PRINCIPLES OF MARKETING-Handout 1 - Overview of Marketing.pdf

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5/20/20201BCM 1204: PRINCIPLES OFMARKETING
COURSE EXPECTATIONS2PunctualityActive ParticipationRespectProfessional CommunicationAssignment deadlines
Course Content in Brief5/20/202031.Marketing overview2.Marketing environment3.Marketing research and Information Systems4.Understanding Consumer and Business Buyer behaviour5.Market segmentation, Targeting and Positioning (STPStrategy)6.The Marketing Mix - Product decisions7.The Marketing Mix - Promotional decisions8.The Marketing Mix - Pricing decisions;9.The Marketing Mix - Distribution decision10.Ethical and Socially responsible marketing practice
TOPIC 1: MARKETING OVERVIEW5/20/20204Objectives of this topic1.To define Marketing2.Understand the key terms in Marketing3.To learn about the implications of the meaning ofMarketing4.To know the importance/ role of Marketing to aneconomy, society and an originations5.To be able to trace the history of marketing (themarketing philosophies).6.To describe the marketing process
Class Discussion5/20/20205What do you think business professionals do in their day today activities?
What do marketers do?5/20/20206They engage in:Product/service developmentTarget market identificationPricingDistributionPromotionCustomer serviceResearchBranding
What is Marketing?5/20/20207Marketing is Common SenseThink about what you do (as an individual or as a business)Do the forces of marketing affect you in any way on a daily basis?If so how?
Marketing Defined5/20/20208Marketingis one of the terms in academia that does nothave one commonly agreed upon definition.Even after a better part of a century the debate continues.
Marketing defined (contd)5/20/20209In his book, The Practice of Management, Peter Drucker wrotethat"Because the purpose of business is to create a customer,the business enterprise has two--and only two--basicfunctions: marketing and innovation.That Marketing and innovation produce results; all the rest arecosts.That Marketing is the distinguishing, unique function of thebusiness."
Marketing defined (contd)5/20/202010If marketing is the distinguishing function of the business,then what is marketing and how is it achieved?Marketing has many definitions, too many to consideredhere.Gibson et al (1993) found over 100 definitions and arguedthat no single definition of marketing should be aimed forsince it might limit the future development of marketing asan academic discipline.
Marketing defined (contd)5/20/202011The academic discipline of marketing has core schools ofthought, where marketing is seen as either a philosophy or asa function.Where marketing is considered a philosophy, the marketingconcept is embedded in management thought.With the alternative view, where marketing is a functionwithin a business, marketing is seen as a department, in thesame way as accounting or personnel.
Marketing defined (contd)5/20/202012The American Marketing Association"...an organizational function and a set of processes for

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Term
Summer
Professor
d john
Tags
Marketing, marketing philosophies, Product

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