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Business and Marketing Class Notes

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François Prévot
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15 views

Business and Marketing Class Notes

Uploaded by

François Prévot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Business and Marketing - Class Notes

Date: January 16, 2025


Topic: Introduction to Marketing Strategies

1. What is Marketing?

 Definition: The process of promoting, selling, and distributing a


product or service to a target audience.

 Objective: To create value for customers, build strong customer


relationships, and drive business growth.

2. Key Elements of Marketing

a. Product

 The goods or services offered to meet the needs of customers.

 Product Life Cycle (PLC): Stages include introduction, growth,


maturity, and decline.

 Product Differentiation: Creating unique features or benefits that


make a product stand out from competitors.

b. Price

 The amount customers are willing to pay for the product.

 Pricing Strategies:

o Penetration Pricing: Setting a low price to gain market


share quickly.

o Price Skimming: Setting a high price initially and lowering it


over time.

o Psychological Pricing: Setting prices to appeal to


customers' emotional responses (e.g., $9.99 instead of $10).

c. Place (Distribution)

 The channels used to deliver the product to the customers.

 Types of Distribution Channels:

o Direct Sales: Selling directly to customers (e.g., online store).

o Indirect Sales: Using intermediaries (e.g., retailers,


wholesalers).
 Logistics Management: Ensuring timely and cost-effective
delivery.

d. Promotion

 The tactics used to increase product visibility and attract customers.

 Promotion Methods:

o Advertising: Paid, non-personal communication about


products (e.g., TV ads, online ads).

o Sales Promotion: Short-term incentives to encourage


purchases (e.g., discounts, coupons).

o Public Relations: Building a positive public image through


media relations.

o Personal Selling: Direct interaction between salespeople


and customers.

3. Marketing Strategies

a. Segmentation, Targeting, and Positioning (STP)

 Segmentation: Dividing the market into distinct groups based on


characteristics (e.g., demographic, geographic, behavioral).

 Targeting: Selecting which market segments to focus on.

 Positioning: Developing a marketing strategy to position the


product in the minds of the target audience.

b. The 4Ps of Marketing:

1. Product

2. Price

3. Place

4. Promotion

c. Customer-Centric Marketing

 Focus on delivering value that meets the needs and desires of


customers.

 Collecting and analyzing customer feedback for continuous


improvement.
 Customer Relationship Management (CRM): Systems and
strategies to manage and analyze customer interactions and data.

4. Digital Marketing

 Definition: The use of online platforms and technologies to


promote products and services.

 Key Digital Marketing Tactics:

o Search Engine Optimization (SEO): Improving website


ranking in search engine results.

o Social Media Marketing: Using platforms like Facebook,


Instagram, and Twitter to engage with customers.

o Email Marketing: Sending personalized messages to nurture


customer relationships.

o Content Marketing: Creating valuable content to attract and


engage customers.

5. Case Study: Apple’s Marketing Strategy

1. Product: High-quality, innovative tech products (iPhone, MacBook,


etc.).

2. Price: Premium pricing strategy to reflect quality and exclusivity.

3. Place: Available in Apple stores, online store, and through


authorized retailers.

4. Promotion: Extensive use of advertising (TV, print, digital), events,


and brand loyalty.

5. Positioning: Positioned as a premium, high-end, user-friendly


brand with a focus on design.

6. Trends in Marketing

 Influencer Marketing: Leveraging social media influencers to


promote products to their followers.

 Personalization: Using data to offer tailored product


recommendations and personalized experiences.
 Sustainability Marketing: Marketing eco-friendly products to
meet growing consumer demand for sustainability.

 Voice Search Optimization: Adapting marketing strategies to


account for increasing use of voice-enabled devices (e.g., Alexa,
Siri).

Key Takeaway:
Effective marketing requires a deep understanding of customer needs and
the ability to communicate value through various channels and strategies,
all while maintaining a strong brand identity.

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