Marketing Process & Planning: The Marketing Concept, Functions and Mix

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This report discusses the concept of marketing in the 21st century, the role of marketing function, extended marketing mix, and its benefits. It also includes a marketing plan for the launch of a new range of luxurious food products. The subject is Marketing Process & Planning and the course code is Higher National Management Diploma in Business.

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Higher National Diploma in Business
Management
Unit 2 Marketing Process & Planning
The Marketing Concept,
Functions and Mix (Part 1)
Marketing Planning (Part 2)
Name:
ID:
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Table of Content
Part 1: Briefing Paper
1.0 Introduction p
2.0 An explanation of the concept/definition of marketing in the 21st century
p
3.0 Description of the role of marketing function with examples from the
chosen organisation p
4.0 An analysis of how the marketing function works and interacts with other
departments p
5.0 An explanation of the extended marketing mix and examples from selected
supermarket p
2.0 An evaluation of how the marketing mix adopted by the selected
business (or business unit) contributes to the success of the organisation in
meeting their overall business objectives p
3.0 Recommendations p
9.0 Conclusions p
References p
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1.0 Introduction
Marketing is one of the most crucial functions of any organization and it needs
to deploy various tools and techniques for such management of the marketing
function. Therefore, the below prepared report will be discussing the concept of
marketing in the 21st century along with its functions and interactions with other
functions. Extended marketing mix will also be explained along with its benefits.
Then a marketing plan will be devised for the launch of new range of luxurious food
products along with concepts of SMART objectives, situational analysis, competitor
analysis, marketing audit, etc.
2.0 An explanation of the concept/definition of marketing in
the 21st century
Deliverance of the customer experience and customer satisfaction are the
main pillars of the marketing concept in 21st century. The pattern of purchasing will
change immensely in the coming time like having more discretionary income, having
lesser time to invest, having more choices of goods and services along with new
attributes of the customers like newer and modifier patterns of spending which will be
depending upon the age, geography and wealth (Cao, Duan and El Banna, 2019).
Such buying behaviour will be needed to be observed and cracked by the companies
and their marketers like on the one hand, opting to purchase high – end and
luxurious goods and on the other hand, bargaining at a small retail shop or store.
Now it can be said that the results according to the company may show higher and
better results for customer satisfaction but according to the customers, they may not
be satisfied and may show a very deficient results. This gap between the companies
and the customers need to be addressed by the marketing in 21st century.
The above discussed gap can be addressed through 3 stages namely –
design, deliver and develop. Design will include deciding the right propositions for
the right target consumers. It is necessary to connect the linkages between what the
customers want from a product or a service and what a company is offering
(Rustam, 2020). Delivering will involve the above right propositions to be made
available to the consumers at minimum possible cost and developing the capability
to do it repeatedly without any deficiency.
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3.0 Description of the role of marketing function with
examples from the chosen organization
The chosen organization here is ‘Morrisons’ which is a supermarket company
in the name of Wm Morrison Supermarkets (Swaen, Demoulin and Pauwels-
Delassus, 2021). It had 497 supermarkets across England, Wales, Scotland and
Gibraltar as of 2021. The role of its marketing functions can be described as follows:
Promotion – Such a marketing function of the Morrisons will involve making aware
the public of the brand and educating them through various tools like email, content
marketing, social media and advertising.
Selling – Such a marketing function of the Morrisons will involve the process of
selling of the goods and services through strategies which are product oriented and
will involve personalized communication, communicating the USP, etc.
Product Management – Such a marketing function of the Morrisons will involve
managing of the products and ensuring that it is meeting the needs of the customers
by conducting analysis of the competitors and getting feedbacks.
Marketing Information Management – Such a marketing function of the Morrisons
will be involving the management of the data derived of the markets over a specific
period of time (The 7 Functions of Marketing: A Field Guide (Infographic), 2022). It
will involve collecting data regarding demographics and preferences of the
customers.
Pricing – Such a marketing function of the Morrisons will involve deciding value of
the products it is offering. It is a complex process and it should match the level of
promotions and branding being done.
