MKT - Marketing [OVERVIEW]

Module Overview

Introduction

All of us have been exposed to marketing in one way or another. As customers and consumers, we have experienced marketing and have probably been persuaded to buy a product because of marketing. The same is true for employees and business owners. Each employee plays a part in the successful implementation of marketing strategies which are all part of the marketing mix. The route to a successful marketing campaign always begins with knowing the target market. It continues with selecting the best promotional tools that will reach the target market. Then, to keep those customers, businesses need to gather and use customer data in order to gain a competitive advantage.

Knowledge Questions

In this module, we will be unraveling these knowledge-based questions:

    1. What fundamental marketing concepts are important to small businesses?

    2. What is a target market?

    3. How can demographic information be useful in marketing strategies?

    4. How can customer information be organized and maintained?

    5. How can specific customer data be used to target customers for a marketing campaign?

    6. What promotional tools are available for marketing products and services?

    7. How can a business gain a competitive advantage in the marketplace?

Key Terms

Marketing Mix | product, place, price, promotion 

Behavioral segmentation | data that defines how consumers interact with specific brands or products including usage frequency, brand loyalty, time-based purchasing, etc.

Competitive advantage | when a company provides something to its customers that can help distinguish itself from its competitors

Customer Relationship Management | a system for managing a company’s interactions with current and future customers that involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Referred to as Customer Relationship Management or CRM

Database | organized set of data stored on a computer

Demographic segmentation | data related to a population of individuals including age, income, gender, religion, etc.

Digital marketing tools | online tools that are used to reach a specific audience. Examples include social media, text messages, banner ads, etc.

Geographic segmentation | data regarding a customer’s location

Niche | a special segment of the larger market for a specific kind of product or service

Personal networking | also known as personal selling refers to face-to-face selling in which a salesperson interacts with a potential customer

Promotional mix | combination of marketing techniques used to promote a product or service

Psychographic segmentation | data related to a person's feelings, attitudes, beliefs, lifestyle, etc.

Target Market |  potential customers that a business would like to reach with its products or services

Traditional marketing tools | marketing that is used to reach a broad audience including television and magazine advertisements, billboards, radio ads, etc.

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