1MARKETING MANAGEMENT Executive Summary This is a marketing report forP-Cubed’s free multi-platform app, which won the “Next Tech Girl Superhero” in 2018. The app is primarily intended to help the users to reduce the amount of plastic pollution caused by them by offering them options for better quality recyclable plastic products rather than the non-recyclable ones that they had been used to buying. The report begins by offering an overview of the app, the key features or the aspects of the same and the manner in which it is likely to help the customers or the users of the app. Next, a situational analysis, comprising of a description of the market, target market, customer demographics, SWOT analysis and PESTLE analysis had been conducted. The result of the situational analysis clearly reveals the fact that the external business environment of Australia is a congenial one for the app under discussion here. The report next outlines three marketing and three financial objectives that the developers of the app can utilize in the beginning phase of their business. Furthermore, for the effective achievement of this, product, price, place and communication actions that the business can utilize have been recommended. Finally, the report concludes by suggesting that for the effective measurement of the extent to which they are being to achieve the marketing and financial objectives outlined by them for the app, the matrix of Strategic Plan Development can be used.
2MARKETING MANAGEMENT Table of Contents Introduction................................................................................................................................3 Overview ofP-Cubed’s App......................................................................................................3 Situational Analysis...................................................................................................................4 Market Summary....................................................................................................................4 Target Market.........................................................................................................................4 Market Demography..............................................................................................................4 Market Segments....................................................................................................................5 PESTLE Analysis...................................................................................................................6 SWOT Analysis.....................................................................................................................7 Competitor Analysis...............................................................................................................8 Marketing Strategy.....................................................................................................................8 Mission Statement..................................................................................................................8 Marketing Objective...............................................................................................................8 Financial Objective................................................................................................................9 Target Market.........................................................................................................................9 Positioning..............................................................................................................................9 Marketing Tactics.....................................................................................................................10 Product Actions....................................................................................................................10 Pricing Actions.....................................................................................................................10 Distribution Actions.............................................................................................................10 Justification of the selection of the target market................................................................10 Communication Actions.......................................................................................................10 Further Research..................................................................................................................11 Controls....................................................................................................................................11 Conclusion................................................................................................................................11 References................................................................................................................................12
3MARKETING MANAGEMENT Introduction As opined byCharter (2017),the process of globalization or internationalization and also the extensive usage of different kinds of innovative technologies have drastically changed the nature of the world business world in the contemporary times.Baker and Saren (2016)are of the viewpoint that in addition to greatly enhancing the business prospects of different contemporary organizations these processes have at the same time greatly increased the amount of competition faced by the diverse business enterprises. The net result of this is that the contemporary business enterprises are increasingly resorting to the usage of different kinds of strategies for the effective mitigation of the fierce competition faced by them in the business market (Burns & Dewhurst, 2016). More importantly, one of the most important measures used by the different business enterprises is the use of marketing as well as promotional means for the products or services offered by them to the customers or the consumers. In this regard, it needs to be said that the construct of marketing or promotion not only enables the organizations to effective promote but at the same time market the products or services offered by them to the consumers (Morschett, Schramm-Klein & Zentes, 2015). Furthermore, the construct of promotion or marketing also helps the organizations to cascade the relevant information regarding the products or services offered by them to the customers so as to enhance the sale of the same. According toJenkins and Williamson (2015),the success or the failure of an organization depends greatly on the kind of marketing or promotion strategies that the concerned organization is following for the promotion or marketing of the products or services offered by it. However, at the same time it needs to be said that the marketing objectives or the tactics that an organization is utilizing should be in synchronicity with the requirements of the external business environment in which the concerned organization is operational (Hair Jr et al., 2015). More importantly, the organizations also need to take into effective consideration the demands or the requirements of the customers and target the right kind of customer base for the products or services that they are offering to the customers. This is a marketing report forP-Cubed’s free multi-platform app,which is intended to help the users to reduce the amount of plastic waste and thereby reduce the amount of pollution. Overview ofP-Cubed’s App Lewis et al. (2017)are of the viewpoint that the problem