Marketers must always ask where a new product will fit in their current lineup and how the new product will serve as an extension of an existing brand. When a new product is developed and offered, a company must consider what will develop the product's value to the customer, whether the customer is a consumer or another business. At each stage, the marketing of the product is different. When a product is in the declining stage, most competitors leave the market and prices are very low. As the product grows and matures, the strategy again changes over time, marketers lower the price.
The fact that initial customers will be early adopters of a new product affects the marketing strategy. This is best illustrated by technology products. New products typically cost more than existing products due to the high costs associated with production and development. In this situation could give you the next iPhone.Ĭompleting this unit should take you approximately 10 hours.
PRINCIPLES OF MARKETING SYLLABUS HOW TO
Or in a store), and finally decide how to promote it. Price to maximize sales, identify the best place to sell it (e.g. Touchscreen would be useful, such as a phone, then determine a target How do you sell it? You might first find a product in which the ForĮxample, if an inventor comes to you with a new touchscreen technology, Marketing mix to determine the proper strategy for a product. The 4 Ps are also known as the marketing mix. Marketing departments focus on a set of core principles, most of whichĪre summarized by the 4 Ps (product, price, place, and promotion). Companies focus on sales and advertising only after all otherįactors of marketing have been determined. Marketing, but they come into play much later in the marketing strategy In this unit, we willĭefine a number of important terms and distinguish between marketing,Īdvertising, and sales. We will begin with the basics of marketing. You will then see the learning materials and instructions on how to use them. Click Unit 1 to read its introduction and learning outcomes. Then, enroll in the course by clicking "Enroll me in this course". By the end of this course, you will be familiar with the art and science of marketing a product.įirst, read the course syllabus. The idea that "great products sell themselves" is simply not true. The strategy a marketing firm chooses for a particular product is vital to the success of the product. Capturing the customer's attention may entail undercutting competitors' prices, aggressively marketing with promotions and advertising (like "As Seen on TV" ads), or targeting ideal customers. Once a company identifies its customer and product, marketers must determine the best way to capture the customer's attention.
PRINCIPLES OF MARKETING SYLLABUS TRIAL
We will explore ways marketing departments and independent agencies answer these questions, whether through research, analysis, or even trial and error. In reality, advertising is just one of many tools used in marketing, which is how firms determine which products to offer, how to price those products, and who they should be made available to. Many people incorrectly believe that marketing and advertising are the same. Marketing is an understanding of how to communicate with the consumer, and is characterized by four activities: creating products and services that serve consumers, communicating a clear value proposition, delivering products and services in a way that optimizes value, and exchanging (or trading) value for those offerings. You will begin to think about who the consumer of goods and services is, what the consumer needs, and what the consumer wants.
You will also learn how to think like a marketer, discovering that the focus of marketing has always been on the consumer. In this course, you will learn about the marketing process and examine the range of marketing decisions that an organization must make in order to sell its products and services.
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