Financing – Such a marketing function of the Morrisons will involve the process of
generation of funds for the organisation (Naujoks, 2020). It can be done through
building of brand equity and obtaining loans and other funding.
Distribution – Such a marketing function of the Morrisons will involve the process of
deciding the channels of distribution along with alignment with the teams of supply
chain.
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4.0 An analysis of how the marketing function works and
interacts with other departments
Marketing functions of an organization like Morrisons encapsulates the whole
organization and sees the business from the point of view of the customer.
Therefore, the marketing interacts with other functions of the organization in the
following ways:
Operations / Production – The marketing department of the organizations like
Morrisons will have to be working closely with the operations or production
department to ensure that the quality and design of the product is as per the
preferences of the customers by conducting appropriate research and development
for satisfaction of the current and future needs of the customers.
Finance – The marketing department of the organizations like Morrisons will have to
be working closely with the finance department to ensure the adequacy of the
availability of the budget for the sufficient research, promotion and distribution
activities.
Human Resource – The marketing department of the organisations like Morrisons
will have to be working closely with the HR department to ensure appropriateness of
the skills and capabilities of the staff for research and development, meeting of
production targets and creation of a competent and ambitious sales team.
Research and Development – The marketing department of the organisations like
Morrisons will have to be working closely with the R&D department to ensure
generation of new ideas along with creation of innovative and creative new products.
Also, the marketers will make sure that the researchers are taking into consideration
the needs of the customers as laid down by the marketers.
5.0 An explanation of the extended marketing mix and
examples from selected supermarket
Product – Morrisons can be called a grocer which is value – led and focusses on the
fresh food. Food which is of high quality and fresh is the primary source of success
for it. It has its own facilities of manufacturing for ensuring the best quality products.
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Price – Pricing is the reason, Morrisons stores are chosen by the customers. It aims
at providing good quality products and services at lowered prices i.e., ensuring that
price is never the reason for which customers do not come to Morrisons stores. It
uses premium pricing, product bundle pricing and promotional pricing.
Place – It includes the distribution strategy of the Morrisons as it serves across the
UK and has more than 660 stores with more than 117,000 employees (Niazi, Rashid
and Shamugia, 2021). It is the second largest manufacturer of fresh food in the UK
operating on the strategy of wide geographic presence.
Promotion – It includes the advertising strategies of the Morrisons. It works through
Morrison farming program with its suppliers to make the to make the British farming
sustainable and competitive. It also offers rewards to its customers.
People – The main aim of the Morrisons is to create job opportunities for the local
people thus benefitting the community at large. It employs various personnel like
qualified butchers, greengrocers, bakers and fishmongers.
Process – Through its convenience and online stores, Morrisons aims to offer multi-
channel experience to its customers. It also aims to provide the products and service
at the lowest prices to allow the customers to shop easily and pleasantly. It also
induces continuous communication with the customers.
Physical Evidence – Morrisons has more than 660 stores running and has 1
national centre and 7 regional centres operating. It has its own websites which
enlists the range of products offered.
2.0 An evaluation of how the marketing mix adopted by
the selected business (or business unit) contributes to the
success of the organization in meeting their overall
business objectives
The extended marketing mix adopted by the Morrisons is an important tool in
its success and in the achievement of its overall business objectives by explaining
the benefits of focussing on the 7Ps of the business i.e., product, price, place,
promotion, people, process and physical evidence. In these 7Ps, the organization
focusses on various marketing strategies like product innovation, promotion
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planning, pricing approach, etc. which will help and guide the business of the
Morrisons to develop its brand and succeed in the market over and above its
competitors i.e., position itself in the market competitively and achievement of the
business objectives and goals (The Benefits of Marketing Mix Modelling, 2022).
