IBM170_Principles_of_marketing_Part1

Course Overview

  • Course Title: IBM170 Principles of Marketing

  • Focus Areas: Basic concepts, functions of marketing, consumer behavior, marketing research, targeting, pricing, and ethics.

Exam Structure

Mid-Term Exam Topics

  • Chapter 1: Marketing: Creating Customer Value and Engagement

  • Chapter 2: Company and Marketing Strategy

  • Chapter 3: Analyzing the Marketing Environment

  • Chapter 4: Managing Marketing Information

  • Chapter 5: Consumer Markets and Buyer Behavior

  • Chapter 6: Customer Value-Driven Marketing Strategy

Final Exam Topics

  • Chapter 7: Products, Services, and Brands

  • Chapter 8: New Products and Product Life Cycle

  • Chapter 9: Pricing Strategies

  • Chapter 10: Marketing Channels

  • Chapter 11: Engaging Consumers

  • Chapter 12: Sustainable Marketing

Course Evaluation Criteria

  • Attendance: 10%

  • Participation: 10%

  • Assignments: 10%

  • Group Projects: 20%

  • Mid-Term Exam: 20%

  • Final Exam: 30%

Textbook

  • Title: Principles of Marketing (19th Edition)

  • Authors: Philip Kotler, Gary Armstrong, Sridhar Balasubramanian

Marketing Fundamentals

Definition of Marketing

  • Process of creating value for customers and building relationships to capture value in return.

Marketing Process Steps

  1. Understand marketplace and customer needs.

  2. Create customer value and relationships.

  3. Design a marketing strategy.

  4. Construct an integrated marketing program.

  5. Build profitable relationships and create customer satisfaction.

Consumer Needs, Wants, and Demands

  • Needs: States of deprivation.

  • Wants: Form that needs take.

  • Demands: Wants backed by purchasing power.

Consumer Behavior

Key Concepts

  • Understanding diverse consumer segments is crucial for marketers.

  • Example:

    • Need: Transportation

    • Want: Specific mode of transport (e.g., car)

Modern Marketing System

Value Creation

  • Each entity in the supply chain adds value to the end customer and must be managed to create a cohesive customer value proposition.

Marketing Management Orientations

  1. Production Concept: Focus on cost-effective production and efficiency.

  2. Product Concept: Emphasis on quality and features.

  3. Selling Concept: Aggressive selling to increase short-term sales.

  4. Marketing Concept: Focus on customer needs and satisfaction.

  5. Societal Marketing Concept: Balancing customer, organization, and societal well-being.