Study Guide: Marketing

Picture this: You're scrolling through your favorite app, and suddenly, a quirky ad grabs your attention. Or perhaps you stroll into a store, and the product display is so irresistible that you can't help but check it out. That's the magic of marketing! It's the art of turning heads, sparking interest, and creating connections. In this article, we're diving into the world of marketing, where creativity dances with strategy to create a symphony of messages that resonate with all of us.

Marketing

Marketing involves the various actions a company takes to encourage the purchase or sale of a product or service. This encompasses activities such as advertising, selling, and the distribution of products to both consumers and businesses. Additionally, there are instances where affiliates engage in marketing on behalf of a company.

Within a corporation's marketing and promotion departments, skilled professionals aim to capture the interest of significant potential audiences through advertising efforts. These promotions are tailored to specific target groups and may utilize strategies like celebrity endorsements, attention-grabbing phrases or slogans, distinctive packaging or visual designs, and widespread media exposure.

4P's of Marketing

The 4Ps of marketing, also known as the marketing mix, are a set of essential elements that constitute the foundation of a marketing strategy. Developed by marketing expert E. Jerome McCarthy, these four elements represent the key components businesses need to consider when planning and executing their marketing efforts. The 4Ps are Product, Price, Place, and Promotion.

Product:

Definition: This refers to the tangible goods or intangible services that a company offers to meet the needs and wants of its target market.
Considerations: Companies need to decide on the features, design, quality, and branding of their products. It involves understanding what makes the product unique and how it fulfills customer needs better than competitors.

Price:

Definition: Price is the amount of money customers are willing to pay for a product or service.
Considerations: Pricing strategies involve determining the optimal price point to maximize profitability while remaining competitive in the market. Factors such as production costs, competitor pricing, and perceived value to customers influence pricing decisions.

Place:

Definition: Place, or distribution, is about getting the product or service to the customer. It involves the channels and locations through which customers can access and purchase the product.
Considerations: Decisions about distribution channels, logistics, and inventory management are part of the "Place" element. This includes choices such as selling through physical stores, online platforms, or a combination of both.

Promotion:

Definition: Promotion involves all the communication and activities a company undertakes to make customers aware of and interested in its products or services.
Considerations: Advertising, public relations, sales promotions, and personal selling are all part of the promotional mix. Companies need to decide how to communicate the value of their products to the target audience and create awareness and interest.

Types of Marketing Strategies

Marketing strategies can be broadly categorized into traditional marketing and digital marketing, each with its own set of channels and methods. Let's explore the key differences between these two types:

Traditional Marketing	Key Difference	Digital Marketing
Marketing strategy that uses conventional channels of advertisement, such as TV, radio, newspapers, magazines, etc. to promote products and services of a business	Function	Modern marketing strategy that uses digital channels like search engines, social media platforms, etc. to promote products and services of a business
Outdoor Marketing, Print Marketing, Direct Marketing, Electronic Marketing, Event Marketing	Methods	Search Engine Marketing, E-mail Marketing, Social Media Marketing, Affiliate Marketing, Content Marketing
More expensive	Cost	Cost-effective
Can reach out to limited audience	Audience	Can reach out to a large audience

Entry Requirements to Study Marketing

The entry requirements for studying marketing can vary depending on the level of study and the specific educational institution. Entry requirements for some universities may be higher, so do make sure you check the details carefully.

A-Level/STPM: Minimum EE
Australian Matriculation SAM/SACE International: Minimum ATAR 60
Canadian Pre-University programmes: Average of 60% above in 6 subjects
Foundation in Science or Matriculation programme: Minimum CGPA of 2.0
UEC: Minimum of 5Bs and a pass in Mathematic and English
Diploma: Minimum CGPA of 2.00

Pathway to Study Marketing

This is the general pathway to study marketing after completing your SPM or IGCSE.

Step 1: Complete STPM/UEC/Pre-university programme for 1-2 years. You can also opt to be enrolled in Diploma in Marketing for 2 years.

Step 2: Once you graduate with a marketing diploma, you can choose to go straight to the workforce.

Step 3: If you want to pursue a marketing degree, enrol in a 3-year marketing degree programme.

Step 4: Once you've completed your degree, you can choose to go straight to the workforce.

Subjects in A Marketing Degree

Typically, an undergraduate degree in marketing in Malaysia takes around 3 years to complete. The total cost of an undergraduate degree in marketing can vary significantly depending on the university, location. A marketing degree generally could range from approximately MYR 70,000 to MYR 150,000.

A marketing degree program covers a wide range of subjects to provide students with a comprehensive understanding of the field. While specific courses may vary among universities, here are common subjects you can expect to encounter in a marketing degree program

Integrated Marketing Communications
Business Communication
Consumer Behaviour
Principles of Marketing
Services Marketing
Market Planning and Strategy
Marketing Analytics
Marketing Automation
Event Marketing

Job Prospects with A Marketing Degree

In a rapidly evolving business landscape, the demand for marketing professionals remains high. With your degree in hand, you're not just entering a job market; you're stepping into a realm where creativity, strategy, and innovation converge. The opportunities are vast, the challenges are exciting, and your journey is just beginning. Here are some common career paths for individuals with a marketing degree: