195 Why It Matters: Marketing
Why understand key components of the marketing function and its role in contributing to the success of a business?
What words come to mind when you hear the words pharmaceutical company?
Large pharmaceutical or drug companies are often blamed for the rising cost of medical care, delaying the introduction of new drugs to increase corporate profitability and blocking the acceptance of alternative medicines. Setting aside the question of whether that view is justifiable, most people would agree that the major drug companies don’t generally hold a place near and dear to our hearts. You might be thinking, So what?—Isn’t this module about marketing, not drug companies? Well, yes. You’re correct, but read on.
By the time you finish this module you will have a broader understanding of marketing beyond televisions commercials and popup ads on your computer. Marketing is a tool used by companies, organizations, and even people to shape our perceptions of them, and they do it by means of a well-designed marketing strategy. Before we delve into the mechanics of such a strategy, though, think about that large drug company once more and watch the following short video.
Learning Outcomes
- Define the term “marketing”
- Define and give examples of the four Ps of the marketing mix (price, product, promotion, and place)
- Identify forces in the external marketing environment
- Describe the process for and purpose of market research
- Understand and outline the elements of a marketing plan as a planning process
- Define “brand” and explain the role of branding strategies in the creation of a successful product or business
- Explain pricing strategies for new and existing products
- Explain product distribution strategies and how they contribute to business success
- Explain the promotion mix, promotion strategies, and the process of developing a successful promotion for both traditional and digital channels
- Describe social media marketing, including its advantages and disadvantages