Welcome to our marketing course. You have just spent some time studying Sales, now it is time to concentrate on Marketing.
Marketing and Sales are inextricably linked, and as we have discussed before, it is vital that the two departments work hand in hand.
So what do we mean by Marketing?
Marketing Management is defined by the American Marketing Association as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals”.
No other aspect of a business can influence its fortunes in such an immediate and dynamic way. It is a fascinating subject, as it is extremely difficult to predict how a marketing campaign will be received by the public.
We will consider the four pillars of Marketing: target market, customer needs, integrated marketing, and profitability.
In lesson 2 we will look at each of the many Components of Marketing in turn, and what they involve. They are;-
- Consumer behaviour
- Marketing management
- Marketing research
- Marketing strategy
- Marketing mix
- Product management
- Promotional Planning
We will look at the role focus groups play in the study of consumer behaviour, the role of a marketing manager, and the difference between responsive marketing and creative marketing.
Having the right product in the right place at the right time and at the right price.
Marketing strategies can often be dynamic and interactive, we will consider the factors that shape the strategy.
Price setting involves consideration of many aspects of the market. We will review factors that affect it – cost of production or delivery of a service, market place, competition, market condition, and quality of product.
For basic commodities, price will be based on cost plus margin. For products at the luxury end of the market, more consideration will be given to the value that consumers place on an item. Scarcity is often manipulated to drive price up.
We will review what the price level selected needs to achieve
Then in Lesson 3 we will turn to branding and look at some case studies.
What Is Branding?
There are a lot of different ideas about what branding is, and why we should do it. Successful branding that leads to business growth and high long-term profit requires effort, expertise and commitment.
There are different types of branding strategy- “defensive branding”, or “direct branding.” Which is right for your company?
The public are fickle and it is very difficult to predict accurately the response to a marketing campaign. There have been some high profile incidents of companies that have had massively successful and unsuccessful marketing campaigns.
We will look at what went wrong in the case of the Taco Bell Chihuahua, mascot for their brand. The ad was extremely popular, so why did it result in a 6% drop in sales and the resignation of their President?
We will also look at the Duracell bunny advertisement, and its competitor’s campaign, to discover what went wrong there when they released an ad parodying the famous Duracell campaign.
Estée Lauder famously used the setting of a world record in the Guinness Book of records to spearhead a campaign. This produced a media reach estimated at 6 million+.
When you are designing a branding strategy, you need to find the trigger feature that motivates your customers. We will think about how you could do that.