About This Chapter
Marketing Fundamentals - Chapter Summary
This chapter teaches you the essentials of marketing and includes lessons on the marketing environment, promotion and the 4 Ps of marketing. Professional marketing instructors guide you through different methods for collecting data and creating a marketing plan. You'll learn about promotion and its purpose, international marketing strategies and market segmentation. A lesson on sponsorship advertising introduces you to e-commerce, sponsorships and other marketing strategies, while other lessons offer instruction on using surveys to gather marketing data, factors that play a role in marketing decisions and applications for marketing. When you're done watching the videos in this chapter, you'll be familiar with:
- Marketing terms and functions
- Social, cultural , environmental and economic factors that impact marketing decisions
- Sources of secondary data for marketing purposes
- Marketing mix goals
- Target marketing strategies
- Demographic and geographic market segmentation
- Pros and cons of sponsorship advertising
- Integrated marketing communication
Short and engaging video lessons are used in this chapter to help you understand critical marketing topics. You'll find lesson transcripts attached to each video in case you want to read along or quickly reference key marketing vocabulary. Each video takes about 5-10 minutes to watch, and you can utilize the video tags to go back and review main points from the video. When you've completed your viewing of a lesson, take the self-assessment quiz to see how well you understand the material. At the end of the chapter, you'll also find a helpful exam that covers key points from all of the lesson.
1. Introduction to Marketing: Definition and Applications
In this introductory video lesson on marketing, you'll learn what marketing is, how it's used to reach consumers and why it's important to businesses. You'll also see how exchange is related to marketing.
2. Marketing Environment: External Influences on Marketing Strategy
What influences how a business sells its products - and itself? In this lesson, you will learn more about external influences that affect the marketing strategy of a business.
3. Marketing Research: Definition, Purpose and Role in Marketing Strategy
If you're a business owner, you need to know your clientele. Watch this lesson to understand the purpose and role of marketing research strategy in an overall marketing plan. This might be just the info you need!
4. Conducting Surveys and Interviews: Explanation & Purpose
Conducting surveys and interviews can help many companies solve business problems by the creation of helpful primary data. Qualitative data is meaningful as it allows more detailed opinions, observations and information that allow better insight into making the best decisions.
5. Secondary Data in Marketing Research: Definition, Sources & Collection
Marketing research requires data, and secondary data is often the most convenient and cost-effective option. In this lesson, you'll learn about secondary data, including its sources and how to collect it.
6. Target Market Strategies for Successful Business
If you've ever felt persuaded to buy an item by an ad, you've likely been defined as part of a target market. Though you may not know it, advertisements are created specifically for people similar to you. In this lesson, you'll learn how marketing firms identify a target market, create basic target market strategies and use a marketing mix for a product or service.
7. Goals of Promotion and the Marketing Mix
Before deciding on a final campaign, marketing managers need to decide what the promotional goals will be for their overall marketing strategy. Depending on the type of product, marketers need to either inform, persuade or remind consumers about product benefits and features.
8. International Marketing Mix and the 4 Ps of Marketing
In this lesson, we will discuss how to adjust the marketing mix when pursuing an international market. Additionally, the Internet's impact on the marketing mix will be discussed.
9. Market Segmentation: Geographic, Demographic, Psychographic & More
Marketers must be effective at creating niche segments to promote and sell their products or services. There are five specific ways that markets can be segmented in order to create a successful sales opportunity.
10. What Is Sponsorship Advertising? - Definition, Advantages & Disadvantages
If you have been to a charity or sporting event, you probably have been exposed to sponsorship advertising. In this lesson, you'll learn about sponsorship advertising, including its advantages and disadvantages. A short quiz follows.
11. Integrated Marketing Communication and the Marketing Plan
In order to compete in today's difficult market, a marketing manager must create not just a promotional mix, but an integrated marketing communications plan. This is a coordinating plan of promotional messages for a product to ensure consistency. The product's promotional message should be consistent and create an overall integrated theme.
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Other chapters within the NYSTCE Business and Marketing: Practice and Study Guide course
- Introduction to Business Management
- Organizational & Group Behaviors in Business Management
- Motivation in Business Management
- Human Resource Management & Development
- Business Ownership
- Laws Related to Business Ownership
- Labor-Management Relations
- Business Law Basics
- Ethics in Business Today
- Marketing Strategies in Business
- Marketing & International Business
- Accounting Fundamentals
- Accounting & Financial Management
- Business Technology & Information Systems
- Business & Marketing Communications
- Principles of Economics
- Consumer Economics & Personal Finance
- Career & Professional Development in Business