MKT600 Principles of Marketing is designed to serve as an introduction to the basic principles of marketing, practices, and the application of these practices. This course examines our present-day marketing system from a managerial point of view and has a current events component to help emphasize the marketing principles in today's business world. Subjects covered include consumers, market research and target markets, feasibility analysis, products, promotion, channels of distribution, pricing, international marketing, and use of technology in marketing. The majority of class time will be spent in lectures discussing the various solutions to marketing cases by the application of marketing principles.
The original principles of marketing, best known as the 4 Ps, were first published in a book by renowned marketing professor E. Jerome McCarthy called Basic Marketing: A Managerial Approach. Although the origins of the framework can be traced back as early as the 1940s. These principles form the blueprint for running and marketing your business successfully, and you'd be remiss to turn your nose up at them just because they're over 60 years old.
The 4 Ps not only offer the key points to focus on when launching your brand, but also the elements that are vital to consider when it comes to the wider marketing of that brand. The first four principles of marketing to consider are:
Product: the tangible goods or services your business provides, and whether they meet the requirements and expectations of your audience.
Price: understanding the sweet spot that nails your profit margins without being too high for your customer, or so low that you risk going out of business.
Place: the ways (and places) in which your product or service is sold or delivered.
Promotion: the most obvious element of marketing refers to tactics like discounts, advertising, and other ways to reach and expand your target market.
Though all 7 of the principles of marketing can apply to any business—and should all be considered when developing your marketing strategy—some will be clearer and easier to implement than others. A thoughtfully planned marketing strategy that's based on the 7 key principles of marketing will help you make more informed choices and work smarter when it comes to building the brand your customers want.
This subject introduces the contemporary marketing concepts and approaches designed for students to develop an advanced appreciation of the key strategic tools available to marketers. It aims to provide critical thinking skills about effective marketing in complex and ever-changing environments. Students will be exposed to knowledge and practical skills to engage in marketing management and strategy of products and services transferable across industries. Applications of IT-derived marketing tools, digital marketing, and social media strategies are explored and tested. Ethical considerations, as well as evaluation, implementation, and control of marketing strategies, are covered.
Unit details of this course include the following:
Unit code - MKT600
Location - Sydney, Australia
Study level - Graduate
Brief On MKT600 Principles Of Marketing
MKT600 Principles of Marketing course examines the business function of Marketing. Students will learn how marketers deliver value in satisfying customer needs and want, determine which target markets the organization can best serve, and decide upon appropriate products, services, and programs to serve these markets. Topics include branding and product development, pricing strategies, marketing research, promotion, supply chain management, and service marketing. Marketing metrics will be used throughout the course to assess the impact of marketing strategies.
Through the course, there are three assignments that are given to students. The first is an in-class presentation carrying 25% weightage of the total marks available in the course, a mid-semester test carrying 25% weightage of the total marks available in the course, and an individual written report carrying 50% of total marks available in the course.
Canvas and "Flipped Classroom" – It is important to follow the modules in Canvas to read the necessary chapters and other supplemental work. This course will place a highlighted overview of the concepts we will review in class and from the text on Canvas. The lectures are interactive and designed to discuss and explain the principles and applications of the chapter. The quizzes and assignments are designed to demonstrate your comprehension and to apply those principles to the final project.
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