of pollution is one of the major wicked problems that the world is currently facing and the long term survival of the world depends greatly on the extent to which the people are being able to resolve this wicked problem. P-Cubed’s free multi-platform app, which was the winner of “Next Tech Girl Superhero” award for the best app in Australia in 2018, is an app which aspires to do the same. In this regard, it needs to be said that the app tries to create awareness among its users regarding the amount of plastic waste that they are generating. More importantly, the app is also likely to help the users to make better decisions regarding the choice of the products that they purchasing. Furthermore, the app offers effective as well as adequate information to the users regarding the nature of plastic which is being used for the manufacture of a particular product, namely, recyclable or non-recyclable material and thereby helps in the reduction of problem of plastic pollution. This is important because of the fact that non-recyclable plastic is one of the major contributors towards environmental pollution. Moreover, the app had been designed taking into effective consideration the young Queenslanders who are the major customer base of the app. In addition to this, the app is likely to not only help the problem of
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4MARKETING MANAGEMENT plastic pollution but at the same mitigate the threat posed by the 8 trillion plastic wastes which is polluting the water bodies of the world currently. Situational Analysis AsopinedbySmith(2016),situationalanalysisisimportantforthevarious organizationsbecauseofthefactthatitrevealsinsightfulinformationregardingthe opportunities which galore them and also the threats that they face. The net result of this is that the different organizations before formulating marketing objectives as well as targets take into effective consideration the results of situational analysis of their organization or the products or services offered by them to the customers (Lindgreen & Di Benedetto, 2017). Market Summary According toSchaltegger, Burritt and Petersen (2017),the market of plastic waste conservation is a nascent one and there are very few organizations in Australia or for that matter in the world itself which offer help to the customers regarding the amount of plastic waste that they generate. In this regard, it needs to be said that although the national government of the nation under discussion here has given the mandate that the organizations and also the people need to reduce the amount of plastic or other kinds of wastes generated by them yet there are very few organizations which offer help to the organizations or the people regarding the same (Tullo, 2018). The only notable organizations in Australia which offers help to the peopleand the other organizationsregardingthe same are Plastic Collective, TerraCycle and others which had been operational for less than 5 years (Fraser, 2017). More importantly, neither Plastic Collective nor other organizations offers online app based help to the people or the organizations (Lodhia, Martin & Rice, 2017). Thus, it can be said that if the app under discussion here takes the help of effective marketing and promotional strategies then it would be able to gain a significant amount of success in the nation of Australia. Target Market The primary target market of the app under discussion here is the young people of Queensland who are technologically savvy and also want to make a difference by reducing the amount of plastic waste generated by them. Furthermore, the app is focusing this target customer base because of the fact that the people belonging to this group are the ones who conducts various kinds of market surveys before opting for any particular product or services (Worm et al., 2017). Thus, it is likely that through the usage of this they would be able to make the right kind of choices regarding the purchase of products which are made from recyclable plastic materials that can be recycled and thereby the limited amount of damage is caused to the environment. More importantly, taking the help of the “Rational model of customer buying behavior” the developers of the app believe in the fact that the customers are rational creatures (Homburg, Jozić & Kuehnl, 2017). The customers thus opt for the kind of products or services which are mostly in synchronicity with the rational section of their brain and also appeal to their logic (Wright, Wright & Kooli, 2016). In this regard, in needs to be said that the developers of the app believe that there is an inherent desire among the present generation of people that they want to save the planet in which they are dwelling. These in short are some of the main reasons why the developers of the app under discussion here have selected this target market. Market Demography The app will focus on the residents of the region of Queensland because of the fact that in the recent times this particular region of Australia has emerged as one of the major
5MARKETING MANAGEMENT consumers of plastic materials. More importantly, in the recent times it is seen that the people of this region realising the danger which is being caused by the excessive plastic waste that they are generating are taking various kinds of initiatives for the reduction of the damage that they are causing to the environment (Tullo, 2018). The net result of this is that the app will focus people belonging to the younger generation of people since they are the ones who in the recent times have shown the maximum amount of initiative to save the planet and thereby do the needful. Thus, it can be said that it is this behaviour of the customers or the younger generation of people that the developers of the app under discussion here intend to use. Market Segments The below given table indicates the market segments on which the app will focus on for the use of the app under discussion here- People who want to save the planet People who want to save money and thus opt for the materials made of recyclable plastic products True believers Age18-2425-3418-30 Geographical location QueenslandQueenslandQueensland IncomeHaven’t started working yet $10,000-$40,000$20,000-$100,000 ValuesWant to protectthe planetandare concernedregarding its future Opportunists and are concernedabout savingtheirmoney regarding of the fact whether their actions arecausingany damage to the planet or not Genuine believers in thecauseofthe planet Technologically savvy YesYesYes FamilyYesYesYes The developers of the app will focus primarily on the individuals who belong to the younger age bracket and genuine believe in contributing towards the cause of the planet. Furthermore, recent researches have revealed the fact that the materials which are being made from recyclable materials are much more cost effective in comparison to the ones that are being made from non-recyclable materials (Kumar & Reinartz, 2018). This is likely to help the developers of the app to attract the customers who are only concerned about saving money and thus would opt for any kind of product or service rather than focusing on the damage that the products or the services that they are using is causing to the environment or the planet (Weinstein & Pohlman, 2015). Furthermore, at the present moment the developers of the app want to restrict their services in the region of Queensland however once they have developed a strong customer base in this region they would expand into the other parts of the nation as well.
