What is marketing?
Kasia Pawlus
Created on February 11, 2024
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Module 1 - Marketing Concepts & Theories
Start
Welcome to the marketing training!
By the end of this module, you will be able to:
- define marketing in various contexts,
- comprehend and apply key marketing concepts and theories,
- gain a working knowledge of major marketing channels, including social media services.
What will you achieve?
VOLUME
GLOSSARY
Navigation
Hover over the buttons to discover how to navigate the course.
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TRANSCRIPT
What do you already know?
Marketing channels
The promotional mix
The marketing mix
What is marketing?
Sections in this course
Performance Measurement and Analytics
Customer Relationship Management
Pricing
Sales and Distribution
Digital Marketing
Advertising and Promotion
Branding
Segmentation and Targeting
Market Research
Product or Service
Marketing is a broad term that refers to the activities and processes involved in promoting, selling, and distributing products or services to customers. It includes various strategies and techniques aimed at creating awareness, generating interest, and ultimately influencing consumer behaviour.Select the + buttons to learn more about the key marketing activities.
What is marketing?
Price
Place
Promotion
Product
4Ps
OF MARKETING
Title here
Price
Product
The marketing mix, also known as the 4Ps of marketing, is a fundamental framework used by businesses to create and implement effective marketing strategies. It consists of four key elements: Product, Price, Place, and Promotion. Each element represents a specific aspect of marketing that must be carefully considered and coordinated to meet the needs of the target market and achieve business objectives.Click on the + to learn more.
The marketing mix
Each element of the promotional mix can be used in various ways depending on the target audience, marketing objectives, and available resources. Effective use of the promotional mix can help businesses create awareness, generate interest, and ultimately drive sales of their products or services.
Direct Marketing
Public Relations
Personal Selling
Sales Promotion
Advertising
THE PROMOTIONAL MIX
Name Surname
Job Title
The promotional mix is a set of tools or techniques that businesses use to promote their products or services to potential customers. The promotional mix typically includes the following elements.Click on the + to learn more.
The promotional mix
Public Relations
Events and Experiences
Wholesale Channels
Direct Sales Channels
Retail Channels
Digital Channels
Marketing channels refer to the various ways that a business can use to reach and interact with its customers.Click on the + to learn more.
Marketing channels
Direct Sales Channels
Retail Channels
Digital Channels
The best social media channels to use depends on several factors, including your target audience, the type of content you plan to share, and your business goals. Here's a brief overview of some of the most popular social media channels and their strengths.Click on the + to learn more.
Marketing channels
Summary
Welcome to the Marketing Strategy Team Meeting! As a member of the team, you are tasked with understanding and implementing effective marketing strategies for your company. Today's meeting will focus on key aspects of marketing, from fundamental activities to the selection of marketing channels.The team is engaged in a lively discussion about the various components of marketing, including the key activities, the marketing mix (4Ps), the promotional mix, and the selection of marketing channels. Your role is to navigate through different opinions and contribute to decisions that align with comprehensive marketing strategies.As you go through the challenges, consider the diverse perspectives within the team and aim for well-rounded, informed decisions. Your choices will impact the overall success of the marketing campaigns.
Let's see what you've learnt!
What have you learnt?
Congratulations!
Now you can access extra resources. You can exit the course or go back to the main page by selecting "HOME".
Well done for completing the module!
TOOLKIT
Building and maintaining a positive image for a company through various forms of communication, such as media relations, event sponsorships, and community outreach.
Identifying specific customer segments and targeting them with tailored marketing messages and offerings.
This includes face-to-face sales, telemarketing, and direct mail. Direct sales channels allow businesses to target specific customers and create personalized interactions with them.
This includes media relations, influencer marketing, and other forms of communication that aim to build and maintain a positive image for a business. Public relations allow businesses to reach customers through third-party endorsements and credibility.
Short-term incentives, such as discounts, coupons, and contests, designed to stimulate quick purchases or encourage repeat sales.
