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What is Marketing?

In many ways, the course work for a marketing degree overlaps with the coursework for a business degree. This should come as no surprise, since both business degrees and marketing degrees help you learn practical skills that work across a broad range of industries. While each college or university names their courses a little differently, the type of marketing courses you can expect to encounter while working towards a bachelors’ degree in business or marketing, an MBA, or a master’s degree in marketing, will be similar regardless of the school you attend.

Of course, marketing students will focus on marketing principles. Frequently, the core principles of marketing are referred to as the 4Ps: selecting a Product; determining the Price; selecting a distribution channel or Place; and developing a Promotion strategy. However, marketing students need to understand marketing on a deeper level than a simple 4P overview provides. For example, marketing majors may not ever have to conduct their own market research, but they should understand statistics, as well as the tools and techniques market researchers use, so that they can evaluate that research. Marketing students also need to understand how to market to businesses, including a thorough understanding of the supply chain.

One of the ways that marketing courses deviate from business courses is that they emphasize the role of human behavior. In many ways, marketing is selling, and to sell products, one must know people. Consumer behavior, or the psychology of marketing, helps explain what motivates people to make purchasing decisions.

You can expect to encounter at least one business communications course. These courses focuses on those components of communications that are most relevant in a business setting. They may include international communication, managerial communication, and even business writing courses.

Marketing students will also need to be familiar with economics. While many times you will only be required to study macroeconomics, you may find it easier to understand economic concepts if you also study microeconomics. In different ways, both approaches to economics look at the core concept of supply and demand. A marketing professional’s job is not only to create demand for a product, but also to be able to realistically assess whether such demand can be created and what price point the demand will sustain. Although it is geared more towards understanding the supply chain, Forio’s Root Beer Game can really enhance student’s understanding of supply and demand.

Given the globalization of most businesses, marketing students have to be familiar with an international business environment. Strategies that work well in one situation may be completely inappropriate in an international context, therefore students need to learn global marketing strategies. Of course, if you intend to market to a specific international area, then taking courses that are specifically tailored to that area can be helpful, even if they are not in your degree plan. It is not unusual for marketing students to study sociology, foreign language, and culture in order to gain a better understanding of their potential consumers.  [ Show Less ]

 

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Paper Doctorate
Business Fundamentals: A Chapter-by-Chapter Study Guide
This chapter addresses the reasons that one should study business and businesses to begin with. The authors make the point that they do not intend for this to be a narrow study that just focuses on particular examples of successive and failed businesses, although it will include case studies too. Today, there is a wealth of information on stocks, bonds, and other securities and the firms that issue them. There is also a wealth of investment informa- tion on other types of investments, including mutual funds, real estate, and high-risk investment alternatives.
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The paper provides a discussion and analysis of healthcare marketing in the case of Good Samaritan Hospital in Los Angeles, CA. The analysis conducted used the Market Opportunity matrix as a tool to evaluate potential services and markets that Good Sam could expand to or diversify to increase its market coverage and share in the healthcare sector. The analysis showed that Good Sam has the potential to diversity to the field of health and wellness as the hospital is already known as a reputable hospital with competitive doctors, hence, creating a division for general health and well-being would be an add-on service that will benefit the general public.
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Norman's success as a change agent will depend largely on his ability to execute the requisite culture change at Asda. He made an excellent choice when he recruited Allen Leighton as VP of Marketing, who appears to be the sort of individual that associates will look to for confirmation that they are moving in the right direction. Norman's credibility will rest in the financial success of the company that is a result of the cost-cutting and structural changes he implemented early, and the backdrop of the softer attributes of the renewal effort. The shifts that are necessary for robust culture change include coordination of the change efforts in each of the stores, taking down the communication and functional silos, and establishing a rigorous training and development plan for internal managers. Some of this effort will be directed toward back-filling where spots of resistance to change have sprung up and where associates identify areas with which they would like more involvement—this is the work of the mutual engagement of the core, and it will not be unfamiliar to a former McKinsey & Company consultant.