About This Chapter
Marketing Principles - Chapter Summary
Our chapter focusing on marketing principles can introduce you to the topics of international marketing, the marketing environment and target markets. In addition, you'll visit the interesting world of channel intermediaries and channel conflict. As you complete this chapter, you should be able to accomplish the following:
- Explain the role and purpose of research in marketing strategies
- Describe advertising media choices
- Outline forms of economic distribution
- Understand relationship selling
- Discuss consumer perceptions in relation to pricing strategies
- Chart the product life cycle
- Explain effects on the image of big business
- Define product, place, price and promotion
These well-organized video lessons are short and come with corresponding transcripts as well as quick, multiple-choice quizzes to gauge your understanding. You can view the lessons as many times as you'd like and can use the handy video tags to find specific spots to rewatch. Lessons are flexible and convenient, allowing you to watch them on your schedule from any location with an Internet connection.
1. 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!
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. Consumer Behavior Theory and Marketing Strategy
Watch this lesson to find out how marketers can use predictions about our behavior to create a strategy that helps them reach out to us and influence our decisions to buy.
4. Retail Segments, Target Markets and Marketing Strategies
In this lesson, you will learn how to identify four different retail segments and gain an understanding of how producers of goods and services use different types of retailers to reach the different target markets that buy their products.
5. International Marketing: The Importance of Global Marketing Strategy
Companies cannot just concentrate on domestic markets if they are to remain competitive. Global marketing allows marketing managers to look for growing target markets and product opportunities overseas.
6. Forms of Economic Distribution & Exchange within Society
This lesson will seek to explain the different forms of economic distribution found across the globe. It will highlight generalized and balanced reciprocity as well as redistribution and market exchange.
7. Marketing Channel: Definition and Function in the Marketplace
In this lesson, we'll learn about the marketing channel, which allows producers to deliver their product to consumers in the correct quantity, type and location. Without help from additional channel members, most companies would not be able to increase their target market reach and satisfy their customer needs.
8. Channel Intermediaries: Definition and Function in Business
Marketing managers must have an effective physical distribution strategy, and companies must be able to deliver their products to the consumer. Most managers utilize channel intermediaries to help with transactional, logistical and facilitating functions. Learn more about this process here.
9. Channel Conflict: Horizontal & Vertical Conflict
A marketing logistics plan can have channel conflict. This occurs when channel members do not agree with pricing, distribution or even logistical operations. The channel member's ultimate goal is to create a comprehensive channel partnership to eliminate any conflict and drive product efficiently to consumers.
10. Relationship Selling vs. Traditional Methods: Definition and Purpose
Promoting is an important method of communicating the benefits of a product or service. The traditional way of selling does not take into account developing a long-term relationship with customers and is more concerned with just making a sale. The proper way of selling in a marketing environment is relationship selling. This is concerned with solving customer product needs and delivering long-term customer service.
11. Pricing Strategy and Consumer Perception
Consumers' perceptions of products rely heavily on the pricing strategy that is chosen by the marketing manager. Price will impact not only consumer perception but also profit and speed of product adoption.
12. Product Life Cycles: Development, Design and Beyond
Have you ever considered that products, like humans, have a life cycle? You will learn about product life cycles and how they are designed and developed. See how a product goes from its introduction to being retired.
13. The Marketing Mix: Product, Place, Price & Promotion
A marketing plan is the central part of the overall marketing strategy. A marketing plan's main focus is the marketing mix, which consists of product, place, promotion and price decisions. All four elements are very flexible and have many options. The main purpose of the marketing mix is to effectively communicate with the target market.
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Other chapters within the FTCE Marketing 6-12 (057): Test Practice & Study Guide course
- Marketing Careers and Employability
- Human Relations
- Marketing Mathematics
- Economic Principles
- Business Operations
- Sales Promotion
- Product and Service Technology
- Leadership and Management
- Work-Based Experiences
- Program Operation
- Financial Literacy
- FTCE Marketing 6-12 Flashcards