Marketing Foundations 1A: Introduction
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Unit 1: Foundations of Marketing
Why is it that some people always buy products from the same brand? Or spend hours waiting in line every time the latest iPhone comes out? It all comes down to marketing. Without it, most of the businesses you’re familiar with wouldn’t exist. You would never hear about their latest products or services, visit their stores, or develop loyalty to their brand. Marketing not only allows businesses to grow, but also it helps customers get access to better products and services. By looking at how companies use marketing to reach customers, you’ll begin to understand why certain brands become more popular than others, and why some never quite catch on. You’ll also understand how purple cows tie-in to everything. Wait… purple cows!? Didn’t see that coming, did you? With marketing, you never quite know what’s around the next corner!
Unit 2: The Role & Function of Marketing in Business
The world of business has evolved significantly in a relatively short amount of time. Consumers have become smarter, technologies have changed, and the number of competitors has increased. Think about the number of ads you see each day on TV, Facebook, billboards, your smartphone, Google… they’re everywhere! Marketing plays a huge role in business. Because of it, companies large and small can zero-in certain groups of people to become potential customers. They can also create highly specific marketing messages to capture customers’ attention—and their wallets!
Unit 3: Marketing & Economics
Economics and marketing are two sides of the same coin. While marketing aims to understand what makes people buy products or services, economics looks at all the rules that make our economy work. Marketing is similar to an engine in a car as it allows businesses to move forward and get to their destination. The economy is like the driver—it controls the amount of power, or output, the engine generates and makes sure all speed limits and rules are followed. Just as a car needs a driver, marketing likewise needs an economy in which to operate.
Unit 4: Business Ownership & Government Regulations
Owning a business is one of the hallmarks of the American Dream. We’ve all seen movies where business owners enjoy a lavish lifestyle, have a massive fleet of cars, and take exotic vacations. But is that how things are in the real world? The truth is, running a business involves a lot more than what you may have seen in the media. There’s a lot of paperwork involved, rampant competition, and many government regulations to follow. If you’ve ever wondered what it’s really like to run a business in a modern economy, it’s time to find out!
Unit 5: Legal Issues & Ethics
Creating a marketing campaign involves a lot more work than you may think. Besides the creative aspect of creating ads and marketing messages, there are several legal and ethical issues that marketers need to study before unveiling awesome products or services to the world. Understanding each of these issues will not only help you create more effective marketing campaigns, but it will also help you discover how to keep your customers happy. (And how to save your company from huge fines!) Time to spread your wings and fly, Legal Eagle!
Unit 6: The Impact of Finance on Marketing
The study of marketing wouldn’t be complete without covering financial concepts. Finance is what keeps the marketing department running, and it’s the reason companies can afford to spend money on ads and other cool marketing initiatives. The best part about it all is that you don’t have to know complicated math equations to understand how finance works. Chances are, you already know more about finance than you think!
Unit 7: The Importance of Market Research
A big part of launching a new product or service into the market is finding out what users want in the first place. The last thing companies want to do is invest millions of dollars into a new idea only to find out that people don’t really need it in the first place. A simple way to prevent this from happening is to use market research. This type of research is similar to the type of research you would do for one of your classes, except it focuses on the needs of customers rather than the subject your teacher assigns you. By understanding how market research works, you’ll move one step closer to becoming an expert marketer. And if you know how to use the internet to do a search, then you’re already halfway there!
Unit 8: Marketing Concepts & Plans
Do you know the difference between a marketing strategy and a marketing plan? What about a marketing mix? Or a situational analysis? If you answered no to any of those questions, then it’s time to finally get the answers! Learning these basic concepts will be like learning your ABCs all over again. Once you learn them, you’ll be able to master advanced marketing concepts and communicate like a true marketing professional.