Universities Marketing is the process by which producers of goods and services aim to find out where a demand exists for certain services and products and then find solutions to those needs as well as the way to make consumers aware of the solutions. Marketing is the aspect of business which is most consumer focused as all of the principles of marketing relate directly to the consumer. The principles of marketing follow a logical sequence. First, a target consumer of a particular product or service must be identified.
Product Management[ edit ] Product development means offering new or improved products for the present market.
By knowing what the present market's needs, a firm may see ways to add or modify product features, create several quality levels, or add more types or sizes to better satisfy customers while seeking, also, to expand. Product Management deals with bringing together all the strings that transform an idea into a product.
A Product Manager PdM usually works with a number of teams and co-ordinates with various channels throughout the product development lifecycle. It all begins with an idea of a product.
There are usually three channels from where an idea can come from: Product experts envision requirements that might be required in the future or that give the product a competitive edge.
Product Roadmap - Product Roadmap is a prioritized list of features that need to be built for a specific product. The priority of features keep on changing and it is the sole responsibility of a PdM to make the decision which features should be taken up for development.
Innovation - Innovation cells in firms deal with coming up with new ideas to make their product more exciting and competitive. Once that is done, the lifecycle moves to the development stage.
The PdM works very closely with the development and quality assurance teams and ensures that the teams are completely aware of what is to be developed and how users would interact with the product.
After development is complete and quality checked, the product is ready to be released. Usually, this release does not go to the customers directly, it goes to the sales teams who, in turn, provide demonstrations to the potential customers.
The Product Life Cycle[ edit ] Understanding the product life cycle is key to understanding how to market a product. Many marketing campaigns are won and lost because of knowledge of the product lifecycle. If understood, the product lifecycle will tell you how to market a product and how much money to spend.
The product life cycle is divided into four parts: Introduction phase Maturity phase and Decline phase These parts of the cycle follow the curve you would normally expect, a long slow initial acceptance, a period of rapid growth, a long length of time where the product has fully saturated the market, and its eventual decline in obsolescence.
The introduction phase of the product lifecycle is the easiest to market, but the most resource and cost intensive. The target market is the early adopter. The problem in the early adopter is the most difficult consumer to convince.
The early adopter seeks status. They crave new products, not because of usefulness, but sexiness. They want to feel this product they are buying into will bring them some amount of prestige among their constituents.
The question then is, how do you market to them? Ad and event intensive sales are probably the most useful. Ads should focus less on the feature-benefits and more on the emotional aspect of the product.
One company that makes this distinction very clear in their advertisements is Apple Computers. When advertising for their personal computing products, they use the PC vs. These ads are entertaining and grab your attention, but focus mainly on the feature-benefit aspects of a product.
The iPhone ads are very low on feature-benefits and high on the coolness factor. Growth is the period when everyone knows your product, but they aren't sure if they want to use it or not. Here it is important to stop focusing on the coolness of a product and start focusing on the features and benefits of a product.
At this point, the early adopters have shown the world how cool the product is and how cool they are for having one. The rest of your market wants to know why it is they should get one. If they don't see a real benefit, then they will move on to the next product. Maturity is the least expensive segment of a product's lifecycle.
When a product has generally been accepted, and the market has reached its final penetration, it has reached this point. Your marketing techniques should focus on maintaining customers and customer satisfaction. Your advertisements can focus on what you can do for them while they keep using your product.
Decline is the most difficult segment for most companies. Decline requires a lot of soul-searching. If a company continues in the status quo, the product will decline and the company will continue to spend money on it.Introduction to Marketing from University of Pennsylvania.
Taught by three of Wharton's top faculty in the marketing department, consistently ranked as the #1 marketing department in the world, this course covers three core topics in customer Basic Info: Course 1 of 6 in the Business Foundations Specialization.
Principles of Marketing teaches the experience and process of actually doing marketing - not just the vocabulary. It carries five dominant themes throughout in order to expose students to marketing in today. Marketing is the aspect of business which is most consumer focused as all of the principles of marketing relate directly to the consumer.
The principles of marketing follow a logical sequence. First, a target consumer of a particular product or service must be identified.
Unit 1: The Definition and Principles of Marketing We will begin with the basics of marketing. In this unit, we will define a number of important terms and distinguish between marketing, advertising, and sales. Introduction to Marketing from University of Pennsylvania. Taught by three of Wharton's top faculty in the marketing department, consistently ranked as the #1 marketing department in the world, this course covers three core topics in customer. Introduction to the Principles of Social Marketing European Social Marketing Conference Rotterdam September Matt Wood Brighton Business School [email protected] Introduction to the Principles of Social Marketing Session Aim: • To provide an overview of the key principles of social marketing.
Jun 22, · Principles of Marketing introduction first part. This video explains the basics of principles of marketing using flow chart. It also tells you the historic progression of marketing.
BUS Principles of Marketing Log in or Sign up to track your course progress, gain access to final exams, and get a free certificate of completion! Course Introduction.
Introduction to the Principles of Social Marketing European Social Marketing Conference Rotterdam September Matt Wood Brighton Business School [email protected] Introduction to the Principles of Social Marketing Session Aim: • To provide an overview of the key principles of social marketing.