MRKG 1311 - Principles of Marketing

After studying the material presented in the text and online, the student should be able to complete all behavioral/learning objectives listed below with a minimum competency of 70% on quizzes, assignments, and exams.

1. Develop customer relationships and value through marketing. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 1c-v, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Define marketing and explain the importance of discovering and satisfying consumer needs and wants.
   2. Distinguish between marketing mix elements and environmental factors.
   3. Describe how organizations build strong customer relationships using current thinking about customer value and relationship marketing.
   4. Explain the meaning of ethics and social responsibility and how they relate to the individual, organizations, and society.
2. Link marketing and corporate strategies. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Describe the three organizational levels of strategy and how they relate to each other and the marketing function.
   2. Describe why business, mission, culture, and goals are important in organizations.
   3. Explain how organizations set strategic directions by assessing where they are now and seek to be in the future.
   4. Describe the strategic marketing process and its three key phases: planning, implementation, and control.
   5. Explain how the marketing mix elements are blended into a marketing program.
   6. Describe how marketing control compares actual results with planned objectives and acts on deviations from the plan.
3. Scan the marketing environment. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Describe how environmental scanning provides information about social, economic, technological, competitive, and regulatory forces.
   2. Explain how social forces such as demographics and culture and economic forces such as macroeconomic conditions and consumer income affect marketing.
   3. Describe how technological changes can affect marketing.
   4. Summarize the forms of competition that exist in a market, key components of competition, and the impact of competition on corporate structures.
   5. Explain the major legislation that ensures competition and regulates the elements of the marketing mix.
4. Discuss ethics and social responsibility in marketing. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 1c-v, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Explain the significance of ethics in marketing.
   2. Differentiate between legal and ethical behavior in marketing.
   3. Identify factors that influence ethical and unethical marketing decisions.
   4. Distinguish among the different concepts of ethics and social responsibility.
5. Define consumer behavior. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Outline the stages in the consumer decision process.
   2. Distinguish among three variations of the consumer decision process: routine, limited, and extended.
   3. Explain how psychological influences affect consumer behavior, particularly purchase decision processes.
   4. Identify major sociocultural influences on consumer behavior and their effects on purchase decisions.
   5. Recognize how marketers can use knowledge of consumer behavior to better understand and influence individual and family purchases.
6. Recognize organizational markets and buyer behavior. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Distinguish among industrial, reseller, and government markets.
   2. Recognize key characteristics of organizational buying that make it different from consumer buying.
   3. Explain how buying centers and buying situations influence organizational purchasing.
   4. Recognize the growing importance of online buying in industrial, reseller, and government markets.
7. List ways to reach global markets. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Explain the effects of economic protectionism and the implications of economic integration for global marketing practices.
   2. Recognize the importance of environmental factors (cultural, economic, and political) in shaping global marketing efforts.
   3. Describe different approaches firms use to enter and compete in global markets.
   4. Identify specific challenges marketers face when crafting worldwide marketing programs.
8. Turn marketing information into action. (1a-i, 1a-ii, 1a-iii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-v, 1b-iv, 1bvi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Identify a four-step marketing research approach leading to marketing actions.
   2. Describe how secondary and primary data are used in marketing, including the uses of questionnaires, observations, experiments, and panels.
   3. Identify and correct typical problems in designing questions for a questionnaire.
   4. Explain how information technology enables information systems to be used to link massive amounts of marketing information to meaningful marketing actions.
   5. Recognize alternative methods to forecast sales and use the lost-horse and linear trend extrapolation methods to make a simple forecast.
9. Identify market segments and targets. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
   1. Explain what market segmentation is, when to use it, and the five steps involved in segmentation.
   2. Recognize the different factors used to segment consumer and organizational markets.
   3. Demonstrate the significance of heavy users in targeting markets.
   4. Develop a market-product grid to use in segmenting and targeting a market.
   5. Describe how marketing managers position products in the marketplace.
10. Develop new products and services. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2ciii, 2c-iv)
    1. Identify the ways consumer and business goods and services are classified and marketed.
    2. Explain the effects of different ways of viewing "newness" in new products and services.
    3. Analyze the factors that contribute to the success or failure of a product or service.
    4. Describe the purposes of each step of the new-product process.
11. Discuss the management of products, services, and brands. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Explain the product life-cycle concept and relate a marketing strategy to each stage.
