Financial Statement Analysis Duration: This course provides an in-depth review and analysis of the major financial statements, disclosure statements and financial reporting in general. Students in the course should gain the ability to analyze, interpret and act on financial statements to make business decisions.
Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction.
The Social mktg Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
Concept[ edit ] The 'marketing concept' proposes that in order to satisfy the organizational objectives, Social mktg organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: Needs can be objective and physical, such as the need for food, water and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups. When needs and wants are backed by the ability to paythey have the potential to become economic demands.
Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.
The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and or intuition and understands consumers' quality expectations and price they are willing to pay.
For example, Sony Walkman and Apple iPod were innovative product designs that addressed consumers' unmet needs.
Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.
Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. A meta analyses  has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge knowledge of market segments, sales presentation skills, conflict resolution, and productsdegree of adaptiveness changing behaviour based on the aforementioned knowledgerole clarity salesperson's role is to expressly to sellcognitive aptitude intelligence and work engagement motivation and interest in a sales role.
A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation. The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.
Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.
It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. A firm in the market economy can survive by producing goods that persons are willing and able to buy.
Consequently, ascertaining consumer demand is vital for a firm 's future viability and even existence as a going concern.
In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization.Sprout Social was created with social media marketing in mind. Our social media tools offer a full suite of analytics and reporting features to help you pinpoint exactly which posts, messages and hashtags perform the best.
Master of Business Administration (MBA) The MBA is designed to prepare students who have completed undergraduate work in any academic discipline and intend to pursue a management career. Social marketing is an approach used to develop activities aimed at changing or maintaining people’s behaviour for the benefit of individuals and society as a whole.
Combining ideas from commercial marketing and the social sciences, social marketing is a proven tool for influencing behaviour in a sustainable and cost-effective way. Free, high-quality videos, lesson plans, and other digital resources from PBS for you & your students.
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