Test POM

BBM104/03 Principles of Created by Lilian Yap 1

CONTENT 1. COURSE DETAILS 2. COURSE OVERVIEW i. Course Synopsis ii. Course Objectives iii. Course Content iv. Course Learning Outcomes v. Course Study Schedule vi. Learner Assessment Methods 3. STUDY GUIDE i. Unit 1 ii. Unit 2 iii. Unit 3 iv. Unit 4 v. Unit 5 4. REFERENCES 1. Textbook(s) 2. Essential References 3. Extra Suggested References for Reading 2

COURSE DETAILS Course Principles of Marketing Course BBM104/0 Title 3 Code 3 Credit Learning 120 hours Hours Hours Course ▢ ▢ ▢▢ Type Core Compulsory Elective Others Course Offer in ▢ ▢▢ ▢ Academi Others c Year 1st 2nd semester 3rd semester semester Course Ms Lilian Yap Email: Direct Line: Coordina tor llyap@wou 04-2180 .edu.my 386 Pre-requisities NONE Allocati Activities No of on of hours study 1. Reading of Learning Materials hours and complete the Self-Tests 42 2. Attending 5 Tutorial Classes 10 3. Active in Online Forum 32 Discussions 4. Completing the Assignments 24 5. Preparing and completing final 12 examination Total 120 3

COURSE OVERVIEW Course Synopsis: Principles of Marketing is a fundamental course offered in any business degree programme. This course introduces the concepts of marketing, which includes analysing the marketing environment, conducting marketing research, understanding buyer behaviour, as well as designing market segmentation, targeting and positioning strategies, and marketing mix strategies. Areas such as strategic planning, customer satisfaction and marketing plan design are also emphasised. COURSE LEARNING OUTCOMES (CLOs) The student should be able to: 1. Explain how the environment and consumers’ behaviour affect the marketing segmentation, targeting and positioning process and the marketing mix (4Ps) strategies of a business organisation 2. Present marketing mix (4Ps) strategies to a business organisation. 3. Propose marketing mix (4Ps) solutions to a business organisation using related good practices obtained from the literature. 4

COURSE CONTENT Course topics include : 1. Definition of marketing 2. Strategic planning 3. Marketing research and market intelligence 4. Understanding consumer behavior 5. Understanding business buying behavior 6. Market segmentation, targeting and positioning 7. Product offering 8. Developing and managing product offering 9. Pricing strategy 10.Integrated marketing communications strategy a) Advertising b)Sales promotion c) Public relations d)Personal selling e)Direct marketing 11.Channel strategy 12.Customer satisfaction, loyalty and empowerment 13.The marketing plan 5

CONTENT COURSE STUDY SCHEDULE UNIT TOPIC FOCUS LEARNING SELF- WEEK ACTIVITY ASSESS MENT LEARNER ASSESSMENT METHODS The student will be assessed through the following method: Quiz 10% Total CLO1 Prese 100% ntatio n 10% CLO1, 2,3 CLO2 Final Assign 6 ment Exam 30% 40% CLO2 CLO1, 2,3

THE STUDY GUIDE STRUCTURE Unit 1: Define marketing and the marketing process……….. 7 1.1 What is marketing? …………………………………………………….9 1.2 Strategic planning …………………………………………………….16 1.3 Marketing research and market intelligence… ………… 25 Unit 2: Understand the marketplace and the consumers ….36 2.1 Consumer Behaviour: How people make buying decisions? ………………………………………………………………………..37 2.2 Business buying behavior …………………………………………47 2.3 Market segmentation, targeting and positioning………50 Unit 3: Creating offerings …………………………………………………..55 3.1 What composes an offering?....................................................56 3.2 Developing and managing offering……………………………60 3.3 Price, the only revenue generator……………………………….63 Unit 4: Marketing promotions and marketing channel……….68 4.1 Advertising, integrated marketing communications and the changing media landscape …………………………………………69 4.2 Public relations and sales promotion………………………….74 4.3 Professional selling …………………………………………………….77 4.4 Using marketing channels to create value for customers ………………………………………………………………………………………….80 Unit 5: Customer Satisfaction and Marketing Plan…………….89 5.1 Customer Satisfaction, loyal and empowerment………..90 5.2 The marketing plan…………………………………………………...96 7

