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This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 Ps of marketing.
This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers.
The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours.
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Marketing module table of contents:
Marketing: An Introduction
Introduction to Marketing
What is Marketing's role?
Who works in Marketing?
Marketing's key processes
Marketing: Building a Marketing Strategy
What is a marketing plan?
The psychology of customers - needs, wants, and demands
Conducting marketing research
The different stages of marketing research
Collecting Primary Data for Marketing Research
Performing client segmentation
Choosing a target customer group
Marketing: How to set up an effective Marketing Mix
The four Ps of Marketing and their importance
Marketing: How to set up an effective Marketing Mix - Product decisions
The product concept
Classifying a firm's products
The typical product lifecycle
Product branding
Product packaging
Marketing: How to set up an effective Marketing Mix - Pricing decisions
The variables influencing product pricing
The demand curve
Performing break-even calculations
Marketing: How to set up an effective Marketing Mix - Place decisions
Setting up product distribution
Types of distribution channels
The advent of e-commerce
Marketing: How to set up an effective Marketing Mix - Promotion decisions
The essence of marketing promotion
Creating a marketing campaign
The importance of social media
Marketing: How to set up an effective Marketing Mix - A dynamic concept
The four Ps of Marketing - A dynamic concept
Marketing: Marketing strategy in the long run
Allocating the funds available for Marketing - The budgeting exercise
Using KPIs to improve decision-making
Short-term vs. Long-term marketing goals
Interpreting and calculating the Customer-Lifetime-Value formula
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The only way a marketing plan can succeed is if the four Ps are aligned and work in unison. Their role is to implement the strategic direction that top management has chosen. However, if one of the four Ps is not in sync with the others, the entire plan becomes compromised.
Imagine you are a marketing manager in a company that produces air conditioners. Your R&D team has just let you know they have come up with an amazing breakthrough – they have created an air conditioner that uses 50% less energy than any other air conditioner in the marketplace.
Until this moment, your company’s strategy has been cost leadership, but this new finding allows you to create a differentiated product!
So, what are you going to do? Tell the R&D team their amazing breakthrough is not in line with the firm’s strategy? Even though it might win the firm market share and allow it to charge more for its products, and marketing studies indicate potential improvements of profitability?
Or perhaps, you could readjust the four Ps plan to correspond to a differentiated product that is going to cost more, will be sold by premium resellers, and will need an extensive advertising campaign…
The second scenario sounds better, right?
The 4 Ps can be readjusted and needs to be readjusted when one of the Ps changes. Think of the Ps as an ecosystem that must adapt to a changing environment. If one component changes, all four must evolve and adapt accordingly.
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