Learning Objectives
10 objectives- Understand the fundamental concepts and importance of marketing in business contexts.
- Analyze the external marketing environment and its impact on strategic decisions.
- Apply market segmentation and targeting techniques to identify and reach customer groups.
- Examine consumer behavior and its influence on purchasing decisions.
- Develop an understanding of product and brand management strategies.
- Evaluate various pricing strategies to align with business goals and customer value perceptions.
- Identify and utilize appropriate promotional tools and communication channels.
- Understand distribution channels and logistics for effective product delivery.
- Conduct marketing research and interpret analytics to support marketing decisions.
- Recognize ethical and social responsibilities in marketing practices.
Content Outline
PreviewUnit 853: Principles of Marketing
1. Introduction to Marketing
- Definition and scope of marketing
- The role of marketing in business success
- Creating value for customers and organizations
- Marketing concepts: Production, Product, Selling, Marketing, and Societal Marketing
2. Marketing Environment Analysis
- Overview of the marketing environment
- External factors influencing marketing:
- Economic factors (market conditions, consumer income, inflation)
- Social factors (cultural trends, demographics, lifestyles)
- Technological factors (innovation, digital transformation)
- Competitive factors (market competition, substitutes, new entrants)
- Tools for environment analysis: PESTEL Analysis, SWOT Analysis
3. Market Segmentation and Targeting
- Importance of market segmentation
- Bases of segmentation:
- Demographic (age, gender, income)
- Psychographic (lifestyle, personality)
- Behavioral (purchase behavior, usage rate)
- Geographic
- Criteria for effective segmentation
- Target market selection strategies:
- Undifferentiated
- Differentiated
- Concentrated
- Micromarketing
4. Consumer Behavior
- Consumer decision-making process:
- Need recognition
- Information search
- Evaluation of alternatives
- Purchase decision
- Post-purchase behavior
- Factors influencing consumer behavior:
- Psychological (motivation, perception, learning)
- Social (family, reference groups)
- Cultural (culture, subculture)
- Personal (age, occupation, lifestyle)
5. Product and Brand Management
- Product classification: consumer vs industrial products
- Product life cycle stages
- New product development process
- Branding concepts:
- Brand equity
- Brand positioning
- Brand personality
- Product and brand portfolio management
6. Pricing Strategies
- Objectives of pricing
- Factors affecting pricing decisions
- Pricing methods:
- Cost-based pricing
- Value-based pricing
- Competition-based pricing
- Pricing strategies:
- Penetration pricing
- Skimming pricing
- Psychological pricing
- Dynamic pricing
7. Promotion and Marketing Communication
- Role of promotion in marketing
- Promotional mix elements:
- Advertising
- Sales promotion
- Public relations
- Personal selling
- Direct marketing
- Integrated Marketing Communications (IMC)
- Communication process and message strategies
8. Distribution Channels and Logistics
- Definition and importance of distribution channels
- Types of distribution channels
- Channel functions and intermediaries
- Channel design and management
- Logistics and supply chain management basics
- Role of technology in distribution and logistics
9. Marketing Research and Analytics
- Purpose and importance of marketing research
- Research process:
- Defining the problem
- Designing the research
- Data collection methods (qualitative and quantitative)
- Data analysis and interpretation
- Marketing analytics tools and techniques
- Measuring marketing campaign effectiveness
10. Ethical and Social Responsibility in Marketing
- Ethical issues in marketing (truth in advertising, privacy, product safety)
- Social responsibility and sustainability in marketing
- Consumer rights and protection
- Ethical frameworks and decision-making in marketing
- Case studies on ethical dilemmas in marketing
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