: Businesses can collect customer data and tailor marketing messages and offers to individual preferences.

• Interactive Engagement: The internet allows for two-way communication.

Customers can interact with brands through social media, online reviews, and customer service chats.

While the internet has brought numerous benefits to marketing, it has also introduced challenges and negative impacts.

For the "place" element, increased competition in the online marketplace can make it harder for businesses to stand out among the crowd. Moreover, the rise of online reviews and comparison websites means that negative feedback can spread quickly, damaging a company's reputation.

In terms of "process," the abundance of data available online has led to concerns about privacy and data security. Marketers must navigate complex regulations and ethical considerations when collecting and utilizing consumer data. Additionally, the rise of ad blockers and consumer skepticism towards online advertising has made it harder for marketers to reach their target audience effectively.

Furthermore, the internet has also heightened the risk of cyberattacks and online fraud, posing a threat to both businesses and consumers alike. Overall, while the internet has revolutionized marketing, it has also presented challenges that marketers must navigate carefully.

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Skimming pricing strategy involves setting a high initial price for a new product or service and then gradually lowering it over time. Here are the advantages and disadvantages of skimming pricing:

Advantages:

1. Maximize Profit: Skimming allows companies to capitalize on the willingness of early adopters to pay a premium price for new and innovative products, thereby maximizing initial profits.

2. Segmentation: It helps in segmenting the market by targeting early adopters or customers who are less price-sensitive and willing to pay more for the product’s unique features or benefits.

3. Perceived Value: A high initial price can create a perception of quality and exclusivity among consumers, enhancing the brand image and positioning the product as premium in the market.

4. Cover Initial Costs: Skimming can help cover the high initial costs associated with research, development, and marketing of new products, especially in industries with rapid technological advancements.

Disadvantages:

1. Limited Market Penetration: Skimming pricing may limit market penetration, as high prices could deter price-sensitive consumers from purchasing the product, reducing overall sales volume.

2. Competition: Competitors may quickly enter the market with similar or alternative products at lower prices, eroding the initial advantage of skimming and forcing the company to lower prices sooner than planned.

3. Negative Perception: High prices may lead to negative perceptions among consumers, especially if they perceive the product to be overpriced relative to its value, which can damage the brand’s reputation and result in long-term consequences.

4. Loss of Early Adopters: Some early adopters may feel exploited or resentful if they perceive that the company is taking advantage of their willingness to pay higher prices, leading to dissatisfaction and loss of customer loyalty.

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Destroyer Pricing:Destroyer pricing, also known as predatory pricing, is a strategy in which a company sets prices for its products or services significantly lower than its competitors in order to gain market share rapidly.

Advantages

1. Market Penetration: Lowering prices aggressively can help a company penetrate new markets quickly by attracting price-sensitive customers.

2. Competitive Advantage: It can be an effective tactic to undermine competitors' market share and weaken their position.

3. Brand Awareness: Generating buzz around discounted prices can increase brand visibility and attract new customers.

4. Inventory Clearance: Useful for clearing out excess inventory or outdated products.

Disadvantages

1. Profit Margins: Lowering prices significantly can eat into profit margins, impacting the overall financial health of the company.

2. Perceived Value: Continuously low prices might erode the perceived value of the product or service, making it harder to increase prices later.

3. Brand Image: Constant discounts may tarnish the brand image, leading to associations with low quality or desperation.

4. Customer Expectations: Customers may come to expect discounted prices, making it challenging to revert to regular pricing.

Differentiated Pricing:

Differentiated pricing, also known as price discrimination, is a strategy in which a company sets different prices for the same product or service .

Advantages

1. Maximized Revenue: Allows companies to capture more revenue by charging different prices to different customer segments based on their willingness to pay.

2. Customer Segmentation: Tailoring prices to different customer segments helps attract a wider range of customers with varying budgets.

3. Profit Optimization: Helps optimize profit margins by charging higher prices to customers who are willing to pay more.

4. Customization: Enables companies to offer personalized pricing based on factors like location, purchase history, or demographics.

Disadvantages

1. Complexity: Implementing differentiated pricing strategies can be complex and require sophisticated pricing models and systems.

2. Customer Resentment: Customers may feel unfairly treated if they perceive that others are getting a better deal, leading to resentment and negative feedback.

3. Price Discrimination Concerns: There may be legal and ethical concerns regarding price discrimination, especially if it leads to perceived unfairness or discrimination.

4. Brand Perception: If not executed carefully, differentiated pricing can lead to negative perceptions of the brand, particularly if customers feel exploited or manipulated based on their willingness to pay.

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Traditional Marketing:

Traditional marketing refers to conventional methods of promoting products or services through offline channels. This includes advertising on television, radio, newspapers, magazines, billboards, direct mail, and events. Traditional marketing has been the primary method of reaching consumers for many decades.

Real-life Example:

A company launching a new product might use traditional marketing by running television commercials during prime time, placing ads in newspapers and magazines, and sending out direct mail flyers to targeted households. For instance, a car manufacturer might advertise its latest model through television commercials during popular sports events and magazines targeting car enthusiasts.

Digital Marketing:

Digital marketing involves promoting products or services through online channels and platforms. This includes methods such as search engine optimization (SEO), social media marketing, email marketing, content marketing, pay-per-click (PPC) advertising, and influencer marketing. Digital marketing allows businesses to reach a wider audience, target specific demographics, and track campaign performance more accurately.

Real-life Example:

A company may use digital marketing by running targeted Facebook ads to reach users who have expressed interest in similar products or services. For example, an e-commerce store selling skincare products might use Instagram influencers to promote their products to a younger demographic, leveraging the influencer's large following and credibility in the skincare niche.

In summary, traditional marketing relies on offline channels like TV, radio, and print media, while digital marketing utilizes online channels such as social media, search engines, and email to reach and engage with consumers. Both approaches have their advantages and are often used together to create a comprehensive marketing strategy.

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Traditional marketing refers to conventional marketing methods such as print ads, TV commercials, billboards, and direct mail.

Example

A company running a television commercial during prime time to promote a new product

Digital marketing -utilizes online channels like social media, email, search engines, and websites to reach and engage with audiences.

Example:

A company using targeted Facebook ads to promote a sale to a specific demographic.

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“Traditional marketing and digital marketing represent distinct approaches for businesses to advertise their products and services. Traditional marketing relies on conventional mediums such as newspapers, television, radio, direct mail, billboards, magazines, text messaging, and phone calls to reach potential customers. On the other hand, digital marketing is a contemporary strategy utilizing online channels like search engines, social media platforms, email, video sharing platforms, affiliate marketing, and influencer collaborations to promote products, services, and interact with target audiences.”

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Digital marketing:

-focuses on online channels: social media, email, search engines...

Strengths: precise targeting, cost effective, global reach

Weaknesses: technical expertise, ad blocking, rapid changes.

EXAMPLES

Nike utilized social media, live streaming, and online content to promote its attempt to break the two-hour marathon barrier. The campaign generated significant buzz and engagement across digital platforms, driving brand awareness and affinity

Traditional marketing:

Offline- print ads, billboards, tv commercial, radio spots

Strengths

Precise targeting, modifications based on data insights.

Cost-effective: Often more affordable than traditional methods. Weaknesses:Saturation: Highly competitive landscape with many businesses vying for attention.

EXAMPLES

Coca-Cola's "Share a Coke" Campaign: Coca-Cola's personalized packaging with people's names encouraged consumers to share photos on social media, but it originated as a traditional marketing campaign. The company printed popular names on its bottles and cans, sparking nostalgia and encouraging offline word-of-mouth marketing.

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Traditional Marketing /Digital marketing Peter

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Traditional Marketing /Digital marketing Peter

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Traditional marketing is ia sales method which uses tools such as magazines billboards and telephone not to forget the salesman who come around before tea.

Digital marketing is sales using tools of the era such as emails, facebook,instagram,SEO/ search engine optimisation. all on the internet

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Traditional marking is word of mouth,brochures

Digital. Marketing Facebook .Instagram. Emails and more.

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Traditional marketing and digital marketing are two broad categories of marketing strategies used by businesses to promote their products or services and reach their target audience.

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Blockbuster's failure and bankruptcy in 2010 can be attributed to various mistakes they made in terms of the 7Ps marketing mix. Let's analyze each element and identify the specific mistakes made by Blockbuster:

1. Product:

- Blockbuster failed to recognize the changing consumer preferences towards online streaming and digital content.

