Unit 3: Marketing
Marketing encompasses more than simple advertising and selling, it describes the activity businesses engage in to create, communicate, deliver, and exchange their products to their customers, clients, partners, and society at large. Business owners not only aim to provide customers with the goods and services they want and need, they need to convince them to make a purchase and come back for more. It involves the product, price, distribution, and promotion in the form of advertisement, publicity, public relations, and sales promotion. We will explore e-commerce, e-business, and the use of social media marketing.
Completing this unit should take you approximately 10 hours.
3.1: Marketing Defined
3.2: Marketing Mix
The marketing mix is comprised of 4 elements: product, price, placement (or distribution), and promotion. This is often referred to as the 4 Ps of marketing. Businesses can change any one of these elements and create a different marketing mix.
3.2.1: The Product
3.2.3: Placement (Distribution)
3.3: Consumer Behavior
Now that we have a basic understanding of the marketing process, we can explore the whole purpose of marketing: to reach the customer. It is important to understand how consumers make their purchase decisions so the marketer can tailor the marketing mix to meet the consumers' needs.
3.3.1: Customer-Relationship Management
3.3.2: Multicultural CRM
3.3.3: Electronic Commerce
Technology has changed the way consumers shop and how they receive information about products. Think about the last time you wanted to purchase something out of the ordinary (not a candy bar, but maybe a dishwasher). Was your first step to go to a local appliance store and buy the first one you saw? Probably not. More than likely, you went online and did some research. Perhaps you even read reviews of dishwashers other people had purchased. You may have even asked your friends on Facebook for their opinions. In the end, you may have even purchased the dishwasher online and had it delivered right to your door.
3.4: Marketing Strategies
So far, we've learned about the marketing process, the marketing mix, and consumer behavior. Now, let's take a look at marketing strategies that bring these three elements together.
3.4.1: Marketing Segmentation
3.4.2: Marketing Research
3.4.3: Product Life Cycle
3.4.5: SWOT Analysis
To pull all these strategies together, businesses often perform a SWOT analysis, which stands for strengths, weaknesses, opportunities, and threats.
Unit 3 Assessment