This lesson on Marketing strategy introduces the notion of promoting a product. We examine one of the 4Ps of Marketing - Promotion. Hope you will enjoy the video! Here's a link to the full course on Udemy: https://www.udemy.com/course/mba-in-a-box-business-lessons-from-a-ceo/?referralCode=F6026A89249995D14BCD This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- Promotion is essentially the art of communicating a product’s benefits to customers and convincing them to acquire the product once, or ideally, a repeated number of times. There are three degrees of brand loyalty: Awareness Preference And Insistence Marketing communication revolves around the three. Customers must know a product exists. Once they do, we need to convince them it is better than competitor products so they can develop a preference. In the best-case scenario, customers who prefer the product will understand its features well, which will develop informational awareness, and that will make them able to explain its benefits to other customers. Continued purchasing of a product, brand insistence, is the goal of promotional communication. It occurs when customers link a product with their own lifestyle. The feeling of personal connection turns repeated customers into raving fans. On Udemy: https://www.udemy.com/user/365careers/ On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers

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