Fundamentals of Marketing Essay

1.0. Course Description: The course is an introduction to the language and issues of marketing with an emphasis on learning to develop responsive marketing strategies that meet customer needs. The course focuses on basic marketing concepts, the role of marketing in the organization, and the role of marketing in society. Topics include market segmentation, product development, promotion, distribution, and pricing. Other topics, which will be incorporated into the course, are external environment (which will focus on integrative topics with marketing,  such as economics, politics, government, and nature), marketing research, international/global marketing with relevance to cultural diversity, ethics, the impact of technology on marketing, and careers in marketing. 1.1 Course Perspective: We all have many experiences with marketing from the viewpoint of the consumer. In this course, we will take the perspective of the marketing decision maker. I hope you will learn that there is much more to marketing than you might have expected. From the textbook, participation assignments/homework, and class discussions, you will learn about the decisions that marketers must make and tools/frameworks that will assist you in making those decisions effectively. By the end of the course, you should understand the complexity and challenges associated with making marketing decisions as well as ways to design effective marketing strategies. On the practical side, this new understanding of marketing should make each of you a more knowledgeable consumer. 1.2 Course Learning Goals and Objectives: Accordingly, the course emphasizes the following: To analyze the role of marketing within the firm and society. To expose you to the two parts of a marketing strategy: the target market and the marketing mix. To study the four basic variables in the marketing mix: product, promotion, price, and distribution. To exercise analytical, communication, and presentation skills (through use of technological aids, such as Microsoft Word, PowerPoint, and the Internet)—the basic tools of marketing. 2.0. Textbooks: Principles of Marketing, 13th Edition, by Kotler/Armstrong, Pearson Education 2012, ISBN 978730225574 3.0. Recommended Reading: A Selective reading packet is prepared for the course, which comprises Harvard cases, company cases derived from Philip Kotler, Gary Armstrong, â€Å"Principles of Marketing† , 7th edition, articles derived from HBR, SBR, and other significant business journals, as well as latest developed Chinese cases. Related handouts will be distributed in the class. 4.0 Method of Instruction: The course is highly interactive between the class and the instructor. Through case studies/presentations, problems, and specific company client activities, students will have the opportunity to use the concepts, ideas, and strategies presented in class. Problem-solving sessions occur in both individual (primarily) and team (occasionally) settings. This undergraduate course will incorporate a lecture and project-based approach to the principles of marketing. The textbook used in this course will be used as a reference point for the discussion(s) of the marketing plan project. Students are encouraged to read and inculcate the major principles found in the textbook. Note that occasionally changes in the schedule of the course or in the assignments are announced during class. It is your responsibility to ensure that you have received all of the changes and you will still be responsible for this information. The University is committed to a policy of honesty in academics. Conduct, which compromises a breach of this policy, may result in academic and/or disciplinary action. Cheating is a violation of student academic behavior standards. Please note that the sharing of information with other class members or with other sections of the course is considered cheating. 5.0. Assignments Case analysis An effective way to help students learn about the principles of marketing is  the analysis of marketing cases of real-world companies and events. Cases from the textbook will be assigned to provide an opportunity to apply the principles of marketing and to enhance one’s analytical ability to assess marketing problems. Analysis of cases provides for the application of course concepts to real-world situations, and students are expected to have read and analyzed the cases thoroughly prior to class. The objective of the use of cases is to apply the various principles/concepts of marketing to an in-depth analysis of a given company or industry. The class will be divided into groups (six student’s maximum per group), each group will be formed early on in the semester and given a date to present their analysis of a particular case. A presentation framework/format will be provided for each group. Team Project Each group need to develop a marketing project throughout the semester, following the below steps: Carefully choose the topic of the project, each group will decide on a â€Å"fictional† consumer product or service they wish to bring to market, which can be developed to illustrate and identify the marketing ideas. Draft a plan for the project, describing the topic goal, outline, procedure, approach, allotment of work, and possible difficulties. Carry out the plan, continuously discussing and reviewing every process of the project in the group. Referring to the instructor is welcome. Presentation and defence in class are going on in the last week As mentioned, all group members will receive the same grade for the work. Format for Marketing Plan Executive Summary Introduction Company Description (including background) Current marketing situation (situation analysis) Business mission statement External environmental factors affecting the business from: – Technological factors – Socio-cultural factors – Economic-Financial factors – Natural factors – Political-Legal factors– Competitive factors Opportunities and Threats in the External Environment Business Strengths and Weaknesses in relation