U5: Marketing of Goods and Services

Marketing

The activity of creating communication processes to deliver and exchange information about products that hold value for clients, customers, partners, and society.

Branding

Defining a distinctive and unique intangible asset that helps customers identify and associate certain thoughts or attributes with a product, setting it apart from competitors.

Lead Generation

The process of identifying and converting potential buyers (leads) into customers through marketing and sales efforts.

Customer Retention

Focusing on keeping existing customers satisfied and engaged with the product to encourage repeat purchases and potentially turn them into brand ambassadors.

Direct Marketing

Building direct relationships between the company and customers by selling products directly to them, aiming to build loyalty and attract new customers.

Marketing Mix

The combination of product, price, place, and promotion strategies used to reach the target audience and achieve marketing objectives.

Environmental Factors

Cultural, social, demographic, economic, technological, political/legal, and competitive factors that influence marketing decisions and campaign effectiveness.

Marketing Management

Strategic planning and implementation of marketing activities to promote products or services, identify customer needs, and build strong customer relationships.

Market Analysis

Conducting research to understand consumer preferences, market trends, and competitor strategies to inform marketing decisions.

Marketing Process

Involves creating a marketing strategy, setting objectives, implementing tactics (including the marketing mix), and controlling and adjusting the plan to achieve marketing goals.