Earn Marketing College Credits On Your Schedule.
Most people think of marketing simply as advertisements or promotions, such as commercials, billboards, or print ads in magazines. But it is much more. It’s an integral part of modern culture and the economy. From our selection of the neighborhoods where we live, to the brands we are loyal to, to the types of products we buy, marketing affects the decisions we make in everyday life.
Let’s begin by exploring some of the basic concepts of marketing.
First, let’s answer two questions: what is marketing, and why is it important?
Marketing is the process of creating and delivering information to consumers about the value of a good or service, with the intention of persuading them to make a purchase. It’s an important driving force in modern society. Let’s look at all the ways that it can be influential.
Nations like the United States, with a developed marketing system, tend to have a higher GDP. In these countries, marketing is present in all aspects of production and consumption, and is essential for a company to survive.
The marketing system also offers employment and income for millions of people. A significant number of Americans are employed in the marketing sector: more than 30 million directly, with salespeople accounting for the largest segment.
Additionally, private investments and the taxes paid by marketing companies, or businesses engaged in marketing campaigns, further help the development of national infrastructure in areas like transportation, telecommunication, medical care, and so on.
Mass-marketing efficiencies allow for lower costs, lower prices, and increased consumer access to products, fostering innovation that ultimately benefits consumption. It also creates competition between brands and products. This leads to increased product choices, improved distribution, and reduced costs. That, in turn, helps improve the overall national infrastructure through advancements in various technologies.
So, as we can see, marketing is not just the advertising and promotion of goods and services. It is integral to many facets of society and the economy, from creating jobs to helping improve infrastructure through competition and advancements in technology.
1.1 The Importance of Marketing - Marketing is the process of creating and delivering information to consumers about the value of a good or service, with the intention of persuading them to make a purchase. It’s an important driving force in modern society.
1.2 Needs, Wants, and Demands - Learn the definitions and how each balance each other out with needs, wants, demands, value, and satisfaction.
1.3 Goods, Services, Ideas, and Experiences - As the definition of marketing states, the primary focus of marketing is on the creation and distribution of goods, services, ideas, and experiences that satisfy consumer needs and wants.
1.4 Exchanges and Transactions, Relationships and Markets - A manufacturer has goods, services, or ideas that consumers need, want, or demand. But, how do these two parties come together in a way that is beneficial to both parties? Let’s look at exchanges and transactions, and the relationships formed by these interactions.
1.5 The Product/Production Concepts - There are different approaches a company can take to its marketing—five in fact. Let’s find out what those five approaches are and focus on the first two: product and production.
1.6 The Selling Concept - The selling concept assumes that when left alone, consumers will not normally purchase the products the firm is selling or will not purchase enough products.
1.7 The Marketing Concept - The marketing concept assumes that a company can compete more effectively if it first researches consumers’ generic needs, wants, and preferences, as well as product- or service-related attitudes and personal interests.
1.8 The Societal Marketing Concept - The societal marketing concept assumes that a company has a competitive advantage if it applies the marketing concept in a way that helps improve society’s well-being.It is a modified version of the marketing concept.
1.9 The History of Marketing Philosophies - Let’s look at the history of marketing philosophies and find out why a specific approach worked best during certain times.
1.10 Societal Marketing: Orientation and Approach - Today, marketing managers agree on the importance of adopting a market orientation, which is a firm-wide focus on customer needs and on delivering high quality to consumers and other businesses in the process of achieving company objectives.
1.11 Societal Marketing: Focus on Customer and Societal Needs - For optimal performance in the marketplace, marketers need to address consumer needs and wants more effectively than competitors.
1.12 Integrating Societal Marketing Practices through CRM - Customer relationship management, or CRM, is a management model designed to build long-term customer loyalty by managing their expectations and experiences. CRM focuses on the behavior of and communication with the person most important to a company’s success: the customer.
2.1 The Microenvironment - A major function of marketing is to develop a company’s customer base. Potential customers must be identified, targeted with appropriate marketing strategies, and persuaded to purchase a company’s goods or services. Although this task may appear to be rather simple, it becomes daunting when the company’s microenvironment is considered.
2.2 World Bank Country Classifications - Learn how the World Bank effects daily life.
2.3 Economic Development: The Rostow Modernization Model - Take look at the economy in more detail. Rather than looking at big-picture items like global trade and finances, however, let’s make it more personal. Now, we’ll learn about how the economy affects income and spending patterns at the level of the consumer.
2.4 The Economy and the Consumer - In this section, we’re going to look at the economy in more detail. Rather than looking at big-picture items like global trade and finances, however, let’s make it more personal. Now, we’ll learn about how the economy affects income and spending patterns at the level of the consumer.
2.5 The Economy and Natural Resources - The economy is affected by all the factors in the environment, including the availability and consumption of natural resources.
2.6 The Technological Environment - Our lives are changing dramatically and at a faster pace because of technological advances. Let’s take a look at some of these advances, and the factors that allow them to take place.
2.7 The Political Environment: Economic, Government, and Labor Risks The Political Environment: Terrorism Risks - Businesses, especially multinational corporations, must constantly scrutinize the political environment to assess the myriad of risks that could have an impact on their operations.
3.1 This course contains 17 more sections teaching you about Marketing, including Consumer Behavior, Business to Business Behavior, Product Strategies, Services Marketing, Distribution, Pricing, Retail Strategy, Integrated Communications, Public Relations, Direct Marketing, Internet Marketing, International Marketing. -
The following sample questions do not appear on an actual examination. These questions are intended to give test-takers an indication of the format and idea of what to study!
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