What good does a business has if no one knows about it? Without the efforts of marketing, a business would not survive in today’s business world. Marketing consists of plan and execute the advertising and selling of its products and services. Marketing determines pricing and location for their products.
With an ever growing competitive business world, employers are always on the search for creative individuals that can come up with new ways to maximize marketing’s influence. It is also noted that outsourcing may be a potential hindrance to marketing opportunities.
The great challenge to get the companies voice heard above all the others. Within the waves of advertisements that crash into the world of consumers, workers in marketing must create methods that catch the attention of the consumers while they ignore the others’ advertisements.
Wherever there is a company in need of increasing sales – that is where there is an opportunity. Very rarely would a company wish to not increase its sales.
2. Public Relations
3. Market Research
5. Product Management
Key Marketing Terms
4 P's of marketing:
PRODUCT: Good or service that most closely meets the needs of a market and yield enough profit to justify its continued existence
PRICE: what a buyer is willing to pay, a seller is willing to accept, and the competition is allowing to be charged.
PLACE: Movement of goods and services from the source through the distribution channel, right up to the final customer, consumer, or user.
PROMOTION: Advancement of a product, idea, or point of view through publicity and/or advertising.
Niche: The direction of sales efforts to a narrow target market.
Target market: a defined segment of the market that is the strategic focus of a business or a marketing plan.
Product mix: the set of all products and items that a particular seller offers for sale to buyers
Promotion mix: The various communication techniques such as advertising, personal selling, sales promotion, and public relations/ product publicity available to the consumer.
Segmentation: The practice of dividing a customer base into categories or marketssuch as income level, geographic location or subscription type
Positioning: developing a specific marketing mix to influence potential customers' overall perceptions of a brand; to develop a specific image of the brand in the minds of consumers
IMC: Integrated Marketing Communication - A management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unified force, rather than permitting each to work in isolation.
Skimming: A product pricing strategy by which a firm charges the highest initial price that customers will pay. As the demand of the first customers is satisfied, the firm lowers the price to attract another, more price-sensitive segment.