Learning Objectives
5 objectives- Understand the fundamental role of marketing within a business context and its impact on organizational success.
- Analyze and apply key marketing concepts including the marketing mix, market segmentation, and positioning strategies.
- Develop skills in marketing research, planning, and strategy formulation using data-driven insights.
- Evaluate product development, pricing, promotion, distribution, and digital marketing strategies in contemporary markets.
- Appreciate ethical considerations and social responsibility in marketing to foster sustainable business practices.
Content Outline
PreviewUnit 4104: Marketing Management Fundamentals
1. The Role of Marketing in Business
- Definition and importance of marketing
- Creating value for customers
- Building brand awareness
- Generating revenue and profit for the organization
- Marketing’s relationship with other business functions
2. Marketing Concepts and Approaches
- Overview of marketing concepts
- The Marketing Mix (4 Ps): Product, Price, Place, Promotion
- Market segmentation: bases and benefits
- Target market selection strategies
- Positioning: concepts and methods
3. Marketing Research and Analysis
- Importance of marketing research in decision-making
- Types of marketing research: qualitative and quantitative
- Understanding consumer behavior
- Data collection methods and tools
- Conducting market analysis
- Utilizing data-driven insights for strategic planning
4. Marketing Planning and Strategy Development
- Marketing planning process overview
- Setting marketing objectives aligned with organizational goals
- Strategy formulation: competitive analysis and market opportunities
- Implementation of marketing tactics
- Monitoring and evaluating marketing performance
5. Product Development and Management
- Product life cycle stages
- Product positioning techniques
- Branding strategies and brand equity
- New product development process
- Product portfolio management
6. Pricing Strategies and Revenue Management
- Factors influencing pricing decisions
- Common pricing strategies: cost-based, value-based, competition-based
- Pricing models and tactics
- Revenue management techniques to maximize profitability
7. Promotional Mix and Integrated Marketing Communications (IMC)
- Components of the promotional mix: advertising, sales promotion, public relations, direct marketing, personal selling
- Objectives and tools of each promotional element
- Designing integrated marketing communications
- Creating a unified and consistent brand message
8. Distribution Channels and Supply Chain Management
- Distribution channel design and types
- Channel management and conflict resolution
- Role of retailing and wholesalers
- Logistics and supply chain strategies
- Ensuring efficient product/service delivery to consumers
9. Digital Marketing and Social Media Strategies
- Overview of digital marketing and its importance
- Social media platforms and engagement strategies
- Content marketing principles
- Search Engine Optimization (SEO) basics
- Online advertising methods and analytics
10. Marketing Ethics and Social Responsibility
- Ethical issues in marketing practices
- Societal implications of marketing decisions
- Corporate social responsibility (CSR) in marketing
- Sustainable marketing approaches
- Building trust and long-term customer relationships
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