Marketing Basics and Strategies

Marketing Basics

• Marketing is defined as the process of creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society.
• Marketing differs from selling; marketing focuses on creating value, while selling focuses on getting customers to buy.
• Customer satisfaction is critical for long-term business success.

Marketing Strategies

• Identifying and segmenting target markets is a crucial marketing strategy.
• The Marketing Mix (4 Ps) encompasses Product, Price, Place, and Promotion.
• Product strategies include analyzing product life cycles and categorizing products (consumer goods, services, etc.).
• Pricing strategies include cost-plus, competitive, penetration, and other approaches.
• Place strategies involve distribution channels, logistics, and types of distribution.
• Promoting products involves advertising, promotions, personal selling, and public relations.
• The 5 Ps add People and Process to the 4 Ps in service marketing.

Market Research

• Market research is essential for gathering consumer and market information to inform critical business decisions.
• Market research includes both primary research (surveys, interviews, focus groups) and secondary research (existing data, reports).
• Understanding the difference between qualitative and quantitative research is vital for interpreting data.

Consumer Behavior

• Consumer buying decisions are influenced by psychological, social, cultural, and personal factors.
• The buying process includes problem recognition, information search, alternative evaluation, purchase decision, and post-purchase behavior.
• Buying decisions can be routine, limited, or extensive.

Advertising & Promotion

• Advertising uses various media (TV, radio, print, online, social media) with varying effectiveness.
• Promotional strategies include discounts, coupons, contests, and giveaways.
• Public relations focuses on managing the company's reputation through media relations and press releases.
• Social media marketing utilizes platforms like Facebook, Instagram, Twitter, and others for marketing efforts.

Branding & Product Management

• Branding is vital for brand equity and brand positioning.
• Understanding the product life cycle (introduction, growth, maturity, decline) is essential.
• A product line and mix encompass the range of products a company offers.

Ethics in Marketing

• Ethical issues in marketing include false advertising and manipulating customers.
• Social responsibility in marketing focuses on sustainable practices, charity, and ethical approaches.

Global Marketing

• Global marketing strategies require understanding cultural differences for market expansion.
• Economic, cultural, and legal factors influence global marketing.

Marketing Plans

• Marketing plans include executive summaries, situation analyses, marketing strategies, financial projections, and implementation aspects.

Emerging Trends in Marketing

• Digital marketing encompasses SEO, content marketing, email marketing, and mobile marketing.
• Influencer marketing involves collaborating with influencers to promote products.

Pricing Strategies

• Cost-based pricing sets prices based on cost and profit margins.
• Competition-based pricing calculates prices based on competitor pricing.
• Value-based pricing sets prices based on perceived customer value.

Sales Techniques

• Personal selling involves the sales process and maintaining customer relationships.
• Sales promotions include sales incentives and loyalty programs to boost customer purchases.