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Whats is Marketing?
Marketing is the process of influencing people’s thoughts, feelings, and actions to encourage buying products or services. This could include a service provider attempting to influence what customers think about its product.
Marketing means improving awareness of your brand, products and services. This includes the use of advertising and promotional strategies to build a positive image for the company. Marketing can also be thought of as a business process that involves managing product innovation, brand management, customer relationship management, market analysis and more.
Some key areas in marketing are branding, marketing mix strategy and promotions . Brands communicate their values through various visual and verbal methods in order to target audiences with similar interests and needs.
The marketing mix or “marketing program” is often used to describe the combination of product, price, distribution and promotion that targets a specific market segment. The marketing mix consists of the four Ps product, price, place and promotion.
Marketing research (MR) or market research includes all aspects of the search for market intelligence. This entails all the steps from understanding the needs of potential consumers to analyzing competitors and providing recommendations based on findings from primary and secondary research activity.
Types of Marketing
- Awareness Marketing – position an item or service as a solution to a problem or perceived customer need.
- Adoption Marketing – convince a consumer to buy the product immediately, or as soon as possible.
- Trial/Adoption Marketing – convince a customer to purchase the product after experiencing it for a short period of time, usually 30-60 days. This is most often used with high-cost items.
- Trial/Adoption Pricing: using pricing to encourage trial of a product.
- Branding: develop a name and image for an organization.
- Channel Marketing: control the flow and movement of products, information and services from the company to the customer.
- Customer Relationship Marketing: manage customer value, retention and profitability over time.
- Database Marketing/Customization: Use customer history and behavior to determine needs and set specific prices accordingly (i.e., send wine buyers information regarding a new, upcoming tasting).
- Distribution Channel Management – where, when and how a product is distributed once it has been purchased by the end user.
Importance of marketing
- Marketing is important because it gives a service or product that is trying to be sold attention. Marketing doesn’t just sell the product, but it also creates an interest in the customer. Marketing is everywhere, even in social media.
- Marketing helps a company get their brand out to the public by advertising or promoting their products or services. Marketing is a challenge because it has to be creative and innovative to reach the right audience. Marketing can be used for anything you are trying to sell such as new homes, snacks, clothes, etc.
- Marketing is important for a small business because it gives them an opportunity to sell their product rather than always relying on word of mouth from customers. Marketing can also help your business grow when the technology and media marketplaces allow the public to review and purchase products.
- Marketing helps the company promote their product, which will make their product more known by the public. Marketing is important because in order for a company to have a chance of succeeding in business, they must have marketing to advertise their product or service. Social media marketing was not just used for social networks such as Facebook, Twitter, etc. but for other social media sites like Skype, YouTube, Pinterest and Instagram.
Units/ Courses Done Under Marketing Include-
- Advertising: it’s the process of promoting products and services by attracting customers through various channels. Marketing specialists can be employed by an in-house company agency or freelancers pitching for a particular firm. Jobs usually involve overseeing a team, managing budgets, and devising marketing campaigns
- Marketing Management- this is a core unit that provides key concepts, theories and frameworks in marketing management. It covers the basic elements of marketing, product and service life cycles, target markets and market positioning. The unit also focuses on establishing a marketing plan in an organization.
- Marketing Research- this unit teaches students how to develop a research proposal and design a relevant research project. it provides an insight into issues surrounding quantitative and qualitative research methods. Students are also taught how to conduct their own primary research projects effectively.
- International Marketing- this unit focuses on how organizations conduct their marketing activities in the global environment. It covers topics such as the role of multinational enterprises, globalization and international supply chains.
- Consumer Behavior- this unit helps students develop an understanding of consumer behavior through exploring factors that influence consumer behavior, decision making and consumer choices. It also looks at how marketing research can provide information to help marketers develop their products, services and communications to suit different consumers.
- International Marketing Communications- this unit explores methods used in the design and production of international business communication. Students learn about the translation of advertising copy, messages, scripts and other materials for effective communication in different cultural settings. They also learn how international marketing – strategists use research to formulate a marketing strategy.
- Digital Marketing- this unit explores the methods and strategies used in digital marketing. The unit focuses on how organizations design their websites, develop their internet presence, set up social media accounts, analyze data, and measure success.
- Foreign exchange Management- this unit focuses on foreign exchange payments including foreign currency transactions involving both payments and receipts. it also emphasizes the role of banks and financial intermediaries in foreign exchange management.
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