Unit 1: The Definition and Principles of Marketing
Many people incorrectly believe that marketing and advertising are the same. In reality, advertising is just one of many tools used in marketing, which is how firms determine which products to offer, how to price those products, and who they should be made available to. We will explore ways marketing departments and independent agencies answer these questions, whether through research, analysis, or trial and error. Once a company identifies its customer and product, marketers must determine the best way to capture the customer's attention. Grabbing the customer's attention may entail undercutting competitors' prices, aggressively marketing with promotions and advertising (like "As Seen on TV" ads), or targeting ideal customers. The strategy a marketing firm chooses for a particular product is vital to the product's success. The idea that "great products sell themselves" is simply not true. By the end of this course, you will be familiar with the art and science of marketing a product.
Completing this unit should take you approximately 6 hours.
1.1: Marketing Basics
1.2: The Marketing Mix ("The 4 Ps")
Unit 1 Discussion
- Make forum posts: 1