November 13, 2020 - Yesterday, our speaker Gerry spoke to us about Core Marketplace Concepts.
He started off by introducing and defining marketing, explaining not only what it is, but what it is not. What stuck out to me in this portion was this: marketing is not the same as advertising, it is not to pressure customers into buying, it is not using exaggeration, and it is not a stand-alone activity.
He delved deeper into the topic by talking about the differences between old marketing and modern marketing and explained the importance of marketing to businesses. Marketing is how you attract, acquire, and maintain a trusted relationship with your customers.
Strategic Marketing
Gerry then transitioned into the next topic: Strategic Marketing. If someone asked you "what is the purpose of marketing?", what would you say?
Are you implementing marketing strategies to promote your brand and sell your products? Are you trying to get potential customers interested in what you have to offer?
Well, Gerry said "Stop trying to sell with marketing". Don't use sales tactics as your marketing strategy and marketing is not equivalent to sales. Marketing is to create the desire for customers to buy your products and services.
Competitive Advantage
Competitive Advantage is what makes your product or service superior to all other choices available to the customer.
How do you create a competitive advantage? There are 3 determining factors.
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Other topics Gerry talked about:
Push vs Pull Marketing
Macro and Micro Environmental Analysis
SWOT
Marketing Mix
The difference between product and services marketing
The 7 P's of Services Marketing
Brand and Branding
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