to Opportunities and Threats Major Marketing Problem Competitive Advantage of the organisation Objectives and Goals Target Market Segments Recommendations for Product Strategy Recommendations for Price Strategy Recommendations for Promotion Strategy Recommendations for Place / Distribution Strategy Please note the following: If your plan is confidential, please inform the marker on the front cover of your plan. 6.0. Examination and Evaluation: Mid-test 20% Term exams 40% Group Project: Marketing Plan 20% Class participation and quiz 20% Total 100% The final is close-book. You will be asked conceptual questions which integrate all what they have learned through the course, so the hints of the best preparation for the exam is to attend the class regularly, participate in the discussion proactively and read the course material carefully. One of the questions in the final will be â€Å"What are the three most important lessons that you learned about marketing in this course that will help you as a manager, facing the challenge today and tomorrow in the globe stage?† All of you are encouraged to frequently think about this question since the beginning of the course. The final examination will be of two and a half hours duration. The examination is worth 40 percent of the total available marks. No materials are allowed into the examination room for this unit. You must bring your student identification card to the examination. In order to pass this unit to achieve your DEGREE you must complete and submit each item of coursework, complete the examination and achieve an overall mark of at least 75 percent of the total available marks. 7.0. Course Schedule: This Schedule is tentative and very much subject to change. Students are invited to bring in ads, articles, and anecdotes for class discussion. 1. Describe the roles of marketing and marketing strategy in business value creation. (This is taken from learning outcome) Poor ability to describe the fundamental concepts of marketing strategy and marketing mix. Adequate ability to describe the fundamental concepts of marketing strategy and marketing mix. Good ability to describe the fundamental concepts of marketing strategy and marketing mix and able to give related examples. Very good ability to describe the fundamental concepts of marketing strategy and marketing mix, to the extent of related applications in everyday business situation. 1.1. Explain fundamental concepts of marketing strategy and marketing mix used in the project. 1.2. Equal participation of all group members. 1.3. Ability to elicit and answer questions. 1. 2. Use appropriate terminologies in marketing activities and business environment. Poor ability to describe the terminologies used in marketing. Adequate ability to describe the terminologies used in marketing. Good ability to describe the terminologies used in marketing and able to give related examples. Very good ability to describe the terminologies used in marketing, to the extent of related applications in everyday business situation. 2.1. Explain the marketing terminologies used in the project. 3. Apply marketing concepts into marketing strategies in both local and international contexts. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts used in marketing, to the extent of related applications in everyday business situation. 3.1. Explain marketing’s roles in companywide strategic planning. 4. Identify and explain the effects of marketing practices towards the community and the environment at large. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts  used in marketing, to the extent of related applications in everyday business situation. 4.1. Explain the marketing plan used in the project. 5.Apply marketing mix and marketing strategy concept into a marketing plan. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts used in marketing, to the extent of related applications in everyday business situation. 5.1. Explain the marketing plan used in the project. 5.2. Fluency of presentation. 5.3. Time management. 1. Describe the roles of marketing and marketing strategy in business value creation. Poor ability to describe the fundamental concepts of marketing strategy and marketing mix. Adequate ability to describe the fundamental concepts of marketing strategy and marketing mix. Good ability to describe the fundamental concepts of marketing strategy and marketing mix and able to give related examples. Very good ability to describe the fundamental concepts of marketing strategy and marketing mix, to the extent of related applications in everyday business situation. 1.1. Executive Summary. 1.2. Introduction. 2. 2. Use appropriate terminologies in marketing activities and business environment. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts used in marketing, to the extent of related applications in everyday business situation. 2.1. Introduction. 2.2. Body 2.3Conclusion 3. Apply marketing concepts into marketing strategies in both local and international contexts. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts used in marketing, to the extent of related applications in everyday business situation. 3.1. Discussion of marketing concepts used in the project. 3.2. Application of marketing concepts in findings 4. Identify and explain the effects of marketing practices towards the community and the environment at large. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts used in marketing, to the extent of related applications in everyday business situation. 4.1. Discussion of the effects of marketing practices in the project. 5.Apply marketing mix and marketing strategy concept into a marketing plan. Poor ability to describe the fundamental concepts used in marketing. Adequate ability to describe the fundamental concepts used in marketing. Good ability to describe the fundamental concepts used in marketing and able to give related examples. Very good ability to describe the fundamental concepts used in marketing, to the extent of related applications in everyday business situation.