Price represents the value placed on the product by the company and the amount customers are willing to pay for it. Setting the right price is crucial to ensure profitability while considering factors such as production costs, competition, perceived value, and customer demand. Pricing strategies can vary, including penetration pricing (setting low initial prices to gain market share), skimming pricing (setting high prices for unique or premium products), or value-based pricing (setting prices based on the perceived value to customers).
This includes selling products through distributors, resellers, and wholesalers. Wholesale channels allow businesses to reach many customers without the need for direct contact.
Determining the optimal pricing strategy that considers factors such as production costs, competition, customer value, and market demand.
With over 3 billion active users, Facebook is the largest social media platform and can be a great way to connect with a broad audience. It's a good choice for businesses that want to build brand awareness and engage with customers through a mix of text, images, and videos.
Promotion encompasses all the activities a company undertakes to communicate and promote its products to the target market. It involves advertising, sales promotions, public relations, personal selling, direct marketing, and other forms of communication. The goal is to create awareness, generate interest, and persuade customers to choose the company's product over competitors. Effective promotion strategies employ various marketing channels and techniques, tailored to the target audience and aligned with the overall marketing objectives.
Understanding the target market's preferences, behaviours, and trends through market research helps in creating effective marketing strategies.
The product element refers to the tangible or intangible offering that a company provides to its customers. It includes not only the physical goods but also services, experiences, and even ideas. Companies need to understand their customers' needs and preferences to develop products that fulfil those requirements. This involves product design, features, quality, branding, packaging, and any additional services associated with the product.
This includes physical storefronts and e-commerce websites. Retail channels enable businesses to reach customers in person and provide a tactile experience with products, as well as provide convenience for online shoppers.
This includes a range of online marketing channels such as websites, search engines, social media, email, and mobile apps. Digital channels allow businesses to reach a wide audience at a relatively low cost and to measure the effectiveness of their marketing efforts through analytics.
Marketing starts with the development and positioning of a product or service that meets the needs and desires of the target market.
This includes trade shows, conferences, and other events where businesses can showcase their products and services. Events and experiences allow businesses to create immersive and engaging interactions with potential customers.
YouTube is a video sharing platform that's popular with users looking for educational or entertainment content. It's a good choice for businesses that want to create and share video content to showcase their products or services.
X is a fast-paced platform that's popular with users looking for quick, real-time updates. It's a good choice for businesses that want to engage in real-time conversations with customers and share news and updates.
Paid, non-personal communication through various media channels such as TV, radio, print, and digital.
Developing distribution channels and sales strategies to ensure products or services reach the customers effectively and efficiently.
Face-to-face communication between salespeople and potential customers to build relationships and persuade them to buy a product or service.
TikTok is a fast-growing platform that's popular with younger audiences. It's a good choice for businesses that want to showcase their products or services through short-form, entertaining videos.
Utilizing various channels such as television, radio, print media, online platforms, social media, and public relations to reach and engage with the target audience.
LinkedIn is a professional networking platform that's popular with businesses and professionals. It's a good choice for businesses that want to build thought leadership, recruit employees, and network with other professionals.
Creating a unique and recognisable brand identity that differentiates a product or service from competitors and resonates with the target market.
Customer Relationship Management (CRM) Building and maintaining strong relationships with customers through personalized communication, customer service, and loyalty programs.
Instagram is a highly visual platform that's popular with younger audiences. It's a good choice for businesses that want to showcase their products or services through high-quality images and short videos.
Direct communication with individual customers or prospects through various channels such as email, direct mail, and telemarketing.
Leveraging digital technologies and platforms, including websites, search engines, social media, email marketing, and content marketing, to reach and engage with customers online.
Place refers to the distribution channels and locations where customers can access and purchase the product. This element focuses on making the product available at the right time and in the right place to maximize convenience for customers. Distribution channels can include direct sales, retailers, wholesalers, e-commerce platforms, or any other intermediaries involved in getting the product to the end consumer. Effective place strategies involve considerations such as channel selection, inventory management, logistics, and retail partnerships
Monitoring and analysing marketing efforts, tracking key performance indicators (KPIs), and making data-driven decisions to optimize marketing strategies and campaigns.