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The Marketing Mix - The dynamic nature of the 4 P's

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On Udemy: https://www.udemy.com/user/365careers/ On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 P's of marketing. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . 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. -------------------------------------------------- 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 -------------------------------- The only way a marketing plan can succeed is if the four Ps are aligned and work in unison. Their role is to implement the strategic direction that top management has chosen. However, if one of the four Ps is not in sync with the others, the entire plan becomes compromised. Imagine you are a marketing manager in a company that produces air conditioners. Your R&D team has just let you know they have come up with an amazing breakthrough – they have created an air conditioner that uses 50% less energy than any other air conditioner in the marketplace. Until this moment, your company’s strategy has been cost leadership, but this new finding allows you to create a differentiated product! So, what are you going to do? Tell the R&D team their amazing breakthrough is not in line with the firm’s strategy? Even though it might win the firm market share and allow it to charge more for its products, and marketing studies indicate potential improvements of profitability? Or perhaps, you could readjust the four Ps plan to correspond to a differentiated product that is going to cost more, will be sold by premium resellers, and will need an extensive advertising campaign… The second scenario sounds better, right? The 4 Ps can be readjusted and needs to be readjusted when one of the Ps changes. Think of the Ps as an ecosystem that must adapt to a changing environment. If one component changes, all four must evolve and adapt accordingly.
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Mohamed Hegab (10 месяцев назад)
very gooooooooooooooooood

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