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Principles of Marketing - MGT301

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PRINCIPLES OF MARKETING

Overview of Course:

This subject/course is designed to teach the basic principles of Marketing to diverse audience/students, including those who are studying this as a supporting subject for their bachelor degree program. This course is designed to provide you the foundations of Marketing whether you intend to work in field of the marketing or not.
Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. To be understandable and lively means that we need to communicate you. We start every chapter with learning objectives. The most important thing you will get out of this course is the basic skills required to succeed in today’s competitive environment. Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor to business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment.

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Lesson overview and learning objectives:

In last Lesson we tried to understand the term of marketing its need and its impact on the organization. The focus in this discussion is to have concept of about different core concepts of the marketing and the increasingly important role of the marketing process in the ever-changing domestic and global business environment Today we will be covering following topics:

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In last Lesson we had a detailed view of Marketing process and core marketing concepts. For today the focus of discussion is on the increasingly powerful role of customers in the marketing process and the need for marketers to provide value that exceeds customer expectations. Along with the concept of relationship marketing major functions performed by the marketing are also presented so today we will be discussing the following topics:

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Lesson overview and learning objectives:

In last Lesson the focus of discussion was core concepts of the marketing and the increasingly important role of the marketing process in the ever-changing domestic and global business environment Today we will be covering following topics:

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Lesson overview and learning objectives:

In last Lesson the focus of discussion was core concepts of the marketing and the increasingly important role of the marketing process in the ever-changing domestic and global business environment Today we will be covering following topics:

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In last Lesson the focus of discussion was marketing challenges in the 21st century. Today we will discuss strategic planning, describe marketing management and planning process, identify sections of a marketing plan and specify the contents of each section. So today we will be covering following topics:

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Lesson overview and learning objectives:

All companies must look ahead and develop long-term strategies to meet the changing conditions in their industries. Each company must find the game plan that makes the most sense given its specific situation, opportunities, objectives, and resources. Keeping in view this fact the last Lesson was dedicated for the discussion to explore several growth alternatives within the context of strategic planning and portfolio analysis. The product/market expansion grid shows four avenues for growth: market penetration, market development, product development, and diversification.

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Lesson overview and learning objectives:

In last Lesson we tried to understand the concept of Portfolio in detail and had a brief concept regarding the marketing process. The marketing process consists of four steps: analyzing market opportunities; developing marketing strategies; planning marketing programs, which entails choosing the marketing mix (the four Ps of product, price, place, and promotion); and organizing, implementing, and controlling the marketing effort. Today we will be covering Marketing process in more detail:

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Lesson overview and learning objectives:

In last Lesson we discussed the marketing process. Marketing process consists of four steps: analyzing market opportunities; developing marketing strategies; planning marketing programs, which entails choosing the marketing mix (the four Ps of product, price, place, and promotion); and organizing, implementing, and controlling the marketing effort. This marketing process is influenced by some environmental factors that can be internal to organization or external to
organization, today we will be covering Marketing Environment:

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Lesson overview and learning objectives:

In last Lesson we discussed the marketing microenvironment factors or forces. Today we will continue the topic of Marketing environment and will discuss the Macro environmental factors in detail so our today’s topic is:

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Lesson overview and learning objectives:

In last Lesson we discussed the marketing environment factors or forces. Today we will study some strategies that a company designs to meet the requirements of the environment, to analyze the opportunities available. In order to analyze the environment company needs information that is acquired through marketing information system. Keeping in view this importance of the marketing information and research we will be covering the topic of MIS or marketing research system in this Lesson. Main objective of this Lesson is to eexplain the concept of marketing information system, emphasising ways of assessing information needs, the sources used for developing information and ways of distributing information.

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Lesson overview and learning objectives:

In last Lesson we discussed the marketing information system. Today’s Lesson Outlines the marketing research process, including defining the problem and research objectives and developing the research plan. We will also discuss the key issues of planning primary data collection, implementing the research plan and interpreting and reporting the findings.

So our today’s topics are:

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Lesson overview and learning objectives:

In last Lesson we discussed the marketing research process first two steps were discussed in that Lesson today we will continue the same topic and will be discussing the remaining steps of the marketing research process. Second topic of today’s Lesson is an introduction to the consumer behavior.

