What is Marketing's role?

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MBA in a Box: Business Lessons from a CEO

A Complete MBA Training: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation

11:28:33 of on-demand video • Updated November 2019

  • Receive an 'MBA in a Box' certificate of completion
  • Acquire the same business acumen as MBA graduates
  • How to start a company from scratch
  • Understand how a business functions and what makes a company successful
  • Get promoted and be ready for a managerial role
  • Transition into a career requiring solid business knowledge
  • Be able to perform an industry analysis
  • Understand what the critical success factors in an industry are
  • Carry out SWOT analysis
  • Use Michael Porter's Five Forces model
  • Apply Game theory in real-life business situations
  • Understand what a competitive advantage is and how to acquire it
  • Be able to choose one of the three core strategies: Cost leadership, DIfferentiation, and Niche
  • Apply best practices when managing people
  • Understand how to recruit, select, onboard, develop, and motivate employees
  • Carry out effective marketing research
  • Perform market segmentation
  • Select the right target client group
  • Set up the 4 Ps of Marketing in a coherent way
  • Calculate Customer-Lifetime-Value
  • Understand financials
  • Be able to read and prepare the three financial statements - P&L, Balance Sheet, and Cash Flow
  • Perform financial statement analysis
  • Calculate cash flows
  • Become a master negotiator
  • Enlarge the pie for all negotiating parties
  • Have experience and be aware of different negotiating tactics
  • Expand the pie for all negotiating parties
English [Auto] As we already said in the previous sections of this course the world today differs from the world 20 years ago and this is not just a cliche for the first time in the history of mankind. Business conditions have evolved at a rapid pace. The Internet coupled with the evolution of logistics transportation distribution communication and sales channels have shaped the environment in all developed countries and created a globalized economy. People can choose from products being produced all over the world. National borders are thinner and multinational companies are even larger marketing's role has become even more important under these circumstances. Firms must break out of commodity status and communicate the value of their products to customers. But that's easier said than done. It is marketers main task to identify the needs of a target group of people and communicate these findings to the product development team ensuring they will create a product satisfying customers needs and then once the product is ready the marketing department must communicate to customers that the firm offers a solution to their problems. Great marketing communication makes selling efforts superfluities ideally customers wouldn't need much convincing as the firm's products solves their needs. Once a person buys a company's product he or she becomes one of its clients and a key difference between successful and mediocre firms is the focus on client retention. Successful companies understand the value of long term client relationships under focused on providing an excellent client experience. Building a recognizable brand and a loyal client base is the ultimate accomplishment for marketing professionals so we can see marketing encompasses many activities throughout the entire value chain of a company. It's not just about sales and advertising. Usually marketers start their work even before a product can be sold.