Business English - Marketing

In this episode from Perfect English Podcast, the focus is on Business English, and to be specific, we will talk about marketing, the marketing mix and market orientation. Listen to the podcast and take the quiz to check your understanding and retain the information you learn in this episode.

Perfect English Podcast Episode 57 Business English – Marketing Audio

Perfect English Podcast Episode 57 Business English – Marketing Quiz

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Which are among the four Ps of marketing?

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Which of the following are among the most important goals of marketing?

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Which of the following is a summary of the four Ps?

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Which of the following expressions also mean market-oriented?

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Which of the following can be a fifth P in marketing?

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Perfect English Podcast Episode 57 Business English - Marketing Quiz
Perfect English Podcast Episode 57 Business English - Marketing Quiz

Perfect English Podcast Featured Image Episode 57

Take this quiz to check your understanding of what marketing is, the four Ps and marketing orientation according to episode 57 from Perfect English Podcast.

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Episode Transcript

0:04
Welcome to a new episode from perfect English podcast. Today is all about business English. And to be specific, we’re going to talk about marketing and market orientation. Now before we start talking about marketing, let me remind you that I have included a short quiz that you can use to check your understanding of all the things we’re going to talk about today. And it is a very good tool to retain the information we talked about here and today. So without further ado, let’s get to it and start talking about marketing. Now what is the meaning of marketing some people mistake marketing for sales and just selling products to people. Now definitely the ultimate purpose of marketing is to sell products or services to people but marketing is a lot bigger than that marketing is not just the action of selling things to people. It starts from planning, designing, pricing, promoting and distributing ideas, goods and services in order to satisfy customer needs so as to make a profit. So marketing is not only sales, marketing is the whole process of all these things put together. Obviously, good marketing focuses its efforts all on satisfying customer needs. Now, companies point out how the special characteristics or features of their products and services possess particular benefits that satisfy the needs of the people who buy them. So marketing is all about thinking about those special characteristics or features and showing them in the best way possible to show people how beneficial or the benefits that will satisfy the needs of the people who will buy the products. Or the services and marketing is not only for companies that seek profit, nonprofit organizations have other social goals such as persuading people not to smoke or to give money to people in poor countries. And these organizations also use the techniques of marketing. So marketing is not only for companies seeking profit, it can be used for nonprofit organizations as well. Now, in some places, even organizations such as government departments are starting to talk about or at least think about their activities in terms of the marketing concept. So, before we move any further, I just wanted to make sure that you understand what marketing is, the next time somebody mentions marketing to you do not think it’s just about selling stuff to people. It is a lot bigger than that. It is the process of planning, designing pricing, promoting and distributing ideas, goods and services. And now we will talk about the four pillars of marketing. Now they call them the four P’s, not because they are the four pillars, but because these four P’s all start with the letter P, and they’re very famous for being the four P’s of marketing. Now, what do you think these four P’s are, obviously, the first p, which is the most important thing is the product.

3:30
So if you’re thinking about marketing, the first thing you need to figure out is the product, deciding what to sell. That’s the most important thing. It doesn’t matter what you’re selling, it can be an idea or it can be a kind of physical product or a service. All of these are called products. So that is the first p, the product now the second P, and another very important thing to think about when you’re marketing something That is the price deciding what prices to charge because you cannot just throw your products in the market without thinking about competitive prices. You don’t want to over price your product and you don’t want to underprice your product, you want to hit the sweet spot, you want to price them just right. And remember, all of that is centered on the customer needs. And at the same time you want to make profit for the company you’re working for. So the first P is product, the second P is price. Now the third P is place. It’s very important to decide how your product will be distributed and where people will buy it. Is it going to be an online product? Is it going to be something people will buy from stores? How is it going to be? Where can people find your product and the last P is promotion. deciding how the product will be supported with advertising Special Activities etc. So the four P’s are the product, price, place and promotion. When you figure out these four P’s, you have a strategy in mind, you can start to put an actionable plan and start your marketing campaign. Now sometimes there is a fifth speed which is added to the four P’s and that is packaging but that depends on the kind of product you have. Now obviously if you have an online product that is just software, downloadable software or downloadable thing, you might not worry a lot about packaging but a lot of products need packaging and sometimes this is considered as the fifth P. Now packaging we’re talking about all the materials used to protect and present a product before it is sold and you can never under estimate the power of a well packaged product, because that is the eye catching part of the product. That’s the first thing you see before you even decide to know what this product is, and whether Of course you want to buy it or not. Now, the four peas are a useful summary of the marketing mix. This is what we call the marketing mix. You might have heard of the marketing mix before this is it the four P’s and obviously the marketing mix is the activities that you have to combine successfully in order to sell so when you think about the four P’s, you cannot think about them separately. You have to think about them to be harmonious with each other because all of that is going to be mixed together and combined successfully in order to sell and obviously that is the ultimate goal of any company in the world. Especially for profit companies. So, now after we talked about what marketing is and the four P’s and the marketing mix, now, when we say to market a product, we know what it means to market a product is not just to sell a product to market a product is to make a plan based on this combination and put it into action out we call the person who works in this area, a marketer or a marketeer. And there is one more thing we need to talk about and that is the term market orientation. Now, marketers often talk about market orientation, and that is the fact that everything they do is designed to meet the needs of the market. They may describe themselves as market driven, market led or market oriented. So that is a term that is used a lot in the world of marketing and that is market order. entation so remember again, we talked about what marketing is, we talked about the four P’s, product, price place and promotion, and a possible fifth p which is packaging. We talked about the marketing mix. And now we know what it means to say to market a product.

8:20
And finally, we talked about market orientation. But if you want to really check your understanding of the things I talked about today, please go ahead and take the short and sweet quiz. I left a link to in the description of this episode, you will check your understanding and you will retain the information that we talked about in this episode. This is your host Danny saying thank you very much for listening to another episode from perfect English podcast. I will see you tomorrow in a new episode. Thank you very much for listening and bye for now.

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