- They focused too much on physical stores and traditional rental models, neglecting the shift towards digital media consumption.

2. Price:

- Blockbuster's pricing strategy did not adapt to the changing market dynamics and the emergence of subscription-based models like Netflix.

- They did not offer competitive pricing to attract customers who were looking for more cost-effective and convenient options.

3. Place:

- Blockbuster's reliance on physical store locations limited their reach and accessibility compared to the online presence of competitors like Netflix.

- They were slow to establish a strong online presence and distribution network, missing out on the opportunity to reach a wider audience.

4. Promotion:

- Blockbuster failed to effectively promote their online rental platform when it was finally launched in 2004.

- They did not invest enough in marketing and advertising to compete with the aggressive promotional strategies of digital disruptors like Netflix.

5. People:

- Blockbuster's management did not embrace digital transformation and failed to nurture a culture of innovation within the company.

- They did not prioritize hiring and retaining talent with expertise in digital technologies and online streaming, which hindered their ability to adapt to the changing market.

6. Process:

- Blockbuster's decision-making processes were slow and bureaucratic, preventing them from quickly responding to market changes and consumer demands.

- They lacked agility in implementing new strategies and updating their business processes to stay competitive in the digital age.

7. Physical Evidence:

- Blockbuster's outdated store infrastructure and lack of focus on enhancing the customer experience in-store put them at a disadvantage compared to online streaming services.

- They did not invest in modernizing their physical locations or creating compelling customer experiences that could differentiate them from competitors.

In summary, Blockbuster's failure can be attributed to their inability to adapt to the digital disruption in the entertainment industry, their reluctance to innovate and embrace new technologies, and their failure to effectively address the changing needs and preferences of consumers. By neglecting key aspects of the marketing mix and failing to anticipate market trends, Blockbuster lost its competitive edge and ultimately went bankrupt in 2010.

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Group Fantastic - While Blockbuster's downfall is often highlighted as a cautionary tale of a company failing to adapt to digital disruption, it's important to acknowledge that Blockbuster also had a positive impact on the entertainment industry and popular culture during its prime. Here are some positive aspects and contributions of Blockbuster:

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Group Fantastic - While Blockbuster's downfall is often highlighted as a cautionary tale of a company failing to adapt to digital disruption, it's important to acknowledge that Blockbuster also had a positive impact on the entertainment industry and popular culture during its prime. Here are some positive aspects and contributions of Blockbuster:

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1. Accessibility: Blockbuster played a significant role in making movies and video games easily accessible to consumers. With its widespread network of brick-and-mortar stores, Blockbuster provided a convenient way for people to rent and watch movies without having to purchase them outright.

2. Movie Selection: Blockbuster offered a vast selection of movies, including new releases and classic films, which allowed customers to explore a wide range of genres and titles. This variety contributed to the cultural impact of movies and helped introduce audiences to a diverse array of content.

3. Movie Nights: Blockbuster popularized the concept of movie nights and family outings to rent movies together. Visiting a Blockbuster store, browsing through aisles of movies, and selecting films to watch became a nostalgic and enjoyable experience for many people.

4. Community Engagement: Blockbuster stores served as community hubs where people could gather, socialize, and discuss movies. The physical presence of Blockbuster stores created a sense of community and shared experience among movie enthusiasts.

5. Employment Opportunities: Blockbuster created job opportunities for many individuals, providing employment in various roles such as store associates, managers, and customer service representatives. These jobs helped support local economies and provided valuable work experience for many employees.

6. Licensing Agreements: Blockbuster's partnerships with movie studios and production companies helped promote and distribute films to a wide audience. These licensing agreements facilitated the distribution of movies and supported the growth of the entertainment industry.

Overall, while Blockbuster's failure to adapt to changing market trends led to its decline, the company had a positive impact on the entertainment industry by making movies accessible, promoting movie culture, fostering community engagement, creating job opportunities, and supporting the distribution of films. Despite its challenges, Blockbuster's legacy continues to be remembered fondly by many people who grew up enjoying the experience of visiting their local Blockbuster store.

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Blockbuster effectively used marketing in both positive and negative ways during its heyday. Let's explore how Blockbuster leveraged marketing strategies to its advantage and where it fell short:

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Blockbuster effectively used marketing in both positive and negative ways during its heyday. Let's explore how Blockbuster leveraged marketing strategies to its advantage and where it fell short:

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Positive Use of Marketing:

1. Brand Recognition: Blockbuster successfully built a strong brand that became synonymous with movie rentals. Through its iconic logo, color scheme, and store design, Blockbuster established brand recognition that resonated with consumers.

2. Promotions and Loyalty Programs: Blockbuster implemented various promotions, discounts, and loyalty programs to attract and retain customers. Programs like the Blockbuster Rewards program incentivized repeat business and encouraged customer loyalty.

3. Strategic Partnerships: Blockbuster formed partnerships with movie studios and production companies to secure exclusive movie releases and promotional tie-ins. These partnerships helped drive foot traffic to stores and differentiate Blockbuster from competitors.

4. Advertising Campaigns: Blockbuster invested in advertising campaigns across various channels, including television, radio, print, and outdoor advertising. These campaigns effectively promoted new releases, special offers, and store locations to target audiences.

Negative Use of Marketing:

1. Lack of Innovation: Blockbuster's marketing strategies became stagnant over time, as the company failed to innovate and adapt to changing consumer behaviors and technological advancements. This lack of innovation hindered Blockbuster's ability to stay competitive in the evolving entertainment landscape.

2. Digital Disruption Ignored: Blockbuster underestimated the impact of digital disruption on the entertainment industry and did not proactively respond to the rise of online streaming services. This shortsighted approach to marketing and business strategy ultimately led to Blockbuster's downfall.

3. Slow Adoption of Online Platform: While Blockbuster eventually launched an online rental platform in 2004, the company was slow to embrace digital transformation. By delaying the development and promotion of its online platform, Blockbuster missed out on the opportunity to capture a significant share of the growing online rental market.

4. Customer Experience: Blockbuster's focus on late fees and penalties for overdue rentals created a negative customer experience and deterred some customers from renting from Blockbuster. This aspect of their marketing strategy contributed to a decline in customer satisfaction and loyalty over time.

In conclusion, while Blockbuster initially leveraged marketing effectively to build a strong brand and attract customers, its failure to innovate, adapt to digital disruption, and enhance the customer experience ultimately led to its downfall. Blockbuster's reluctance to embrace new technologies and evolving consumer preferences highlights the importance of staying agile and responsive in a rapidly changing market environment.

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Negatives:

Not adapting to technology and changing consumer behaviours - People

Prioritising short term gains rather than focusing on long term customer satisfaction- Price

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1. Product: With the advent of digital streaming services, which provide a more practical and accessible method to watch films and TV episodes, Blockbuster's reliance on physical rental outlets grew out of date.

2. Cost: Customers were irritated by Blockbuster's pricing strategy, which assessed late fines for overdue rentals. This was particularly the case when rivals provided more flexible options, like subscription-based plans free of late fees.

3. Location: Customers found online streaming platforms more convenient, which decreased the appeal of Blockbuster's physical store locations, resulting in a drop in foot traffic and rental income.

4: Promotion: In an attempt to compete with new digital competitors, Blockbuster did not successfully modify its promotional techniques. It made an effort to provide online rentals and a subscription service, but in the quickly changing world of digital streaming, it was too late to gain a sizable market share.

5. People: Blockbuster showed a lack of customer-centricity by failing to foresee and adapt to shifting consumer preferences. Its leadership might also have been anti-innovation, which made it more difficult for the business to successfully change course in reaction to market developments.

6. Procedure: In contrast to the easy, on-demand experience provided by digital streaming services, Blockbuster's rental procedure—which needed consumers to physically visit stores to explore and rent movies—became laborious.

7. Concrete Evidence: Blockbuster's out-of-date storefronts and underfunding of its digital infrastructure provided verifiable proof of its incapacity to adapt to evolving consumer trends and technology breakthroughs.

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The idea of "Place-Access" has changed in the digital age, moving from physical sites to online platforms, guaranteeing that goods and services are easily accessible to customers at all times and locations. This modification highlights how crucial digital platforms—like websites, smartphone applications, and online marketplaces—are for offering clients easy access to goods and services, enabling them to locate and buy what they need with only a few clicks or taps.

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Differences:

1. Perspective: The SAVE concept focuses on a customer-centric approach, emphasizing understanding and addressing customer needs, while the 4 Ps of the marketing mix focus on tactical elements of marketing strategy.

