Marketing Essentials Archives - Marketing Teacher

Buyer Decision Process

in * All Marketing (Index), Marketing Essentials

Learning outcome: By the end of this lesson, you will be able to describe the five stages of the buyer decision process and explain how the same process applies to both individual and organisational purchases. What Is the Buyer Decision Process? The buyer decision process is the sequence of stages a buyer moves through before,…

Decision Making Unit

in * All Marketing (Index), Marketing Essentials

The decision Making Unit (DMU) is a collection or team of individuals who participate in a buyer decision process. Generally DMU relates to business or organisational buying decisions rather than to those of a family for example.

Loyalty Programs

in * All Marketing (Index), Digital Marketing, Marketing Essentials

Learning outcome: By the end of this lesson, you will be able to explain what a loyalty program is, describe the four common types businesses use, and explain why a loyalty program pays for itself even though the rewards cost money to give away. What Is a Loyalty Program? A loyalty program is a structured…

Marketing Audit

in * All Marketing (Index), Marketing Essentials

The marketing audit is a fundamental part of the marketing planning process. It is conducted not only at the beginning of the process, but also at a series of points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the…

Marketing Concept

in * All Marketing (Index), Marketing Essentials

Learning outcome: By the end of this lesson, you will be able to explain the marketing concept and distinguish it from the production, product and selling orientations a business can take instead. What Is the Marketing Concept? The marketing concept holds that achieving an organisation’s goals depends on knowing the needs and wants of a…

Marketing Concepts and Principles

in * All Marketing (Index), Marketing Essentials

Learning outcome: By the end of this lesson, you will be able to explain the difference between needs, wants, and demands, define marketing in terms of value and exchange, and explain why marketing is about building relationships rather than making a single sale. What Do We Mean by “Marketing”? Marketing is often reduced to advertising…

Marketing Environment

in * All Marketing (Index), Marketing Environment, Marketing Essentials

The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment.

Marketing mix

in * All Marketing (Index), Marketing Essentials, Marketing Mix 4Ps and 7Ps

Learning outcome: By the end of this lesson, you will be able to explain each element of the marketing mix and why it was extended from four elements to seven for services. What Is the Marketing Mix? Once a business has chosen a target market through segmentation and targeting, it still has to decide exactly…

Marketing Place

in * All Marketing (Index), Marketing Essentials

Place as part of the marketing mix is considered in this FREE lesson from Marketing Teacher.

PEST Analysis

in * All Marketing (Index), Marketing Environment, Marketing Essentials

PEST analysis is very important that an organization considers its environment before beginning the marketing process. In fact, environmental analysis should be continuous and feed all aspects of planning.

PESTEL

in * All Marketing (Index), Marketing Environment, Marketing Essentials

Learning outcome: By the end of this lesson, you will be able to identify the six factors in a PESTEL analysis and explain how a change in one factor can create knock-on effects for a business through the others. What Is a PESTEL Analysis? A PESTEL analysis is a tool marketers use to scan the…

Positioning in marketing

in * All Marketing (Index), Marketing Essentials, Marketing Strategy

Products or services are ‘mapped’ together on a ‘positioning map’. This allows them to be compared and contrasted in relation to each other. This is the main strength of this tool. Marketers decide upon a competitive position which enables them to distinguish their own products from the offerings of their competition (hence the term ‘positioning…

Pricing Strategies

in * All Marketing (Index), Marketing Essentials

There are many ways to price a product. Let’s have a look at some of them and try to understand the best policy/strategy in various situations.

Promotion

in * All Marketing (Index), Advertising, Marketing Communications, Marketing Essentials

Another one of the 4P’s is ‘promotion’. This includes all of the tools available to the marketer for ‘marketing communication’. As with Neil H.Borden’s marketing mix, marketing communications has its own ‘promotions mix.’

Segmentation

in * All Marketing (Index), Marketing Essentials, Marketing Strategy

Segmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer behavior.

SMART Objectives

in * All Marketing (Index), Marketing Essentials

SMART objectives are simple and quick to learn. The objective is the starting point of the marketing plan. Once environmental analyses (such as SWOT, Five Forces Analysis, and PEST) and marketing audit have been conducted, their results will inform objectives. SMART objectives should seek to answer the question ‘Where do we want to go?’.

SWOT Analysis

in Marketing Environment, Marketing Essentials, SWOT Examples

Learning outcome: By the end of this lesson, you will be able to explain what a SWOT analysis is, distinguish internal factors from external factors, and use the SWOT framework to structure a strategic review of an organisation or a marketing decision. What Is SWOT Analysis? SWOT analysis is one of the most widely used…

Target

in * All Marketing (Index), Marketing Essentials, Marketing Strategy

Targeting is the second stage of the SEGMENT target POSITION process. After the market has been separated into its segments, the marketer will select a segment or series of segments and ‘target’ it/them.

Three Levels of a Product

in * All Marketing (Index), Marketing Essentials, Marketing Mix 4Ps and 7Ps

In order to actively explore the nature of a product further, lets consider it as three different products – the CORE product, the ACTUAL product, and finally the AUGMENTED product. These are known as the ‘Three Levels of a Product.’ So what is the difference between the three products, or more precisely ‘levels?’