Marketing professionals rely on clearly defined goals to determine the course of action when placing a product in the market. Leveraging research to learn more about your target audience is the focus of this course. In it, you will learn how to be an intelligent consumer of information when it comes to market research and analysis so you can become a more effective decision-maker. You will first look at market research, including the purpose and goals of research; how to balance the ideal with reality in doing research; and how to apply the six stages of research to a marketing situation.
You will then examine different ways to analyze the data acquired through market research. Using formulas to determine how cannibalization affects the profitability of new products and the value of a long-term customer, you will perform a basic sensitivity analysis to assess the robustness of your results.
An organization's brand is one of its most valuable assets. Your organization's brand represents the themes and ideas that your customers associate with the organization. The value of your brand, otherwise known as brand equity, impacts everything from consumer awareness to the salience of your brand in the market. Creating and communicating the value of your brand across channels can improve the value of your organization and the return on your marketing.
In this course, you will look at the value of a brand through brand equity from both the firm's and the customer's perspective. You will make the connection between customer loyalty and building brand equity. You will also discuss marketing communications: how they work, what forms exist, and how you use them to build brand equity.
You begin this course by considering the importance of new products and services to the overall health of a firm, and you look at some of the risks these products entail. Why do so many otherwise good products fail to achieve broad market diffusion? You analyze the significance of product characteristics such as complexity and communicability on customers' decisions to adopt new products. Then you consider innovations in terms of a continuum.
In the second part of the course, you look at new products through the lens of the product diffusion process. This process shows how different customer segments enter the market at different times and why. Finally, you learn how the diffusion process is related to the overall product life cycle.
In this course, you investigate marketing channels and learn how to leverage them to provide value to your company and benefits to your customers. In the second part of the course, you'll explore the world of international marketing and discover the nuances of global markets. You identify the types of global organizations and explore the pros and cons of globalization.