Principles of Marketing helps students learn and apply the basic concepts and practices of . Answers to all the chapterend 'Discussing the Issues' questions and Rapid changes can quickly make yesterday's winning strategies out of date. Date Taken: In the following questions, provide outline answers or lists. Describe three methods of direct marketing (2 marks for each valid description). Principles of Marketing by Tanner and Raymond teaches the experience and process of .. (communicating), makes the sandwiches available on certain dates (delivering), and The value proposition answers the questions, “Why.
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. 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. Take the car manufacturer BMW. They make sporty luxury vehicles aimed at the upper-middle and wealthy classes. Developing an inexpensive and lower-quality vehicle to compete with cars in another class may dilute the brand and hurt sales.
However, if BMW were to market the vehicle under a different brand, they could diversify their product portfolio, avoid the risk of diluting the BMW brand, and be able to reach new customers all at the same time. Some firms go to great lengths to disassociate their brands from one another, while others embrace a family of brands model.
Appropriate decisions vary by industry and strategy.
Course: BUS Principles of Marketing
Equally important in delivering value to the customer through an offering is how a company sources the goods and services necessary for production and delivers the end product for customers to purchase - otherwise known as the supply chain. Finally in this unit, we will examine issues in pricing, including the costs of delivering a product, customer and societal perspectives, the impacts of competition, and ultimately the revenues a company may generate.
Completing this unit should take you approximately 7 hours. Distribution and Promotion Once marketers have identified the right product and determined appropriate pricing, they must decide how to effectively raise awareness and distribute the product.
This unit will focus on these decisions. You will learn that distribution is a complex process that involves taking a product through the manufacturing process, shipping to warehouses, distributing to sellers and customers, and taking returned products.
Marketers must work with supply chain managers to determine the best method to route products. If marketers expect that sales will be heavier in the northeast than in the west, additional resources will need to be allocated there to meet demand. There are a number of strategies for moving a product through various distribution channels. These vary based on anticipated demand, actual demand, and the competition.
- BUS203: Principles of Marketing
- Marketing Degree
Marketers must have a proactive strategy: They cannot sit on inventory and wait for orders because inventory storage is expensive and a lack of sales is disruptive. The final and arguably most vital aspect of marketing is the actual promotion of the product.
This can take for the form of giveaways, competitions, advertising, sales, and anything else a creative manager can think of. Marketers must take a number of aspects into consideration, however.
If you employ a sales staff to promote the product, how do you compensate them? If you pay a commission, how much commission will be paid per unit? Will the sales staff be given discretion on price, or do you want to send a uniform message that the price is locked in?
If a new company has limited funds available for advertising campaigns, might they use public relations tactics to gain free media coverage? These are just a few considerations that marketers must consider.
Marketing Degree | North Greenville University
This final unit will provide you with the tools you need to make the best possible promotion decisions. Completing this unit should take you approximately 11 hours. Launching a Marketing Campaign Marketing is not just a matter of internal strategies and customer analysis. There are factors outside of the company that must be taken into consideration with any marketing strategy.
Though marketers can control how they might respond to customer needs and expectations, they face the often-unpredictable reactions of customers to them. Maintaining customer satisfaction is essential to sustainable success. Marketers need to be sensitive to the regulatory and ethical constraints that may be placed upon them by a wide range of domestic and international industry standards and the expectations of society. Companies must also face social forces that challenge their success.
Fundamentals of Marketing
For example, marketers must be aware of the social and cultural aspects of each region in which they choose to market a product. Even a worldwide brand such as Coca Cola must adjust its marketing strategy for every region it enters. You want to run the company. You want to start your own business. You're both creative and very detailed oriented. You are self-motivated and optimistic.
You enjoy thinking about ways to communicate with other people. You like working with new media forms.
You also enjoy working in a team environment. You like to stay up to date on trends. You have a desire to help others. You want to travel the world. You want to have varied opportunities for employment in case what you thought you wanted to do is not what you expected, and you do not want to have to earn another degree to change careers. If this describes you, then the marketing degree at North Greenville University may be the best option for you.
Here, NGU's Marketing Department faculty members are prepared and willing to help you begin a successful career as a marketer. Major Description Marketing is an organizational function and a set of processes for creating, developing, promoting, and distributing value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
As a marketing major at NGU, you will spend much of your time working with advertising, event planning, hospitality and tourism, branding, strategy, research, sales, entrepreneurship, marketing communication, web design, nonprofits, and team skills.
You will learn about the diversity of marketing, critical thinking, consumer behaviors, career options, and product development, as well as how to apply this knowledge in your own work.