2. Customer Focus: The SAVE concept places a strong emphasis on understanding customer needs and delivering value, while the 4 Ps of the marketing mix focus on product, price, place, and promotion strategies.

3. Comprehensiveness: The SAVE concept is more comprehensive in its approach, covering aspects such as solution, access, value, and education, while the 4 Ps of the marketing mix focus on specific tactical elements of marketing strategy.

In summary, while both frameworks are used to develop marketing strategies, the SAVE concept takes a more customer-centric approach, emphasizing understanding and addressing customer needs, while the 4 Ps of the marketing mix focus on product, price, place, and promotion strategies.

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The marketing mix and the SAVE concept both focus on understanding and meeting customer needs, with the marketing mix providing a framework for developing marketing strategies and the SAVE concept emphasizing customer-centricity and value creation

Price - Value:

Pricing in the marketing mix involves determining the value customers place on the product or service and setting a price accordingly. Similarly, in the SAVE concept, value is a crucial component, emphasizing the importance of providing value to customers through the products or services offered.

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Product is now solution in the sense SOLUTION – Over Product

Product based models were a strong suit of the early industrial era. If you offered a strong, reliable product, then you could expect your success to hinge on that product alone.

Your business success was tied intrinsically to the quality of products you produced, and it made sense to focus on producing the best product possible.

This is not the case in the modern market. Today, consumers care far more concerned with solving their problems.

This is why a solution-based approach to your business is far more effective at increasing your worth than a product focused one.

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The SAVE concept in marketing refers to Solution, Access, Value, and Education. It emphasizes the importance of addressing these four components in a marketing strategy to meet customer needs effectively

.Solution: Offering products or services that solve customers' problems or fulfill their needs.

Access: Ensuring that customers can easily find and purchase the products or services.

Value: Providing benefits that outweigh the cost for customers, demonstrating the value proposition.

Education: Informing and educating customers about the features, benefits, and uses of the products or services.

Kotler, P., & Keller, K. L. (2020). Marketing Management (15th ed.). Pearson Education.

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Every component of the marketing mix is greatly influenced by Nike's marketing strategy:

1. Product: Nike specialises in producing high-end, stylish athletic shoes, clothes, and accessories. Their branding, which appeals to a variety of sports and lifestyles, has an emphasis on performance, flair, and innovation.

2. Cost: Nike charges a premium price to match the perceived worth of its goods. Collaborations and limited edition releases frequently fetch greater costs because of their exclusivity and demand.

3. Location: Nike sells through its own retail locations, an online site, and independent retailers as part of a multi-channel distribution strategy. Additionally, they employ selective distribution to boost the desirability and brand image of exclusive products.

4. Promotion: Nike's marketing strategy mostly depends on celebrity and athlete endorsements, sponsorships, and advertising. To interact with their target audience and foster brand loyalty, they make use of social media, digital marketing, and experiential campaigns.

All things considered, Nike's marketing approach skillfully combines these components to forge a distinctive brand identity, boost sales, and keep a competitive advantage in the sportswear market.

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1. Product: Nike started with innovative athletic shoes designed for performance. Over time, they diversified into apparel and accessories, continuously innovating to meet evolving consumer demands.

2. Price: Initially, Nike positioned itself as a premium brand, focusing on quality and performance. While maintaining premium pricing for flagship products, they also offer lower-priced options to reach broader markets.

3. Place: Nike began with a direct-to-consumer approach, selling shoes out of the trunk of cars. As they grew, they expanded distribution through partnerships with retailers and their own branded stores, and later online channels.

4. Promotion: Nike's early marketing emphasized endorsements from high-profile athletes like Michael Jordan, building a brand image of performance and aspiration. Their iconic "Just Do It" slogan became synonymous with the brand's ethos.

5. People: Nike's early success was propelled by the charisma of its co-founder Phil Knight and the innovative designs of its products. They fostered a culture of innovation and collaboration, attracting top talent to drive the company forward.

6. Process: Nike revolutionized the manufacturing process with innovative designs and materials, setting industry standards for performance footwear. They also optimized supply chain processes to ensure timely delivery of products to consumers.

7. Physical evidence: Nike's early retail outlets showcased their innovative products, providing tangible evidence of their commitment to quality and performance. The iconic Nike swoosh became a symbol of athletic excellence and style.

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Nike's marketing strategy influences all elements of the marketing mix:

Product

Nike focuses on innovative products, like performance footwear and apparel, often endorsed by athletes. This creates a perception of quality and performance.

Price

Despite premium pricing, Nike maintains demand through perceived value, brand loyalty, and occasional discounts or limited editions.

Place (Distribution)

Nike utilizes various channels, from its own stores to online platforms and partnerships with retailers, ensuring wide availability and accessibility globally.

Promotion

Nike excels in promotion, leveraging celebrity endorsements, sponsorships, and emotional advertising to build brand identity, fostering a strong emotional connection with consumers.

People

Nike invests in customer service and employee training to enhance the overall consumer experience, both in-store and online.

Process

Nike continually refines its production processes to maintain quality while meeting demand efficiently, ensuring timely delivery of products.

Physical Evidence

Nike's brand presence, from its iconic swoosh logo to its flagship stores, serves as tangible evidence of its brand image and values, reinforcing its premium positioning in the market.

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. Product: Nike offers a wide range of athletic footwear, apparel, equipment, and accessories. Its product line includes running shoes, basketball sneakers, workout clothing, and sports gear for various activities.

2. Price: Nike uses a premium pricing strategy, positioning itself as a high-end brand known for quality and innovation. While it offers products at various price points, its flagship products often come with higher price tags compared to competitors.

3. Place: Nike sells its products through various channels, including its own retail stores, e-commerce platform, and authorized retailers worldwide. It also has partnerships with sports teams, athletes, and fitness centers, expanding its distribution reach.

4. Promotion: Nike is known for its powerful marketing campaigns that emphasize athleticism, inspiration, and empowerment. It utilizes a mix of traditional advertising, digital marketing, sponsorships, and celebrity endorsements to build brand awareness and connect with consumers.

5. People: Nike places a strong emphasis on its employees, who are seen as passionate athletes and brand ambassadors. It also collaborates with professional athletes and influencers to promote its products and connect with its target audience.

6. Process: Nike focuses on continuous innovation in product design, manufacturing, and distribution processes to maintain its competitive edge. It also emphasizes sustainability initiatives, such as reducing waste and carbon emissions throughout its supply chain.

7. Physical Evidence: Nike’s physical evidence includes its retail stores, which are designed to reflect the brand’s image and provide immersive shopping experiences. Additionally, the quality and performance of its products serve as tangible evidence of Nike’s commitment to excellence.

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1. Product: Nike's marketing emphasized innovation, performance, and style, creating a strong brand image and desirability for their products.

2. Price: Nike positioned itself as a premium brand, allowing them to command higher prices for their products. Their marketing campaigns and endorsements helped create a perception of value and quality.

3. Promotion: Nike's marketing campaigns are legendary, using powerful storytelling, celebrity endorsements, and sponsorships to create emotional connections with consumers. They effectively communicated their brand message and built a loyal customer base.

4. Place: Nike ensured their products were available in a variety of distribution channels, including their own retail stores, online platforms, and partnerships with other retailers. They made it convenient for customers to access their products.

5. People: Nike's marketing highlighted the stories and achievements of athletes, creating a connection between consumers and the brand. They also focused on providing excellent customer service to enhance the overall brand experience.

6. Process: Nike streamlined their processes to ensure efficient production and distribution of their products. Their marketing efforts also played a role in shaping the customer journey and creating a seamless experience.

7. Physical Evidence: Nike's marketing showcased their products through visually appealing campaigns, emphasizing the quality and design. They also created immersive retail experiences in their stores, reinforcing their brand image.

Overall, Nike's marketing strategy influenced every aspect of the marketing mix, allowing them to create a strong brand, connect with consumers, and drive sales.

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The 7Ps of marketing are product, price, place, promotion, people, process and physical evidence. Each element of the marketing mix is designed to work together to support Nike's overall business goals. For example, the high quality of their products is reflected in their pricing strategy, which helps to reinforce the premium nature of their brand.

