Unit-1-Marketing

Unit1:MarketingLearninghours:60NQFlevel4:BTECHigherNational—H1DescriptionofunitThisunitaimstoprovidelearnerswithanintroductiontothefundamentalconceptsandprinciplesthatunderpinthemarketingprocess.Inaddition,itexaminestheroleandpracticeofmarketingwithinthechangingbusinessenvironment.Thisbroad-basedunitwillprovidealllearnerswithaconciseandcontemporaryoverviewofmarketing,andgivethemtheknowledgeandskillstounderpinfurtherstudyinthespecialistfieldofmarketing.SummaryoflearningoutcomesToachievethisunitalearnermust:1Investigatetheconceptandprocessofmarketing2Exploretheconceptsofsegmentation,targetingandpositioning3Identifyandanalysetheindividualelementsoftheextendedmarketingmix4Applytheextendedmarketingmixtodifferentmarketingsegmentsandcontexts.Content1ConceptandprocessofmarketingDefinitions:alternativedefinitionsincludingthoseoftheCharteredInstituteofMarketingandtheAmericanMarketingAssociation,satisfyingcustomers’needsandwants,valueandsatisfaction,exchangerelationships,thechangingemphasisofmarketingMarketingconcept:evolutionofmarketing,businessorientations,societalissuesandemergentphilosophies,customerandcompetitororientation,efficiencyandeffectiveness,limitationsofthemarketingconceptMarketingprocessoverview:marketingaudit,integratedmarketing,environmentalanalysis,SWOTanalysis,marketingobjectives,constraints,options,planstoincludetargetmarketsandmarketingmix,scopeofmarketingCostsandbenefits:benefitsofbuildingcustomersatisfaction,desiredquality,serviceandcustomercare,relationshipmarketing,customerretention,customerprofitability,costsoftoonarrowamarketingfocus,totalqualitymarketing2Segmentation,targetingandpositioningMacro-environment:environmentalscanning,political,legal,economic,socio-cultural,ecologicalandtechnologicalfactorsMicro-environment:stakeholders(organisation'sownemployees,suppliers,customers,intermediaries,owners,financiers,localresidents,pressuregroupsandcompetitors),directandindirectcompetitors,Porter’scompetitiveforcesBuyerbehaviour:dimensionsofbuyerbehaviour,environmentalinfluences,personalvariables—demographic,sociological,psychological—motivation,perceptionandlearning,socialfactors,physiologicalstimuli,attitudes,otherlifestyleandlifecyclevariables,consumerandorganisationalbuyingSegmentation:processofmarketselection,macroandmicrosegmentation,basesforsegmentingmarketsiegeographic,demographic,psychographicandbehavioural;multivariablesegmentationandtypologies,benefitsofsegmentation,evaluationofsegmentsandtargetingstrategies,positioning,segmentingindustrialmarkets,size,value,standards,industrialclassification3ExtendedmarketingmixProduct:productsandbrands—features,advantagesandbenefits,thetotalproductconcept,productmix,productlife-cycleanditseffectonotherelementsofthemarketingmix,productstrategy,newproductdevelopment,adoptionprocessPlace:customerconvenienceandavailability,definitionofchannels,typesandfunctionsofintermediaries,channelselection,integrationanddistributionsystems,franchising,physicaldistributionmanagementandlogistics,ethicalissuesPrice:perceivedvalue,pricingcontextandprocess,pricingstrategies,demandelasticity,competition,costs,psychological,discriminatory,ethicalissuesPromotion:awarenessandimage,effectivecommunication,integratedcommunicationprocess—(SOSTT+4Ms),promotionalmixelements,pushandpullstrategies,advertisingaboveandbelowthelineincludingpackaging,publicrelationsandsponsorship,salespromotion,directmarketingandpersonalselling,branding,internetandonlinemarketingTheshiftfromthe4Pstothe7Ps:product-servicecontinuum,conceptoftheextendedmarketingmix,thesignificanceofthesoftelementsofmarketing—people,physicalevidenceandprocessmanagement4DifferentmarketingsegmentsandcontextsConsumermarkets:fast-movingconsumergoods,consumerdurables,co-ordinatedmarketingmixtoachieveobjectivesOrganisationalmarkets:differencesfromconsumermarkets,addingvaluethroughservice;industrial,non-profitmaking,government,re-sellerServices:natureandcharacteristicsofserviceproducts—intangibility,ownership,inseparability,perishability,variability,heterogeneity—the7Ps,strategies,servicequality,elementsofphysicalproductmarketing,tangibleandintangiblebenefitsInternationalmarkets:globalisation,standardisationversusadaptation,theEU,benefitsandrisks,marketattractiveness,internationalmarketingmixstrategiesOutcomesandassessmentcriteriaOutcomesAssessmentcriteriaforpassToachieveeachoutcomealearnermustdemonstratetheabilityto:1Investigatetheconceptandprocessofmarketingcomparealternativedefinitionsofmarketingidentifythemaincharacteristicsofamarketing-orientedorganisationexplainthevariouselementsofthemarketingconceptidentifyandassessthebenefitsandcostsofamarketingapproach2Exploretheconceptsofsegmentation,targetingandpositioningidentifyandexplainmacroandmicroenvironmentalfactorswhichinfluencemarketingdecisionsproposesegmentationcriteriatobeusedfortwoproductsindifferentmarketsoutlinethefactorswhichinfluencethechoiceoftargetingstrategyexplainhowbuyerbehaviouraffectsmarketingactivitiesintwodifferentbuyingsituations3Identifyandanalysetheindi