Focus on the four Ps — product, price, place, promotion.
The difference between a product that sits on the shelf and a product that sells like it’s going out of style is marketing. Knowing what customers want, how to price it, where to sell it, and how to advertise it moves products and services into the hands of the people who provide your company’s revenue stream.
From traditional print to digital marketing, you’ll look at marketing practices in the 21st century and see how they fit into the strategic marketing process. Research, ethnographies, and other tools aid in making marketing decisions and you’ll gain an understanding of their importance.
Whether you’re marketing to the consumer or the retailer who sells to the customer, knowing marketplace behaviors helps you understand how buying decisions are influenced. You’ll discern between business and consumer markets and learn how relationships are built with each.
Getting your product or service in front of the right audience at the right time through the right media is a function of segmentation, targeting and positioning. You’ll gain an understanding of how markets are divided into similar groups according to their needs, then selected for potential success, and finally targeted with a well-framed marketing mix.
Marketing is about more than selling a product. It’s about developing new products, refining existing ones, and recognizing a product’s lifecycle. It’s also about brand equity. How your brand affects your product is significant in developing an appropriate strategy and you’ll become familiar with the importance and impact of a brand.
While goods marketing and services marketing share many aspects, in some ways, they are very different. You’ll examine these differences and recognize the complexities of service production.
You’ll partner with classmates to form a virtual debate team and will take part in an online debate.
You’ll see how products are priced, how price changes are determined, and how profitability is measured. Placement of a product in the marketplace will be explored as you focus on the various marketing channels used as well as e-commerce issues. You’ll also gain appreciation for the unique differences found within the elements of the promotional, as you understand how they’re integrated for an effective campaign.
Sample Course Topics
- Marketing in the 21st Century and Strategic Marketing Planning
- Marketing Research and Environmental Scanning
- Consumer and Business Markets
- Segmentation, Targeting and Positioning
- New Products, Product Life Cycle and Brand Equity
- Services Marketing and Pricing Strategies
- Managing Value Networks, Channels and Retailing
- Integrated Marketing Communications
What You’ll Learn
Through MKT 506, you’ll gain vital knowledge and skills in the essential aspects of marketing management, marketing strategy, and emerging New Economy marketing applications.
- Discern the difference between business markets and consumer markets.
- Understand the marketing research techniques used to understand consumer behavior.
- Learn the roles of segmentation, targeting, and positioning in strategically placing a product in the market and gaining competitive advantage.
- Examine the characteristics that influence buying decisions.
- Know the major steps in developing effective integrated marketing communications.
It’s important to know your customer, your product, and your competition when marketing your company’s products and services. For more information about The University of Scranton’s online Master of Business Administration degree, request more information or call us today toll-free at (866) 373-9547.
The content presented on this page is representative information for example purposes and is subject to change as course and student needs change over time.