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Lesson overview and learning objectives:

In last Lesson we discussed the Consumer Buying behavior its model and characteristics that can influence the decision for buying process. Today we will be continuing the same topic and will discuss the remaining factors that influence the buying process and decision of consumers.
So our today’s topic is:

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Lesson overview and learning objectives:

In last Lesson we discussed the Consumer Buying behavior. Today We will discuss business buyer behaviour, types of buying situations, participants in the business buying process, and major influences on business buyers so our today’s topic is:

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Lesson overview and learning objectives:

The Lesson emphasizes the key steps in: market segmentation; market targeting, and market positioning. Market segmentation provides a method to divide or segment the market into narrow segments (using a variety of different meaningful variables. Today we will be discussing the major variables that can be used to segment the consumer markets.

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Lesson overview and learning objectives:

In last Lesson we studied the segmentation to day we will continue the same topic and market targeting, and market positioning

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Lesson overview and learning objectives:

In this chapter we commence an examination of the marketing mix elements the so-called 4P's of marketing, or if considering the extended marketing mix, the 7P's of marketing. 1st p of these 4PS is Product is a complex concept that must be defined carefully.

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Lesson overview and learning objectives:

In last Lesson we discussed the concept of the marketing mix elements. We had a detailed view about the classification of the product today we will continue with same topic i.e. Product.

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Lesson overview and learning objectives:

In last Lesson we discussed the concept regarding some individual decisions about the product like product attributes, labeling and packaging. Today we will continue the same topic and will discuss the process of new product development again as well.

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Lesson overview and learning objectives:

In last Lesson we discussed the process of new product development in detail today we will discuss the types of new products new product development process and strategies and stages of Product life cycle.

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Lesson overview and learning objectives:

Today’s Lesson is devoted to revision of the first p of the marketing mix which is Product.

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Lesson overview and learning objectives:

Price goes by many names in our economy. In the narrowest sense, price is the amount of money charged for a product or service. Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Price is also one of the most flexible elements of the marketing mix. Unlike product features and channel commitments, price can be changed quickly. At the same time, pricing and price competition is the number-one problem facing many marketing executives. Yet, many companies do not handle pricing well. The most common mistakes are pricing that is too cost oriented rather than customer-value oriented; prices that are not revised often enough to reflect market changes; pricing that does not take the rest of the marketing mix into account; and prices that are not varied enough for different products, market segments, and purchase occasions. This Lesson looks at the factors marketers must consider when
setting prices so our today’s topic is:

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Lesson overview and learning objectives:

In last Lesson we discussed the price its definition, focused on the problem of setting prices and considered the factors marketers must consider when setting prices today we will look at general pricing approaches, we will also examine pricing strategies for new-product pricing, product mix pricing.

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Lesson overview and learning objectives:

We have already discussed the different factors affecting pricing decisions and approaches that can be used to price the product/services, today we will discuss price-adjustment strategies. Priceadjustment strategies account for customer differences and start changing situations, and strategies for initiating and responding to price changes

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Lesson overview and learning objectives:

In last Lesson we discussed the different price adjustment strategies. Today we will have discussion on different price changes that can tale place and customers and companies responses towards these changes. We will have review of concepts discussed in Lessons regarding Price as well

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Lesson overview and learning objectives:

Channel design begins with assessing customer channel-service needs and company channel objectives and constraints. The company then identifies the major channel alternatives in terms of the types of intermediaries, the number of intermediaries, and the channel responsibilities of each. No system, no matter how well it has been planned, is without conflict. Managing distribution conflict is a necessity if quality service and low cost is to be delivered. Since distribution
relationships tend to be long-term in nature, the choice of channel partners is very important and should be taken very seriously these are the all concepts that should be clear after today’s Lesson.

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Lesson overview and learning objectives:

In today’s global marketplace, selling a product is sometimes easier than getting it to customers. Therefore, physical distribution and logistics management are receiving increased attention from strategic planners. The task of physical distribution systems is to minimize the total cost of providing a desired level of customer services while bringing those services to the customer with the maximum amount of speed. Major logistics functions of order processing, warehousing,
inventory management, and transportation are discussed and explored in today’s Lesson.

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Lesson overview and learning objectives:

Today’s Lesson will cover the roles of retailers and wholesalers in the distribution channel, the major types of retailers, Identify the major types of wholesalers and the marketing decisions facing retailers and wholesalers.

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KEY TERMS

Distribution channel

A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user.

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Lesson overview and learning objectives:

This Lesson is about integrating the firm’s marketing communication in order to generate synergies between the various elements of communications package. It gives an overview of integrated marketing communication, communication process, different methods to set promotional budget and various promotional tools.

