MODULE 4 MARKETING

Unit 1 Concept of Marketing: Small and Big Business Marketing

Unit 2 Marketing Mix
Unit 3 Modern Marketing Tools

Unit 1 Concept of Marketing: Small and Big Business

Marketing
Contents
1.0 Introduction
2.0 Intended Learning Outcome (ILO)
3.0 Main Content
5.0 Conclusion
5.0 Summary
6.0 References/Further Reading

1.0 Introduction

The marketing concept is the philosophy that firms should analyze the needs of
their customers and then make decisions to satisfy those needs, better than the
competition. Today most firms have adopted the marketing concept, but this has
not always been the case.

2.0 Intended Learning Outcome (ILO)

By the end of this unit, you will be able to analyse the different forms of
marketing in choosing a marketing technique for a business.

3.0 Main Content

The marketing concept is the philosophy that firms should analyze the needs of
their customers and then make decisions to satisfy those needs, better than the
competition. Today most firms have adopted the marketing concept, but this
has not always been the case.

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Self-Assessment Exercise

Give examples of marketing strategies.

Feedback

The following are examples of what your overall business aim might be,
and marketing strategies that you could use to achieve it:

• Increase sales.
• Bring in new customer
• Get existing customers to buy more.
• Introduce a new product or service.
• Increase market share.
• Better establish your brand.

Improve customer loyalty.

4.0 Conclusion

An effective marketing strategy for a small business or startup follows the same
basic marketing cycle as a big business, but for the small business marketer,
the similarities stop there. Budgets, staffing, creative approaches, and
communication techniques vary hugely between an international mega-marketer
like, say, Coca-Cola, and a comparatively micro-budget marketer like, you.

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Creating a successful new business is a tough job, especially when a new
company has to compete against large, well-established businesses

5.0 Summary

To recap what you have learned in this unit, click on the video below or copy the
link and paste on a web browser. The video is a summary of what you have
read in this unit. You could also click on the audio version and listen. You can
also download them and play offline.

Video https://youtu.be/rKqI6li3thY

Audio

6.0 References/Further Reading

https://www.investorsinpeople.com/5-key-differences-between-small-and-large-
organisations

https://www.dummies.com/business/marketing/how-small-business-marketing-
differs-f.

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Unit 2 Marketing Mix

Contents
1.0 Introduction
2.0 Intended Learning Outcome (ILO)
3.0 Main Content
1.0 Conclusion
5.0 Summary
2.0 References/Further Reading

1.0 Introduction

The marketing mix is a foundation model in marketing. The marketing mix has
been defined as the "set of marketing tools that the firm uses to pursue its
marketing objectives in the target". Thus the marketing mix refers to four broad
levels of marketing decision, namely: product, price, promotion, and place.
Wikipedia

2.0 Intended Learning Outcome (ILO)

By the end of this unit, you will be able to evaluate the need of marketing mix in
business growth.

3.0 Main Content

Marketing is a continually evolving discipline and as such can be one that

companies find themselves left very much behind the competition if they stand
still for too long. One example of this evolution has been the fundamental
changes to the basic Marketing mix. Where once there were 4 Ps to explain the
mix, nowadays it is more commonly accepted that a more developed 7 Ps adds
a much needed additional layer of depth to the Marketing Mix with some
theorists going even going further.
The marketing mix refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market. The 4Ps make up a typical
marketing mix - Price, Product, Promotion and Place. However, nowadays, the
marketing mix increasingly includes several other Ps like Packaging,
Positioning, People and even Politics as vital mix elements.

The 4Ps of marketing

Price: refers to the value that is put for a product. It depends on costs of
production, segment targeted, ability of the market to pay, supply - demand and
a host of other direct and indirect factors. There can be several types of pricing
strategies, each tied in with an overall business plan. Pricing can also be used a
demarcation, to differentiate and enhance the image of a product.

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Product: refers to the item actually being sold. The product must deliver a
minimum level of performance; otherwise even the best work on the other
elements of the marketing mix won't do any good.

Place: refers to the point of sale. In every industry, catching the eye of the
consumer and making it easy for her to buy it is the main aim of a good
distribution or 'place' strategy. Retailers pay a premium for the right location. In
fact, the mantra of a successful retail business is 'location, location, location'.

Promotion: this refers to all the activities undertaken to make the product or
service known to the user and trade. This can include advertising, word of
mouth, press reports, incentives, commissions and awards to the trade. It can
also include consumer schemes, direct marketing, contests and prizes.

What is the importance of the marketing mix?

All the elements of the marketing mix influence each other. They make up the
business plan for a company and handled right, can give it great success. But
handled wrong and the business could take years to recover. The marketing mix
needs a lot of understanding, market research and consultation with several
people, from users to trade to manufacturing and several others.

Self-Assessment Exercise

What is ‘Marketing mix’?

Feedback
The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
However, nowadays, the marketing mix increasingly includes several other Ps
like Packaging, Positioning, People and even Politics as vital mix elements. All
the elements of the marketing mix influence each other. They make up the
business plan for a company and handled right, can give it great success.

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4.0 Conclusion

Marketing your business is about how you position it to satisfy your market’s
needs.The marketing mix is the set of actions, or tactics, that a company uses to
promote its brand or product in the market. The 4Ps make up a typical
marketing mix - Price, Product, Promotion and Place. In the contemporary
corporate organisations, the marketing mix has embraced other elements of Ps
like Packaging, Positioning, People and even Politics as determinant factors of
success.

5.0 Summary

To recap what you have learned in this unit, click on the video below or copy the
link and paste on a web browser. The video is a summary of what you have
read in this unit. You could also click on the audio version and listen. You can
also download them and play offline.

