Marketing I

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 Key Takeaway Notes

The term ‘marketing’ denotes a set of activities the business undertakes for selling a
product or service to consumers.
Some of the most common ethical dilemmas a manager encounters may include anti-
competitive practices, price war and advertisements.
Geographic, demographic, psychographic and behavioural segmentation is considered
the most popular ways for marketing segmentation.
The process of market segmentation also enables marketers to prioritise different
products and services to diverse target audiences. This fundamentally helps marketers
apportion their business resources and time more competently.
Market research is not just significant for new business establishments. As consumers
evolve over a period, the business must also advance to optimize the way they connect
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TS7WH9ZA4K with them. Market research is a valuable means of staying up on relevant trends in the
market.
Branding is vital since not only is it what makes an unforgettable imprint on consumers
but it lets your clients set expectations from your company.
Buyer or consumer behaviour is the attitude exhibited by an individual or group of the
individual while buying, consuming and marshalling a product or service.
Some of the most critical tasks of a marketing manager are:

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 Academic Vocabulary

Marketing:
Marketing is largely the effort made to get your product or service noticed in a positive
light by your audience and prompt them to buy.
Marketing Strategy:
Marketing strategy is a process that can let a business focus its scarce resources on the
greatest opportunities to upturn sales and attain a sustainable competitive advantage.
Marketing Research:
Marketing Research is a well-organized effort to gather useful information about target
customers and the market.
Market Segmentation:
Market Segmentation is a process of dividing a target market into smaller, identifiable
and manageable categories to the customer and delivering the products and services.
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Branding:
Branding is the process of creating a positive, strong perception of a business and its
products in its customer's minds.

Did you know?

Despite the ongoing pandemic marketing and sales professionals are in more demand
than ever in the past. Some surveys show that there is more than 60% rise in marketing
jobs and more than 380K jobs posted in the last year.
Millennials are no more new generation folks and so is Gen Z. If you are searching for
the consumer of tomorrow, you should keep browsing about Generation Alpha.
Red Bull is an Australian Soft Drink Company is known for its global marketing strategy
made many Americans assume that it is a local brand. Red Bull host the most extreme
sports events all over the world, which takes them to the different corners of the world.

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 Personalization and Customization in marketing are going to get more personal. As
businesses employ new technology, almost immediately consumers will be able to
access all their "likes" before they even have a chance to search for them.
Most consumers would not have cared if the top brands and successful businesses have
disappeared for good.
The McDonald's logo is based on the shape of the stores and not the word McDonald's.
Every Apple iPhone advertisement displays the time as 00:09:41, the time Steve Jobs
unveiled it in 2007.
It only takes consumers less than 10 seconds to form a first impression of a brand’s
logo, but it takes more than 5 to 7 impressions for consumers to recognize the logo.
The changing face of the business can be best depicted as shown below:

What’s Trending?

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Video Marketing is trending in 2021 also it is expected to be on the top for many years
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to come.
According to the survey conducted by Seotribunal, the website that has video has 50
times more chances to bring organic traffic compared to plain text. This must be due
to the reason that video content is more captivating and engaging to the audience.
Hence, google brings those websites with videos to the top of search results.
Youtube shorts are more popular similar to the reels on Instagram. Due to its
popularity, marketers have started creating 15 seconds shorts to grab the attention of
their target audience.
User-Generated Content(UGC) is trending due to its very nature of fellow buyers
sharing their experiences, opinions and analysis about the products and services.
Programmatic advertisement is trending due to insightful real-time reporting,
enhanced fraud protection, finite targeting options and detailed budged spending
optimisation benefits.

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 Social media marketing continues to retain its importance despite so much noise
around the products and services. However, new alternatives to social media marketing
are expected to enter the markets sooner.

Terminal Questions

Explain the concept of marketing.

Why marketing strategy is important for a product or service?
What is market research? How do you conduct market research to reveal business
opportunities?
Why is segmentation, targeting and positioning important in marketing?
Why does market segmentation require?
Explain the importance of marketing strategy.
Explain the differences between marketing and branding.
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What is important in understanding consumer behaviour from a marketing
perspective?

3D Thinking

What is the best marketing strategy a marketer can implement to subside the impact of Covid
19 on business entities? Do you agree marketing took a greater purpose during this pandemic?

Hint: The question can be approached from a revenue, cost and human resources perspective.

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 Book References

Kotler, P., Keller, K. L., & Chernev, A. (2022). Marketing management. Pearson Education.
Winer, R. S. (2014). Marketing management. Pearson.
Peter, J. P., & Donnelly, J. H. (2013). Marketing management: Knowledge and skills.
McGraw-Hill.

Web References

YouTube. (2020, May 1). Apple's Award-winning marketing STRATEGY I brand marketing I.
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YouTube. Retrieved September 22, 2021, from
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https://www.youtube.com/watch?v=tFffkU_DwvI.
YouTube. (2018, October 12). The rise Of Nike: How one man built a Billion-Dollar Brand.
YouTube. Retrieved September 22, 2021, from
https://www.youtube.com/watch?v=Gi7Vy_2B_D8.

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