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Nike's markrting strategy affected the marketing mix positively by transforming products into solutions, Place into Access.Price becomes value and Promotion into education,Nike has incoporated S.A.V.E into theie strategy in the digital world. In the case of People it ues endorsement from celebrities .Nike has lead the market by Innovations from boeng airplanes to schools of sports .

physical evidence special store ,

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In the 1980s, the "Cola Wars" was at its peak. Coca-Cola held its dominance as the desirable soda, but Pepsi was making an upward climb in competition. At the height of the war, Coca-Cola made what became known as one of the biggest marketing mistakes to take place.

The Pepsi Challenge, introduced in 1975, invited consumers to conduct blind taste tests between Coke and Pepsi. The tests surprisingly showed that a significant amount of people preferred Pepsi over Coke because of Pepsi's sweeter taste. In years to follow, Coca-Cola lost market share to Pepsi, causing the company to make a decision that caused an uproar of backlash.

Coca-Cola introduced "New Coke" in 1985 in hopes of giving their product the sweeter taste consumers enjoyed from Pepsi. Though this marketing campaign was meant to direct attention away from Pepsi and back to Coke, it ended up causing controversy. Coke fans were furious, which Pepsi took as an opportunity to increase their sales. The riddance of the original Coke was short-lasting, and its return was welcomed three months later under the name of "Coca-Cola Classic." The company still hoped that "New Coke" would eventually overpower the original recipe, but it never did. It continued being sold, to no advantage, until its discontinuance in 2002.

So what were the mistakes Coca-Cola made?

For one, in efforts to maintain its dominance, Coca-Cola lost sight of what its product stood for. In its earliest years and throughout its entirety, Coke represented the traditions of the older generations and symbolized friendship and unity. Pepsi, on the other hand, appealed to the younger generation and kept in movement with the fast-paced change youth encouraged. When Coca-Cola came out with "New Coke," it was a marketing strategy hoped to capture the hearts of the younger generations in the way Pepsi did. In doing this, Coca-Cola forgot their initial and most loyal consumers, which were those from the older generations.

For two, while Coca-Cola compared their new product to Pepsi, they never compared it to the original recipe. If consumers were presented with an opportunity to do a taste test between the original Coke and the "New Coke," the preferences may have been very different. Having that input would have given Coca-Cola a clearer perspective of what their consumers actually wanted.

What can we learn from Coca-Cola's marketing mistake?

1. When in competition, always keep your most loyal consumers at the forefront of the decisions you make. If you lose the hearts of those who were with you when you first started, you risk losing the very foundation of your product.

2. It is possible to reach out to newer consumers while still pleasing your loyal customers. Imagine how things might have been different if Coca-Cola introduced its new recipe without taking the original Coke off the shelves?

3. When taking risks, be prepared for all possible outcomes, good or bad. Coca-Cola never thought its new recipe would cause an uproar, but now it's a mistake learned from. Your consumers are the ones who control the success of your product.

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Why Coca-Cola's "New Coke" was one of the biggest marketing mistakes in history

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In the 1980s, the "Cola Wars" was at its peak. Coca-Cola held its dominance as the desirable soda, but Pepsi was making an upward climb in competition. At the height of the war, Coca-Cola made what became known as one of the biggest marketing mistakes to take place.

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britannica.com - information about new coke

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britannica.com - information about new coke

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New Coke, reformulated soft drink that the Coca-Cola Company introduced on April 23, 1985, to replace its flagship drink in the hope of revitalizing the brand and gaining market share in the beverage industry. The announcement sparked a furour, and within a few days the decision to discontinue the prior version of Coke was called "the biggest marketing blunder of all time."

The drink Coca-Cola (later called Coke) originated in 1886, and in the ensuing years it became part of American culture. In the 1930s William Allen White, a Pulitzer Prize-winning Kansas newspaperman, described this carbonated beverage as the "sublimated essence of all America stands for-a decent thing, honestly made," and nobody blinked when the Coke company hung out a sign for the Apollo 11 astronauts reading, "Welcome back to earth, home of Coca-Cola."

However, despite Coke's seemingly secure place in American lives, by the mid-1980s it was facing a strong challenge from Pepsi. That beverage had begun a popular ad campaign called the "Pepsi Challenge," in which the majority of participants in blind taste tests chose Pepsi over Coke. Worried Coke executives decided to reformulate their drink, creating a sweeter product. (Perhaps the most notable previous change to Coke had occurred about 1903, when cocaine was removed as an ingredient.) After much testing-in which the reformulated product scored favourably-it was launched in April 1985 and became known as New Coke, though its official name was simply Coke; "new" appeared on bottles and cans.

On the street it was considered a national disaster. New Coke ads onscreen at the Houston Astrodome were booed, and original Coke was hoarded or sold at Prohibition-style prices. In addition, New Coke was dumped publicly into the sewers in Seattle. After 77 days the previous version of Coke was brought back as "Coca-Cola Classic" on July 11, 1985. The Coca-Cola Company lost millions in research and advertising costs but gained three times as much in free advertising. Indirectly, New Coke strengthened the company's position atop the commercial "beverage tree," which conspiracy theorists say had been the plan all along. CEO Roberto Goizueta denied the charge, claiming "We are not that smart and we're not that dumb."

Perhaps the best verdict on the New Coke affair came from Pepsi-Cola USA's CEO Roger Enrico, who thought Coca-Cola had learned a valuable lesson: "I think, by the end of their nightmare, they figured out who they really are. Caretakers. They can't change the taste of their flagship brand. They can't change its imagery. All they can do is defend the heritage they nearly abandoned in 1985."

Despite its poor reception, New Coke continued to be sold for a number of years. In 1992 it was renamed Coke II. However, its market share was miniscule, and the beverage was discontinued in 2002.

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New Coke, reformulated soft drink that the Coca-Cola Company introduced on April 23, 1985, to replace its flagship drink in the hope of revitalizing the brand and gaining market share in the beverage industry. The announcement sparked a furour, and within a few days the decision to discontinue the prior version of Coke was called "the biggest marketing blunder of all time."

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They say you cannot progress without change, but that lesson doesn't necessarily apply to products - especially if you're in the beverage industry.

On 23 April 1985, Coca-Cola learned this the hard way when it committed what it admits was one of "the most memorable marketing blunders ever" when it launched a product that was met with near-instantaneous backlash.

The infamous error, which is still remembered 35 years later as a spectacular failure, was the release of "New Coke" - which saw the formula of what was and is still the most popular soda in the world changed for the first time in 99 years.

According to Coca-Cola, the launch of the product, which was pushed aside for the return of the original recipe just 79 days later, "spawned consumer angst the likes of which no business has ever seen".

However, to fully understand the scope of the mistake, the soda company insists that one must first take into context the factors that "shaped the launch decision" - mainly its ongoing competition with Pepsi.

"In 1985, The Coca-Cola Company's share lead over its chief competitor, in its flagship market, with its flagship product, had been slowly slipping for 15 consecutive years," the company explains in a section on its website dedicated to the New Coke mishap. "The cola category in general was lethargic. Consumer preference for Coca-Cola was dipping, as was consumer awareness."

Two years before the release of New Coke, Pepsi had struck a deal with Michael Jackson for a $5m partnership. In 1984, likely due to the success of Jackson's commercials, Pepsi reported $7.7bn in sales and an increase in market share, while Coca-Cola's dropped.

In an effort to revive its position in the cola market, Coca-Cola decided to make a sweeter version of its beloved soda, which, according to 200,000 consumers who conducted taste tests at the time, was actually preferable.

But, what Coke failed to realise was "the bond consumers felt with their Coca-Cola," according to the soft drink company. The overwhelming sweetness of the drink when consumed in large quantities has also been blamed for its failure.

Whether it was the sheer fact that they wanted the old flavour or that the new flavour was too sweet, the release of New Coke was met with widespread outrage across the United States.

"Calls flooded in not just to the 800-GET-COKE phone line, but to Coca-Cola offices across the United States," the company recalls. "By June 1985, The Coca-Cola Company was getting 1,500 calls a day on its consumer hotline, compared with 400 a day before the taste change.

"People seemed to hold any Coca-Cola employee - from security officers at our headquarters building to their neighbours who worked for Coke - personally responsible for the change."

When calling the company to complain proved futile, customers took their disapproval even further. One man, Gay Mullins, reportedly went as far as spending $30,000 of his own money and three weeks of his time attempting to force Coca-Cola to bring back its original recipe.

According to Mullins, the issue was not just the new taste, but that the company had done something "un-American" - taken away his "freedom of choice".

"How can they do this? They were guarding a sacred trust!" he told a reporter for at the time. "Coca-Cola has tied this drink to the very fabric of America - apple pie, baseball, the Statue of Liberty. And now they replace it with a new formula, and they tell us just to forget it.

