morokoff

Smartly Institute

via Smart.ly Platform

04.08.2018

Online Educational Course “Marketing Fundamentals”

Certificate.pdf

Marketing Basics

Marketing: The process of creating, communicating, and delivering perceived value to customers.
Value: The practical and emotional benefits that the buyer of a product gets from it. Each benefit stems from a specific feature of the product.
Perceived value is the value that people believe they will receive from a product.
A product can be a tangible good, such as a pair of shoes, a service (e.g., a doctor’s check-up), or intellectual property (e.g., song lyrics).
Marketing strategy: A plan of what to sell, whom to sell it to, and how to sell it that is focused on long-term profit, rather than shortterm gains.

Conducting a Situation Analysis

Situation analysis: An evaluation of a company’s resources and capabilities, its competitors, and general market demand. A situation analysis consists of two tasks:
1. Examining the four C’s: company, competitors, customers, and collaborators.
2. Interpreting the information gathered in the four C’s within the framework of a SWOT analysis, which describes the company’s strengths, weaknesses, opportunities, and threats.

Segmentation, Targeting, and Positioning

Segmentation, targeting, and positioning (STP): A process used to tailor marketing efforts to relevant audiences and thus ultimately maximize revenue.
Segmentation divides consumers into distinct groups, or segments, based on homogeneity in certain attributes, distinction in these attributes from customers in other segments, and a similar reaction to marketing messages.
Targeting is the process of selecting which segment(s) of consumers to focus marketing efforts on—i.e., the target audience.
Positioning defines how a company wants its product to be perceived by consumers it markets to, relative to competing products.

Value Propositions

The value proposition (VP) is:
1. The benefits that a product provides to the target audience.
2. A statement describing these benefits.
Unique selling proposition (USP): A type of value proposition statement that communicates the essence of what makes a product unique to the target audience.

The Four P’s

The four P’s—product, price, place, and promotion—constitute the marketing mix that a company must consider in order to create a marketing strategy. These four factors are under the company’s control: the company decides what product to offer, what price to charge for it, where to place it for sale, and how to promote it. The marketing mix needs to be adjusted over the course of the product life cycle as the types of customers who buy the product and the quantity of demand change.
Positioning statement: A statement describing the core benefits that a product offers, used internally to guide product messaging.

Certificate