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Essential Marketing Skills
Rationale
Marketing is one of the terms in academia that does not have one commonly agreed upon definition. Even after a better part of a century the debate continues. In a nutshell it consists of the social and managerial processes by which products (goods or services) and value are exchanged in order to fulfil the needs and wants of individuals or groups. Although many people seem to think that "marketing" and "advertising" are synonymous, they are not. Advertising is simply one of the many processes that together constitute marketing .[1]
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The induction workshops have been designed as an integrated basic learning package, providing students with a practical approach to the learning environment and some of the knowledge and skills required for successful completion of the programme.
The real-life approach of the each workshop and the source books is enhanced by the up-to-date reading material and the documents provided in each tutorial. The assignment and tests completed during the induction week will be assessed by the course tutors who will also provide appropriate feed-back to each students. However, the outcomes of the induction assignments do not affect the module or course grades in any way.
Learning Objectives and Outcomes
This is a non-taught unit designed for self-directed study by those planning to start or grow their own business.
Knowledge
After completing this module, entrepreneurs will be able to:
1. Understand the principles of markets and marketing and how to apply them to the business, financial and marketing strategy planning
2. Understand the concepts and principles of market information gathering
3. Understand the role of marketing in raising finances for a new venture
4. Understand the elements of the Marketing Mix and successfully apply them to the own business related decision making
5. Understand why pricing decisions are critically important to the business
Skills
After completing this module, students will be able to:
1. Conduct analysis of the current marketing environment
2. Conduct market and marketing research
3. Price the products and services effectively
4. Analyse the distribution and logistics options and make informed decisions
5. Align all marketing and sales activities to achieve maximum growth
6. Construct and implement a realistic marketing strategy
7. Apply the principles of consumer marketing to customers at home and overseas.
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Teaching and Learning Resources
Marketing Principles
- Marketing in the 21st Century
- Analysing the current situation
- Gathering marketing information
- Market segmentation, targeting and positioning
- Understanding consumer and business markets
Research is the search for, and retrieval of, existing, discovery or creation of new information or knowledge for a specific purpose. Research has many categories, from medical research to literary research. Marketing research is a form of business research. and Business-to-Business (B2B)Marketing Research, or Business Marketing Research, previously known as Industrial Marketing Research.
B2B Marketing Research investigates the markets for products sold by one business to another, rather than to consumers.
Consumer Marketing Research is a form of applied sociology which concentrates on understanding the behaviours, whims and preferences, of consumers in a market-based economy. The field of consumer marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the ACNielsen Company in 1923.
In addition to marketing research, other forms of business research include:
Market research is broader in scope and examines all aspects of a business environment. It asks questions about competitors, market structure, government regulations, economic trends, technological advances, and numerous other factors that make up the business environment. (See Environmental scanning.) Sometimes the term refers more particularly to the financial analysis of companies, industries, or sectors. In this case, financial analysts usually carry out the research and provide the results to investment advisors and potential investors.
Product research - This looks at what products can be produced with available technology, and what new product innovations near-future technology can develop. (see New Product Development)
Advertising research - is a specialized form of marketing research conducted to improve the efficacy of advertising. copy testing, also known as pre-testing, is a form of customized research that predicts in-market performance of an ad before it airs by analysing audience levels of attention, brand linkage,motivation, entertainment, and communication, as well as breaking down the ad’s Flow of Attention and Flow of Emotion . Pre-testing is also used on ads still in rough (ripomatic or animatic) form. (Young, p213)
- Types of marketing research
- Marketing research methods
- Business to business market research
- Commonly used marketing research terms
- References
- Ad Tracking
- A/B testing
- Advertising Research
- Commercial eye tracking
- Copy testing
- Experimental techniques
- Global Marketing
- Industry or market research
- Integrated Marketing Communications
- Internet Strategic Intelligence (ISI)
- Knowledge management
- List of marketing research firms
- Marketing
- Master of Marketing Research
- Observational techniques
- Propaganda
- Quantitative marketing research
- Qualitative marketing research
Consumer Behaviour is the study of how people buy, what they buy, when they buy and why they buy. It is a subcategory of marketing that blends elements from psychology, sociology, sociopsychology, anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.
External links
Workshop
The Marketing Mix
Tutorials
- The marketing mix - product strategies
- The marketing mix - pricing strategies
- The marketing mix - distribution strategies
- The marketing mix - promotion strategies
- Financial aspects of marketing
Readings
The Marketing Mix is generally accepted as the use and specification of the 4 Ps describing the strategic position of a product in the marketplace. One version of the origins of the marketing mix starts in 1948 when Culliton said that a marketing decision should be a result of something similar to a recipe. This version continues in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term 'Marketing-Mix'. A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularised. Philip Kotler describes the concept well in his Marketing Management book (see references below)
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British Broadcasting Corporation (BBC) Schools Marketing Mix (bitesize 4P's) |
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Marketing Resource Management (MRM) provides the software infrastructure to support Marketing Operations Management. Marketing Operations Management is the alignment of people, process and technology to support marketing activities and improve marketing effectiveness. The growing importance of an effective MRM strategy is reflected by the number of leading organizations which are following this path, with implementations of software provided by some of the leading technology vendors operating in this space, including Aprimo [1], Assetlink [2], Be the brand experience [3], Brainloaf [4], BrandMaker [5], FotoWare [6], MarketingCentral, MarketingPilot [7], RoboHead [8],MarketingIsland, SyncForce [9] and Unica [10]. This growth is also reflected in the growing importance of the marketing operations role in organizations.
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MRM generally refers to technology for the areas of planning, design and production within marketing and MRM solutions do not provide the analytics, decisioning and automated execution capabilities for personalized marketing across channels. MRM is a subset or part of Enterprise Marketing Management (EMM)[11] solutions which provide more complete capabilities for all of the functions and roles within the marketing including customer & web analytics and one-to-one marketing execution. MRM users and vendors collect four times per year at Henry Stewart Events [12]. See also |
Recommended Text
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Resources
Experian is a global information solutions company, with operations in over 30 countries around the world, including the USA, UK, most European countries, Argentina, Brazil, South Africa, China, Japan and Australia. The largest operation, Experian North America, is a consumer credit reporting agency, considered one of the "big three" along with Equifax and TransUnion in that business in the United States.
- About the company
- Cheetahmail
- QAS
- Other countries
- Controversies
- References
- London Stock Exchange company profile. Retrieved on 2006-10-29.
- Sullivan, Bob. "Many free credit reports still aren't free", MSNBC.com, MSNBC, 2005-05-10. Retrieved on 2006-10-2.
- Experian, Consumerinfo.com Named In Class Action Suit. ConsumerAffairs.com. Retrieved on 2006-10-29.
- Experience Details. JonesDay.com. Retrieved on 2006-10-29.
- Experian, Equifax & Trans Union Get “F” in Customer Service Survey. Guardmycreditfile.org. Retrieved on 2007-01-04.