"They have taken away my freedom of choice. It's un-American!"

Others, according to Coca-Cola, hoarded bottles of the original, with one consumer from San Antonio, Texas, purchasing $1,000 worth of Coke from a local bottler.

On 11 July 1985, once the extent of the soda brand's mistake had become evident, Coca-Cola relaunched the original recipe, rebranded as Coca-Cola Classic.

According to the beverage corporation, the news of the drink's long-awaited return "made the front page of virtually every major newspaper".

Despite the undeniable failure that was New Coke, the Coca-Cola Company prefers to view the 79-day blunder as "testimony to the power of taking intelligent risks, even when they don't quite work as intended".

"We set out to change the dynamics of sugar colas in the United States, and we did exactly that - albeit not in the way we had planned," then-chairman and chief executive officer Roberto Goizueta said in 1995 at an event honouring the 10-year anniversary of New Coke.

New Coke was eventually removed from shelves altogether in the US. However, for those curious to taste the drink that made the brand risk it all, it is possible to purchase a Stranger Things collectors pack that includes two cans of New Coke on Amazon for $39.99.

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35 years on: How 'New Coke' almost ruined Coca-Cola

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They say you cannot progress without change, but that lesson doesn't necessarily apply to products - especially if you're in the beverage industry. On 23 April 1985, Coca-Cola learned this the hard way when it committed what it admits was one of "the most memorable marketing blunders ever" when it launched a product that was met with near-instantaneous backlash.

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"A modern classic reimagined."

That's the tagline for the "new" device from phone manufacturer Nokia. If the name feels like a blast from the past, it's because Nokia has been on the periphery of the smartphone sector for quite some time.

Perhaps that's why the Finnish company went back to the drawing board for its latest line of phones, one of which sticks deliberately close to its original design: the Nokia 3310.

Iconic Appeal

Now that we've passed the ten-year mark, it feels like smartphones have been around forever.

As our recent article on the history of telecom notes, the original iPhone was launched more than a decade ago and its impact has been enormous. Try to think of something that you can't do on your mobile device and we'll show something that an app developer is working on as we speak!

Before 2007, though, there were many attempts to create a phone that the world would adopt. On a smaller scale, the Nokia 3310 can claim a significant place in the history of mobile devices and is remembered fondly by hundreds of millions who purchased it. From its compact size and robust design to the cult appeal of its signature game, Snake, the Nokia 3310 is widely regarded as a classic.
Launched in 2000, the phone represents arguably the first iconic mobile phone that was accessible to everyone. More importantly for Nokia, the 3310 established the brand as a primary player in the market.
Little surprise, then, that the company is leveraging that nostalgia by resurrecting the device as a budget entry in its new line of mobile devices.

The Power of Nostalgia Marketing

Announced at Mobile World Congress (MWC) in Barcelona, the revamped 3310 overshadowed several more modern devices released by Nokia. The higher-end phones like the Nokia 6 should be big news, as they represent the company's first outing with Android and a return of the brand to a market it once dominated.

Nonetheless, it's the retro and childlike Nokia 3310 that is pulling in all the attention, while its higher spec siblings jostle for a secondary mention.
The reason for this is actually quite simple: nostalgia is a powerful tool in any marketer's playbook.
Nostalgia is something that everyone can relate to. We all have favorite moments and periods in our lives that take us back to a certain feeling or emotion. As well as sensory reminders like distinctive sounds and smells, familiar products and brands can provide that unique hook that transports us back in time. Household names understand this feeling and use it in many different ways.

For example, Coca-Cola plays on the phenomenon every winter with an updated version of its classic Christmas delivery ads and the traditional Santa on the can. The ads and product visuals take adults back to a more innocent time, which creates a feeling of comfort and generates ongoing goodwill for the brand.

A similar strategy to Nokia's can be seen in the automotive sector, where iconic brands like Mini and Volkswagen have both introduced a modern take on their classic cars in recent years. The Mini Cooper and VW Beetle were both reimagined for a new millennium, with varying degrees of success in restoring the brand reputation of each company.

Elsewhere, we can see nostalgia marketing working particularly well with millennials. Classic games and consoles have been rebooted in recent years, from the resurrection of the NES and Sega Genesis to last summer's unexpected surge of interest in Pokemon Go.

Perhaps it's the throwback to what feels like a simpler time, before the Internet - and, ironically, mobile devices - were developed enough to keep us connected 24/7. Or perhaps it's just our selective memory, cherry-picking the best parts of an experience and recalling a rose-tinted view of the event or brand.

Whatever the underlying cause is, the outcome clearly makes nostalgia an important consideration for any marketer willing to experiment.
Think about the local places, people, and events associated with your brand. Which of them could you incorporate into a promotional campaign that puts nostalgia marketing at the core of its appeal?

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Nokia 3310 and the Power of Nostalgia Marketing

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"A modern classic reimagined." That's the tagline for the "new" device from phone manufacturer Nokia. If the name feels like a blast from the past, it's because Nokia has been on the periphery of the smartphone sector for quite some time.

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Faced with the relaunched 3310 tech savvy Millennial Daniel González says it "seems quite complicated" as he struggles with the keys.

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The re-launch of the Nokia 3310, the iconic phone from the Finnish mobile brand, has been one of the great sensations of the Mobile World Congress in Barcelona, the largest mobile show in the world, making a not-so-smart phone the star of the show.

The Nokia 3310 was first introduced in 2000 and became the most popular device of its time. It will be fondly remembered by many for its smaller size, long-lasting battery and distinctive Nokia ringtone.

Once the biggest mobile phone manufacturer, the company that has taken over the Nokia name is trying to move forward in an ever-more competitive mobile market by taking a little step back.

The relaunch of the 3310 model introduces a colour screen, a two-megapixel camera, and a promising 25-day battery life on standby. It has been designed both as a back-up phone and a souvenir for fans of 20th Century nostalgia.

But for those youngsters who never used the old Nokia, the device is not so impressive. The Millennial generation, born into a digital, connected world, has always had smartphones. They will have never known life without a touchscreen, multimedia apps and plenty of space for storing data.

Daniel González was born in Madrid in 2002, just two years after the Nokia 3310 was first released. A blogger and YouTuber since the age of 11, he visited the Mobile World Congress in Barcelona to keep up-to-date on new technologies and seized the opportunity to have a look at the classic Finnish phone. His first device was a Samsung S Mini. The Nokia 3310 was the first conventional cellphone he had ever laid his hands on.

"It is too small for me. Your fingers move instinctively to the screen, then you go to the key pad to see how you can manage with the buttons. And it seems quite complicated", he told Euronews.

For him, having to move around without a touchscreen is almost unnatural. He struggles with the buttons. "They're very small, and if you miss them you have to go back again to the menu and start all over again.

"I use my phone mainly to stay in touch with e-mails, checking my social media and it is very difficult with this one because if I haven't even managed to activate the SD card, how am I going to take pictures and upload them to Twitter?"

After two minutes interacting with the device, he was still going through the main menu. "I give up. I feel so clumsy with this phone, seriously!"

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Millennial tries a relaunched Nokia 3310... and fails

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Faced with the relaunched 3310 tech savvy Millennial Daniel González says it "seems quite complicated" as he struggles with the keys.

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Nokia was once the king of mobile devices - holding the title of best-selling cellphone brand for 14 years in the late 1990s to the early 2000s.

It has made numerous iconic phones including the 1999 Nokia 3210, one of the first phones with the popular snake game, and its successor the 2000 Nokia 3310 - dubbed today as the durable "brick phone."

But something went wrong along the way, paving the way for the dominance of Apple and Samsung in today's cellphone market. Despite numerous setbacks, including pulling out of the cellphone market altogether, Nokia has been incredibly innovative and has even made itself a leader in a completely new industry.

Nokia Started In A Completely Different Industry

Timeline of major events in Nokia's history.

The three companies that eventually merged into the Nokia Corporation originally operated in completely different industries than the mobile phones we know Nokia for today.

One of the three predecessors was a pulp mill established in 1865 near Tampere, Finland - producing fiber boards that would later be manufactured into paper. A few years later, the company set up another pulp mill in the nearby town of Nokia, Finland, where it got its name.

Another predecessor was a rubber business that produced car tires and rubber shoes that also used the same Nokia name. The third predecessor was a Finnish company involved in telephone and telegraph communications.

