The Department of Marketing, Business Economics & Law offers a wide variety of courses concerning business economics. Some subjects offered include Business Economics, Organizations and Management, Energy Industries and Markets, and much more. International Business and Natural Resources & Energy are particularly popular areas of study.
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A very detailed and well-established body of rules that evolved over a very long period of time applies to commercial transactions. The need to regulate trade and commerce and resolve business disputes helped shape the creation of law and courts. The Code of Hammurabi dates back to about 1772 BC for example, and contains provisions that relate, among other matters, to shipping costs and dealings between merchants and brokers. The word “corporation” derives from the Latin corpus, meaning body, and the Maurya Empire in Iron-Age India accorded legal rights to business entities.
Public relations (or PR, as an acronym) is the use of media tools by a firm in order to promote goodwill from an organization to a target market segment, or other consumers of a firm’s good/service. PR stems from the fact that a firm cannot seek to antagonize or inflame its market base, due to incurring a lessened demand for its good/service. Organizations undertake PR in order to assure consumers, and to forestall negative perceptions towards it.
A distinction should be made between marketing research and market research. Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research.
Edmonton’s culture and character is entrepreneurial. About 95% of the businesses in Edmonton are small businesses. Our local risk takers and business owners contribute to the vibrancy of our city and help create a prosperous future for all of us.
Marketing is defined by the American Marketing Association as “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.” The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Marketing tactics include advertising as well as determining product pricing.
There are many jobs that fall under the umbrella of digital marketing. One of the more common positions in this realm is a digital marketing strategist. Specific responsibilities will vary depending on the company, but a digital marketing strategist’s daily activities will likely include analyzing Google statistics, posting to social media, creating online marketing campaigns and employing search engine optimization (SEO) strategies to increase the online visibility of a company. Digital marketing strategists often focus on creating content and then measuring that content to assess its effectiveness.
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Our experience working with Business in Edmonton Magazine has been nothing but wonderful! From the very start of the process to the last proof before print, the article their team wrote was accurate and helpful in showcasing who we are as a company and how the Edmonton business community is important to our overall business and relationship goals. They were positive and quick to respond regarding the vendor/sponsor process and as a direct result of the article and advertisement, we received three leads for the month of February. It was amazing to see that one of the companies, actually circled our article out of their magazine and showed us how they noticed us and how they are looking forward in working with us for future projects! We have now closed one of those three leads and we would definitely recommend the Business in Edmonton Magazine as a way to promote one’s organization!
Jump up ^ Fisk, R.P., Brown, W. and Bitner, M.J., “Tracking the Evolution of Services Marketing Literature, Journal of Retailing, vol. 41 (April), 1993; Booms, B. and Bitner, M. J. “Marketing Strategies and Organizational Structures for Service Firms” in James H. Donnelly and William R. George (eds), Marketing of Services, Chicago: American Marketing Association, 47–51; Rafiq,M. and Ahmed,P.K. “Using the 7Ps as a Generic Marketing mix: An Exploratory Survey of UK and European Marketing Academics”, Marketing Intelligence & Planning, Vol. 13, no. 9, pp 4–15
“Considering 70 percent of all phones today are smartphones, it’s increasingly important that brands and organizations think about how to connect with consumers on this increasingly important digital device,” Crow explains.
Wild swings in oil prices have wreaked havoc on energy company finances in recent years, prompting several to lock in their price to avoid further shocks. However, those price hedges have been a boon to some companies and a curse to others.
In many countries, it is difficult to compile all the laws that can affect a business into a single reference source. Laws can govern treatment of labour and employee relations, worker protection and safety, discrimination on the basis of age, gender, disability, race, and in some jurisdictions, sexual orientation, and the minimum wage, as well as unions, worker compensation, and working hours and leave.
Jump up ^ Green, S.,” What Comes Next? Survey Analysis and Segmentation,” Discover the Future of Research [web article], Wiley, 12 January, 2017, Online: https://hub.wiley.com/community/exchanges/discover/blog/2017/01/11/what-comes-next-survey-analysis-and-segmentation
The Department of Marketing, Business Economics and Law (MBEL) is one of four departments in the Alberta School of Business at the University of Alberta. Members of the department are internationally known for basic and applied research in Marketing, International Business (IB), and Natural Resources and Energy (NRE). We offer courses in quantitative, behavioural and managerial areas of marketing; in international business and natural resources and energy from a business economics perspective; and business law. The department supports a PhD program in Marketing; specialized MBA programs in International Business and Natural Resources and Energy; and BCom majors in Marketing, Retailing and Services, International Business, and Business Economics and Law.
