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MKTG-530: Marketing Management Course Analysis

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MKTG-530: Marketing Management Course Analysis
Marketing and the "Marketing Mix"
Businesses exist to offer goods and services to their consumers to generate revenues.
However, consumers must first be interested in buying their products and services. In this regard,
business organizations use marketing to promote their goods and services, imparting their target
consumers with interest to their goods or services (McDonald, 2016). Marketing serves diverse
objectives, increasing brand awareness, acquiring new customers, creating brand loyalty, thus
retaining existing customers, increasing revenue, and establishing leadership authority.
Marketing strategies employ the "marketing mix" to realize high efficacy.
The "marketing mix" entails product, place, promotion, and distribution (Barrow, 2016).
Price is the value that a firm has put into its products or services. Prices can be influenced by
government regulations, technological changes, social trends, the economy, and competitors
(Jensen, 2013). Business organizations employ various pricing strategies to set prices. On the
other hand, a product refers to a particular item being sold by a company (Barrow, 2016). The
product must deliver a certain minimum performance level to be accepted by the consumers;
otherwise, even aggressive marketing campaigns will not work. Besides that, promotion refers to
the activities undertaken by a firm to make a particular product or service known to the
consumers, including advertising, incentives, and commissions (Randazzo, 2014). Lastly,
distribution refers to the various activities undertaken to deliver goods to the point of sale.
However, an organization must understand the market through market research, analysis, and
planning for effective marketing.
Marketing Research

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Market research is a pivotal element of effective marketing strategies. Its primary goal is
learning more about a particular product's target customers. Thus, market research is essential in
obtaining consumer insights, enabling firms to realize consumer purchasing trends and other
vital consumer behaviors (Barrow, 2016). In this regard, effective market research helps
companies understand what their consumers want, enabling them to develop products and
services that the consumers will use, thus gaining a competitive edge. Technology has become
pervasive in conducting market research in the modern business environment. In this regard,
various technologies enable businesses to gather and analyze consumer data using data analytics,
which employ various technologies such as machine learning and artificial intelligence. Data
analytics allow companies to establish various consumer and market patterns, thus giving the
firm's a positional advantage (Saidali et al., 2019). Marketing research should be undertaken as a
continuous activity rather than a one instance task. Since the business environment is in constant
change, it is vital to continue to learn n...