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.
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
Recommended Text Books
Principles of Marketing(Latest Edition)
Principles of Marketing
Introduction to the Marketing and economy
The economic perspective (scarcity & choice, rational behavior, marginalism), why study Marketing, economic methodology, Marketing, Importance of Marketing
Developing Marketing Strategies and Plans
The foundation of Marketing (unlimited wants/scarce resources), Value Delivery Process , Value chain , Core Competencies and Holistic Marketing approach
Gathering Information and Scanning the Environment
The order payment cycle, Sales Information system, Databases and Marketing relationship.
The Marketing Intelligence System
Macro and Micro Environments
Conducting Market Research and Forecasting Demand
Market Research System
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
Analyzing Consumer Markets
What is the influence of Consumer markets
Buying Decision Process
Analyzing Business Markets
Organizational Buying, Building Buying Process, Purchase Process and Stages in Buying Process
Identifying Market Segments and Targets
Level of Market Segmentation
Segmenting Consumer Markets
Segmentation and its real basis
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
“Marketing: An Introduction and Vocabulary”, Harvard Business School.
“The Great Depression: Causes and Impact”, Harvard Business School.
McCraw, Thomas K.
Pakistan Economic Survey, Ministry of Finance
Government of Pakistan (2008)
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.