The marketing mix will also help the Morrisons in determination of
effectiveness of the market and return on investment (ROI) (Sheth, 2021). It will help
in the establishment of effective insights on the future variables and trends through
management and allocation of an effective budget and data quality. Further, benefits
of marketing mix to the Morrisons can be discussed as follows:
Evaluation of efforts – Marketing mix model provides a detailed analysis of the
marketing efforts (Bozic, Siebert and Martin, 2019). Thus, it will ensure that the
factors like ROI, effectiveness of campaigns and key volume drivers are taken into
consideration around which the process of marketing revolves.
Improvement in planning – Tools like artificial intelligence and machine learning
are also integrated with the model of marketing mix which will allow the organization
to view how its future in the marketing efforts will look like.
Optimization of the marketing budgets – Marketing will allow the Morrisons to
view the budgets more efficiently on the basis of past business performance.
3.0 Recommendations
To achieve improvement in the marketing performance, the organization needs to
follow the following tips:
View of the organization – Here, it is recommended to get a clear view of the
organization to know where it stands and what needs to be done to improve its
capabilities through marketing assessment.
Bridging of gaps – Here, it is recommended to assess and fill the gaps in the
organization related to its perception and its performance.
Utilization of the core strength – Here, it is recommended to focus on the building
of assets that can be put to use for acceleration of success.
Setting of goals – Here, it is recommended to know the key performance indicators
of the organization and then assign appropriate goal values.
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Marketing scorecard Here, it is recommended to build dashboards for
measurement of the effectiveness of marketing on the basis of the KPIs and the goal
values which are efficient to maintain.
Involve professionals – Here, it is recommended to involve professionals in this
process of marketing.
Know the audience – Here, it is recommended to know who the audience is. The
ideal group to which the customers belong to and their interests and preferences
shall be known.
Target the audience – Here, it is recommended to further target the audience or
reach them i.e., communicate how the issues of the target audience will be solved.
Address the community – Here, it is recommended to address the community and
get involved in the community and their issues through volunteering and other
campaigns.
9.0 Conclusions
From the above prepared report, it can be said that marketing is a very
complicated function of any business organization and needs very effective and
efficient planning. Thus, the above report explains the concept of 21st century
marketing and the roles of the functions of marketing in the organization. It also
explains how the marketing functions interacts with other functions of the
organization. Also, the extended marketing mix is explained and its benefits are
evaluated for the success of the organization. Then a detailed and comprehensive
marketing plan is developed for the launch of a new range of luxurious food
products.
References
Bozic, B., Siebert, S. and Martin, G., 2019. A strategic action fields perspective on
organizational trust repair. European Management Journal. 37(1). pp.58-66.
Cao, G., Duan, Y. and El Banna, A., 2019. A dynamic capability view of marketing
analytics: Evidence from UK firms. Industrial Marketing Management. 76.
pp.72-83.
Naujoks, T., 2020. Marketing functions and B2C e-marketplaces: An exploratory
analysis. Journal of Marketing Channels. 26(4). pp.250-262.
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Niazi, N., Rashid, M. and Shamugia, Z., 2021. Role of Marketing Mix (4Ps) in
Building Brand Equity: Case Study of Shell Petrol, UK. International Journal of
Applied Business and Management Studies. 6(1). p.2021.
Rustam, J., 2020. Effective Use of Marketing Functions in Trade. International
Journal on Integrated Education. 3(10). p.334251.
Sheth, J., 2021. New areas of research in marketing strategy, consumer behavior,
and marketing analytics: the future is bright. Journal of Marketing Theory and
Practice. 29(1). pp.3-12.
Swaen, V., Demoulin, N. and Pauwels-Delassus, V., 2021. Impact of customers’
perceptions regarding corporate social responsibility and irresponsibility in the
grocery retailing industry: The role of corporate reputation. Journal of
Business Research. 131. pp.709-721.