The three main predecessor companies merged and formed the modern-day Nokia Corporation in 1967. The corporation produced a variety of products including televisions, nuclear powerplant equipment, computers, and more.

In 1987, it entered the cellphone business as it launched one of the first handheld mobile phones in the world, the Nokia-Mobira Cityman. It weighed 800 grams, a significant drop in weight from the 5-kilogram mobile phones that were available at the time.

The 1990s was a pivotal time for the company as it made the decision to solely focus on its telecommunications business - selling off its other business units over the decade. This shift in focus eventually paid off for Nokia as it cemented itself as one of the most successful cellphone brands in the late 1990s and early 2000s.

Nokia's Great Success As A Market Leader Then Great Failure 14-Years Later

Photo by Stas Knop

Its innovative approach to cellphones drove Nokia's success. The company was able to identify market demand for cheaper cellphones. At a time when cellphones were commonly priced at more than $1000, the 1997 Nokia 6610 cost $900 or $200 when purchased with a cell service contract.

By 1998, Nokia was selling over 41 million cellphones annually, overtaking Motorola as the best-selling cellphone brand.

And as of 2023, it made 4 of the top 10 best-selling phones of all time. The number one best-selling phone of all time is the Nokia 1110 and the related 1100 model, of which Nokia collectively sold nearly 500 million units.

Statista data reveals that the company's net sales grew exponentially during the height of its popularity in the 1990s and early 2000s. From 19.77 billion euros in 1999, Nokia's net sales more than doubled to 51.06 billion euros in 2007.

Nokia's Downfall

Photo by Phong Thanh

But Nokia's affordable and durable cellphones eventually spelled the downfall of the Finnish cellphone giant.

Despite its success in the 2000s, competitors like Apple and Samsung began to outmaneuver and out-innovate Nokia at their own mobile phone game. Competitors began making a dent in Nokia's net sales in 2008, as they released more innovative and desirable smartphone options such as the Apple iPhone and the Samsung Galaxy.

Nokia's net sales went on a more-or-less steady decline until it hit a low of 12.71 billion euros in 2013. It sold its mobile devices division to Microsoft in 2013 after years of abysmal sales.

Multiple factors led to the failure of its mobile phone business including a slow adoption of smartphone trends, focus on affordable 'dumbphones,' and possible complacency as the longtime market leader.

For example, it failed to recognize the rising importance of software for consumers and it also failed to adapt to this change. Apple correctly recognized this trend when it introduced its iPhone in 2007 and pioneered downloadable apps in the late 2000s - a time when Nokia was still deadset on improving its phones' hardware.

A Nokia executive commented that the company failed to adapt to the smartphone revolution - a trend the company saw as early as 2006. Samsung overtook Nokia as the world's biggest mobile phone manufacturer in 2012. The Finnish phone manufacturer held this title for 14 years.

Nokia also stuck with its Symbian operating system for years even though many of its competitors, save for Apple, started adopting the now-popular Android operating system. Over 80% of smartphones sold in 2021 used the Android OS.

This story goes to show that no matter your leading position in your industry, you're not immune to failure and disruption. However, Nokia's story doesn't end here.

Nokia's Come Back

Photo by Miguel Á. Padriñán

After selling its mobile devices division, Nokia's net sales never recovered to their highs in the late 2000s.

One of the most important lessons any business has to learn is that its core business today may not be its core business tomorrow. The problem is identifying what's coming next.

Through strategic foresight, Nokia explored opportunities to innovate and new avenues of growth. The Finnish tech giant envisioned a hyperconnected future that uses advanced telecommunication networks powered by 5G-advanced and 6G. Nokia believes these networks will be widely used for a variety of purposes that augment the work we do every day.

Thus, Nokia successfully innovated its business model and pivoted its business into the networking services and telecommunications industry. From B2C, they became B2B in the years after they sold their mobile devices business.

It is important to note that it is not new in the telecommunications industry. In fact, Nokia has deep industry experience in electronics, networking, and telecommunications.

Some of Nokia's modern-day subsidiaries, like Nokia Bell Labs, were influential in the early development of telecommunications, networking, and electronics. The research of these subsidiaries powered the development of the first telephones, electrical sound recording, televisions, solar panels, lasers, and more.

Today, Nokia's main business revolves around network and internet solutions - ranging from the Internet of Things to data centers to mobile networks. They provide the hardware, software, and support that enable these systems and infrastructures to function for businesses and countries around the world.

What's your company's next core business?

Nokia isn't alone in the predicament it faced - your business model or products could easily expire overnight. Numerous other companies like Hapee Toothpaste, Samsung, and Kering also had to quickly shift their core business into a completely new product or even industry.

This is why it is important to look toward the future and into new avenues of growth for your business. One way to do this is through venture building.

Embiggen Digital Ventures is the Embiggen Group's venture building arm. It co-creates new ventures with corporations worldwide, backed by our team of innovation experts and venture capital leaders.

Typically, newly built ventures create new revenue streams for an organization while operating independently of the core business. These ventures also allow corporations to access untapped markets, cater to consumers' unsolved problems, and diversify their offerings.

Learn more about the work Embiggen does here.

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The Reinvention Of Nokia: How It Failed At, Then Mastered Innovation

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But something went wrong along Nokia's history, paving the way for the dominance of Apple and Samsung in today's cellphone market.

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The Nokia 3310, one of the world's most famous phones, will be re-launched this month in a revamped version!

Reports that a Finnish manufacturer will reissue 'the world's best-selling mobile phone' have been met with joy and trepidation. Nokia could bring back one of its most beloved handsets over 16 years after it was first launched, according to a new report.

The Nokia 3310, released in 2000, sold 126 million units worldwide, making it the world's best-selling mobile phone.

It achieved cult status due to its impressively long battery life, durability, and the addictive game Snake II.

Now HMD Global, the Finnish company with exclusive rights to market the Nokia brand, is reportedly planning to release a revamped version of the classic phone.

According to reports, the phone will initially be available only to European and North American consumers and will cost €59, significantly less than its original price in 2000 of £129.

News of the possible release has been met with a mixed response, with many expressing excitement over the return of a "beloved friend":

If Nokia 3310 is coming back i will be the first one to buy it 😌 #Memories #Nokia3310

- Furijanac (@Gannicus93) February 14, 2017

Nostalgia is a dish best served in the past. Leave the #Nokia3310 where it should be, don't sully the memory unnecessarily.

- Lord Flashheart (@flashheart_lord) February 14, 2017

Only three things survive a nuclear holocaust. Cockroaches, Keith Vaz's political career and the Nokia 3310.

- no1whisky (@no1whisky) February 15, 2017

It's coming back! #Nokia3310 #ohmygad #bestsecondphoneever #takemymoney
More info should be out after #mwc17
➡️ https://t.co/siQ9LthFK3 ⬅️ pic.twitter.com/TfRhzzqlxw

- Emilie Reynaud 🤖 (@EmReynaud) February 14, 2017

Does the idea of a phone that simply makes calls and sends messages appeal to you? Share your thoughts in the comments section below.

Sources: Mirror and The Guardian

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The legendary Nokia 3310 is reportedly set to be re-launched soon!

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The Nokia 3310, one of the world's most famous phones, will be re-launched this month in a revamped version! Reports that a Finnish manufacturer will reissue 'the world's best-selling mobile ...

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Market research can be categorized into several types, including:

1. Primary Research: Involves collecting data firsthand, such as surveys, interviews, focus groups, and observations.

2. Secondary Research: Involves analyzing existing data, such as reports, articles, and statistics, to gain insights.

3. Qualitative Research: Focuses on understanding attitudes, behaviors, and motivations through methods like interviews and focus groups.

4. Quantitative Research: Involves measuring and analyzing numerical data to quantify opinions or behaviors through surveys, polls, and experiments.

5. Exploratory Research: Aims to explore a topic when little is known or understood about it, often using qualitative methods.

6. Descriptive Research: Seeks to describe characteristics of a population or phenomenon, typically using quantitative methods.

7. Causal Research: Investigates cause-and-effect relationships between variables, often through experiments to determine the impact of certain factors.

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Marek

There are several types of market research, such as surveys, interviews, focus groups, and observations.

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What are the different types of market research?

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What are the different types of market research?

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Types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers. Qualitative research gives insights into how customers feel and think. Katarzyna Biernacka

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Market research can be categorized into various types based on the purpose, methodology, and scope. Here are some common types:

1. Descriptive Research: This type focuses on describing the characteristics of a population or phenomenon. It’s often used to gather preliminary information.

