Principles of Marketing

BRIEF COURSE DESCRIPTION

The purpose of this course is to provide students an introduction to Marketing especially related to micro and macro economic theory and issues with a proper understanding of core concepts. Micromarketing examines how consumers and firms make decisions and how they interact with each other in markets. The major areas of focus will be supply and demand analysis. On the other hand, Micromarketing deals with broad economic aggregates such as national income, the overall level of prices, unemployment and the money supply. The major areas of focus will be measurement of gross national product, consumption function, saving, the inputs market, goods market, money market, and economic growth.  Business cycles will also be discussed. After defining key variables such as output, prices, inflation, unemployment, and exchange rate etc., we will develop various theoretical frameworks to formalize the relationships between these variables.  The equilibrium AD-AS model will be covered with some basic applications. We will also discuss some of the readings and articles from specified journals, surveys, reports and newspapers especially on Pakistan’s Markets. This course aims to provide a solid understanding of basic economic principles and the ability to apply these tools and ideas in the fields of Marketing, business and management.

COURSE OBJECTIVES

  • By the end of the course, students will possess a clear understanding of how the Marketing theory of both micro & micromarketing explains the Marketing problems faced by individual and customers with agents such as consumers, firms and factors of production as well as the situation of an economy. Upon completion of the course it is expected that students should be able to:
  • understand the basic concepts of Marketing and various issues in the theory of micro & macro Marketing at a level appropriate for a first year business studies at graduate level
  • understand the microeconomic models of Holistic Marketing and Segmentation, consumer and firm’s behaviour and market structures
  • understand the basic structure of the Practical Marketing
  • understand the forces determining Marketing Terminologies
  • Current pattern of Marketing in Pakistan
  • Establish a framework of basic marketing theory which can be extended and applied at later stages of the degree program.
  • understand the marketing related news and issues
  • provide an insight into the major policy debates in the field of  business and Marketing

Prerequisite(s): None

Recommended Text Books

S.No. Title Author(s) Assigned Code
1 Principles of Marketing(Latest Edition) Philip Kotler Book 1
2 Principles of Marketing Agarwal Book 2

CONTENTS

Chapter No. TOPIC/CHAPTER TITLE TOPICS COVERED
 

Ch 1

 

Introduction to the Marketing and economy

The economic perspective (scarcity & choice, rational behavior, marginalism), why study Marketing, economic methodology, Marketing, Importance of Marketing
 

Ch 2

 

 

Developing Marketing Strategies and Plans

 

The foundation of Marketing (unlimited wants/scarce resources), Value Delivery Process , Value chain , Core Competencies and Holistic Marketing approach
 

 

 

Ch 3

 

 

Gathering Information and Scanning the Environment

 

The order payment cycle, Sales Information system, Databases and Marketing relationship.

The Marketing Intelligence System

Demographic Environment

Macro and Micro Environments

 

 

 

Ch 4

 

 

 

Conducting Market Research and Forecasting Demand

 

Market Research System

Market Productivity

Demand Measurement

 

Ch 5

 

Creating Customer Value, Satisfaction and Loyalty

 

Building Customer Value ,Satisfaction and Loyalty

Maximizing Customer life time Value

Customer Relationship Management

Customer Databases and Database Marketing

 

Ch 6

 

Analyzing Consumer Markets

What is the influence of Consumer markets

Psychological processes

Buying Decision Process

Ch 7 Analyzing Business Markets  

Organizational Buying, Building Buying Process, Purchase Process and Stages in Buying Process

 

 

 

Ch 8

 

 

Identifying Market Segments and Targets

 

Level of Market Segmentation

Segmenting Consumer Markets

Market Targeting

Segmentation and its real basis

 

Ch 9

 

 

Creating Brand Equity

 

What is Brand Equity

Measuring, Managing ,Devising a Brand Strategy

Ch 14 and 16 Retailing and Wholesaling

 

The Supply Chain Process of Retailing and Wholesaling in Pakistan

Please note: This is a proposed schedule only and may be varied at the discretion of the instructor to give a greater or lesser degree of emphasis to particular topics.

Recommended Practical Topics

1 Marketing: An Introduction and Vocabulary”, Harvard Business School. Michael G.
2 The Great Depression: Causes and Impact”, Harvard Business School. McCraw, Thomas K.
3 Pakistan Economic Survey, Ministry of Finance Government of Pakistan (2008)
5 There are several web sites that have interesting economic/business information and analysis. These are some useful international and Pakistani web sites/links for your interest and research in the course.

(State Bank of Pakistan)

www.pide.org.pk (Pakistan Institute of Development Marketing), www.ft.com (Financial Times)

www.businessweek.com (Business Week)

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