Marketing is the core of an operating business. It is an organizational philosophy and a set of guiding principles for interfacing with customers, competitors, collaborators, and the environment. Marketing entails planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. It starts with identifying and measuring consumers' needs and wants, assessing the competitive environment, selecting the most appropriate customer targets and developing marketing strategy and implementation program for an offering that satisfies consumers' needs better than the competition. Marketing is the art and science of creating customer value and market place exchanges that benefit the organization and its stakeholders.
The objectives of this course are to demonstrate the role of marketing in the company; to explore the relationship of marketing to other functions; and to show how effective marketing builds on a thorough understanding of buyer behavior to create value for customers.
Course is designed to serve as an introduction to the theory and practice of marketing. We will explore the theory and applications of marketing concepts through a mix of cases, discussions, lectures, guest speakers, individual assignments, and group projects. We will draw materials from a variety of sources and settings including services, consumer and business-to-business products.
The main objectives of this course are to improve your ability to:
- Assess market opportunities by analyzing customers, competitors, collaborators, context, and the strengths and weaknesses of a company.
- Develop effective marketing strategies to achieve organizational objectives.
- Design a strategy implementation program to maximize its chance of success.
- Communicate and defend your recommendations and critically examine and build upon the recommendations of your classmates both quantitatively and qualitatively.
This course is appropriate for majors in all functional areas of business. While marketing managers develop and implement marketing strategy, managers in other functional areas (finance, management, accounting, and operations) need to understand how marketing strategies impact their own operations. Entrepreneurial ventures and start-ups rarely succeed without an excellent marketing strategy. It is impossible to value a firm and its stocks and bonds, to plan its financial needs, or to establish its credit rating without understanding its revenue sources. Revenues largely come from customers and are a direct consequence of firm marketing strategy.