Principles of marketing/Course division/Core Foundations
Core Foundations for Successful Marketing in the 21st Century
We will begin with the basics of marketing. In this unit, we will define a number of important terms and distinguish between marketing, advertising, and sales. Advertising and sales are two aspects of marketing, but they come into play much later in the marketing strategy process. Companies focus on sales and advertising only after all other factors of marketing have been determined. This unit will teach you that marketing departments focus on a set of core principles, most of which are summarized by the 4 Ps (product, price, place, and promotion).
The 4 Ps are also known as the marketing mix. Marketers use the marketing mix to determine the proper strategy for a product. For example, if an inventor comes to you with a new touchscreen technology, how do you sell it? You might first find a product in which the touchscreen would be useful, such as a phone, then determine a target price to maximize sales, identify the best place to sell it (e.g. online or in a store), and finally decide how to promote it. Applying the 4 Ps in this situation could give you the next iPhone.
Completing this unit should take you approximately 17 hours.
Segmentation & Positioning
Philip Kotler, the grand dean of marketing textbooks, has suggested that if marketers can nail their target and position, all other aspects of a marketing campaign will fall into place. Target and position define whom we are trying to reach with our marketing campaign, and what message (or position) we will use to connect. The concepts of targeting and positioning are so critical to marketing success that we now dedicate an entire unit to them.
So let's now consider the concept of segmenting, targeting, and positioning (STP), known as the strategic marketing formula that helps marketers identify and segment their audience, target their market, and posture their products to cultivate their desired brand position.
Completing this unit should take you approximately 9 hours.
- What is Marketing?
- The Marketing Mix (aka "The 4Ps")
- Marketing Products (or Services)
- Identifying a Price
- Selecting the Best Place (or Location)
- Promoting Products (& Services)
- Segmenting Markets
- Target Marketing
- Positioning for Success
Upon successful completion of this unit, you will be able to:
- define marketing and explain its function in society.
- explain the 4 Ps of marketing.
- define marketing and advertising (*check*).
- describe the processes involved in pricing.
- define market segmentation and target marketing
- identify the role that targeting and positioning has in a marketing campaign