About This Chapter
The Marketing Process - Chapter Summary and Learning Objectives
The process of bringing a product to market is a complicated one. The way a particular product or service is marketed can spell the difference between its success or failure in the marketplace. In this chapter, we'll examine the considerations that go into marketing a product. You'll begin to appreciate why marketing is a complex process, and how each aspect of it needs to be carefully thought out. You can use the lesson quizzes to gauge your progress through the chapter and watch the videos as many times as needed. In these lessons, you'll learn things such as:
- Why strategic marketing is so important
- How business mission plans are developed
- How break-even analysis is used
- Types of competitive advantage
- What marketing management adds to the mix
- Target market strategies
- The marketing mix
|Competitive Advantage: The Importance of Strategic Marketing||Understand why strategic marketing is so important.|
|Business Plans: How to Develop a Business Mission Statement||Describe an appropriate business mission statement.|
|What is SWOT: Situational Analysis in Marketing||Discuss components of SWOT.|
|Use Break-Even Analysis to Evaluate a Marketing Plan||List components of a break-even analysis.|
|Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages||List sources of competitive advantage.|
|How to Identify Strategic Alternatives in Marketing||Identify strategic alternatives in marketing.|
|The Functions of Marketing Management||List marketing management functions.|
|Target Market Strategies for Successful Business||Name several target market strategies.|
|The Marketing Mix: Product, Place, Price & Promotion||Explain product, place, price & promotion.|
1. Competitive Advantage: The Importance of Strategic Marketing
Companies have many options when it comes to gaining market share and increasing profits. Learn about strategic marketing and the tools companies use to their advantage.
2. Business Plans: How to Develop a Business Mission Statement
Companies must develop an effective business mission statement in order to have an effective foundation for their marketing plan. This lesson explains what a mission statement is and the characteristics of a good business mission statement.
3. What is SWOT: Situation Analysis in Marketing
A successful business needs to know its capabilities as well as the marketplace in which it competes. In this video, learn how to define a mission statement and conduct a situational analysis.
4. Using Break-Even Analysis to Evaluate a Marketing Plan
Watch this video lesson to learn how you can use a break-even analysis to help you decide whether a particular marketing plan is worth it or not. Learn how this analysis let's you see how many products you need to sell to make it worth it.
5. Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages
Companies need that special something to draw in new customers and keep them coming back. Learn about competitive advantage and the different ways a company can have it.
6. How to Identify Strategic Alternatives in Marketing
Marketing managers must decide the type of strategic alternative that will be undertaken for their marketing plan. Managers can choose from four options to increase sales and profits.
7. The Functions of Marketing Management
A good marketing manager knows the importance of having a well thought out marketing plan. Learn why in this video lesson and see how a good marketing management team calculates the effectiveness of their marketing plan.
8. 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.
9. 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 UExcel Principles of Marketing: Study Guide & Test Prep course
- Introduction to Marketing
- Marketing Environment Factors
- Marketing Information & Research
- Consumer Buyer Behavior
- Business Buying Behavior
- Marketing Strategy
- Products, Services & Brands
- Distribution & Logistics
- Promotion, Advertising & Public Relations
- Direct & Online Marketing
- Selling & Pricing Strategies
- Global Marketing Strategies
- Social Responsibility & Marketing Ethics
- UExcel Principles of Marketing Flashcards