COURSE MODULE Course Code : BBM 005/03 Course Name : FUNDAMENTALS OF MARKETING
Diploma In Business Management
FUNDAMENTALS OF MARKETING Course Writer: Kajari Shankar Produced by Online Digital Learning Lab (ODL Lab) Instructional Design for Engaging Experiences (IDeX)
CONTENTS Part 1 – COURSE DETAILS Part 2 – COURSE OVERVIEW Course Synopsis Course Objectives Course Contents Course Learning Outcomes Course Study Schedule Learner Assessment Methods
Part 3 – COURSE STUDY GUIDE Unit 1: The Concept of Business Unit 2: The Business Environment Unit 3: Introduction to Management Unit 4: Functional Areas Unit 5: Functional Areas 2
Part 4 - REFERENCES i.
Textbook(s)
ii.
Essential References
iii.
Extra Suggested Referenc-
COURSE DETAILS
COURSE DETAILS School School of Business Administration (SBA) Course Type Core Course Credit Hours 3 hrs Offer in Semester 1 Course Title
Learning Hours
Introduction to Business
120 hrs Pre-Requisite
Course Coordinator
None
Lim Gee Nee Course Code BBM005/03
Direct Line
Allocation of Study Hours ACTIVITIES
HOURS
1. Reading of Learning Materials and complete the Self-Tests
60
2. Attending 5 Tutorial Classes (3 Hours per class)
15
3. Active in Online Forum Discussions
15
4. Completing the Assignments
30
Total Study Hours
120
PART 2
COURSE OVERVIEW
COURSE SYNOPSIS
COURSE OBJECTIVES
COURSE CONTENT
COURSE LEARNING OUTCOMES (CLO)
COURSE STUDY SCHEDULE
LEARNER ASSESSMENT METHODS The student will be assessed through the following method:
Assessment Method
Description
Weightage
MID TERM
Written test
30%
ASSIGNMENT
Group work
30%
QUIZ FINAL EXAMINATION
On-line
10%
Written test
30%
Total
100%
Note: The grade for a course is assigned based on the overall score, which combines both the continuous assessment and the final examination components (please refer to the Student Handbook for details).
PART 3
COURSE STUDY GUIDE
THE STUDY GUIDE STRUCTURE Unit 1: 1.1 1.2 1.3
Unit 2: 2.1 2.2 2.3
Unit 3: 3.1 3.2 3.3
Unit 4: 4.1 4.2 4.3
Unit 5: 5.1 5.2 5.3 t
UNIT 1 – DEFINING MARKETING AND THE MARKET-
INTRODUCTION When you hear the term “marketing,” what comes to mind? Let’s watch this video to understand more on what marketing is all about ! (video’s duration: 5.08 mins)
What is Marketing?
Source: https://www.youtube.com/watch?v=gDwslggSxUI
UNIT LEARNING OUTCOMES You should be able to: 1. Define the concept of marketing. 2. Describe the value and purpose of strategic planning in marketing. 3. Design the gathering of market information .
1.1 What is Marketing? Defining marketing Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.� If you read the definition closely, you will see that there are four activities, or components, of marketing:
Creating
Delivering
Communicating
Exchanging
Click on each components for more details
The traditional way of viewing the components of marketing is via the Four Ps (4Ps).
1.1 What is Marketing? Marketing Creates Value Value is at the centre of everything marketing does. What does value mean? When we use the term value, we mean the benefits buyers receive that meet their needs. In other words, value is what the customer gets by purchasing and consuming a company’s offering. So, although the offering is created by the company, the value is determined by the customer. Furthermore, our goal as marketers is to create a profitable exchange for consumers. By profitable, we mean that the consumer’s personal value equation is positive.
Creating
Creating
VALUE
Delivering
The Personal Value Equation is value = benefits received − [price + hassle]
Communicating
1.1 What is Marketing? Who does marketing? The short answer to the question of who does marketing is “everybody!� But that answer is a bit glib and not too useful. Let us take a moment and consider how different types of organisations engage in marketing.
For-profit companies
TYPES OF ORGANISATIONS
Non-profit organisations
Individuals
Click on each types of organisations for more details
1.1 What is Marketing?
Marketing enables profitable transactions to occur
WHY STUDY MARKETING?
Marketing delivers value
Marketing benefits society
Marketing costs money
Marketing offers people career opportunities
1.1 What is Marketing?
Marketing research Event marketing
Direct marketing
Merchandising
MARKETING OFFERS PEOPLE CAREER OPPORTUNITIES
Product development
Click on each career opportunities for more details
Advertising
Sales
1.1 What is Marketing? The changing marketing environment The way business is being conducted today is changing, too, and marketing is changing along with it. There are several themes, or important trends, that you will notice throughout this course.
Ethics and social responsibility
IMPORTANT TRENDS
Metrics
Sustainability Servicedominant logic
Click on each trends for more details
A global environment
1.2 Strategic Planning.
1.3 Marketing Research and Market Intelligence.
SUMMARY The focus of marketing has changed from emphasising the product, price, place, and promotion mix to one that emphasises creating, communicating, delivering, and exchanging value. Value is a function of the benefits an individual receives and consists of the price the consumer paid and the time and effort the consumer expended making the purchase. Marketing can be thoughthoughtt of as a set of business practices that for-profit organisations, non-profit organisations, government entities, and individuals can use. When a non-profit organisation engages in marketing activities, this is called non-profit marketing. Marketing conducted in an effort to achieve certain social objectives is called social marketing. By facilitating transactions, marketing delivers value to both consumers and firms. At the broader level, this process creates jobs and improves the quality of life in a society. Marketing can be costly, so firms need to hire good people to manage their
REFERENCES
http://www.wou.edu.my/