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Lesson overview and learning objectives:

Today we will continue and discuss the remaining steps in major advertising decisions and other topic of today’s Lesson is

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Lesson overview and learning objectives:

Discuss the role of a company’s salespeople in creating value for customers and building customer relationships. Today, most companies use salespeople to bring their company’s offering to the consuming or business publics. The salesperson’s role is a key one in the organization. The high cost of maintaining a sales force means that management is especially interested in how to efficiently organize this vital element.

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Lesson overview and learning objectives:

Today, most companies use salespeople to bring their company’s offering to the consuming or business publics. The salesperson’s role is a key one in the organization. The high cost of maintaining a sales force means that management is especially interested in how to efficiently organize this vital element.
Six basic steps or decisions are important to the sales management process. These are:

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SALES FORCE MANAGEMENT
DIRECT MARKETING

e) Supervising Salespeople

 

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Lesson overview and learning objectives:

Explain how companies use public relations to communicate with their publics. Public relations, the final mass communication tool described in this chapter, is an attempt to build good relations with the company’s various publics by obtaining favorable publicity, building up a good “corporate image,” and handling or heading off unfavorable rumors, stories, or events. The organization has a variety of tools at their disposal for accomplishing this feat. One of the overriding tasks of public relations is to control the exposure and relationship with the mass media. By focusing on consumer attitudes, awareness, and knowledge of the organization, the company is better prepared to succeed. Public relations have even been extended to the Internet and companies are beginning to explore ways to increase their effects on the newly emerging world of e-commerce.

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KEY TERMS

Advertising:

Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor.

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Lesson overview and learning objectives:

Basic learning objective of today’s Lesson is to discuss the need to understand competitors as well as customers through competitor analysis. Explain the fundamentals of competitive marketing strategies based on creating value for customers. Two key trends in marketing for the twenty-first century are:

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Lesson overview and learning objectives:

Discuss the global marketing environment, the international trade system and the economic, political-legal, and cultural environments that affect marketing decisions. Outline the key elements of deciding whether to go international, deciding which markets to enter, and deciding how to enter the market, either through exporting, joint venturing, or direct investment. Explain the primary issue of deciding on the global marketing program, whether to use a standardized or adapted marketing mix, or some combination of the two. Distinguishing among the ways companies manage their global marketing organizations, through export departments, international divisions and becoming a global organization.

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After today’s Lesson students should be able to explain the importance of the E. Marketing, benefits of using internet as a tool to reach the customers, and at the same time a tool to do business in more effective and time saving way.

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Lesson overview and learning objectives:

This Lesson examines the social effects of private marketing practices. A marketing system should sense, serve, satisfy consumer needs and improve the quality of consumers’ lives. In working to meet the consumer’s needs, marketers may take some actions that are not approved of by all the consumers or publics within the social sector. Marketing managers must understand the criticism that the marketing function may encounter. By understanding the criticism, the manager is better
prepared to respond to it in a proactive manner. Some of the criticism is justified; some is not. After this Lesson students should be able to Identify the major social criticisms of marketing. Describe the principles of socially responsible marketing. Explain the role of ethics in marketing.

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Learning objectives:

After reading this handout you will be able to learn the following areas.

A. MARKETING
B. SIMPLE MARKETING SYSTEM
C. CORE CONCEPTS OF MARKETING
D. CUSTOMER RELATIONSHIP MANAGEMENT
E. MARKETING PHILOSOPHIES
F. BCG MATRIX
G. PRODUCT MARKET EXPANSION GRID
H. MARKETING PROCESS
I. MARKETING ENVIRONMENT
J. MARKETING INFORMATION SYSTEM AND MARKETING RESEARCH
K. CONSUMER BEHAVIOR
L. MARKETING SEGMENTATION
M. PRODUCT AND SERVICES

Marketing

Marketing involves having the right product available in the right place at the right time and making sure that the customer is aware of the product.

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Learning objectives:

A. A NEW PRODUCT DEVELOPMENT
B. PRODUCT LIFE CYCLE STRATEGIES
C. PRICING STRATEGIES
D. PLACING STRATEGIES
E. PROMOTION STRATEGIES
F. CREATING COMPETITIVE ADVANTAGE
G. GLOBAL MARKET PLACE
H. MARKETING AND SOCIETY

A. New Product Development

Organizations must develop new products and services. A company has to be good at developing new products. It also must manage them in the face of changing tastes, technologies, and competition. As a reason to change, the company must realize that products face limited life spans and must be replaced by newer products. In addition, new products can fail. The risks of innovation can be as great as the rewards.

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