Focuses on marketing functions and institutions, the policies of marketing agencies, and current marketing channels. Also covers the retailing and wholesaling of consumer goods and raw materials, pricing policies and practices, anti-competitive practices, recent governmental activities affecting marketing, and the individual creation of a marketing plan.
Goals, Topics, and Objectives
- Introduction to Marketing
a. Examine how marketing satisfies customers needs and wants.
b. Evaluate the four P's (product, price, place, and promotion) and the roles they play in the marketing mix.
- Market Strategies and the Marketing Plan
a. Define market strategy.
b. Describe the elements in a marketing plan.
c. Evaluate a marketing situation using SWOT (strengths, weaknesses, opportunities, and threats) analysis techniques.
d. Review portfolio analysis techniques.
- Marketing Ethics
a. Analyze the role of ethics and social responsibility in marketing.
- Market Research
a. Evaluate methods for gathering, analyzing, and using data.
b. Differentiate between primary and secondary data.
c. Compare and contrast internal and external secondary data sources.
d. Assess generational cohorts.
e. Propose ethical standards for conducting market research.
- Consumer Behavior
a. Examine the role of consumer behavior in marketing.
b. Formulate the consumer buying decision process and the factors affecting it.
c. Discuss the effect the Internet has on consumer behavior.
- Business-to-Business Marketing
a. Define business-to-business (B2B) marketing.
b. Compare and contrast B2B and business-to-consumer (B2C) marketing.
- Global Marketing
a. Describe global marketing.
b. Explain the purpose of the World Trade Organization (WTO) and economic communities.
c. Examine the factors affecting global marketing decisions.
d. Compare and contrast domestic and global marketing strategies.
- Segmentation, Targeting, and Positioning
a. Describe the steps in the segmenting, targeting, and positioning processes.
b. Differentiate the methods for segmenting a market.
c. Discuss and assess targeting strategies.
d. Explain how marketers design and implement a positioning strategy.
e. Analyze the effect demographics have on segmentation.
f. Explain how social trends affect the marketing environment.
- New Product Development
a. Analyze and formulate the stages of new product development.
b. Assess the relationship between innovation and new product development.
c. Analyze the product life cycle.
- Branding and Packaging Decisions
a. Discuss branding strategies and product identity.
b. Explain the components of brand equity.
c. Distinguish between brand and line extension.
d. Evaluate product packaging and labeling strategies.
- Marketing Services
a. Compare and contrast the marketing of services with the marketing of products.
a. Analyze the five critical components (5 C's) of pricing strategy.
b. Describe price elasticity.
c. Identify the four types of competition.
d. Compare and contrast pricing strategies.
e. Evaluate the psychological, legal, and ethical aspects of pricing.
- Promotional Strategies and Integrated Marketing Communications
a. Explain the communication model.
b. Evaluate the elements of the promotion mix.
c. Compare and contrast traditional word-of-mouth, buzz, social, viral, guerrilla, experiential, and consumer-generated media marketing.
d. Describe integrated marketing communication.
- Advertising, Public Relations, and Sales Promotions
a. Define advertising.
b. Assess advertising objectives.
c. Describe the process of developing and evaluating an advertising campaign.
d. Evaluate different media types.
e. Assess the role of public relations and the development of a public relations campaign.
f. Examine sales promotion strategies.
- Personal Selling and Direct Marketing
a. Evaluate the role and types of personal selling in the promotion mix.
b. Appraise the effects of technology on personal selling.
c. Analyze the legal and ethical issues in personal selling.
d. Explain the elements of direct marketing.
- Wholesale, Retail, and Internet Marketing
a. Classify the types of retailers.
b. Compare and contrast wholesale and retail marketing.
c. Analyze the effect of e-commerce on traditional retailers.
d. Appraise the benefits of Internet marketing.
- Supply Chain and Channel Management
a. Discuss supply chain management.
b. Evaluate the distribution channel function.
c. Analyze the flow of merchandise through the distribution channel system.
Assessment and Requirements
Students will be assessed through tests, quizzes, assignments, case studies, presentations, and/or class participation, and the creation of an individual marketing plan by each student.