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Important models marketing students must know

Jan 11th 2019 at 6:44 AM

Marketing is the highly popular subject among students because of its popularity and opportunities offered by it. Marketing is a term that is applicable in case of almost all types of organisation. It is important for every business to market their offerings in order to get positive response from the end consumer. Because of the availability of significant opportunities in marketing, it is the preferred choice of subject among students. As a part of taking proficiency in marketing subject, it is important that a student should be well aware of basic marketing models so that they can be applied positively in leading an organisation to success. Some important marketing models that are applicable in marketing assignment help in Australia are discussed as follows:

BCG Matrix: BCG matrix is an important marketing model that is utilised by businesses for long-term strategic planning. This particular model is highly useful to analyse the growth opportunities available with it by way of critically reviewing the products and services that are included within its portfolio. This model is beneficial in the sense that it provides useful information to the marketer in respect to the product and services. It tells about the product or services where the investment needs to be made and also indicates the product that needs to be discontinued. With this model, a marketer can therefore make useful decision with respect to the product and services offerings and lead the organisation towards success.

Porter Five Forces: Porter five forces model is another important tool that is useful for a marketer to analyse the industry environment and take better decisions that could lead the firm to success. It is important for an organisation to know the external environment in which it is performing. By having a good knowledge of external environment, it can be possible for the marketers to make appropriate decision that could lead the organisation to success. For example, this tool indicates about the bargaining power of buyers and sellers, and it therefore allows the marketer to take decision about with offering based on the buyer and supplier power applicable in the industry.

PESTEL Analysis: Pestel analysis is also an indication about external environment performance faced by a business. The important part of this analytical tool is that it provide information about different external environment factors that could directly impact the performance of the organisation. It tells about the political, economical, social, technological and legal factors that have a direct level of implication on organisations performance. It is therefore important to have a good knowledge of how to apply PESTEL analysis in analysing an industry's environment.

These are few basic and important marketing tools that should be known by a marketing student. They could possibly help in completing marketing assignment to them and also positively support in their professional career while they manage the performance of an organisation. By applying these tools, they can make better performance related decision for the organisation and help it in achieving success.

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