This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles that underpin the marketing process

Understand the concept and process of marketing

Definitions: alternative definitions including those of the Chartered Institute of Marketing and the American Marketing Association; satisfying customer needs and wants; value and

satisfaction; exchange relationships; the changing emphasis of marketing

Marketing concept: evolution of marketing; marketing orientations; societal issues and

emergent philosophies; customer and competitor orientation; efficiency and effectiveness;

limitations of the marketing concept

Marketing process overview: marketing audit; integrated marketing; environmental analysis; SWOT analysis; marketing objectives; constraints; options; plans to include target markets and marketing mix; scope of marketing

Costs and benefits: links between marketing orientation and building competitive advantage;benefits of building customer satisfaction; desired quality; service and customer care;relationship marketing; customer retention; customer profitability; costs of a too narrow marketing focus

2) Be able to use the concepts of segmentation, targeting and positioning

Macro environment: environmental scanning; political, legal, economic, socio-cultural,

ecological and technological factors

Micro environment: stakeholders (organisation’s own employees, suppliers, customers,

intermediaries, owners, financiers, local residents, pressure groups and competitors); direct

and indirect competitors; Porter’s competitive forces

Buyer behaviour: dimensions of buyer behaviour; environmental influences; personal

variables – demographic, sociological, psychological – motivation, perception and learning;

social factors; physiological stimuli; attitudes; other lifestyle and life cycle variables; consumer and organisational buying

Segmentation: process of market selection; macro and micro segmentation; bases for

segmenting markets, (geographic, demographic, psychographic and behavioural); multivariable segmentation and typologies; benefits of segmentation; evaluation of segments and targeting strategies; positioning; segmenting industrial markets; size; value; standards; industrial classification

Positioning: definition and meaning; influence over marketing mix factors

3) Understand the individual elements of the extended marketing mix

Product: products and brands – features, advantages and benefits; the total product concept; product mix; product life cycle and its effect on other elements of the marketing mix; product strategy; new product development; adoption process

Place: customer convenience and availability; definition of channels; types and functions of

intermediaries; channel selection; integration and distribution systems; franchising; physical

distribution management and logistics; ethical issues

Price: perceived value; pricing context and process; pricing strategies; demand elasticity;

competition; costs, psychological, discriminatory; ethical issues

Promotion: awareness and image; effective communication; integrated communication

process (SOSTT + 4Ms); promotional mix elements; push and pull strategies; advertising

above and below the line including packaging; public relations and sponsorship; sales

promotion; direct marketing and personal selling; branding, internet and online marketing

The shift from the 4Ps to the 7Ps: product-service continuum; concept of the extended

marketing mix; the significance of the soft elements of marketing (people, physical evidence

and process management)

4 ) Be able to use the marketing mix in different contexts

Consumer markets: fast moving consumer goods; consumer durables; coordinated

marketing mix to achieve objectives

Organisational markets: differences from consumer markets; adding value through service;

industrial; non-profit making; government; re-seller

Services: nature and characteristics of service products (intangibility, ownership,

inseparability, perishability, variability, heterogeneity – the 7Ps); strategies; service quality;

elements of physical product marketing; tangible and intangible benefits

International markets: globalisation; cultural differences; standardisation versus adaptation;

the EU; benefits and risks; market attractiveness; international marketing mix strategies