6MARKETING MANAGEMENT PESTLE Analysis Political FactorsThe nation of Australia has a very stable government and it is seen that the nation in the recent times has not faced any major political struggles or turbulences(Baker, 2016) The nation is a member of the Commonwealth League of nations and has close tie ups with the other nations of the world (Australia.gov.au, 2019) Thenationtakesactiveinitiativesforthereductionof environmental pollution caused by the different organizations and also the people (Tullo, 2018) Economic FactorThe nation stands at the 2ndposition in the world in terms of the GDPorthewealthheldbytheindividualpeople (Australia.gov.au, 2019) Thepresenceoflargenumberofinternationalbusiness enterprises in the nation like Woolworths Limited, Wesfarmers, Amazon.com, Commonwealth Bank of Australia and others renders economic stability to the nation (Australia.gov.au, 2019) The economic recession from which the majority of the nations of the world are still reeling from had very little effect on the national economy of the nation Social FactorsThe people of the nation are very concerned regarding the damage that they are causing towards the environment as well as the planet (Tullo, 2018) The different organizations of the nation are actively taking up the wicked problem of pollution and ardently trying to resolve it Technological Factors Australia is one of the most technologically advanced nations of the world More than 91.4% people of the nation take the help of one form of technology or the other in their daily life (Australia.gov.au, 2019) The close tie-ups that the nation has with the other nations of the worldmeansthatthenationisbeingabletoutilizethe technological advancements of these nations Legal FactorsThe nation in the recent times has passed various legislations like Environmental Protection Act and others to safeguard the environment against the damage that the human beings and also the various business enterprises are causing (Australia.gov.au, 2019) The different business enterprises and also the common people are required to follow these stipulations or legislations in an ardent manner Environmental Factors The nation is a signatory member of the Paris Agreement of 2016 (Australia.gov.au, 2019) The business enterprises are required to reduce the amount of pollution or emission of harmful substances released by them by more than 2.1% (Australia.gov.au, 2019)
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7MARKETING MANAGEMENT SWOT Analysis StrengthThereareveryorganizationsorappforthatmatterwhichare currently offering the kind of services to the customers that the app under discussion here offers The online services offered by the app under discussion here is one of the best aspects of the app which distinguishes it from the services offered by its rivals The users of the app not only get the opportunity to contribute in a significant manner towards the cause of the planet or the environment but at the same time save a significant amount of their money through the use of recyclable materials (Eggert et al., 2018) WeaknessThe app has not been able to get any sponsor till now and this is one of the major weakness of it The app is designed keeping into perspective the customer base of the young people who belong to the region of Queensland and this significantly limits the market prospects of the app The lack of market presence of the app under discussion here is likely to reduce the market prospects of the app (Wirtz et al., 2016) OpportunityThe people of Australia have shown an inclination to contribute in a substantial manner towards the cause of the environment The app can associate it with the other leading organizations which are selling materials or products manufactured from recyclable plastic materials to enhance its prospects (Katsikeas et al., 2016) The lack of competition in this sector actually acts an opportunity for the developers through which they can monopolize the concerned business market of Australia (Aghazadeh, 2015) ThreatThe narrow customer base that the developers of the app have selected actually as a threat for the developers of app in the longer run (Gregory, Ngo & Karavdic, 2017) Theappfacesasignificantamountofcompetitionfromthe organization Plastic Collective which offers similar kind of services to the customers of Australia
8MARKETING MANAGEMENT Competitor Analysis P-Cubed’s free multi-platform app Plastic Collective RemondisTerraCycle Value Proposition Highqualityof service,less charge,the customersget theopportunity to save money Themachines sold by them are costeffective, thecustomers can make money through the sale ofrecyclable materialsmade bythemfrom plastic Costeffective, has active tie-ups with the different brands Costeffective, the customers get the opportunity to convertthe uselessplastic products that they havegotinto usefulproducts that they can sell Key Areas Served Queensland, Australia AustraliaWorldwideWorldwide Customer Base Young people of Queensland People of all agePeople of all agePeople of all age Online Presence YesNoYesYes Customer Perception GoodGoodExcellentGood Marketing Strategy Bell, Bryman and Harley (2018)have articulated the viewpoint that marketing strategy can be defined as the strategies or the tactics which are being used by an organization to effective market as well as promote the products or services that it is offering to the customers. More importantly, it is seen that the construct of marketing is being used by the different business enterprises to cascade information regarding the products or services offered by them to the customers (Smith, 2016). Mission