Marketing is the art and science of creating, capturing and sustaining value for chosen customers. Marketing managers analyze the Customer, Competitor and internal Company forces (3Cs) to decide on their marketing strategy in terms of Segmentation, Targeting and Positioning (STP) and then execute in the market place the ‘marketing mix’ (4Ps) of product, price, place (distribution) and promotion (communication). These techniques are important and applied in for-profit companies, not-for-profit organizations, social, cultural and political groups across the world.
Marketing scholars aim to understand, explain and predict this process by creating and developing frameworks that yield new insights, quantifying the effectiveness of marketing strategies and tactics, revealing the driving forces behind buyer and supplier behaviour.
The Marketing discipline acknowledges several orientations: quantitative, behavioral and managerial. These orientations have their roots in the basic disciplines of economics, psychology, sociology and other social sciences. After being exposed to these orientations, you will soon choose your own path and develop your curriculum together with your faculty advisor.
The list of research questions is extensive, and includes:
How and why do consumers choose among brands?
What is the effect of price and advertising on company sales, profits and stock price?
How can companies motivate their partners (e.g. retailers) in the supply chain?
What is the best mix between online and offline marketing communication strategies?
How can charity organizations engage volunteers to donate time and money?
What is deceptive advertising, what damage does it do and how should it be penalized?
How to optimally design the next product that will win the hearts and minds of customers?