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Please welcome Professor Laurence to discuss the first topic
in this mini MBA preparation course.
in this lesson we are going to start
with the most important question in this subject.
Professor Laurence,
what is the definition of marketing?
Well, it is a blend of art and science.
What are those? What is the art of marketing?
Its art is trying to create and implement and a winning marketing plan.
What is its science?
We use
numbers
scientific
techniques for formulas to develop and value eight strategies.
In business,
how do you find it?
Marketing puts together all the functions of the business
and speak directly to the customer through advertising
salespeople and other marketing activities.
What do you emphasize?
I would like to emphasize the development of a complete strategy instead of the
technical knowledge.
there are product marketing and service marketing
but I will concentrate on product marketing only for convenience.
A while ago you mentioned
winning marketing plan.
What is so important to make a Marketing plan?
The market plan is seven part process
consumer analysis
market analysis
review of the competition
review of the distribution
development of preliminary marketing mix
evaluation of the economics
and revision of extension of the previous six steps until a firm plan
surfaces.
Although there are seven steps,
the order sometimes varies.
It is however practical to develop a marketing plan
according to this outline.
I have to warn you
many marketing jargons exist.
For example
often you may hear STP
which is
segment, target,
position.
You may also hear the four Cs of marketing
which are consumer behavior
company analysis
competitor analysis
and context
However, the basic methodology is the same with the seven steps strategy
Thank you Professor Laurence.
you're welcome