Market Segmentation is a tool companies can use to personalize marketing to a target audience. It means tailoring both the product, and the promotion of a product, differently to different types of people
Marketing is a word often thrown around as an umbrella term for a wide variety of functions within organizations, ranging from the running of social media accounts to inside sales, and anything in between.
Ethics are a code of values and principles that govern the actions of a person regarding what is right versus what is wrong. Ethics appear in all facets of daily life, including how products are marketed to the general public.
Understanding human behavior helps us gain insight into what drives customers’ purchase decision-making, and how do they use the products and services that they obtain. Marketers need to be very in-tune with consumer behaviors, and ready to react to changing tastes and preferences
Planning and evaluating advertising is essential for businesses since it is the way the company communicates with the outside world, and can make a big difference in their success. There are four core factors to consider when planning and evaluating advertising: connecting with the customer, adhering to legal and ethical norms, the methods of communication with customers and measuring advertising effectiveness.
Personal selling is when businesses use people to “sell” the product to a customer face-to-face. These sales people promote the product with every aspect of themselves. The salesman has tools provided by their marketing team, but actually closing the deal is based mostly on personal interaction.
The classification of products and services is a process that groups together certain products/services that carry similar characteristics in terms of price level, similarity between competing brands, and the way consumers approach them in the buying process. This helps marketers to build “Types” of marketing strategies for similar products
Effective pricing strategies are essential for the success of a product, and by extension a company in general. Supply and demand, elasticity, durability of the product, and price of the competition all come into play!
The Product Life Cycle is the series of phases a product moves through in its lifetime, which include introduction, growth, maturity, and decline. Each stage transforms the role of the product managers, salespeople, and other parts of a company – as well as the products themselves.
Marketing is a cornerstone in the success of any organization. To ensure marketing is successful for an organization, companies need to compose long-term marketing strategies promoting their goals with specific actions. A short term marketing plan is also necessary, with short-term goals building towards long-term objectives.