Video https://youtu.be/jxyZf80bWJs

Audio

6.0 References/Further Reading

Culliton, James W. The Management oj Marketing Costs. Boston: Division of

Research, Graduate School of Business Administration, Harvard University,
1948.

Palmer, A. (2004). Introduction to Marketing - Theory and Practice, UK: Oxford

University Press

https://www.extension.purdue.edu/extmedia/ec/ec-730.pdf
http://www.netmba.com/marketing/mix.

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Unit 3 Modern Marketing Tools

Contents
1.0 Introduction
2.0 Intended Learning Outcome (ILO)
3.0 Main Content
1.0 Conclusion
5.0 Summary
2.0 References/Further Reading

1.0 Introduction

Modern Marketing is a holistic, adaptive methodology that connects brands

with real customers and drives business results by blending strategy, creative,
technology, and analysis.

2.0 Intended Learning Outcome (ILO)

By the end of this unit, you will be able to identify different marketing tools for
start up.

3.0 Main Content

Here are the five essential technology categories for building, executing, and
analyzing your modern marketing strategy.

1. Sales Force Automation Software

Visibility into opportunities and customers (and how they became opportunities
or customers) is critical for evaluating your marketing efforts. You do this with a
CRM, which helps organizations track and predict buyer behaviors, manage the
sales process, and close deals more effectively. For the modern marketer, these
tools link your marketing efforts to revenue generation.
Also, this is where sales teams live. Your CRM is an important tool for
communicating with sales reps and providing them with the content and tools
they need to get signatures.

2. Social Marketing Platform

Content distribution and audience development are big parts of a modern

marketing strategy. After all, to get your message to the right people and to drive
target buyers to your website and content, you need to know where and how to
reach them.
This is where social media platforms factor into the technology equation. With
these tools, your marketing team can manage and track community

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engagement, interact with your target audience in real-time, participate in
important conversations happening online, and share important content assets
strategically. Social marketing platforms also analyze these efforts, helping your
team evolve and hone social initiatives moving forward.

3. Marketing Automation Software

Tracking and responding to buyer behavior at every stage of the purchase

process is critical. Marketing automation makes these interactions not only
possible, but effective.Marketing automation software allows marketing teams
to track the digital body language of web users and score them based on their
actions. Certain criteria indicate purchase intent and where individuals are in
their unique buyer’s journey. Marketing automation software allows marketers to
build demographic- or interest-based nurture tracks for people who aren’t quite
ready to talk to sales, but may be in the future. Also, as with the other tools on
this list, activity is tracked and analyzed, so you can see how leads and
opportunities interact with your company throughout their journey.

4. Web Platform

For the most part, your website is the hub through which all leads filter. This isn’t
a hard-and-fast rule, some opportunities are event attendees or direct referrals.
But pretty much everyone else funnels through your website during the
purchase process. Your website houses everything from landing pages, content
assets, event registration pages, blogs, resources, pricing details, etc.
In the new buyer’s journey, prospects do their own research. They search for
answers to their questions, and research topics and tools long before they want
to speak to a sales rep. Most of this process happens online. And when people
search for your company or subjects relevant to your business, you want to
make sure they find your website.

5. Content Marketing Software

Between key developments in the industry and the importance of content in

attracting, nurturing, and closing deals, content marketing software has
arrived on the scene as the latest must-have marketing technology.All of the
tools above require content in one form or another. Your website needs content
to attract buyers, prove value, and generate leads through form submissions.
Sales needs content to be seen as a thought leader on the topics that are
important to buyers. Social strategy is fueled by sharing content across
channels and conversing on topics that resonate with your audience. You need
content to share with buyers at every stage of the funnel, delivered based on
their interests and needs through marketing automation software.

Content marketing software manages the production of content assets, the

distribution of content to each of the tools mentioned above (and more), as well

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as the analysis of those efforts. It tells you exactly which content assets are
driving opportunities and revenue for your organization.

These five tools are the essentials. Each focuses on a different, yet key piece of
a modern marketing strategy. And when they’re all in sync (as they should be),
they maximize the value of your investment. Of course, there are many add-ons
that can make content more compelling, your website better optimized, your
data more accurate, etc. But when it comes down to it, these five tools make up
the must-have technology mix for your marketing organization.

Self-Assessment Exercise

1. What are traditional marketing tools?

2. Mention one of the modern tool of marketing.

Feedback

1. Traditional marketing refers to any type of promotion, advertising or

campaign that has been in use by companies for years, and that has a
proven success rate. Methods of traditional marketing can include
print advertisements, such as newsletters, billboards, flyers and
newspaper print ads.

2. The modern tools include:

a. Sales Force Automation Software
b. Social Marketing Platform
c. Marketing Automation Software
d. The Web platform
e. Content Marketing Software

4.0 Conclusion

These marketing tools are the essentials for today’s globa business. Each
focuses on a different, yet key piece of a modern marketing strategy. And when
they’re all in synchronized,they maximize the value of your the entrepreneur’s
investment. Other attachments that can make content more compelling include
your website. these tools are must-have technology mix for your marketing
organization.

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 5.0 Summary

To recap what you have learned in this unit, click on the video below or copy the
link and paste on a web browser. The video is a summary of what you have
read in this unit. You could also click on the audio version and listen. You can
also download them and play offline.

Video https://youtu.be/Uq3WsKUudeE

Audio

6.0 References/Further Reading

https://marketeer.kapost.com/essential-marketing-tools/
https://www.marketingprofs.com/newsletters/marketing

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