BUS 1010 ~ class 10 marketing

1. they need to be convinced they are making a good investment 2. they need to trust you 3. they need to feel like the risk is low

For customers to purchase your products,

The first responsibility of a Social Media Manager (or a social media management team) is to develop and implement a social media marketing plan. The marketing plan will include the following components and should be reviewed no less than every 90 days.

What is the first responsibility of a Social Media Manager? (Hint: It is not one of the nine that are enumerated)

identify target customers or set clear objective or promotion strategy or measure and analyze

Which of the nine numbered responsibilities of a Social Media Manager is most closely connected to Financial Management?

- A business's marketing goals are to promote its product, company or brand with clear communication. The primary objective is to look at the big picture and clearly explain how the product or service benefits the widest audience possible, generating potential leads. - A sales team marks their goals based on quotas and volume goals. These tend to be based on a short-term period of time, typically based around the financial quarter or month. Goals and targets are determined by how much the business needs to sell in order to generate enough profit to continue to be operational.

how do marketing and sales goals differ?

1. make customers aware of your product or service 2. convince customers that your company's product or service is right for their needs 3. create a desire for your product or service 4. enhance the image of your company 5.announce new products or services 6. reinforce salespeople's messages 7. make customers take the next step (ask for more info, request a sample, etc.) 8. draw customers to your business

what are the purposes of advertising?

1. the prospecting system 2. the sales conversion system 3. the system to maximize customer lifetime value

what are the three layers of a marketing funnel?

1. influencer marketing 2. viral marketing 3. green marketing 4. keyword marketing 5. guerilla marketing 6. outbound marketing 7. inbound marketing 8. content marketing 9. search engine optimization 10. relationship marketing

what are the types of marketing

1. the setting of marketing goals and objectives 2. developing the marking plan 3. organising the marketing function 4. putting the marketing plan into action 5. controlling the marketing program

what does marketing management involve?

Traditionally, markets were viewed as a place for exchange of goods and services between sellers and buyers to the mutual benefit of both. Today, marketing is exchange of values between the seller and the buyer. Value implies worth related to the goods and services being exchanged. The buyer will be ready to pay for the goods if they have some value for him.

what does the article say about the difference between traditional markets and today's marketing?

Advertising provides a direct line of communication to your existing and prospective customers about your product or service.

what is the definition of advertising?

Marketing management is the process of decision making, planning, and controlling the marketing aspects of a company in terms of the marketing concept, somewhere within the marketing system. - From the above definitions, we can conclude that Marketing Management is the process of management of marketing programmes for accomplishing organizational goals and objectives.

what is the definition of marketing management provided by marketing management?

Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define opportunities and problems; generate, refine, and evaluate actions; monitor performance; and improve understanding of it as a process.

what is the definition of marketing research

Promotion includes tactics that encourage short-term purchase, influence trial and quantity of purchase, and are very measurable in volume, share and profit.

what is the definition of promotion

A brand is a name, term, design, symbol, or any other feature that identifies one seller's goods or service as distinct from those of other sellers.

what is the definiton of brand

The desired result can simply be increasing name recognition or modifying the image you're projecting. Objectives vary depending on the industry and market you're in.

what is the desired result of advertising?

The marketing process is focused on familiarizing your brand and product with new customers or refamiliarizing it with former ones. Organizations who are coming up with new ways to market themselves need to clearly explain what their product or service is, how it solves an issue for the consumer and its price points.

what is the marketing process?

The process for sales includes creating a plan that outlines an organization's actions, tools, resources and overall sales goals. A sales team is most interested in converting those who have some awareness of the brand into customers to earn a profit. They interact with customers and answer their questions to provide relevant information about the product or service.

what is the sales process?

? discussion

What are the similarities and differences between marketing, sales, branding, promotion, and advertising?

Public relations managers direct the creation of materials that will enhance the public image of their employer or client. Fundraising managers coordinate campaigns that bring in donations for their organization.

What do Public Relations Managers do?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

What is the definition of marketing?

1. transparency: Consumer companies should support pricing management with effective communications—particularly in an environment where trust is fragile. Organizations can anchor price increase conversations in the context of value amid the current macroeconomic environment. For example, if a business is taking steps to mitigate costs passed on to customers, it should communicate those efforts to its audiences. 2. innovation: Consumer executives should consider product improvements that could command higher prices ("premiumization"). For example, more than half (52%) of consumers globally purchase at least one sustainable good or service a month, and a third of those pay significantly more than for nonsustainable products or services, according to the consumer tracker. 3. product options: As the cost of living rises, consumer spending cutbacks become more likely—particularly in discretionary categories. Companies that give customers options to trade down in price, while remaining within the brand, will likely have an advantage.

How can executives manage margin (profit) erosion?

Understanding price elasticity—a measure of how consumers react to the prices of products and services—can be challenging in an uncertain environment, and consumer industry executives are split on how raising prices will impact demand. According to Deloitte's "2022 Consumer Products Industry Outlook," roughly half of consumer industry executives surveyed believe they can continue to raise prices without materially affecting demand, while about half believe they can't.

How does this article tie back to our economics class?

Beyond taking targeted pricing actions, consumer industry executives should consider three strategies to help effectively manage margin erosion in the medium and long term: - Transparency. Consumer companies should support pricing management with effective communications—particularly in an environment where trust is fragile. Organizations can anchor price increase conversations in the context of value amid the current macroeconomic environment. For example, if a business is taking steps to mitigate costs passed on to customers, it should communicate those efforts to its audiences. - Innovation. Consumer executives should consider product improvements that could command higher prices ("premiumization"). For example, more than half (52%) of consumers globally purchase at least one sustainable good or service a month, and a third of those pay significantly more than for nonsustainable products or services, according to the consumer tracker. - Product options. As the cost of living rises, consumer spending cutbacks become more likely—particularly in discretionary categories. Companies that give customers options to trade down in price, while remaining within the brand, will likely have an advantage.

How does this article tie back to the "Marketing funnel" article above?