Marketing Online MBA Programs
June 10, 2010
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The next area to discuss is the Marketing MBA. Here, the focus is not as much on financial analysis, although you'll still need to know some of that. The big focus is on understanding how the consumer markets work, how to position a product for market, and how to get the consumer to buy the product. There are four well know P's of marketing - Product, Placement, Price, and Production.
Most marketing executives talk about their products as if they were their children. They are always thinking of ways to make them better or more attractive to the consumer (we are talking about the product, not the children). Do they have the right color, the right advertising strategy, the right features? Only the market can tell them. The success of the marketer relies heavily upon the ability to read the market and adapt the product accordingly.
The second P, placement, is all about where the marketer decides to sell his product. Also, he has to decide if he is willing to pay extra marketing dollars to the retial store to feature his product. For example, Pepsi and Coke spend millions of marketing dollars each year so they can have the shelf at eye level and have the big display at the end of the aisle.
For the behavioral psychologist in you, there is the third P, price. It is fascinating to watch how consumers flock to a $30 set of knives that they wouldn't consider buying when it was priced at $15! At $15, they were just too cheap. Now, they seem like a great value!
The fourth P is promotion. You have to know where to put your product, when to discount it, where to advertise it, who your target market is, and so on. If you can't promote your product, you aren't going to make it in marketing.
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