The aim of this course is to provide you with a sound understanding of the principles of marketing. In a nutshell, understanding marketing comes down to understanding your customers. Thus, even if you have no interest in pursuing a career in marketing per se, the knowledge and skills acquired in th...
Marketing is a study of exchange
Targeting vs positioning (sellers vs buyers market)
Marketing myths
o Marketing is only about selling (hard selling/guerrilla marketing)
o Marketing means manipulating the customer through advertising
Most consumers possess a healthy amount of ‘persuasion
knowledge and do not follow ads blindly’
Promotion/advertising is 1 part of the marketing mix but not the
most important one. It can influence consumers but also
conveys brand image, informs and entertains consumers.
o Marketers are the powerful ones and the consumers are the weak
ones.
Sellers market
o Demand > Supply
o Focus on the company and the products
o Focus on reducing costs
o ‘selling to everyone we can’
Buyers market
o Supply > Demand
o Focus on the customer + competition
o ‘selling only to some customers but serving their needs very well’
Value Creation
o Functional (4) (easiest to achieve)
o Emotional (3)
o Life changing (2)
o Social impact (1) (hardest to achieve)
Value creation pyramid, can be linked to/an extension of Maslows hierarchy of
needs.
Products that
o Simplify
Amazon
Venmo
Uber
o Provides nostalgia
Spotify
Disney plus
Photo restoration websites
o Provides affiliation and belonging
Fb
SM
Wework
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