WEEK 10

My main Marketing Key Takeaways

1. The main goal of successful marketing is not to sell products but to provide value to consumers. The marketer needs to discover a consumer’s needs and wants and satisfy them to provide a positive customer experience.

2.  A marketer needs to identify and focus on the segmented target market. They need to know everything about them. What they think, feel, want, and need.

3.  A marketer needs to formulate a marketing plan and know how to reach their target market with the appropriate media approach.

4. With successful marketing, the marketer needs to build a relationship with the customer to understand their needs to fulfill them. You need to know what the consumer is seeking to provide value to a consumer.

5. The four marketing mix elements are the four P’s: Product, Price, Promotion and Place

6. There is a five step marketing research approach. Define the problem, develop the research plan, collect relevant data, develop findings, and take marketing actions

7. There is a product life cycle for products. There are four stages: introduction stage, growth stage, maturity stage, and decline stage

8. Branding is very important to a company this can set you apart from your competitors by building brand loyalty.