Lesson 1 and 2 Flashcards
is a multifaceted business activity that encompasses a wide range of processes and strategies aimed at promoting and selling products or services to consumers or other businesses. It involves understanding customer needs and preferences, creating value through products or services, and effectively communicating that value to target audiences.
Marketing
a form of communicating and promoting the value of products, services or brand to the consumers.
Advertising
refers to the set of activities and strategies designed to communicate and persuade target audiences about the value of a product, service, or brand. Promotion is one of the four Ps of the marketing mix, alongside product, price, and place (distribution). It plays a crucial role in creating awareness, generating interest, driving desire, and encouraging action among potential customers.
Promotion
plays a pivotal role in driving sales, building brand awareness, and fostering customer loyalty
Marketing
4 P’s of the marketing mix
Product
Price
Place
Promotion
refers to the process of exchanging products or services for monetary value or other form of compensation
Selling
Key components and aspects of marketing:
Market Research
Product
Pricing
Distribution
Promotion
Branding
Target Audience
Marketing Mix 4 P’s
Digital Marketing
Data Analytics
Customer Relationship Management
Ethical and Social Responsibility
This involves collecting and analyzing data to understand consumer behavior, market trends, competition, etc.
Market Research
that fulfills a customer need or solves a problem. Companies must continually innovate and refine their offerings to meet changing customer demands.
Products
Setting the right price for a product or service is critical.
Pricing
Determining how and where to make products or services available to customers is a crucial aspect of marketing.
Distribution
represents the company’s identity, values, and reputation in the eyes of consumers.
Brand
Effective marketing requires identifying and understanding the
Target Audience
to measure the effectiveness of marketing campaigns. This data-driven approach helps companies optimize their strategies and make informed decisions.
Data Analytics
This includes strategies such as search engine optimization (SEO), social media marketing, email marketing, and online advertising.
Digital Marketing
help companies manage customer interactions and provide personalized experiences.
Customer Relationship Management (CRM)
Are becoming more significant in marketing. Companies are increasingly expected to engage in ethical practices and contribute positively to society.
Ethical and Social Responsibility
is a dynamic and evolving field that adapts to changes in consumer behavior, technology, and market conditions.
Marketing
to marketing refer to the conventional methods and strategies that were commonly used before the digital age and the rise of online marketing. These approaches often rely on offline or non-digital channels to reach and engage with target audiences
Traditional approaches
traditional approaches to marketing:
Print Advertising
Broadcast Advertising
Outdoor Advertising
Event Marketing
Telemarketing
Public Relations (PR
Promotions and Discounts
Guerrilla Marketing
Word-of-Mouth Marketing
Endorsements and Celebrity Marketing
In-Store Marketing
Direct Sales
Printed Materials and Brochures
have evolved to keep pace with changing consumer behaviors, technological advancements, and shifting market dynamics. These approaches are designed to be more customer-centric, data-driven, and adaptive.
Contemporary marketing approaches
contemporary marketing approaches
Digital Marketing
Content Marketing
Social Media Marketing
Inbound Marketing
Data-Driven Marketing
Personalization
Marketing Automation
Customer Experience (CX) Marketing
Mobile Marketing
Video Marketing
Voice Search Optimization
Sustainability and Social Responsibility Marketing
encompasses a wide range of online channels and tactics, including search engine optimization (SEO), social media marketing, content marketing, email marketing, pay-per-click (PPC) advertising, and influencer marketing.
Digital Marketing
focuses on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience. This approach aims to provide information, solve problems, and build trust with customers, often through blog posts, videos, infographics, and other content formats.
Content Marketing
Involves using social networking platforms like Facebook, Instagram, Twitter, and LinkedIn to connect with audiences, build brand awareness, and engage in conversations.
Social media marketing
customer-centric approach that aims to attract, engage, and delight customers by delivering valuable content and experiences at every stage of the buyer’s journey.
Inbound marketing
relies on the collection, analysis, and interpretation of data to make informed decisions. Marketers use data analytics, customer insights, and metrics to measure campaign effectiveness, optimize strategies, and personalize marketing efforts.
Data-Driven Marketing
involves tailoring marketing messages, offers, and experiences to individual customers or specific segments. It leverages customer data and behavioral insights to deliver relevant content and recommendations.
Personalization
uses software and technology to automate repetitive marketing tasks, suchas email campaigns, lead nurturing, and customer segmentation. It streamlines marketing processes and enables personalized interactions at scale.
Marketing Automation
focuses on creating positive, memorable experiences for customers at every touchpoint with a brand. It considers the entire customer journey and aims to exceed customer expectations.
CX marketing
It includes tactics like mobile advertising, mobile-optimized websites, and location-based marketing to reach consumers on their mobile devices.
mobile marketing
Leverages the power of video content, including tutorials, product demonstrations, storytelling, and live streaming, to engage and inform audiences. Platforms like YouTube and TikTok have become popular for video marketing.
Video Marketing
are multifaceted and can vary depending on the organization, its products or services, and its overall business objectives. However, marketing generally aims to achieve several key goals, which can be summarized as follows:
The goals of marketing
marketing generally aims to achieve several key goals, which can be summarized as follows:
Increasing Sales and Revenue
Brand Acceptance
Promoting Customer Satisfaction
Expanding Market Share
Customer Acquisition
Customer Retention and Loyalty
Market Segmentation
Product or Service Development
Creating Differentiation
Monitoring and Measuring Performance
Crisis Management and Reputation Protection
Educating and Informing Customers
Adapting to Market Changes
Maximizing Return on Investment (ROI)
Sustainability and Social Responsibility
are fundamental concepts and guidelines that serve as the foundation for effective marketing strategies and practices.
Marketing principles
Here are some key marketing principles:
Customer-Centricity
Value Proposition
Segmentation
Targeting
Positioning
Marketing Mix (4Ps)
Integrated Marketing
Marketing Research
Data-Driven Decision-Making
Ethical and Responsible Marketing
Long-Term Focus
Innovation
Feedback and Continuous Improvement
Return on Investment (ROI)
Competitive Advantage
Brand Building
Place the customer at the center of all marketing activities. Understand their needs, preferences, and behaviors to create products and campaigns that resonate with them.
Customer-Centricity
Clearly communicate the unique value that your product or service offers to customers. Explain how it solves their problems or fulfills their desires better than alternatives.
Value Proposition
Divide your target market into distinct segments based on factors like demographics, psychographics, behavior, and needs.
Segmentation
Focus your marketing resources on the most promising segments that are most likely to respond positively to your offerings. Don’t try to be everything to everyone.
Targeting
Establish a clear and differentiated position in the minds of your target audience. Communicate what sets your brand apart from competitors.
Positioning
Coordinate and align marketing efforts across various channels and tactics to ensure consistency in messaging and a seamless customer experience.
Integrated Marketing
