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This lesson on Marketing strategy introduces the notion of promoting a product. We examine one of the 4Ps of Marketing - Promotion.
Hope you will enjoy the video! Here's a link to the full course on Udemy:
https://www.udemy.com/course/mba-in-a-box-business-lessons-from-a-ceo/?referralCode=F6026A89249995D14BCD
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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Promotion is essentially the art of communicating a product’s benefits to customers and convincing them to acquire the product once, or ideally, a repeated number of times.
There are three degrees of brand loyalty:
Awareness
Preference
And Insistence
Marketing communication revolves around the three. Customers must know a product exists. Once they do, we need to convince them it is better than competitor products so they can develop a preference. In the best-case scenario, customers who prefer the product will understand its features well, which will develop informational awareness, and that will make them able to explain its benefits to other customers.
Continued purchasing of a product, brand insistence, is the goal of promotional communication. It occurs when customers link a product with their own lifestyle. The feeling of personal connection turns repeated customers into raving fans.
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