The 7 Functions of Marketing: A Field Guide (Infographic). 2022. [Online]. Available
through: < https://www.brafton.com/blog/content-marketing/functions-of-
marketing/ >
The Benefits of Marketing Mix Modelling. 2022. [Online]. Available through: <
https://www.panderasystems.com/benefits-of-marketing-mix-modeling/ >
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Table of Content
Part 2: Marketing Plan
1.0 How the strategic marketing plan links with the overall organisational
mission, corporate strategy and objectives p
2.0 Clear and SMART marketing objectives p
3.0 Marketing research to support the new product line launch p
4.0 A situational analysis p-p
4.1 Marketing audit, making use of appropriate analytical tools including
SWOT, Pestle and 5C analysis p
4.2 A competitor analysis including the market segments p
4.3 Sub-segments p
4.4 Articulation of the new product value-proposition in the eyes of the
customer p
4.5 Development of the marketing strategies applied to the extended marketing
mix p
4.6 Setting of an overall marketing budget, including allocation of planned
spend p
4.7 Tactical actions p
4.8 Identifying appropriate control and monitoring measures to ensure
achievement of objectives including metrics to measure success such as
Return on Marketing Investment (ROMI) and Customer Lifetime Value (CLV)
p
5.0 A comprehensive media plan that supports the planned marketing
campaign p-p
5.1 A media budget p
5.2 Recommendations and rationale for selected and integrated multi-media
activities within the set budget that meet the marketing objectives p
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5.3 Appropriate digital, offline and social media channels for communication
p
5.6 Full justification for a multi-media plan based on quantitative and
qualitative criteria p
References p
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1.0 How the strategic marketing plan links with the overall
organizational mission, corporate strategy and objectives
The process through which an organization develops a competitive edge over
its competitors is called as Strategic Marketing. Such a competitive edge is attained
by focusing on its strengths for providing better quality products, services and value
to its customers through the new luxurious range of food products which will be
launched. Strategic marketing will involve addressing the issues of where to
compete, how to compete and when to compete (The Role of Strategic Marketing in
an Organization, 2022). Addressing of these issues will lead to initiation of the
marketing planning process which will involve planning phase, SWOT analysis and
marketing mix strategy, setting product and marketing goals, implementations phase,
collecting resources, marketing hierarchy, schedules formulation, plan execution and
evaluation. Thus, such strategic marketing plan will help the organization set
achievable and measurable goals, preparing a concise plan and ensuring
synchronization of these plans with the mission, strategies and objectives of the
organization.
2.0 Clear and SMART marketing objectives
Now, for launching of this new luxurious food product range, the objectives
need to be clear and Smart and therefore, the following steps will be taken:
Step – 1: Identification of Priorities
It will include analysis of the vision set by the organization and prioritize the
key areas from various areas such as finance, product or service, quality, customers,
personnel & development, operations, etc.
Step – 2: SMART Objectives
Keeping the above priorities in mind and set SMART objectives for each one
of these priorities i.e., whether the priorities set are specific, measurable, agreed,
attainable & achievable, realistic & resourced and time bound.
Step – 3: Right People and Good Fit of these Objectives
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In this last step, where the priorities are set and SMART objectives are set
ensure that the objectives fit and synchronize with each other to be able to form a
unified strategy.
3.0 Marketing research to support the new product line
launch
Before the new range of luxurious food products is launched the organization
will need to do a detailed and comprehensive marketing research which will include
the following tasks:
Knowledge of market and competitors – It will involve knowing the target market
and the competitors acting in this market.
Target customer – It will involve identification of right customer who will be requiring
the product offered and can buy it.
Unique value proposition – It will involve the features of the product that will make
the organization stand out from the competitors.
Marketing strategy – It will involve devising of the marketing strategy as the
organization will have enough data for the same.
Product testing – It will involve sample testing of the product through surveys or
research participants.
Marketing campaign – It will involve employing the advertising and public relation
strategies for an effective launch.
Product lifecycle – It will involve determining the stages of decreasing returns from
the product to modify the marketing strategies.
