Learning Objectives
5 objectives- Understand fundamental marketing concepts and the role of marketing in business value creation.
- Analyze and apply the marketing mix (4Ps) to develop effective marketing strategies.
- Conduct and interpret market research to inform marketing decisions.
- Evaluate consumer behavior factors and apply segmentation, targeting, and positioning techniques.
- Develop marketing plans incorporating digital marketing, branding, ethics, and performance metrics.
Content Outline
PreviewUnit 932 - Comprehensive Marketing Principles
1. Introduction to Marketing
- Definition and scope of marketing
- Importance of marketing in modern business
- Marketing's role in creating customer value and building relationships
2. Marketing Mix (4Ps)
2.1 Product
- Product types and classifications
- Product lifecycle
- New product development
2.2 Price
- Pricing strategies and models
- Factors influencing pricing decisions
- Price elasticity and competition
2.3 Place
- Distribution channels and logistics
- Retailing and wholesaling
- Supply chain management
2.4 Promotion
- Promotion mix elements: advertising, sales promotion, PR, personal selling
- Integrated marketing communications
- Promotional strategies
3. Market Research
- Purpose and importance of market research
- Types: primary vs. secondary research
- Data collection methods: surveys, interviews, observation
- Data analysis techniques: qualitative and quantitative
- Using research to inform marketing decisions
4. Consumer Behavior
- Consumer decision-making process
- Psychological, social, and cultural factors influencing behavior
- Consumer needs and motivations
- Impact of consumer behavior on marketing
5. Segmentation, Targeting, and Positioning (STP)
5.1 Market Segmentation
- Bases for segmentation: geographic, demographic, psychographic, behavioral
- Criteria for effective segmentation
5.2 Targeting
- Evaluating and selecting target segments
- Market coverage strategies: undifferentiated, differentiated, concentrated
5.3 Positioning
- Positioning concepts and strategies
- Creating a unique value proposition
- Positioning maps and perceptual mapping
6. Marketing Planning and Strategy
- Components of a marketing plan
- Setting marketing objectives and goals
- SWOT analysis and competitive analysis
- Developing marketing strategies for competitive advantage
7. Digital Marketing
- Overview of digital marketing channels
- Social media marketing
- Email marketing
- Search engine optimization (SEO)
- Content marketing
- Benefits and challenges of digital marketing
- Measuring digital marketing effectiveness
8. Branding and Brand Management
- Definition and importance of branding
- Building brand identity and equity
- Brand positioning and differentiation
- Brand management strategies and lifecycle
9. Marketing Ethics and Social Responsibility
- Ethical issues in marketing practices
- Corporate social responsibility (CSR) in marketing
- Impact of marketing on society and environment
- Sustainable marketing practices
10. Marketing Metrics and Analytics
- Key marketing performance indicators (KPIs)
- Measuring return on investment (ROI) in marketing
- Data analytics tools and techniques
- Using analytics to optimize marketing strategies
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