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The four Ps, often referred to as the marketing mix or the marketing program, represent the basic tools which marketers can use to bring their products or services to market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps.
Depending upon the profession, an aspiring marketer can seek out anything from a certificate to a PhD – and in most cases, these programs can be found not only in brick-and-mortar schools, but online as well. Here’s a rundown of what to expect from each level.
A 2011 meta analyses has found that the factors with the greatest impact on sales performance are a salesperson’s sales related knowledge (knowledge of market segments, sales presentation skills, conflict resolution, and products), degree of adaptiveness (changing behaviour based on the aforementioned knowledge), role clarity (salesperson’s role is to expressly to sell), cognitive aptitude (intelligence) and work engagement (motivation and interest in a sales role).
Marketing research is a systematic process of analyzing data which involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm’s marketing environment and to attain information from suppliers.
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The Chartered Institute of Marketing defines marketing as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” A similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. In this context, marketing can be defined as “the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage.”
There’s no doubt that marketers are masters at influencing the masses to learn about, purchase, and enjoy the world’s products and services. Does this sound like a profession in which you would thrive?
The Economist reported a recent conference in Rome on the subject of the simulation of adaptive human behavior. It shared mechanisms to increase impulse buying and get people “to buy more by playing on the herd instinct.” The basic idea is that people will buy more of products that are seen to be popular, and several feedback mechanisms to get product popularity information to consumers are mentioned, including smart-cart technology and the use of Radio Frequency Identification Tag technology. A “swarm-moves” model was introduced by a Florida Institute of Technology researcher, which is appealing to supermarkets because it can “increase sales without the need to give people discounts.”
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.
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.
Demand for a good begins to taper off, and the firm may opt to discontinue manufacture of the product. This is so, if revenue for the product comes from efficiency savings in production, over actual sales of a good/service. However, if a product services a niche market, or is complementary to another product, it may continue manufacture of the product, despite a low level of sales/revenue being accrued.
Other important criticisms include that the marketing mix lacks a strategic framework and is therefore unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of the marketing environment. 
In a product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that profitable market segment(s) exist for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them to tell us what they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research he would have produced larger candles rather than inventing light bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation. Many purists doubt whether this is really a form of marketing orientation at all, because of the ex post status of consumer research. Some even question whether it is marketing.
The Business Manager is a free platform to manage your business with a 2-layer permission model. The two systems of permissions that help businesses securely manage and maintain control of their ad accounts, Pages, and catalogs.
Today’s marketers make use of a number of online tools and apps to keep track of projects, manage work flow, and streamline many sales and marketing tasks. Many use customer relationship management (CRM) tools to effectively manage leads and automate customer communications. Some of the most popular programs used in the industry today include:
“The benefit of traditional marketing is that you can reach a lot of people in your audience via print, radio, TV ads and outdoor advertising,” says Paige Arnof-Fenn, founder and CEO of Mavens & Moguls. She goes on to explain that this form of marketing can be expensive, which is why many companies have resorted to digital marketing tactics.
Even though the field of marketing is diverse, most positions center around the core elements of communications, business strategy, and advertising. Some marketing professionals specialize in a certain area of marketing, such as content marketing or graphic design, while demand in the digital arena is expanding as consumers depend evermore on mobile devices and web-based technologies. Career paths that combine creativity, innovation, and digital technologies are emerging as some of the highest-paying jobs in the industry. Below is a look at salaries for three related occupations:
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When marketing a specific product, it’s important that you know a lot about the type of people who would be interested in your product. Are they men or women? Do they fall within a certain tax bracket? Do they like to shop for dresses at Nordstrom or are they found purchasing lumber at Menards? By researching what customers want and need when it comes to a type of product, you’ll be able to better market that product to an audience who would love to buy it.
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
Thanks to such a wide variety of professions that make use of a marketing education, these degrees can be found at the associate, bachelor’s, master’s and doctorate levels. While all teach marketing concepts, each degree is tailored for particular objectives in order to most effectively prepare students for any number of marketing careers, which can range from sales worker to college professor.
I want to conduct high level marketing research to study consumer habits and understand why shoppers make the decisions they do. I also would to become a professor and teach at the college or university level.
Those who enjoy traveling, sales, and working in a fast-paced environment may thrive on the steady stream of phone calls, emails and meetings that characterize the workday of a media buyer. Media buyers are responsible for finding appropriate outlets that will provide maximum exposure to the target audience, placing ads, and negotiating advertising rates.
Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are: general partnerships, limited partnerships, and limited liability partnerships.
STREETWISE Lexpert: Canadian law firms go where the work takes them on mining megaprojects Subscriber content When lawyers follow their clients halfway around the world to look out for their interests, it layers on additional challenges – and some are minefields.