Marketing Theory

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1. The interpretive turn in marketing is a new paradigm in marketing research. According to this paradigm marketing action can only be interpreted by contextualizing in the cultural concepts, rules, conventions, and beliefs that give meaning to that action. The main features are that marketing research studies cultural conventions, social practices, regulations, or discursive systems. The main characteristics of the interpretive turn in marketing are that it must capture the specific, individual and collective meanings that these phenomena have among social actors that are studied. It has influenced marketing studies and practices by keeping up with and anticipating continuous change that is taking place in the marketing environment. One example is that ethnography is being fruitfully employed in the context of strategic market development, and branding. The interpretive paradigm contrasts with the marketing science paradigm because interpretive paradigm is a data driven approach which enables marketing practitioners to keep up with and anticipate continuous change that is taking place in the market environment. In contrast the marketing science paradigm is a prescriptive paradigm. The research done according to the marketing science paradigm prescribes marketing strategies, product development, and pricing strategies. The marketing science paradigm relies on models of consumer decision making. The interpretive paradigm broadens the focus of analysis to social psychology and sociology of groups and communities (1). The interpretive paradigm helps marketers get strategic insights into particular cultural and social categories, distinctions, and relationships through which the consumer makes sense. The marketing science paradigm instead focused on the analysis of psychology of individual buyers.
2. The marketing mix is a set of tools in the hands of the marker that helps him achieve the marketing objectives. The traditional marketing mix was product, price, place, and promotion. Several other Ps have been proposed. For example, after the introduction of digital marketing the Ps proposed are ...