2. Exploratory Research: It aims to explore a topic, idea, or problem more deeply to gain insights and understanding. It’s particularly useful in situations where little is known or understood about the subject.

3. Causal Research: This type seeks to establish a cause-and-effect relationship between variables. It’s used to determine how changes in one variable affect another.

4. Qualitative Research: It involves gathering non-numerical data, such as opinions, attitudes, and motivations, through methods like interviews, focus groups, or observation.

5. Quantitative Research: This type focuses on gathering numerical data that can be analyzed statistically. Surveys, questionnaires, and experiments are common quantitative research methods.

6. Primary Research: It involves collecting data directly from the source, through methods like surveys, interviews, or experiments.

7. Secondary Research: It involves analyzing existing data sources, such as market reports, government publications, or academic studies.

8. Online Research: With the rise of the internet, this type involves gathering data through online surveys, social media monitoring, website analytics, etc.

9. Field Research: It involves conducting research in the field, such as observing consumer behavior in retail stores or conducting interviews at trade shows.

10. Market Segmentation Research: This type involves dividing a market into distinct groups based on characteristics such as demographics, behavior, or needs.

These are just some of the many types of market research methods available, each with its own strengths and weaknesses depending on the research objectives and context.

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Market research can be categorized into several types, including:

1. Primary Research: Involves collecting data firsthand, such as surveys, interviews, focus groups, and observations.

2. Secondary Research: Involves analyzing existing data, such as reports, articles, and statistics, to gain insights.

3. Qualitative Research: Focuses on understanding attitudes, behaviors, and motivations through methods like interviews and focus groups.

4. Quantitative Research: Involves measuring and analyzing numerical data to quantify opinions or behaviors through surveys, polls, and experiments.

5. Exploratory Research: Aims to explore a topic when little is known or understood about it, often using qualitative methods.

6. Descriptive Research: Seeks to describe characteristics of a population or phenomenon, typically using quantitative methods.

7. Causal Research: Investigates cause-and-effect relationships between variables, often through experiments to determine the impact of certain factors.

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There exist multiple classifications for market research, such as: 1. Primary Research: In this type of study, information is gathered straight from the source through focus groups, questionnaires, interviews, and observation. The second type of study is called secondary research. This type of research entails obtaining data from pre-existing sources, like academic papers, industry reports, articles, and databases. 3. Qualitative study: Methods such as focus groups, interviews, and observation are used in this kind of study to better understand attitudes, motives, and behaviours. Gathering numerical data to examine trends, patterns, and statistical relationships is the fourth method of 4.Quantitative Research. Typical methods include surveys and experiments. 5. Exploratory Research : Usually conducted at the start of a project to gather information and create hypotheses, exploratory research is used to investigate an issue or scenario. 6. Descriptive Research : description research seeks to characterise traits

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Two primary categories can be used to broadly classify market research:

1. Primary Research: In this type of study, information is gathered straight from the source. It may use techniques like as focus groups, observations, interviews, and surveys. Primary research is customised to individual study aims and offers direct perspectives.

2. Secondary Research: In this type of research, data that has already been gathered by others is analysed. It draws on a variety of sources, including government databases, published papers, journals, and industry studies. Although secondary research is less expensive and offers more comprehensive insights, it might not always be suited to the particular requirements of the study.

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Understanding your market is crucial for business success, and that's where market research comes in. It helps you gather information about your target audience, competitors, and industry trends. Here's a breakdown of the two main approaches:

1. Primary Research: Fresh Insights from the Source

This is like getting intel straight from the field. You collect new data directly from your target customers:

Surveys: Online questionnaires or polls reach a broad audience, giving you quantitative data like demographics and preferences.

Interviews: Deeper dives with individuals provide qualitative data, revealing motivations and underlying thoughts.

Focus Groups: Bringing together a small group fosters discussions, uncovering shared opinions and group dynamics.

Usability Testing: Observing how people interact with your product exposes usability issues you can fix.

2. Secondary Research: Standing on the Shoulders of Giants

This leverages existing data collected by others, offering a cost-effective way to gain insights:

Government Reports: Packed with demographic and industry trend data, these are a treasure trove of information.

Industry Publications: Reports and forecasts from industry associations and research firms offer valuable market perspectives.

News Articles: Stay up-to-date on current events and trends that could impact your target market.

Company Websites: Learn about competitors' products, services, and target audiences from their own sites.

Beyond the Basics: Qualitative vs. Quantitative

Market research can also be categorized by the type of data it gathers:

Qualitative Research: Focuses on non-numerical data like opinions, feelings, and experiences. It helps understand the "why" behind customer behavior.

Quantitative Research: Deals with numerical data like statistics and percentages. It helps measure the size and characteristics of your target market.

By combining primary and secondary research, along with qualitative and quantitative approaches, you paint a complete picture of your market. This empowers you to make informed decisions for a thriving business.

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Types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers. Qualitative research gives insights into how customers feel and think.

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Market research can be categorized into various types based on the purpose, methodology, and scope. Here are some common types:

1. Descriptive Research: This type focuses on describing the characteristics of a population or phenomenon. It’s often used to gather preliminary information.

2. Exploratory Research: It aims to explore a topic, idea, or problem more deeply to gain insights and understanding. It’s particularly useful in situations where little is known or understood about the subject.

3. Causal Research: This type seeks to establish a cause-and-effect relationship between variables. It’s used to determine how changes in one variable affect another.

4. Qualitative Research: It involves gathering non-numerical data, such as opinions, attitudes, and motivations, through methods like interviews, focus groups, or observation.

5. Quantitative Research: This type focuses on gathering numerical data that can be analyzed statistically. Surveys, questionnaires, and experiments are common quantitative research methods.

6. Primary Research: It involves collecting data directly from the source, through methods like surveys, interviews, or experiments.

7. Secondary Research: It involves analyzing existing data sources, such as market reports, government publications, or academic studies.

8. Online Research: With the rise of the internet, this type involves gathering data through online surveys, social media monitoring, website analytics, etc.

9. Field Research: It involves conducting research in the field, such as observing consumer behavior in retail stores or conducting interviews at trade shows.

10. Market Segmentation Research: This type involves dividing a market into distinct groups based on characteristics such as demographics, behavior, or needs.

These are just some of the many types of market research methods available, each with its own strengths and weaknesses depending on the research objectives and context.

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Market research types:

1. Primary

2. Secondary

3. Qualitative

4. Quantitative

5. Branding

6. Customer

7. Competitor

8. Product

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There are 8 types of market research

Primary research

Secondary research

Qualitative research

Quantitative research

Branding research

Customer research

Competitor research

Product research

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In the business context, market research can encompass various types tailored to specific needs, including:

1. Market Segmentation Research: Identifying and categorizing consumer groups with similar characteristics, behaviors, or needs.

2. Product Research: Assessing customer preferences, demand, and satisfaction with existing products or services, as well as testing new product concepts.

3. Brand Research: Understanding perceptions, attitudes, and associations consumers have with a brand to guide brand development and positioning strategies.

4. Pricing Research: Evaluating consumers' willingness to pay for products or services and determining optimal pricing strategies.

5. Distribution Channel Research: Investigating the effectiveness and efficiency of different distribution channels and identifying opportunities for improvement.

6. Advertising and Promotion Research: Assessing the impact and effectiveness of advertising campaigns, promotions, and marketing messages on consumer behavior.

7. Customer Satisfaction and Loyalty Research: Measuring customer satisfaction levels, identifying areas for improvement, and understanding factors influencing customer loyalty.

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The 8 types of market research:

Primary research. ...

Secondary research. ...

Qualitative research. ...

Quantitative research. ...

Branding research. ...

Customer research. ...

Competitor research. ...

Product research.

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Market research can be categorized into various types depending on factors like its purpose, method, and scope. Common types include primary research (direct data collection), secondary research (using existing sources), qualitative research (exploring attitudes), quantitative research (collecting numerical data), exploratory research (gaining insights), descriptive research (providing snapshots), causal research (understanding cause-and-effect), cross-sectional research (one-time data collection), longitudinal research (tracking changes over time), and behavioral research (studying consumer behavior). The choice of research type depends on the specific goals and resources available for the project.

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Companies conduct market research before introducing new products to determine their appeal to potential customers.

Tools include focus groups, telephone interviews, and questionnaires.

The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.

Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.

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While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you're willing to spend will determine which techniques you choose for your business.

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Different types of market research are

Primary research the process of gathering data directly from original sources.(Oxford Dic).involves interview survey, observations.

