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Welcome to the Marketing Fundamentals Video Series.
First, let us address the question: “What is marketing?”
In short, Marketing can be defined as the business of promoting and selling products
and services.
How does a marketer view his role then?
He views himself as playing an important role in every functional areas of a business.
And he is also responsible with speaking to customers through advertisements, salesmen,
and other marketing activities.
Is marketing an art or a science?
It is actually both. It is an art because a marketer relies a lot on creativity and
intuition, in order to develop and evaluate marketing campaigns.
It is a science, because marketers make use of complex quantitative analysis, in order
to develop and evaluate marketing strategies.
So how do we develop a Marketing Strategy?
Marketing strategy is a dynamic process and can be thought of in a circular process. It
may undergo many changes throughout its development, until all parts are internally consistent
and mutually supportive of the marketing objective.
The whole process can be broken down into a 7 steps process.
We have now reached the end of this episode. In our next and subsequent videos, we will
look in further detail of each step of the marketing strategy development process.
Thank you for watching.