    2. Recognize the differences in product life cycles for various products and their implications for marketing decisions.
    3. List different approaches to managing a product's life cycle.
    4. Describe elements of brand personality and brand equity and the criteria for the good brand name.
    5. Explain the reason for different branding strategies employed by companies.
    6. Recognize the role of packaging and labeling in the marketing of a product.
12. Formulate pricing strategies for products and services. (1a-i, 1a-ii, 1a-iii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Identify the elements that make up a price.
    2. Differentiate among demand-oriented, cost-oriented, profit-oriented, and competition-oriented approaches to pricing and the major factors considered in arriving at a final list of quoted price.
    3. Explain what a demand curve is and what price elasticity of demand means.
    4. Explain the role of revenues (sales) and costs in pricing decisions.
    5. Use break-even analysis.
    6. Recognize the objectives a firm has in setting prices and the constraints on the range of prices a firm can charge.
    7. Describe the special adjustments made to the approximate price level on the basis of geography, discounts, and allowances.
13. Create strategies for managing marketing channels and supply chains. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Explain what is meant by a marketing channel of distribution and why intermediaries are needed.
    2. Recognize differences between marketing channels for consumer and business products and services, and between different types of vertical marketing systems.
    3. Describe factors considered by marketing executives when selecting and managing a marketing channel.
    4. Explain what supply chain and logistic management are and how they relate to marketing strategy.
    5. Explain how managers trade off different "logistics costs" relative to customer service in order to make a supply chain decision.
14. Define retailing and wholesaling. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Identify retailers in terms of the utilities they provide.
    2. Explain the alternative ways to classify retail outlets.
    3. List various methods of nonstore retailing.
    4. Develop retailing mix strategies over the life cycle of a retail store.
    5. Describe the types and functions of firms that perform wholesaling activities.
15. Integrate marketing communications and direct marketing. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Explain the communication process and its elements.
    2. Describe the promotional mix and the uniqueness of each component.
    3. Select the promotional approach appropriate to a product's life-cycle stage.
    4. Differentiate between the advantages of push and pull strategies.
    5. Explain the value of an integrated marketing communications approach.
    6. Recognize the value of direct marketing for consumers and sellers.
16. Analyze advertising, sales promotion, and public relations. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Explain the differences between product advertising and institutional advertising and the variations within each type.
    2. List the steps used to develop, execute, and evaluate an advertising program.
    3. Explain the advantages and disadvantages of alternative advertising media.
    4. Explain the strengths and weaknesses of consumer-oriented and trade-oriented sales promotions.
    5. Recognize public relations as an important form of communication.
17. Define personal selling and sales management. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Recognize different types of personal selling.
    2. Describe the stages in the personal selling process.
    3. Specify the functions and tasks in the sales management process.
    4. Explain how firms recruit, select, train, motivate, compensate, and evaluate salespeople.
    5. Describe recent applications of sales force automation and customer relationship management.
18. Implement interactive and multichannel marketing. (1a-i, 1a-ii, 1a-iv, 1b-i, 1b-ii, 1b-iii, 1b-iv, 1b-vi, 2c-i, 2c-ii, 2c-iii, 2c-iv)
    1. Define interactive marketing and explain how it creates customer value, customer relationships, and customer experiences in the new marketspace.
    2. Explain why certain types of products and services are particularly suited for interactive marketing.
    3. Describe why consumers shop and buy online and how marketers influence online purchasing behavior.
    4. Distinguish between the use of multiple channels and multichannel marketing in reaching online consumers.
    5. Recognize the different roles played by transactional websites and promotional websites in multichannel marketing.