Unit 1: The Definition and Principles of Marketing
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 10 hours.