Principles of MarketingMGT 243
Prerequisite: ENG 111 or OAT 151 either with a minimum grade of "C" and completion of or concurrent enrollment in CST 147. MGT 153W is also recommended. Provides an understanding and interpretation of the marketing system and its importance in the economy and the place of the marketing function in business management. Establishes a basic understanding of the psychological, environmental, and managerial functions and presents processes that are employed in contemporary marketing. (45-0)
Outcomes and Objectives
Demonstrate an understanding of developing relationships through customer focus, quality, technology, and ethical behavior.
- Explain how marketing creates utility
- Define the marketing concept
- List three reasons for studying marketing
Demonstrate an understanding of relationship marketing.
- Contrast relationship marketing with transaction based marketing.
- Identify and explain each of the core elements of relationship marketing.
- Explain the role of databases in relationship marketing.
Demonstrate an understanding of product strategy.
- Explain the broader marketing view of products.
- List the classifications of consumer products.
- Describe the types of business products.
- Explain the concept of the product life cycle.
Demonstrate an understanding of brand management and new-product planning.
- Describe the benefits of branding and brand management
- Describe the different types of brands
- Explain the value of brand equity
- List the stages in the new-product development process
Demonstrate an understanding of marketing of services
- Differentiate service offerings from goods
- Identify the primary characteristics of services
- Explain the concept of service quality
Demonstrate an understanding of distribution
- Describe the role that distribution plays in marketing strategy.
- Describe the various types of distribution channels available to marketers.
Demonstrate an understanding of logistics and value chain management.
- Explain the role of logistics in an effective marketing strategy.
- Describe the impact of transportation deregulation on logistics activities.
Demonstrate an understanding of ways to create value through customer satisfaction and quality.
- Explain the relationship between value, customer satisfaction, and quality
- Identify the major components of customer satisfaction.
- List the goals of internal marketing
- Explain the primary methods by which marketers measure customer satisfaction.
- Describe the historical development of the quality movement.
- Outline the objectives of a marketing audit.
- Discuss the benchmarking process and its role in improving a marketing strategy
- Discuss how marketing managers can deliver value to customers by balancing the marketing mix elements.
Demonstrate an understanding of the marketing environment, ethics, and social responsibility.
- Identify the five components of the marketing environment
- Describe the types of competition that marketers face and the steps they take to develop competitive strategies.
- Discuss how the government and other groups regulate marketing activities
- Describe the impact of technology on the firm's marketing activities.
Demonstrate an understanding of the global dimensions of marketing.
- Describe the importance of international marketing from the perspectives of the individual firm and the nation.
- Identify the major components of the environment for international marketing.
- Compare alternative strategies for entering international markets.
- Discuss the attractiveness of the U.S. market as a target for foreign marketers.
Demonstrate an understanding of marketing planning and forecasting.
- Distinguish between strategic planning and tactical planning.
- Identify the steps in the marketing planning process.
- Describe the concept of SWOT analysis and its four major elements.
- Identify the major types of forecasting methods.
- Discuss the steps in the forecasting process.
Demonstrate an understanding of marketing research.
- List the steps in the marketing research process
- Discuss the different sampling techniques used by marketing researchers.
- Differentiate between the types and sources of primary and secondary data
- Identify the methods by which marketing researchers collect data.
Demonstrate an understanding of market segmentation, targeting, and positioning.
- Identify the essential components of a market
- Discuss the role of market segmentation in developing a marketing strategy.
- Describe the criteria necessary for effective segmentation.
- Identify the steps in the market segmentation process.
Demonstrate an understanding of consumer behavior.
- Differentiate between buyer and consumer behavior
- Explain how marketers classify behavioral influences on consumer decisions.
- Discuss the steps in the consumer decision process.
Demonstrate an understanding of business - to - business marketing.
- List the components of the business market
- Describe the major approaches to segmenting business-to-business markets.
- Identify the major characteristics of the business market and its demand
- Describe the major influences on business buying behavior