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BUSINESS C16 C16 - Principles of Marketing

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    Always Do the Reading

    Background Knowledge Expected

    Many Small Assignments

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    • Profile picture
    Aug 11, 2017
    | Would recommend.

    Not too easy. Not too difficult.

    Course Overview:

    I would recommend this subject because it was very insightful. the other classmates were very helpful, the professor responds to messages in a timely manner

    Course highlights:

    The principles of marketing. Marketing involves a range of processes concerned with finding out what consumers want, and then providing it for them. This involves four key elements, which are referred to as the 4Ps a)product The product that you sell can be a physical item or an intangible service. A product is evaluated by the degree to which it satisfies a need and provides value for a specific group of consumers. The product should satisfy a perceived need and offer the features and accessories that a consumer group demands, within the terms that a group demands. When creating your product, you need to consider factors such as: Name, Packaging, Usage and warranty terms. b) Price The price principle refers to how much consumers pay for the product, and it is evaluated in terms of how the price maximises profit for the company. As prices drop, demand tends to rise but profit per unit decreases. Some of the common pricing models; Cost-plus pricing (A fixed percentage is added to your cost of production) and Value based pricing (The price is set according to the customer’s perceived value of the product, this model is mostly used with the more expensive luxury items) Effective pricing maximises total profit for the company by balancing profit per unit with demand. c) Place The place principle considers the distribution channels i.e. where you will sell your product and how it goes to the market. Consumers can’t purchase products that wouldn’t reach them, so distribution channels are an essential part of the structure of production, warehouses, shipping and sale points that make the retail product available. Distribution channels are evaluated on ease of use and reliability, an important factor in making a product desirable and accessible. Larger businesses, like manufacturer of consumer goods, may sell their products to a wholesaler who then distributes them to retail stores. d) Promotion The promotion principle is about communicating with consumers. It involves spreading the word out to potential customers. Advertising is the most well known form of promotion. It essentially makes use of the media. Promotion can include anything from print and media advertising to direct selling and viral advertising (involves the spread of information from a customer). Each of these requires a deep understanding of the priorities and behaviour of that targeted group, to communicate efficiently with prospective buyers. By combining the above four principles we form the “marketing mix” strategy. You must understand these fundamentals to formulate an effective marketing strategy.

    Hours per week:

    6-8 hours

    Advice for students:

    ensure to read course materials , listen to all live lessons and participate in meet your faculty disscussions .

    • Summer 2017
    • AshworthStaff
    • Yes
    • Background Knowledge Expected Always Do the Reading Many Small Assignments
    • Profile picture
    Jul 02, 2017
    | No strong feelings either way.

    Not too easy. Not too difficult.

    Course Overview:

    You have to spend a lot of time reading and making sure you understand the material.

    Course highlights:

    I learned what strategies are commonly used in marketing.

    Hours per week:

    6-8 hours

    Advice for students:

    Make sure you understand the material before you take the test.

    • Summer 2017
    • Young
    • Yes

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