The tasks of marketing are the individual, small-level jobs that the marketing department or individual marketers do. This includes the:

• buying and selling,
• informing the public about the product,
• facilitating the exchange of value with intermediaries who facilitate operations.

Basically, marketing involves the transmission of information, consummation of transactions, and the logistics of delivering the product or service from creation to receipt.

What do Marketing Managers Do?

Marketing managers generally are responsible for the following:

• Planning (marketing strategy and activities),
• Implementing those plans (Operational Activities), and
• Monitoring or controlling the performance of those plans (Checking Results).

What is Product or Service Development?

Product and service development (PSD) is more than simply manufacturing a product or devising procedures for carrying out at service. PSD involves strategic assessment of your concept and how it delivers value to the customer. Likewise, you will have to compare the value delivered to customers against the value received for the product.

In the previous lectures, we examined the needs and wants of your target customers. Your job in PSD is to develop a product or service that meets those needs or wants without including additional features that do not earn additional return from customers. This concept is known as developing a Minimum Viable Product (MVP).

What is Market Penetration?

Market penetration is targeting and converting new customers in your existing market. Notably, it involves existing products, the same market.

This strategy is employed when metrics indicate that there is room in an existing to increase market share. This is generally carried out by either increasing customers or increasing the number of purchases.

Approaches to Market Penetration

Common approaches to implementing a market penetration strategy include:

Differentiating (or adding value) to your product to gain market share from existing customers
Convert potential customers who have low demand or urgency for the product through marketing efforts and appealing to emotions.

What is Marketing Analytics?

Well marketing analytics are generally concerned with the identification, collection, and analysis of data concerning promotional practices. The collected data is used to make decision about business or marketing practices.

Commonly used data are often related to the activities of the customer and include sales, records, or loyalty program data. More broadly, however, any data generated from marketing practice can be identified, recorded, and analyzed to help inform future decisions or courses of action.