Introduction To Marketing //FREE\\

Marketing is a crucial function in all businesses and organizations, and is becoming increasingly crucial to success in our modern global economy. This course, regardless of your industry background, will teach you core concepts and tools to help you better understand and excel in marketing. Key topics include Market Research and its importance to strategy, brand strategy, pricing, integrated marketing communication, social media strategy, and more.

Marketing is dynamic and impactful. The details differ between industries, but at its most basic marketing is how businesses reach prospective customers and communicate the unique benefits of a product or service. It encompasses all the activities that companies undertake to promote, sell, and distribute that product or service. The goal is to generate sales and build a loyal customer base by informing prospective and existing buyers about the offering.

Introduction To Marketing

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Your target audience must first be aware that your product or service exists before you can hope to inspire a purchase. An essential function in any business, marketing supports efforts to acquire, keep, and grow customers.

Most businesses today use some combination of digital tactics to engage with their core audience and grow their brand. These include search engine marketing, blogging, online and mobile advertising, email, video, and social media.

Marketing is a diverse field. The structure and organization of a team can vary depending on several factors, including the industry, size of the company, and unique organizational needs. A small startup may have only one dedicated marketing professional, while a multinational corporation may have hundreds.

The MIT Sloan School of Management offers a variety of courses, certificates, and custom programs for individuals who want to build upon their leadership skills and advance their careers. Although not all courses are geared specifically towards marketing professionals, several are. These include classes on marketing innovation, digital marketing analytics, and pricing. Find out more about the program here.

Pragmatic Institute offers courses in product marketing (as well as product management) with six levels of certification. Current or aspiring product marketing managers can learn how to identify a target market, create a launch plan, and set a pricing strategy. Learn more about the courses here.

Marketing teams use a variety of tools and tactics to strategize, plan, and launch programs and campaigns. The articles in this section of the marketing guide will teach you how a team functions and how each role contributes to driving the growth of the business.

Marketing is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses (B2B) or directly to consumers (B2C).[3] Sometimes tasks are contracted to dedicated marketing firms, like a media, market research, or advertising agency. Sometimes, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination.

Market orientations are philosophies concerning the factors that should go into market planning.[4] The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the prodcut,[5][6] is affected by the environment surrounding the product,[7] the results of marketing research and market research,[8][9] and the characteristics of the product's target market.[10] Once these factors are determined, marketers must then decide what methods of promoting the product,[3] including use of coupons and other price inducements.[11]

The term marketing, what is commonly known as attracting customers, incorporates knowledge gained by studying the management of exchange relationships[12][13] and is the business process of identifying, anticipating and satisfying customers' needs and wants.

Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large".[14] However, the definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years.[14] The interests of "society at large" were added into the definition in 2008.[15] The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct the flow of goods, and services from producers to consumers".[16] The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing.

Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process",[17] and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return".[18] A related definition, from the sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction".[19]

Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage".[20] For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably".[21]

In the past, marketing practice tended to be seen as a creative industry, which included advertising, distribution and selling, and even today many parts of the marketing process (e.g. product design, art director, brand management, advertising, inbound marketing, copywriting etc.) involve the use of the creative arts.[22] However, because marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science.[23] Marketing science has developed a concrete process that can be followed to create a marketing plan.[24]

The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith's book The Wealth of Nations but would not become widely used until nearly 200 years later.[25] Marketing and Marketing Concepts are directly related.

Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs.[27] Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes."[28] Needs-based segmentation (also known as benefit segmentation) "places the customers' desires at the forefront of how a company designs and markets products or services."[29] Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market.[30][27] In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way.[31]

B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards a business or organization. Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies.

Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of the major benefit of this type of business model is that it offers a company a competitive advantage in the market.[33]

Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and the sharing economy.[34]

The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main differences in these markets are demand, purchasing volume, number of customers, customer concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional methods.[3]

A marketing orientation has been defined as a "philosophy of business management."[4] or "a corporate state of mind"[35] or as an "organizational culture"[36] Although scholars continue to debate the precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows:[37] 2351a5e196