The Nature of Marketing
An introduction to basic marketing concepts. By defining marketing we can consider the objectives of marketers and fundamental ideas they must consider. These include:
Explaining marketing objectives,
Defining the term ‘market’,
Explaining the marketing mix: product, price, promotion, place (distribution channels),
Explaining the difference between market orientation and product orientation.
Market Analysis
To provide products and services to the consumer effectively, the market must first be analysed. This helps marketers select suitable strategies for the environment they are operating in. Topics include:
Consumer, industrial, local, regional, national, and international markets,
‘Market share’, ‘market size’, and ‘market growth’,
Calculating market share,
Niche and mass marketing,
USP and differentiation.
Market Segmentation
Marketers need to understand their customers. To do so, customers with similar characteristics can be identified so that suitable marketing strategies can be used to target them. Topics include:
‘Market segmentation’,
Geographic, demographic, and psychographic methods of segmentation,
The relationship between market segmentation and the marketing mix.
Market Research
To create successful marketing strategies, and understand the consumer, accurate information needs to be collected. This is called market research. To understand how and why market information is collected, the following topics are examined:
Understanding ‘market research’,
The benefits of accurate and reliable market research information,
Primary (field) research and secondary (desk) research,
Methods/sources of primary and secondary research,
Qualitative and quantitative market research information,
Sampling in market research,
Presenting market research data.
The Marketing Mix: Product
Marketers must examine the components of a product. Products must be analysed individually and as a collection of products so that the right marketing strategies for products can be selected. Topics include:
The total product concept: core product, actual product, and augmented product,
The product life cycle,
Extension strategies,
Product portfolio analysis and the Boston Matrix.
The Marketing Mix: Price
The correct pricing needs to be selected by marketers to maximise sales and ultimately profit. Topics include:
Price and consumer behaviour,
Pricing strategies,
Cost-based pricing,
Price elasticity of demand.
The Marketing Mix: Promotion
To build awareness and convince the consumer to purchase products and services, the correct methods of promotion need to be selected. Topics include:
Above-the-line and below-the-line promotion,
Digital marketing,
Promotional/advertising elasticity of demand,
Branding in product promotion
The Marketing Mix: Place
Businesses need to consider the most effective method of delivering the product or service to the consumer. Topics include:
Distribution channels,
E-commerce.
Marketing Strategy
Final points of consideration when creating a marketing strategy include:
Factors influencing consumer demand,
Customer relationship marketing (CRM),
Creating a co-ordinated marketing mix.