The course focuses on providing practical, hands-on advice to entrepreneurs and small-business people, including video segments with analysis and commentary from industry-leading practitioners and subject matter experts.

In this, the marketer initiates contact with the customer through methods such as TV, radio and digital display advertising. It is often used to influence consumer awareness and preference for a brand.

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A key advantage of this method is that it gives marketers the ability to reach the right people with the right message at the right time. For many marketers, this method results in the placement of an ad when certain keywords are entered.

According to the Association of National Advertisers (ANA), it involves various methods to tell the brand story. More and more marketers are evolving their advertising to content marketing/storytelling to create more stickiness and emotional bonding with the consumer.

A common and powerful tool for marketers at all levels. Email marketing has a role in direct, digital, inbound and outbound marketing efforts. It helps marketers with lead generation, brand awareness, relationship building and more.

A product may be an idea, a physical entity (goods), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives.

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).[5] 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.[6] 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 product,[7][8] is affected by the environment surrounding the product,[9] the results of marketing research and market research,[10][11] and the characteristics of the product's target market.[12] Once these factors are determined, marketers must then decide what methods of promoting the product,[5] including use of coupons and other price inducements.[13]

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.[32] Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies. The 7 P's of B2B marketing are: product, price, place, promotion, people, process, and physical evidence.[32] Some of the trends in B2B marketing include content such as podcasts, videos, and social media marketing campaigns.[32]

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.[34]

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.[35]

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.[5]

A marketing orientation has been defined as a "philosophy of business management."[6] or "a corporate state of mind"[36] or as an "organizational culture"[37] Although scholars continue to debate the precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows:[38]

A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix.

The 4Ps refers to four broad categories of marketing decisions, namely: product, price, promotion, and place.[7][49] The origins of the 4 Ps can be traced to the late 1940s.[50][51] The first known mention has been attributed to a Professor of Marketing at Harvard University, James Culliton.[52]

The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within a managerial approach that covered analysis, consumer behavior, market research, market segmentation, and planning.[53][54] Phillip Kotler, popularised this approach and helped spread the 4 Ps model.[55][56] McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners.[57][58][59]

One of the limitations of the 4Ps approach is its emphasis on an inside-out view.[63] An inside-out approach is the traditional planning approach where the organization identifies its desired goals and objectives, which are often based around what has always been done. Marketing's task then becomes one of "selling" the organization's products and messages to the "outside" or external stakeholders.[60] In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer.[64] 152ee80cbc

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