Test your product: So, you understand who your prospective customers are and you’ve done some research on their needs. You’ve designed a product to meet their needs. But have you tested it? Sometimes, there could be something (big or small) about your product that put people off and that would limit its success in the marketplace. Be sure to get feedback from people who fit your target customer profile.
The area of marketing planning involves forging a plan for a firm’s marketing activities. A marketing plan can also pertain to a specific product, as well as to an organisation’s overall marketing strategy.
A firm focusing on a production orientation specializes in producing as much as possible of a given product or service in order to achieve economies of scale or economies of scope. A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant (similar to the sales orientation). The so-called production era is thought to have dominated marketing practice from the 1860s to the 1930s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries. Specifically Kotler and Armstrong note that the production philosophy is “one of the oldest philosophies that guides sellers… [and] is still useful in some situations.” 
Jump up ^ Borden, N., “The Concept of the Marketing Mix,” Journal of Advertising Research, June 1964 pp 2-7; van Waterschoot, W. and van den Bulte, C., “The 4P Classification of the Marketing Mix Revisited,” Journal of Marketing, Vol. 56, No. 4, 1992, pp. 83-93
Being adaptive, collaborative and iterative are necessary skills for any marketing person or company when we live in a world where Google can pull the rug out from us at a moment’s notice. These are the basic characteristics that form the foundation of agile marketing,…
Jump up ^ Hooley, G., Fahy, J., Beracs, J., Fonfara, K. and Snoj, B., “Market Orientation in the Transition Economies of Central Europe: Tests of the Narver and Slater Market Orientation Scales,” Journal of Business Research, Vol. 50, 2000, pp 273–285. Note that the most widely applied scale is that developed by Narver and Slater in Narver, J.C., and Slater, S.F., The Effect of Marketing Orientation on Business Profitability,” Journal of Marketing, Vo. 54, 1990, pp 20–35
Franchises: A franchise is a system in which entrepreneurs purchase the rights to open and run a business from a larger corporation. Franchising in the United States is widespread and is a major economic powerhouse. One out of twelve retail businesses in the United States are franchised and 8 million people are employed in a franchised business.
Marketing communications mix is used to reach, engage, provoke audience-centered conversations. It consists of 5 tools, which are 1)Advertising, 2)Sales & Promotion, 3)Public Relations, 4)Direct Marketing and 5)Personal Selling. The types of messages that are enhanced can be 1)Informational, 2)Emotional, 3)User-generated, or/and 4)Brand content. The last main component of MC mix is Media, which corresponds to the channel used to send the message. Media is divided into 3 categories, and these are media by 1)Form, 2)Source and 3)Functionality.
Companies that respond quickly to consumer preferences raise consumer awareness and increase brand satisfaction and loyalty. Netflix, for example, uses other media, such as The New York Times, to spread and increase consumer awareness with lists of upcoming films and series.
Marketing degrees teach students how to analyze consumer demand and promote products to consumers. Marketing degrees allow students to work in many different areas; in fact, the flexibility of marketing degrees is one reason that they are so popular.
Marketing encompasses not only determines consumer need, it also helps create consumer need. It really begins with understanding your potential consumer. One well-known 21st-century marketing failure had to do with U.S. companies’ attempts to sell deodorants in China. What these U.S. companies failed to realize is that, biologically, ethnic Chinese do not have the same body odor issues as Westerners. They also failed to take into account that Chinese consumers commonly regard sweating as a healthy activity that — among other things — purifies the system and not, as is common among Americans, as a social problem.
Companies are also sometimes distinguished for legal and regulatory purposes between public companies and private companies. Public companies are companies whose shares can be publicly traded, often (although not always) on a stock exchange which imposes listing requirements/Listing Rules as to the issued shares, the trading of shares and future issue of shares to help bolster the reputation of the exchange or particular market of an exchange. Private companies do not have publicly traded shares, and often contain restrictions on transfers of shares. In some jurisdictions, private companies have maximum numbers of shareholders.
Cooperative: Often referred to as a “co-op”, a cooperative is a limited-liability business that can organize as for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.
If you’re creative and driven, a career in a marketing related field may be a good option for you. Many related fields have lucrative salaries with positive outlook for job growth. The graph below demonstrates the information as well as the education and training required.
Car owners had a sweet ride, but electric cars will end that Subscriber content What if EV owners were forced to cover the cost of building extra generating plants and installing all those streetside chargers?