4.0 A situational analysis
It will involve the analysis of the information gathered in relation to the internal
and external environment of the organization regarding the new range of luxurious
food products to be launched. It will allow the organization to assess its own
strengths, weaknesses, opportunities and threats for the guidance of its objectives
and goals (Solomianiuk, Stecenko and Stepanchuk, 2018). This situational analysis
will include analysis of the 5Cs i.e., company, customers, collaborators, context and
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competitors. Company will involve identification of the competitive advantage that the
company enjoys, collaborators will involve the other organizations who will assist the
organization to enhance its abilities in the process of supply chain, customers will
involve the target audience targeted by the organization and can be divided into
three sizes i.e., total available market, serviceable available market and serviceable
obtainable market, competitors will involve the competition from other organization in
the same industry and context which is determined by employing the PESTEL
analysis.
4.1 Marketing audit, making use of appropriate analytical tools
including SWOT, Pestle and 5C analysis
Marketing plan for the launch of new range of luxurious food products will also
involve use of various tools like:
Marketing Audit – It includes detailed analysis of the marketing environment of the
business affecting the performance of the business by analyzing the factors like
market position, internal strengths and weaknesses and external threats and
opportunities of the organization.
SWOT – It includes analysis of strengths, weaknesses, opportunities and threats
applicable to the organization (Quezada and et.al., 2019).
PESTLE – It includes analysis of political, economic, socio-cultural, technological,
legal and environmental factors affecting the organization (Achinas and et.al., 2019).
5C Analysis It includes analysis of company, customers, collaborators,
competitors and context of the organization.
4.2 A competitor analysis including the market segments
Competitor analysis is must for launching of the new range of luxurious food
products which will be done by firstly, identification of the current and future
competitors in the market, then carefully analyses the market share, then
performance of competitor analysis through SWOT and finally, building or
preparation of the competition portfolio for effective competitor analysis. Such
analysis of the competitors will also involve considering the segmentation of the
target market which can be on the basis of demography, psychograph, behavior and
geography.
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4.3 Sub-segments
Sub-segments are the further bifurcation of the segments of a market which
will involve customization of a standard product, development of a new product,
provisions related to pricing & financing and using different approaches of sales (da
Costa Fernandes and et.al., 2020). Such segments can be thus bifurcated into
further sub – segments in which smaller group of customers are targeted addressing
the more specific needs and preferences of these customers. Thus, the organization
will be required to create further sub – segments of the target market of its new
range of luxurious food products to know their preferences and the money they can
spend.
4.4 Articulation of the new product value-proposition in the eyes of
the customer
A product value proposition can be called as a description of the product’s
features, its utilization and its differentiators keeping in mind how the problems,
needs and wants of the customers are addressed. Therefore, product value
proposition of the new range of luxurious food products to be launched shall be
written and prepared clearly and concisely to address the issues, needs and wants
of the target market and target customers (Suchánek and Králová, 2019). Main steps
involved in such writing of a value proposition will involve identification of the main
issues of the customers, identification of all the benefits that are offered by the
product, description of these benefits what shall be valuable to the customers,
connection and linking the issues of customers with this value and lastly, points that
differentiate the organization as a provider of this value.
4.5 Development of the marketing strategies applied to the
extended marketing mix
Extended marketing mix will involve emphasis on the 7Ps of marketing i.e.,
product, price, place, promotion, people, process and physical evidence of the
organization (Rejeb and et.al., 2020). Therefore, such emphasis will require
implementation of various marketing and promotional strategies including personal
selling, direct marketing, public relations, advertising, sponsorship, sales promotion
and digital marketing.
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4.6 Setting of an overall marketing budget, including allocation of
planned spend
Marketing plan for the new range of luxurious food products will also involve
devising and setting up of a marketing budget which will explain how much funds are
at disposal for such activities of marketing for the launch and how these funds will be
allocated among various stages and activities of such a marketing plan.
4.7 Tactical actions
Such actions will help the organization achieving its marketing goals through
implementations of activities such as blog post publishing, conduct campaigns on
social media, generation of leads, live streaming, personalized e-mails, content
syndication and hosting of events (Cui, Guo and Zhang, 2020). Such activities will
assist and guide the organization in launching of new luxurious range of food
products.
