Marketing Principles
Main Aim(s) of the Unit:
To provide students with a foundation for the analysis of marketing within organizations including decision making processes, segmentation, the role of information and the marketing information system, the marketing mix, internal and external influences affecting strategy, competitor analysis and positioning.
Main Topics of Study:
Concept & Process of Marketing
The Marketing Concept:
- Evolution of Marketing
- Business Orientations
- Societal Issues & Emergent Philosophies
- Customer & Competitor Orientation
- Efficiency & Effectiveness
- Limitations of the Marketing Concept
Marketing process overview:
- Marketing Audit
- Integrated marketing
- Environmental Analysis
- SWOT Analysis
- Marketing Objectives
- Constraints
- Options
- Marketing planning
Costs and benefits:
- Benefits of Building Customer Satisfaction
- Service and Customer Care
- Relationship Marketing
- Customer Retention
- Customer Profitability
- Total Quality Marketing
Segmentation, Targeting & Positioning
Macro-environment:
- Environment Scanning
- Political, Legal, Economic
- Socio-cultural, Ecological & Technological Factors
Micro-environment:
- Stakeholders (Organisation’s Own Employees, Suppliers, Customers, Intermediaries, Owner’s Financiers, Local Residents, Pressure Groups & Competitors)
- Direct & Indirect Competitors
- Porter’s Competitive Forces
Buyer Behaviour: Dimensions of Buyer Behaviour
- Environmental Influences
- Personal Variables – Demographic, Sociological, Psychological-motivation, Perception & Learning
- Social Factors
- Psychological Stimuli
- Attitudes
- Other Lifestyle & Life Cycle Variables
- Consumer & Organisational Buying
Segmentation:
- Process of Market Selection
- Macro & Micro Segmentation
- Bases for Segmenting Markets: Geographical, Demographic, Psychographic & Behavioural
- Multivariable Segmentation & Typologies
- Benefits of Segmentation
- Evaluation of Segments & Targeting Strategies
- Positioning
- Segmenting Industrial Markets
- Size
- Value
- Standards
- Industrial Classification
Marketing mix
Products:
- Products & Brands – Features, Advantages & Benefits
- The Total Product Concept
- Product Mix
- Product Life-cycle & Its Effect on Other Elements of the Marketing Mix
- Product Strategy
- New Product Development
- Adoption Process
Place:
- Customer Convenience & Availability
- Definition of Channels
- Types & Functions of Intermediaries
- Channel Selection
- Integration & Distribution Systems
- Franchising
- Physical Distribution Management & Logistics
- Ethical Issues
Price:
- Perceived Value
- Pricing Context & Process
- Pricing Strategies
- Demand Elasticity
- Competition
- Costs
- Psychological
- Discriminatory
- Ethical Issues
Promotion:
- Awareness & Image
- Effective Communication
- Integrated Communication Process
- Promotional Mix Elements
- Push & Pull Strategies
- Advertising Above & Below the Line
- Packaging
- Public Relations & Sponsorship
- Sales Promotion
- Direct Marketing & Personal Selling
- Branding
- On-line Marketing
Different Marketing Segments & Contexts
Consumer Markets:
- Fast-moving Consumer Goods
- Consumer Durables
- Co-ordinated Marketing Mix to Achieve Objectives
Organisational Markets:
- Differences From Consumer Markets
- Adding Value Through Service
- Industrial
- Non-profit Making
- Government
- Re-seller
Services:
- Nature & Characteristics of Service Products – Intangibility, Ownership, Inseparability, Perishability, Variability
- Heterogeneity – the 7Ps
- Strategies
- Service Quality
- Elements of Physical Product Marketing
- Tangible & Intangible Benefits
International Markets:
- Globalisation
- Standardisation Versus Adaptation
- The EU / Benefits & Risks
- Market Attractiveness
- International Marketing Mix Strategies
Learning Outcomes for the Unit
At the end of this Unit, students will be able to:
- Understand the marketing environment and the scope of tasks undertaken in marketing in the context of different organizational situations in which marketing is applied.
- Understand the decision making processes within consumer and organizational buying situations explain the ways in which market segments are defined and recognise the importance of information in decisions concerning customers and markets.
- Assess the role of the marketing mix within the context of marketing decision making.
- Examine various marketing strategies used within different organizations and competitive situations
Learning and teaching methods/strategies used to enable the achievement of learning outcomes:
Learning takes place on a number of levels through lectures, class discussion including problem review and analysis. Formal lectures provide a foundation of information on which the student builds through directed learning and self managed learning outside of the class. The students are actively encouraged to form study groups to discuss course material which fosters a greater depth learning experience.
Assessment methods which enable student to demonstrate the learning outcomes for the Unit:
Examination: 3 hours duration 100%
Indicative Reading for this Unit:
Main Text:
Business Essentials – Marketing Principles BPP Learning Media ISBN 0-7517-6827-8
Alternative Texts and Further Reading:
Fundamentals of Marketing – W G Leader & N Kyritsis (Stanley Thorne)
Marketing Principles and Practice – D Adcock (Pearson Publishing)
Principles of Marketing – Kotler (Prentice Hall)
Guideline for Teaching and Learning Time (10 hrs per credit)
50 hours Lectures / Seminars / Tutorials / Workshops
Tutorial support includes feedback on assignments and may vary by college according to local needs and wishes.
50 hours Directed learning
Advance reading and preparation / Class preparation / Background reading / Group study / Portfolio / Diary etc
100 hours Self managed learning
Working through the course text and completing assignments as required will take up the bulk of the learning time. In addition students are expected to engage with the tutor and other students and to undertake further reading using the web and/or libraries.
