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Fundamentals of Marketing

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When defining your marketing goals, ensure they align with business objectives. For example, if your main business objective is to build brand awareness, your marketing goal might be to reach X-number of social media followers in the next six months. The marketing landscape is always evolving. Just in the last decade, we‘ve seen the rise of TikTok, artificial intelligence, and smart devices. All this to say, a good marketing strategy is one that’s adaptable. Be open to testing new ideas, experimenting with different tactics, and adapting your strategy. The hype around content has been building steadily for years, and with good reason: people want to be helped and informed more than they want to be sold to and interrupted. But, determining which tactics may work best for you may be another story. Maybe you’re doing marketing, but not content marketing specifically. Maybe you’re in an industry or role where marketing means doing things like securing partnerships, hosting events, or doing “traditional” marketing (like producing print collateral). Even if you already have a business, it’s not too late to see where you have room for improvement. In fact, the world’s most successful brands never sleep on this—they’re always looking for ways to improve, because the world of business and commerce is constantly changing.

If you sell an expensive product, you need to use different channels than if you sell a cheap product. Marketing is a five-step process that enables a business to generate Customer Value and is as follows: Outdoor advertising - Billboard or banner advertisements that can be seen outside on the street and in other crowded areas. But we don’t want you to drown in Ps, so we’ll just focus on the most crucial principles we listed in the last section. The principles of marketing explained Success starts with sound strategy, though, and getting it right is essential. Take a look at some important stats that illustrate its importance:

Links to seminal papers throughout the chapters enable students to take their learning further, and introduces them to classic and contemporary influential contributions.

If marketing is all about driving profitable action, then prices need to be set at a level the market will support. Campaigns make up the core of a lot of marketing activities, so to get the most out of your time and budget, campaigns should be optimised. This P is likely the one you expected from the get-go: promotion entails any online or print advertisement, event, or discount your marketing team creates to increase awareness and interest in your product, and, ultimately, lead to more sales. During this stage, you'll likely see methods like public relations campaigns, advertisements, or social media promotions. The product is the most important aspect of marketing because it’s your business’ offer to the customer.Part of an effective strategy is narrowing which tactics you’ll implement to achieve your goals. When you’re just starting out, this can seem daunting. There are always more thing you can do, than what you actually have time to do well. Spend a little bit of time researching marketing online and you’ll find references to all different areas of marketing. Here are some that are most likely to be relevant to your work. In the late 20th century, marketing thought leaders developed the concept of the “Marketing Mix,” a set of concepts and tools that help companies achieve their objectives within a market. At the core of this model are the four Ps: Developing a marketing strategy is answering the question “how are you going to sell your product?” If you’ve heard of the classic principles of marketing, you may also know that they’ve been around for a while. A long while—more than 60 years!

Marketing, as a whole, is a set of activities that help an organisation create value for its customers while building profitable relationships with them. To achieve this, businesses create a Marketing Strategy. Let us take a look at what this means. Difference between Marketing and AdvertisingIn some circles, there’s also an eighth principle of marketing: productivity and quality . Yet another one added to the mix is partners . Education: They’ve always done inventory management manually, and they have no idea that software could fix their issues. They might be searching for things like “manual inventory alternative”, or “how to reduce inventory losses”. If all your business happens online, your approach will be different to a business with a physical store. When staffing and setting up customer service processes, set up people and processes that really reflect your brand’s personality and cater to the types of experiences your target audience wants and expects. 6. Process Their job is to oversee all aspects of marketing including budget, strategy, plans for new products/services, product messaging/positioning, public relations, advertising, branding, advertising materials, and analytics.

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