Foundations of Marketing: How to Plan Your Marketing Policy

Course details

Hello and welcome to this course on Marketing Policy!

The management guru Peter Drucker once said there are only two functions or departments in a company that earn money - every other function or department just costs money. The two functions that earn money are Innovation and Marketing.

Innovation brings new products and services to birth. And Marketing brings them to the customers which will result in revenues and profits.

So it is absolutely essential to get the basics of marketing if you want customers to buy your products and services.

In this course, we will give you a solid introduction to marketing and marketing policy, the so-called 4P which are: product, price, promotion, and placement policy. Marketing policy means which strategic and tactical decisions to make in four major realms of marketing.

Many beginners in marketing think that they have to know how to write posts for Facebook or other social media channels. However, all this is worthless if you don't understand the basic mechanisms and methods of marketing. And this is what this course is about.

The introduction to marketing covers the definition of marketing, the role of the market in marketing, how markets are structured, how to get to the customer and how customers make buying decisions.

We then move to the 4P approach and start with product policy. You're going to learn the differences between products and services, the difference between products and brands and the difference between brands and private labels. We will take a close look at the product development process and the so-called product life cycle.

The second P stands for price policy. This is a very underestimated part in marketing. But it's actually one of the most important ones, as the level of process directly influences the level of revenue. It makes a huge difference if you sell 1,000 pieces for 1 or for 2 Dollars or Euros. Therefore, we will cover the price policy determinants, intelligent price strategies, price tactics, pricing methods, and price discounts. You need to know these in order to make good decisions when it comes to pricing your products or services.

The third P stands for promotion policy. And most beginners in marketing think this is all marketing is about. In this section of the course, we will deal with the promotion process, and how to write a promotion plan. You will also learn which promotion instruments there are.

Finally, the last P stands for placement policy. This is how you distribute goods to the customer. You're about to learn the structural channel dimensions, the social channel dimensions, the physical distribution mix, and virtual distribution.

You see, marketing is much more than posting on Facebook or running Google Analytics. Before you do these things, we think it is important to have a solid foundation to build on. It's not only important HOW to do things, but also to know WHY to do things.

 Let's get started - see you in the course!