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This lesson on Marketing strategy introduces the first P of the Marketing mix - the product.
This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers.
The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours.
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Marketing module table of contents:
Marketing: An Introduction
Introduction to Marketing
What is Marketing's role?
Who works in Marketing?
Marketing's key processes
Marketing: Building a Marketing Strategy
What is a marketing plan?
The psychology of customers - needs, wants, and demands
Conducting marketing research
The different stages of marketing research
Collecting Primary Data for Marketing Research
Performing client segmentation
Choosing a target customer group
Marketing: How to set up an effective Marketing Mix
The four Ps of Marketing and their importance
Marketing: How to set up an effective Marketing Mix - Product decisions
The product concept
Classifying a firm's products
The typical product lifecycle
Product branding
Product packaging
Marketing: How to set up an effective Marketing Mix - Pricing decisions
The variables influencing product pricing
The demand curve
Performing break-even calculations
Marketing: How to set up an effective Marketing Mix - Place decisions
Setting up product distribution
Types of distribution channels
The advent of e-commerce
Marketing: How to set up an effective Marketing Mix - Promotion decisions
The essence of marketing promotion
Creating a marketing campaign
The importance of social media
Marketing: How to set up an effective Marketing Mix - A dynamic concept
The four Ps of Marketing - A dynamic concept
Marketing: Marketing strategy in the long run
Allocating the funds available for Marketing - The budgeting exercise
Using KPIs to improve decision-making
Short-term vs. Long-term marketing goals
Interpreting and calculating the Customer-Lifetime-Value formula
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There are two main types of products that can be offered to clients – goods and services.
Whether we talk about goods or services, we can say, usually, people are not just buying a product that solves one of their basic needs. They acquire the benefits and satisfaction they believe they’ll obtain from the product. They are interested in symbols and ideas that help them relate the product to a desired lifestyle and positive expectations about the future.
Customers do not simply buy products because they satisfy their needs. Instead, they are interested in becoming clients of firms that offer them a complete product concept – an idea or a promise, if you will. The best products make people happier and create a positive expectation before being consumed.
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