Secondary research also known as Desk research a method that involves compiling existing data source from variety of channels.

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Understanding your market is crucial for business success, and that's where market research comes in. It helps you gather information about your target audience, competitors, and industry trends. Here's a breakdown of the two main approaches:

1. Primary Research: Fresh Insights from the Source

This is like getting intel straight from the field. You collect new data directly from your target customers:

Surveys: Online questionnaires or polls reach a broad audience, giving you quantitative data like demographics and preferences.

Interviews: Deeper dives with individuals provide qualitative data, revealing motivations and underlying thoughts.

Focus Groups: Bringing together a small group fosters discussions, uncovering shared opinions and group dynamics.

Usability Testing: Observing how people interact with your product exposes usability issues you can fix.

2. Secondary Research: Standing on the Shoulders of Giants

This leverages existing data collected by others, offering a cost-effective way to gain insights:

Government Reports: Packed with demographic and industry trend data, these are a treasure trove of information.

Industry Publications: Reports and forecasts from industry associations and research firms offer valuable market perspectives.

News Articles: Stay up-to-date on current events and trends that could impact your target market.

Company Websites: Learn about competitors' products, services, and target audiences from their own sites.

Beyond the Basics: Qualitative vs. Quantitative

Market research can also be categorized by the type of data it gathers:

Qualitative Research: Focuses on non-numerical data like opinions, feelings, and experiences. It helps understand the "why" behind customer behavior.

Quantitative Research: Deals with numerical data like statistics and percentages. It helps measure the size and characteristics of your target market.

By combining primary and secondary research, along with qualitative and quantitative approaches, you paint a complete picture of your market. This empowers you to make informed decisions for a thriving business.

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Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.

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Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.

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MAREK

Internal sources for market research refer to data and information that is already available within the organization. These sources can provide valuable insights into the market, customers, and competitors. Some examples of internal sources include:

1. Sales Data: Analyzing sales records can provide information on customer preferences, buying patterns, and trends.

2. Customer Feedback: Reviewing customer feedback, such as surveys, reviews, and complaints, can help identify areas for improvement and understand customer satisfaction levels.

3. Website Analytics: Examining website traffic, user behavior, and conversion rates can provide insights into customer engagement and preferences.

4. Social Media Insights: Monitoring social media platforms can offer valuable information about customer opinions, preferences, and trends.

5. CRM (Customer Relationship Management) Data: CRM systems store customer information, purchase history, and interactions, which can be analyzed to understand customer behavior and preferences.

6. Employee Feedback: Gathering insights from employees who interact with customers can provide valuable firsthand information about customer needs and preferences.

By leveraging internal sources, organizations can gain a deeper understanding of their market and make data-driven decisions. Let me know if you'd like more information or have any other questions!

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Internal research could include financial or marketing information, such as how many people previously responded to an advert sent out by the business. External research could include information from internet research, market reports and government reports.

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Internal research could include financial or marketing information, such as how many people previously responded to an advert sent out by the business. External research could include information from internet research, market reports and government reports.

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Internal sources for market research typically include data and information that a company already possesses within its own organization. Some main types of internal sources for market research include:

1. Sales Data: Information about past sales performance, including revenue, units sold, customer demographics, and geographic distribution.

2. Customer Databases: Databases containing details about existing customers, such as contact information, purchase history, preferences, and feedback.

3. Financial Reports: Reports detailing the company's financial performance, profitability, expenses, and investments.

4. Customer Service Records: Records of interactions with customers, including inquiries, complaints, and resolutions, which can provide insights into customer satisfaction and areas for improvement.

5. Internal Reports and Documents: Internal reports, memos, presentations, and other documents that contain relevant information about the company's operations, marketing strategies, and performance.

6. Employee Feedback: Feedback from employees who interact directly with customers or have insights into market trends, customer preferences, and competitor activities.

7. Product Data: Information about the company's products or services, including features, pricing, promotions, and customer feedback.

By utilizing these internal sources, companies can gather valuable insights to inform their market research efforts and make data-driven decisions.

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Internal research may encompass financial or marketing data, like the response rate to past advertisements. External research involves gathering information from sources such as online research, market analyses, and government reports.”

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Sales Data: Monthly sales reports, quarterly revenue summaries, and historical sales trends by product or region.

Customer Databases: Customer profiles containing demographics, purchase history, contact information, and feedback from surveys or customer service interactions.

Financial Records: Income statements, balance sheets, cash flow statements, and financial ratios indicating profitability, liquidity, and solvency.

Inventory Records: Inventory turnover reports, stock level summaries, and records of product movement.

Marketing Campaign Results: Campaign performance metrics such as click-through rates, conversion rates, social media engagement statistics, and email campaign analytics.

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Market research uses internal sources like sales data, customer databases, financial records, inventory records, customer feedback, website analytics, social media insights, internal reports, CRM systems, and email lists to gather insights into market trends, customer behavior, and marketing performance. These sources provide valuable insights into customer behavior, marketing efforts, and customer behavior, enhancing the overall understanding of the market.

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Salesman report

Accounting information such as Trading Profit and loss and balance ledger.

Newsletter of company

example feedback from customer support or sales professionals.

Easily available and no financial burden to gather such information.

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Internal data refers to the data that can be gathered from the researcher's organisation.

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Internal or secondary sources, or sources used internally for market research, generally consist of:

1. Sales Data: Sales data from the past and present shed light on consumer preferences, market trends, and product performance.

2. Customer databases: Data on current clients, including demographics, purchasing patterns, and reviews, are useful for identifying target markets and optimising marketing tactics.

3. Financial Reports: Examining financial accounts provides information on a company's profitability, market performance, and financial standing in relation to its rivals.

4. Consumer Service Records: Information gleaned from complaints, feedback, and enquiries from customers is used to understand consumer wants and preferences and to pinpoint areas that need improvement.

5. Website Analytics: Data on user activity, conversion rates, and website traffic can give important insights into online market trends and consumer involvement.

6. Inventory and Supply Chain Data: Data on production costs, supply chain efficiency, and inventory levels are useful for demand forecasts and operational optimisation.

7. Internal Research Reports: The company's past assessments, internal polls, and market research studies offer insightful information about consumer behaviour and market dynamics.

8. Employee Feedback: Views on market trends, customer preferences, and the competitive environment can be gained from employees who work in different departments or contact with customers.

These internal sources provide plenty of information that can help direct marketing initiatives and strategic decision-making.

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Secondary sources offer an analysis, interpretation or a restatement of primary sources and are considered to be persuasive. They often involve generalisation, synthesis, interpretation, commentary or evaluation in an attempt to convince the reader of the creator's argument. They often attempt to describe or explain primary sources.

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There are two types of secondary research sources internal and external. Internal data refers to in house data that can be gathered from the researchers organization. External data refers to data published outside of and not owned by researchers organization.

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EPOS stands for Electronic Point of Sale. It's a system used in retail and hospitality businesses to process transactions, manage inventory, and track sales. EPOS systems typically include hardware like barcode scanners, cash registers, and card readers, along with software that helps with tasks like managing stock levels, generating sales reports, and analyzing customer data. Businesses use EPOS to streamline their operations, improve accuracy, and provide better customer service.

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The 3 Types of Salespeople

I do sales coaching. ...

Aggressive sellers get what they want by taking advantage of buyers. ...

Assertive sellers get what they want by not taking advantage of buyers. ...

Finally, passive sellers don't get what they want. ...

“If you like what you've heard from me so far, then I suggest we do a test case.”

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In research, website monitoring refers to the methodical observation and tracking of alterations, updates, or activity on websites associated with a certain study question or topic. It usually entails gathering data from websites over time using either manual or automated means.

Website monitoring is used by researchers for a number of reasons, such as:

1. Content analysis is keeping an eye on alterations made to websites in order to research changes in messaging, information sharing, or organisational priorities.

2. Trend Analysis: Monitoring websites like forums, social media platforms, or news websites in order to identify trends or patterns in online debates, user participation, or public mood.

3. Competitor Analysis: Researching rival websites for information on their product lines, advertising tactics, and market positions.

4. Policy monitoring: keeping an eye out for updates or announcements on pertinent websites to keep track of modifications to governmental or organisational policy.

5. Data collection: Compiling information for scholarly studies, such as user behaviour, usability of websites, or online communities.

All things considered, website monitoring gives academics insightful information on trends, changes, and behaviour that they may use to inform their analysis and research findings.