Marketing Foundations |
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| Course Code | VBS109 |
|---|---|
| Fee Code | S2 |
| Number of Assignments | 10 |
| Duration (approx) | 100 hours |
This course is designed as a program to understand the marketing world; then developing skills in marketing.
MARKETING INVOLVES...
- ATTRACTING CUSTOMERS
- PERSUADING THEM TO BUY
- SELLING
- KEEPING CUSTOMERS SATISFIED (so they come back!)
... BY USING THE ABOVE ACTIVITIES
Throughout this course emphasis is placed on profitability and efficiency!
CONTENT
The content the ten lessons is as outlined below:
- Marketing and the Business What is marketing, and its significance, Considering alternative approaches to business & marketing, Alternative enterprises (eg. goods or services based, sole proprietor or partnership etc).
- Scope of Marketing Understanding basic economics (eg. supply & demand); the difference between the potential market, available market, target market, and penetrated market for a product/service of your choice; Different advertising approaches, Controlling Growth, Improving Results in Business, etc
- Target Marketing Understanding the market place; Stages that sellers move through in their approach to a market, What is targeting, Advantages of target marketing as compared to mass marketing and product-differentiated marketing
- The Marketing Mix and Managing the Marketing Effort Product, price, place, and promotion; Affects and interactions between marketing and other operations of a business.
- Product Presentation and Packaging Importance of product knowledge, Core, tangible and augmented products; Differences in packaging & presentation for different products.
- Promotion Communication skills, Merchandising, Shop Floor Layout, Displaying Products, Signs, Understanding Selling and Increasing Sales, Sales Methods, Publicity Marketing,
Structuring an Advertisement or Promotion, Advertising budgets, etc - Product Pricing and Distribution Pricing, Profitability Ratios, Increasing Turnover, etc
- Customer Service Methods of assessing customer satisfaction; Significance of Customer Service; Different types of customers in the market place, and how best to approach each; Difference between selling, publicising, marketing and advertising, etc
- Market Research The research process, What to research, Surveys, Developing and conducting a market research program, where to find useful statistics,
- Organisations - Structures and Roles Business law; Financial Management, Business Structures, Business terminology, etc.
AIMS
- Discuss the role of marketing in different enterprises.
- Describe the scope of marketing in different enterprises.
- Define the target market for a product or service.
- Determine and manage an appropriate mix of marketing activities for a small enterprise or marketing campaign.
- Evaluate the presentation (including packaging) of a product or service.
- Determine an effective approach to promoting a product or service.
- Compare options for distribution and determine an appropriate price for a product or service.
- Evaluate customer service.
- Conduct relevant market research.
- Consider the impact of internal and external organisations (including legal authorities) upon the marketing activities of an enterprise.
Extract from course notes:
SETTING A PRICE
Information obtained from customer forums have been that customers are prepared to pay, on average, more than what the retailer is charging! Thus it is important when pricing anything, to price according to costs and the demand for that particular product.
Setting prices is one of the most important factors in running a business. Pricing has to take in account both the wholesale and retail factors as a successful product will need to be analysed from start to finish.
A general methodology for setting prices:
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Establish your market objectives
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Formulate your marketing strategy
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Develop pricing policies and potential risks
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Choosing pricing strategies, and set price tactics.
When establishing market objectives, it is always helpful to look at a similar product and use it as a guideline to gather information, ideas and material.
Three types of price strategies can be described as:
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Cost oriented pricing – by product price
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Demand oriented – by the perceptions of the demand intensity
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Completion oriented – how the competitors are charging.
Tactics of pricing can be deadly to a business very quickly. Look at the examples of how the airline industry has changed due to “price wars”. In recent years a number of airlines have become bankrupt as they did not take in account how competition could change the price and profit structure.
Initiating price changes in the form of cuts as well as increases not only create changes in the profit margin but also in the customer’s perception of a business. This reaction by the customers can be analysed by using the price elasticity of demand which is equal to the percent of change in quantity demanded divided by the percent in the change of price.
Distribution and market channel decisions are critical because these affect every other marketing decision, especially price. So every producer seeks to find and link with the right distribution channel such as merchants, agents, facilitators, and marketing firms. These “friends” will help make or break your product and profit. It is using their superior efficiency, making your product more accessible to your target market – getting your product out there in the quickest and cheapest route.
Marketing is a cornerstone of every modern business. A lack of marketing knowledge is frequently the reason why a good business concept does not succeed. This course deals with all aspects of marketing from presentation and packaging, to advertising and selling. It will help you to develop an acute awareness of what is needed to achieve and maintain a good market share.
