COURSE DESCRIPTION
Marketing is an exciting, fast-paced, and contemporary business discipline. We are always engaged in marketing activities, either as buyers or as sellers. Marketing involves anticipating, managing, and satisfying demand via the exchange process.
Marketing involves a wide range of activities as:
- Marketing research and market analysis.
- Broadening an organization’s scope
- Consumer analysis
- Product and product price planning
- Distribution planning
- Promotion planning
- Managing the marketing process and marketing mix.
Marketing managers make marketing-related decisions like choosing who customers are, what goods and services to offer, where to sell these goods and services, the features to stress in ads, and the prices. They also determine how to be ethical and socially responsible, and whether to sell products globally (in addition to domestically).
COURSE LEARNING OUTCOMES (CLOs)
On completion of this course, participants are expected to be able to:
-
To illustrate the exciting, dynamic, and influential nature of marketing
-
To define marketing and trace its evolution with special focus on the marketing concept, a marketing philosophy, customer service, and customer satisfaction and relationship marketing
-
To show the importance of marketing as a field of study
-
To describe the basic functions of marketing and those who perform these functions
-
To examine the environment within which marketing decisions are made and marketing activities are undertaken
-
To differentiate between those elements controlled by a firm’s top management and those controlled by marketing, and to enumerate the controllable elements of a marketing plan
-
To enumerate the uncontrollable environmental elements that can affect a marketing plan and study their potential ramifications
-
To explain why feedback about company performance and the uncontrollable aspects of its environment and the subsequent adaptation of the marketing plan are essential for a firm to attain its objectives.
-
To define domestic, international, and global marketing Domestic marketing covers a firm’s efforts in its home country. International marketing involves goods and services sold outside a firm’s home country.
-
To explain why international marketing takes place and study its scope
-
To explore the cultural, economic, political and legal, and technological environments facing international marketers.
-
To analyze the stages in the development of an international marketing strategy
-
To learn how to build, and integrate and analyze a strategic marketing plan
COURSE OUTLINE
Marketing Defined
A proper marketing definition should cover organizations, people, places, and ideas
The Evolution of Marketing
There have been three basic philosophies/concepts over the centuries and they are “product”, “selling” and “marketing”. Each of these philosophies has had a particular time in its history when it was dominant, but the concepts did not die out, they instead evolved and merged with the other philosophies and are still actively used today by companies large and small.
Selling Versus Marketing Philosophies
Marketing stresses consumer analysis and satisfaction, directs the resources of the firm toward satisfying consumer wants, and adapts to changes in consumers. Selling is a function of marketing that is geared to communicate with and understand consumers.
Developing a Marketing Strategy
Company and Product Positioning: In positioning its offering against competitors, a firm needs to present a combination of customer benefits that are not being provided by others and that are desirable by a target market. Customers must be persuaded that there are clear reasons for buying the firm’s products rather than those of its competitors.
Managing the Marketing Mix
The last step in the target marketing process is for a firm to develop a marketing mix for each customer group to which it wants to appeal.
Marketing mix decisions are concerned with: Product. Distribution. Promotion. Price and Politics
Definition and Methods of Sales Forecasting
The importance of sales forecasting is to outline expected company sales for goods or services which are offered to a specific consumer group over an identified period of time through carrying out a defined and well calculated marketing program.
Sales forecasting involves industry forecasts, outlining sales potential, setting a realistic sales forecast, and considering the effects of the environment and the firm’s performance.
Global Aspects of Marketing
Today, worldwide international business transactions account for trillions of dollars in revenues each year. Virtually every country is engaged in international business.
Domestic marketing encompasses an organization’s efforts in its home country while International marketing involves marketing goods and services outside the organization’s home country. Global marketing is an advanced form of international marketing in which a firm engages in marketing efforts in many foreign countries.
Course Textbook
Marketing Management, 4th Edition
Russ Winer, New York University
Ravi Dhar, Yale University
Link: https://www.pearson.com/us/higher-education/program/Winer-Marketing-Management-4th-Edition/PGM238068.html
Feedback Given to Participants in Response to Assessed Work
- Individual written feedback on coursework
- Feedback discussed as part of a tutorial
- Individual feedback on request
- Model answers
Developmental Feedback Generated Through Teaching Activities
- Feedback is given at presentations and during tutorial sessions
- Dialogue between participants and staff in tutorials and lectures
GRADING AND SCORING
The course grade will be based on a final project presented by the participant and graded by the instructor. Participants much achieve a passing grade of 70% or more to be awarded a certificate of completion of the course.
