Taking a Masters in Business Administration degree means that you need to understand each and every aspect of the organization you work in. Knowledge in Marketing and PR will equip you with the essential tools to make your own business or organization survive the competition. Below are my insights from taking Marketing and PR course:
1. Brand equity, which is the position that a product or company holds in the minds of the consumers is primary to creating the character and personality of your product.
2. Branding integrates the overall strategies of your company or brand – advertising, marketing programs, customer service, public relations (Ochman, n.d.). Make sure you give your brand a consistent positioning approach.
4. Four Ps of marketing stand for Product, Price, Place and Promotion. These determine the direction of your product, and integrate your programs to ensure consistency and synergy in your efforts (Arens, W., 2005).
5. Market penetration strategies determine the total market potential, then divide that potential by the amount of product that is already sold or purchased (Berry, T., 2007). If not done right, you may end up picking yourself on the wrong side of the road, with unjustifiable expenses and wasted efforts.
6. Rewarding your loyal customers is a powerful tool nowadays to keep them coming back (Marketing Tricks for the Frugal Budget, 2003). This gives rise to Relationship Marketing, ensuring that everything from customer service to after-sales service is going smoothly (Arens, W., 2005).
7. Use discounts and promos sparingly. Otherwise, people may think that your product is not good enough because they are always on sale (Marketing Tricks for the Frugal Budget, 2003).
8. In Public Relations, you need to take care of your image to the public, and equally important, to the media. Otherwise, you risk yourself of being cast in the shadows of darkness, because media create the buzz for your product or company.
9. The media coverage that you get through recommendations of editors, write-ups in columns and mentions in press releases is more powerful than advertising. Utilize this as often and as effective as you can.
10. Advertising is an effective tool to promote your product, which is why it does not come cheap (Arens, W., 2005). You have to make sure that you pick the right medium for your product to reach the right market.
Arens, W. (2005). Contemporary Advertising. McGraw Hill, pp. 325-328.
Berry, T. (2007). Market Penetration Opportunity. Retrieved May 8, 2007.
Marketing Tricks for the Frugal Budget. (2003). Retrieved May 8, 2007 from https://businesstown.com/articles/cheap-marketing-tricks-that-work/
Ochman, B.L. (n.d.). Branding: The Most Misunderstood Word in Marketing. Retrieved May 8, 2007.