MKT101A Marketing Fundamentals course covers different aspects of marketing processes and will enable the students to understand the application of marketing strategies. There are several courses that are available for the students to learn about marketing strategies and their development. However, the course provided by the Laureate International Universities would enrich the knowledge of enrolled students in a strategic manner so that they would be able to analyze the marketing activities in the real-world environment. The students would educate and learn in a competitive environment and will be able to consider the internal as well external factors affecting the entity.
Unit details of this course include the following:
Unit code: MKT101A
Study Level: Undergraduate
University: Laureate International Universities
Location: United States
Brief on MKT101A Marketing Fundamentals
Marketing refers to the process of getting the right goods or services to the right people at the right time, place, and price, through the use of a variety of promotional techniques while utilizing the appropriate people to provide the customer service associated with those goods or services. The concept of marketing is based on the 'right' principle. It implies the use of marketing data for focusing on the needs of consumers so that the business would be able to develop marketing strategies for satisfying those wants and thereby achieve the goals and objectives of the organization.
The learning outcomes from this course are presented below:
Describe the strategic planning process and explain how it is affected by the organizational resources and external opportunities.
Gain insights on the importance of environmental scanning and the impacts of economic, competitive, political, regulatory and legal, sociological and technological factors on the marketing strategies.
Understand the process of creating a marketing plan.
Explain how to incorporate ethics and social responsibility into the marketing strategy.
Describe the marketing implementation process and the major approaches to marketing implementation.
The marketing process mainly involves four elements, namely, strategic marketing analysis, marketing implementation, marketing-mix planning, and marketing control. Each of these elements includes subcategories that need to be considered while preparing the marketing plan. The strategic marketing analysis involves market segmentation, market niches, marketing to individuals; and positioning. The marketing mix planning tactically involves the four components of marketing, namely, product, place, price, and promotion. The marketing implementation, evaluation, and control are also integral parts of the marketing strategies. The market control involves annual plan-control, profitability control, strategic control, efficiency control, and marketing audit.
Each of the areas has been discussed in brief below:
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The main objective of an organization is to operate profitability while satisfying the needs and wants of the customers. In order to satisfy the needs of customers, it is essential for the company to define the needs which are to be focused on.
The segments can be further divided into smaller groups, which are known as niches or subsegments. The market niche can be defined as the small target group that has special requirements. It is often likely that the organizations focus on large market segments and ignore the niches.
Marketing to individuals
A large number of entities are now trying to serve a single segment or individual. Under this type of marketing, the businesses try to reach individual customers. It is mostly done by large entities that have only a few major customers.
It is one of the important steps in the process of developing a marketing strategy. It involves creating and communicating a message that clearly establishes the brand or company in comparison with the competitors. It is important to note that claiming superiority in several dimensions may have a negative impact on the company's credibility as the consumers will not believe that a single offering would excel in all the dimensions.