Statement The mission of the developer of the app is to offer the best quality help to the users through which they can make a positive difference to the environment and also the planet. More importantly, the users of the app under discussion here would also be able to problem of plastic pollution and also resolve the problem of pollution in an effective manner. Marketing Objective The developers of the app under discussion in the initial or the primary phase can take the help of the following marketing objectives- 1.To enhance the brand image as well as the brand awareness of the users of the customers regarding the app and also the nature of services that they are offering to the customers. This would require the developers of the app under discussion here to effectively promote the services offered by them and also the likely benefits that the users are going to derive through the active usage of the concerned app (Schaltegger, Burritt & Petersen, 2017).
9MARKETING MANAGEMENT 2.The second marketing objective that the developers of the app under discussion here can take the help of for the enhancement of the prospects of their app is to focus on increasing the sale of the app. This would require the developers of the app to collaborate or associate themselves with some of the reputed organizations which are currentlyofferingrecycledplasticproductstothecustomers(Lindgreen&Di Benedetto, 2017). 3.The developers of the app in order to gain success would also have to focus on the aspects of customer relationship and also customer engagement. The developers can do so by offering live chat options to the customers wherein they can get their queries addressed and also give their opinion regarding the manner in which the developers of the app can further enhance the quality of the app and its effectiveness (Hair Jr et al., 2015). Thus, the third marketing objective of the app under discussion here should be to increase customer engagement and also to maintain an effective relationship with them. Financial Objective The financial objectives that the developers of the app can focus on in the initial phase are listed below- 1.The first financial objective of the developers of the app should be to generate enough revenue so as to meet the cost of manufacture of the app and also the amount of capital that they had invested for the establishment of the business venture. However, at the same time it needs to be said that this would require the developers of the app to take the help of effective marketing campaigns and strategies. 2.The second financial objective of the developers of the app should be to enhance the revenue generated by them by more than 5% so as to become profitable. However, it needs to be said that this would require the developers of the app to invest a substantial amount of capital into the venture so as to popularize it or to get investors who would do so on behalf of them (Jenkins & Williamson, 2015). More importantly, the constructs of marketing and promotion would once again play a significant role for the achievement of this financial objective. 3.The third financial objective that the developers of the app under discussion here should focus on is to establish a more diversified source of revenue. This would require the developers of the app to offer more services to the customers in addition to the one which they are already offering. Target Market The developers of the app are likely to make a significant progress by initially focusing on the young individuals of Queensland who are technologically savvy and feel that it is their responsibility to save the planet and also the environment. In this regard, it needs to be said that the developers of the app can begin by focusing on this segment of the population and once they had tasted success then they can expand their customer or target market. Furthermore, the developers are currently focusing only on plastic waste and the recycling of it which in the latter times can easily be extended to the other forms of pollution. Positioning The developers of the app can begin by positioning their app as the one which is not only cost effective but at the same time offers them quality services regarding the manner in which they can choose the plastic products that are environmentally friendly. For the effectiveachievementofthispurposethedeveloperscanutilizethestrategyofcost leadership. In this regard, it needs to be said that the app through the use of this strategy
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10MARKETING MANAGEMENT would be able to offer the best quality services to the customers and that too at very affordable prices (Homburg, Jozić & Kuehnl, 2017). Marketing Tactics Worm et al. (2017)have articulated the viewpoint that the marketing tactics are the measures that the different business enterprises use to not only market or promote the products or services that are being offered by them in the best possible manner but also to enhance the sale of the same. The effective utilization of marketing tactics often requires the organizations to take into consideration the aspects of cost, the value proposition of the products or services that they are offering, the distribution process required for the same and others (Lodhia, Martin & Rice, 2017). Product Actions The developers would have to emphasis on the key attributes or the value proposition of the app that they are offering to the users, namely, the environmental friendliness of the app, the opportunity to mitigate the damage to the environment, the chance to reduce plastic pollution and others. The customers in order