4.8 Identifying appropriate control and monitoring measures to
ensure achievement of objectives including metrics to measure
success such as Return on Marketing Investment (ROMI) and
Customer Lifetime Value (CLV)
ROMI – It is KPI which measure the effectiveness of the marketing campaign and
the generation of revenue from such campaign when compared to the cost incurred
for such campaign being conducted.
CLV – It denotes the total income or value a business can bring from a particular
customer for the time period for which such customer remains a client of the
organisation.
5.0 A comprehensive media plan that supports the planned
marketing campaign
Media goals & objectives:
Improved revenue.
Improved brand awareness.
Improved ROMI.
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Elongated CLV.
Target audience:
Middle and higher class of the society
Frequency & reach:
Organization will follow the continuity approach of frequency in which the ads will be
displayed on a consistent schedule during the campaign to make the goods stay in
top of mind of the customers.
Campaign performance:
Regular monitoring, analyzing and tracking of the performance of the marketing
campaign.
5.1 A media budget
MEDIA AMOUNT (IN £)
Magazines 11,000
Television 49,000
Social Media 26,000
Hoardings 34,000
Celebrity Endorsement 65.000
5.2 Recommendations and rationale for selected and integrated
multi-media activities within the set budget that meet the marketing
objectives
The above media decided and set for the marketing campaign are one of the
most efficient ways to meet the marketing objectives for launching of the new range
of the luxurious food products as the organization will have a better reach through
magazines, television, social media, hoardings and also, celebrity endorsement (Yao
and et.al., 2019).
5.3 Appropriate digital, offline and social media channels for
communication
Appropriate digital, social media and offline channels for communication to the
target audience of the new range of luxurious food products includes offline media
like magazines, newspapers, radio, Television & cable, out of home like hoardings &
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billboards and online media like social media websites & platforms, digital
publications, PPC, programmatic advertising, etc. out of which most efficient and the
respective budgets are mentioned above (Aji, Nadhila and Sanny, 2020).
5.6 Full justification for a multi-media plan based on quantitative
and qualitative criteria
Utilization of multi – media plan is very beneficial for the organization as it will
help in creation and building of a very strong and unique brand and therefore, also
lead to building of brand awareness.
References
Achinas, S. and et.al., 2019. A PESTLE analysis of biofuels energy industry in
Europe. Sustainability. 11(21). p.5981.
Aji, P., Nadhila, V. and Sanny, L., 2020. Effect of social media marketing on
Instagram towards purchase intention: Evidence from Indonesia’s ready-to-drink tea
industry. International Journal of Data and Network Science. 4(2). pp.91-104.
Cui, L., Guo, S. and Zhang, H., 2020. Coordinating a green agri-food supply chain
with revenue-sharing contracts considering retailers’ green marketing efforts.
Sustainability. 12(4). p.1289.
da Costa Fernandes, S. and et.al., 2020. Towards product-service system oriented
to circular economy: A systematic review of value proposition design approaches.
Journal of Cleaner Production. 257. p.120507.
Quezada, L.E. and et.al., 2019. Measuring performance using SWOT analysis and
balanced scorecard. Procedia Manufacturing. 39. pp.786-793.
Rejeb, A. and et.al., 2020. Blockchain technology in the food industry: A review of
potentials, challenges and future research directions.Logistics. 4(4). p.27.
Solomianiuk, N., Stecenko, V. and Stepanchuk, S., 2018. Planning of enterprise
output demand in case of changing marketing costs on the market of food industry.
Management theory and studies for rural business and infrastructure development.
40(3). pp.403-415.
Suchánek, P. and Králová, M., 2019. Customer satisfaction, loyalty, knowledge and
competitiveness in the food industry. Economic research-Ekonomska istraživanja.
32(1). pp.1237-1255.
The Role of Strategic Marketing in an Organisation. 2022. [Online]. Available
through: < https://www.berlinsbi.com/blog/career-advice/the-role-of-strategic-
marketing-in-an-organisation >
Yao, B. and et.al., 2019. The use of new‐media marketing in the green industry:
Analysis of social media use and impact on sales. Agribusiness. 35(2). pp.281-297.
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