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Ch 3: The Marketing Process

About This Chapter

Watch video lessons to learn all about what is involved in the marketing process. The quizzes that follow each lesson consolidate your learning and help you check on your comprehension.

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

VideoObjective
Competitive Advantage: The Importance of Strategic MarketingUnderstand why strategic marketing is so important.
Business Plans: How to Develop a Business Mission StatementDescribe an appropriate business mission statement.
What is SWOT: Situational Analysis in MarketingDiscuss components of SWOT.
Use Break-Even Analysis to Evaluate a Marketing PlanList components of a break-even analysis.
Types of Competitive Advantage: Cost, Product, Niche & Sustainable AdvantagesList sources of competitive advantage.
How to Identify Strategic Alternatives in MarketingIdentify strategic alternatives in marketing.
The Functions of Marketing ManagementList marketing management functions.
Target Market Strategies for Successful BusinessName several target market strategies.
The Marketing Mix: Product, Place, Price & PromotionExplain product, place, price & promotion.

9 Lessons in Chapter 3: The Marketing Process
Test your knowledge with a 30-question chapter practice test
Competitive Advantage: The Importance of Strategic Marketing

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.

Business Plans: How to Develop a Business Mission Statement

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.

What is SWOT: Situation Analysis in Marketing

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.

Using Break-Even Analysis to Evaluate a Marketing Plan

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.

Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages

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.

How to Identify Strategic Alternatives in Marketing

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.

The Functions of Marketing Management

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.

Target Market Strategies for Successful Business

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.

The Marketing Mix: Product, Place, Price & Promotion

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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