MARKETING FOUNDATIONS VBS109

IF YOU WANT A CAREER IN MARKETING, THIS COURSE IS FOR YOU!

Marketing is the cornerstone of most modern businesses. Lack of marketing knowledge is frequently the reason why a good business concept does not succeed.  People with solid marketing skills have the ability to bring more dollars into a business, so they are a valuable resource.  This course deals with all aspects of marketing from presentation and packaging, to advertising and selling, developing in you an acute awareness of what is needed to achieve and maintain a good market share.

This course is designed as a program to help you firstly understand the marketing world; then assist you in making decisions and developing skills in marketing.

MARKETING INVOLVES...

  1. Attracting Customers
  2. Persuading them to Buy
  3. Selling
  4. Keeping Customers Satisfied (so they come back!)

Throughout this course emphasis is placed on profitability and efficiency!

 

COURSE STRUCTURE

The content in the ten lessons is as outlined below:

  1. Marketing and the Business What is marketing, and its significance, Considering alternative approaches to business & marketing, Alternative enterprises (eg. goods or services based, sole proprietor or partnership etc).
  2. Scope of Marketing Understanding basic economics (eg. supply & demand); the difference between the potential market, available market, target market, and penetrated market for a product/service of your choice; Different advertising approaches, Controlling Growth, Improving Results in Business, etc
  3. Target Marketing Understanding the market place; Stages that sellers move through in their approach to a market, What is targeting, Advantages of target marketing as compared to mass marketing and product-differentiated marketing
  4. The Marketing Mix and Managing the Marketing Effort Product, price, place, and promotion; Affects and interactions between marketing and other operations of a business.
  5. Product Presentation and Packaging Importance of product knowledge, Core, tangible and augmented products; Differences in packaging & presentation for different products.
  6. Promotion Communication skills, Merchandising, Shop Floor Layout, Displaying Products, Signs, Understanding Selling and Increasing Sales, Sales Methods, Publicity Marketing,
    Structuring an Advertisement or Promotion, Advertising budgets, etc
  7. Product Pricing and Distribution Pricing, Profitability Ratios, Increasing Turnover, etc
  8. Customer Service Methods of assessing customer satisfaction; Significance of Customer Service; Different types of customers in the market place, and how best to approach each; Difference between selling, publicising, marketing and advertising, etc
  9. Market Research The research process, What to research, Surveys, Developing and conducting a market research program, where to find useful statistics,
  10. Organisations - Structures and Roles Business law; Financial Management, Business Structures, Business terminology, etc.
 
Duration: 100 Hours (Nominal Duration).

Nature and Scope

Marketing involves every aspect of getting the product or service from the supplier to the consumer (apart from the actual service or product itself). ie. marketing includes advertising, promotions, packaging, distribution, sales and after sales services.

The consumer market for almost any product or service is dynamic and extremely competitive, year by year competition increases. Each year new competing products, services or businesses are launched and not all of these will succeed in fact only a small percentage will become established in the market place on a long term basis. As an example the wholesaler or manufacturer is competing for space on retail shelves, this leads the retailer to restrict what they are willing to display on their shelves opting for the most profitable and popular lines. The wholesaler or manufacturer therefore needs to convince the retailer that their product deserves shelf space. The service provider and retailer must also compete with other similar businesses for a share of the market once again they need to convince their customers that they are offering the best on the market. The best way to achieve this is through a marketing strategy.

For a business or product to succeed it has to be marketed. Marketing plays an integral role in the business process and marketing strategies should be included from the outset, when an idea for a new business or product is put forward. The market for a particular service/product needs to be identified and prices set where applicable. This is difficult for a service type of business, but these types of operations should use the ‘going market rate’ as a guideline.

In identifying the target market for your business you can tailor your advertising to suit that market, for example if you are setting up a surf shop with an identified market demographic of people under the age of thirty, there is no point advertising at the local senior citizens club.

A marketing strategy should consider the following:

  • Identify the target market
  • Market saturation (are there too many of this type of product/service already?)
  • Compare similar businesses/products/services
  • Where will you operate? (i.e. near your market, from home, etc)
  • Decide on price (in relation to a product or service as discussed earlier)
  • How will your products be distributed? (If applicable)
  • How will you promote your business (advertising, word of mouth etc?)

Marketing is concerned with relating the supply of products to its potential demand in such a way as to satisfy the needs and wants of buyers and create a profit for the supplier.

Marketing should add maximum value to the product at minimum cost.

 

Summary

Marketing involves using the following activities:

1. Attracting customers;

2. Persuading them to buy;

3. Selling;

4. Keeping customers satisfied (so they come back!)

 

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