Unit 1 – Defining Marketing and the Marketing Process UNIT OVERVIEW This unit focuses on: 1. Definition of marketing 2. Strategic planning 3. Marketing research What makes a business idea work? Does it only take money? Why are some products a huge success and similar products a dismal failure? However, with good marketing any company can produce and sell products that consumers want. In this unit, we will cover three areas, namely the definition of marketing, the strategic planning of marketing and the use of marketing research. UNIT LEARNING OUTCOMES Aligned You should be able to: Course Learning Outcome s 1. Define the concept of marketing 1,2,3 1. Describe the value and purpose of strategic 1,2,3 planning in marketing 1,2,3 1. Design the gathering of market information 8

1.1 What is marketing? Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” If you read the definition closely, you will see that there are four activities, or components, of marketing: Creating: The Communicating: process of Generally, collaborating with describing those suppliers and offerings, as well customers to as learning from create offerings customers. that have value. Exchanging: Delivering: Getting Trading value for those offerings to those offerings. the consumer in a way that optimises value. 9

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The traditional way of viewing the components of marketing is via the four Ps: Product: Goods and Price: The monetary services (creating amount charged for the offerings). product (exchange). Marketing Promotion: Any type of Place: Getting the marketing product to a point at which the customer can communication used to purchase it (delivering). inform or persuade target audiences of the relative merits of a product, service, brand or issue. Value Value is at the centre of everything marketing does. What does value mean? When we use the term value, we mean the benefits buyers receive that meet their needs. Value varies from customer to customer based on each customer’s needs. We are in value era where, a time when companies emphasise creating value for customers. 11

Creating Exchanging Value Communicating Delivering The personal value equation is value = benefits received − [price + hassle] The marketing Concept The marketing concept, a philosophy underlying all that marketers do, requires that marketers try to satisfy customer wants and needs. Market Product Oriented. Oriented. Selling Marketing Oriented. Oriented. For a better understanding of this topic, please read Unit 1, pg 4 – 13 12

• Market Oriented. Companies operating with the philosophy satisfy customer wants and needs. market-oriented companies recognise that exchange must be profitable for them to be successful. • Product Oriented. Beginning with the Industrial Revolution in the late 1800s, companies were production oriented. They believed that the best way to compete was through product innovation and by reducing production costs. • Selling Oriented. From the 1920s until after World War II, companies tended to be selling oriented, meaning they believed it was necessary to push their products by heavily emphasising advertising and selling. Great Depression and World War II in the 1930s and 1940s, resulted in the push approach during the selling era • Marketing Oriented. In the post-World War II environment, demand for goods increased as the economy soared. Consumers had many choices available to them, so companies had to find new ways to compete. the marketing concept was developed from about 1950 to 1990. 13

• For profit companies • Non profit organisation • Individuals • Marketing enables profitable transactions to occur • Marketing delivers value • Marketing benefits society • Marketing costs money • Marketing offers people career opportunities 14

The changing marketing environment The way business is being conducted today is changing, too, and marketing is changing along with it. ▪ Ethics and social responsibility. Businesses exist only because society allows them to. When businesses begin to fail society, society will punish them or revoke their licence. ▪ Sustainability. This is an example of social responsibility and involves engaging in practices that do not diminish the Earth’s resources. ▪ Service-dominant logic. We use the word offering a lot instead of the term product. That is because of service-dominant logic, the approach to business that recognises that consumers want value no matter how it is delivered. ▪ Metrics. Technology has increased the amount of information available to decision makers. Using this data, we can build more effective metrics that can then be used to create better offerings, better communication plans, and so forth. For a better understanding of this topic, please read Unit 1, pg 14 – 22 Please attempt activity 1.1 to 1.3 and self test 1.1 to gauge and improve your learning of this topic. 15