to use these services would have to subscribe to the app under discussion here. Pricing Actions The developers of the app are likely to gain significantly through the use of the cost leadership strategy. This is important because of the fact that there are various organizations in Australia like Plastic Collective, TerraCycle which have already established themselves and are extremely popular among the customers (Tullo, 2018). Thus, the developers can begin by first capturing the customer base and later on enhancing the cost of the services offered by them. Distribution Actions The developersof the app would have to register themselveswith the Cyber Department of Australia and also form collaboration with Google so that the customers can download the app from their mobile phones (Lewis et al., 2017). Furthermore, the developers can also create their own website through which the users would be able to get access to the services offered by them. Justification of the selection of the target market The app had been designed keeping into perspective the young people of Queensland and their requirements. More importantly, the region under discussion here in the recent times has shown the maximum amount of initiative to mitigate the adverse effects of the wicked problem of plastic pollution (Fraser, 2017). Furthermore, recent researches have shown the fact that the young people are the ones who are taking the maximum amount of initiative to address the problem of pollution (Lodhia, Martin & Rice, 2017). In addition to these, the technologically savvy nature of these individuals acts as a boon for the app under discussion here. These in short are some of the major reasons why this particular segment of the population has been selected as the target market for the app. Communication Actions For the process of cascading important information regarding the app and also the services offered by them the developers can utilize the strategy of digital marketing and thereby use the different social media platforms like Facebook, Twitter and others (Kumar & Reinartz, 2018). In addition to these, the developer can also communicate with the customers
11MARKETING MANAGEMENT over their official website and also through the usage of traditional forms of promotion like newspapers, television, radio and others (Smith, 2016). Further Research The field of plastic waste conversion is a nascent one and the net result of this is that substantial amount of research work has not been conducted on this topic. However, the initiative taken by the developers of the app under discussion here and also the nature of services that they are offering to the customers is likely to encourage many scholars and researchers to take up research in this sector. The developers of the app can use these research works and also conduct marker researches of own to understand the market trends, customer demands or expectations and others factors to further enhance the quality of services offered by them (Gregory, Ngo & Karavdic, 2017). More importantly, this would also offer the developers of the app to further enhance their customer base and thereby the prospects of their business. Controls The developers of the app in order to ensure that their business is achieving the marketing and financial objectives which they have outlined can take the help of the strategic plan development matrix. For the effective use of this, the developers would have to outline several small milestones, like the enhancement of the revenue earned by the organization, achievementofcompetitiveadvantageandothers(Jenkins&Williamson,2015). Furthermore, setting a timeframe for the achievement of these milestones is also important and the individuals of the business who are likely to play important roles for the achievement ofeachofthemilestonesoughttobenotified(Charter,2017).Fortheeffective implementation of this matrix, the developers of the app can take the help of Lewin’s change management model through the use of which the developers can make the employees understand the need for such a matrix, offer training to them to use the matrix and also integrate the matrix within the culture of the business (Burns & Dewhurst, 2016). Conclusion Toconclude,thebusinessworldinthecontemporarytimeshasundergonea significant amount of change and this can be attributed to the processes of globalization, the impact made by technology and others. The net result of this is that the amount of competition that the business enterprises are currently facing is way more than that faced by the business enterprises of the earlier times and in order to mitigate the effects of this fierce competition, the enterprises are increasingly resorting to the use of effective marketing and promotional strategies. However, for the effective use of the marketing strategies, the organizations need to take into consideration the requirements of the business environment in which they are operational and also the needs or the demands of the customers. It is on the basis of these factors that the organizations need to formulate their marketing as well as financial objectives and also the strategies for the achievement of the same. In addition to these,theorganizationsatthesametimeneedtoformulateeffectiveproduct,price, communication, distribution and other kinds of actions for the goods or services that they are offering to the customers so as to enhance their chances of gaining success. These aspects of the process of marketing become apparent from the above given marketing report ofP- Cubed’s free multi-platform app.
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