Marketing Basics

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10 Questions

Which company in the text emphasizes its commitment to protecting the environment, health, and safety of employees, customers, and communities?

Apple

What type of financing refers to money that comes from the business's own profits for new investments?

Internal finance

What is a liability in accounting terms as per the text?

Debt

What term is used when a company lists itself on the Stock Exchange to sell shares?

Stock Exchange finance

Which company mentioned in the text emphasizes embracing creativity and diversity in its mission statement?

Adidas

What aspect of a company's mission statement involves being financially rewarding for employees and shareholders?

Financial reward

In the context of financing, what does 'long term' refer to?

Buying new assets or building new branches

'External finance' refers to financing that comes from which source?

'Outsider investors'

'Ambush marketing' is a strategy where a company:

'Exploits a competitor's advertising campaign'

'Newsjacking' is a strategy where a company:

'Hijacks current events or news stories for marketing purposes'

Study Notes

Marketing Fundamentals

  • Marketing is a complex process that involves understanding customers' needs and wants to create and sell them the appropriate products and services.
  • The goal of marketing is to incite people to buy determined products or services.
  • Marketing involves making many different decisions, such as:
  • Finding business opportunities in the market
  • Identifying customers' needs and wants
  • Designing an appropriate item
  • Figuring out the right place to sell products
  • Making sure the product is available to customers

The Marketing Mix

  • The purpose of the Marketing Mix is to find the best strategy to advertise a product.
  • The Marketing Mix consists of the "five P's":
  • Product (the goods or services offered for sale)
  • Price (how much the product costs)
  • Placement (where the product is sold)
  • Promotion/Advertising (the activities that inform about a product)
  • People (those who are involved in making the product)

Product and Its Benefits

  • Product is the most important element of the Marketing Mix.
  • When buying a product, we buy its benefits/advantages that it can offer us.
  • "Selling benefits instead of features/characteristics" is a selling/promotion strategy.

Business Plan and Financial Plan

  • A business plan is a complete description of a business and its upcoming goals.
  • A business plan is fundamental for a company to explain what a business deals with, its marketing strategies, future financial plans, and requirements.
  • The financial plan is the section of a business plan that foresees both the gains and losses of cash for a company.

Marketing and Advertising

  • Marketing is all about selling a product or service using different methods.
  • Advertising is one part of marketing, specifically the part where we use tools to make the product known to the public.

Neuro Linguistic Programming (NLP)

  • NLP is a technique used to influence and change human behavior patterns through specialized communication techniques.
  • NLP aims to understand how people think, perceive, and communicate, and then uses that understanding to facilitate personal development and achieve specific goals.
  • NLP techniques can be applied in various areas, including marketing, to persuade and engage consumers by employing convincing language and influential strategies.

Explore the fundamentals of marketing, including understanding customers' needs, creating appropriate products & services, and inciting people to make purchases. Learn about various decisions involved in the marketing process.

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