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Marketing students have to deal with various homework and studies to ace their subject. These homework, unlike other assignments require immense knowledge on research products, services and consumer demands.
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What Is Marketing?
Marketing is a process of creating consumer value by offering them products and services to create ultimate customers’ satisfaction.
Marketing: is not only Advertising!
Marketing is often confused as just selling of a product or service and most students focus on advertising methods rather than understanding and fulfilling the demands of the customers.
Marketing include researching about market niche, identifying their demands, creating new products and services and connecting them to consumers to satisfy customers that would build a good reputation for organization.
What Is Marketing Homework All About?
Most of the marketing students don’t have a clear idea of different marketing concepts which is reflected in their assignments.
Marketing homework include case studies, presentations and research assignments on one of the following topics:
- Consumerism- Understanding the needs, behavior and attitudes of market niche.
- Products and Services- What new products or services could be offered or how they can be improved.
- Marketing Strategies- How Company is going to achieve its goals through customers’ satisfaction.
- Branding- How those products and services could be connected to customers.
4 Marketing Concepts to Grab To Ace Your Homework!
If you are struggling to write good marketing assignments, you just need to grab the following 5 concepts to get top grades:
- Ocean Strategies: While there are many ocean strategies but the knowledge of following three is a must to write good marketing assignment:
|RED OCEAN ||BLUE OCEAN ||GREEN OCEAN |
|Achieve competition in the market by offering lowest cost for a product or service.||Introduce a unique product or service in market to create consumer value. ||Stresses on company growth and sustainability rather than consumerism.|
- SWOT Analysis: The analysis of company’s internal Strengths and Weaknesses and external Opportunities and Threats to make appropriate strategies is called SWOT Analysis.
- BCG MODEL: Boston Consulting Group Model is the analysis of the company’s profile and its products or services in terms of their market position. It categorizes the products or services with respect to its market shares and market growth i.e. Star, Question, Cash Cow, Dog
- PESTEL Analysis: Is the investigation of the external forces affecting the organization including Political, Economic, Social, Technological, Environmental and Legal (PESTEL). This is done to remain alert to any threat or upcoming opportunity and act accordingly.
- Porter Five Forces Model: This model takes into account the level of competition in the market by considering the following 5 factors:
- Number of rival
- Threat of New Entrants
- Bargaining Power of Suppliers
- Bargaining Power of Customers
- Threat of substitutes
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