Learning Objectives PowerPoint
The learning objectives for this class are as follows: 1. Understand the concept of marketing including marketing mix, strategic marketing process, global markets 2. Recognize how environmental scanning & competition affect decision-making 3. Understand how marketing research is conducted and how data is transformed 4. How to define target markets and positioning 5. Discuss consumer behavior, motivation, perception 6. Understand the product life cycle 7. Understand differences between for-profit marketing, non-profit marketing, and services marketing. 8. Learn channels of distribution 9. Understand mass communication and integrated marketing communications 10. Explore how to implement sales actions and pricing strategies
For each Learning Objective, create 1-2 PowerPoint slides showcasing at a high level that you understand each concept.
Your slides should be visually appealing. Think of this as a project where I will be grading you on the science (ie what you know) and the art (how your slides look).
Learning Objectives
Objective 1
Marketing includes all activities that a business undertakes to process the buying and selling process. The marketing mix, a part of the marketing process, is a set of actions that a business takes to promote their product or brand and includes 4Ps, pricing, place, product, and promotion. Marketers also understand the need for strategic marketing, which involves planning, developing, and implementing plans to gain a competitive advantage (Armstrong et al., 278). They also engage in efforts to reach global markets, which are markets beyond the national borders.
Objective 2
The objective relates to decision-making in business, using tools, such as environmental scanning. The process involves collecting data about the business environment to understand competition, other businesses in the market with similar or substitute products or services before formulating business strategies (Armstrong et al., 269). Understanding the market and competition informs business success.
Objective 3
Marketing research is one of the activities that marketers engage in to understand their market and create effective strategies. The research involves collecting data from the market, such as people (customers) and competition, to inform decision-making (Armstrong et al., 129). Researchers collect data for analysis to understand things, such as trends, rate of competition, and the performance of competing or substitute products or services Objective 4
Targeting and positioning are critical activities in marketing. Target markets are the specific markets or populations that the company seeks to focus on when selling its products or services. They define them depending on the needs they strive to meet. Positioning is creating an image of the brand, product, or service in the customers’ minds, defined based on the target market (Armstrong et al., 199). The strategies support the product or service to make an impact in the market.
Objective 5
Various factors affect consumer behavior, which is the study of how consumers interact with products or services to make a buying decision, including motivation and perception (Armstrong et al., 97). Motivation is the internal state that drives needs or desires, informing the buying decision. Perception relates to how a consumer selects, organizes, and interprets information and stimuli related to a product or service, determining their feelings or attitude towards them.
Objective 6
A product life cycle suggests the whole amount of time that a product takes from its introduction to the market when taken from the shelves. The life cycle has four stages, introduction, growth, maturity, and decline (Armstrong et al., 259). Understanding the life cycle will inform product success from the beginning.
Objective 7
For-profit marketing involves the businesses that produce goods or services to sell in the market for a profit. Non-profit marketing involves the strategies and activities that non-profit organizations apply to get finances from donors and send a message about their objectives. Services marketing involves marketing in the service sector, including car rental, entertainment, tourism, and banking (Armstrong et al., 25). The three differ depending on the objective.
Objective 8
Channels of distribution are those which a company uses to move its products from the production stage to the final consumer, such as wholesalers, retailers, and direct-to-consumer sales (Armstrong et al. 333). Wholesalers buy in bulk to sell directly to consumers or through retailers, who buy in lesser quantities. A company can also bypass the intermediaries and sell directly to the consumer.
Objective 9
Communication plays a key role in marketing by sending a message about a product or service to customers. Mass communication is the use of mass media to impart or exchange information to a large audience (Armstrong et al. 342). Integrated marketing communications is the coordination of communication efforts using numerous channels, such as social media, conventional media, and print media.
Objective 10
Companies depend on the ability to sell their products or services to customers. Implementing sales action involves identifying the right market and using sales reps or managers to move prospects and customers through a sales process. Pricing strategies are used to determine the value at which a company is willing to exchange a product or service, depending on production cost and competing prices (Armstrong et al. 262). A marketer should sell the product at the right price.
Works Cited
Gary Armstrong, Gary et al. Principles of Marketing, person, 2014.