Marketing Principles (MNG103, LT) | ISM

Marketing Principles (MNG103, LT)

Course description

Marketing is one of core functions of profit and non-profit organizations. Having a goal to assure company’s profits by satisfying the needs of consumers, marketing has to indentify untapped needs and markets or serve current ones, therefore environment, competition, and consumer behaviour analysis and research is very important. After segmenting the markets, target audience is identified and positioning concept created. The latter parts of the course focus on separate elements of marketing mix (product, price, place and promotion), addressing the importance of holistic decisions. Not only the marketing mix has to be integrated, but effective use of limited company’s recourses, long term effects, sustainability and society’s needs have to be addressed. It is a course that gives a broad overview of behaviour of markets, companies’, humans that are addressed in marketer’s decisions.

Course aim

To provide students the fundamental knowledge of marketing principles by evoking market and goal oriented thinking that combines creativity and analytical skills.

Learning outcomes

  • To name major marketing concepts, analyse marketing evolution and its current role in business.
  • To analyze and research micro and macro environments, by determining the major marketing threats and opportunities for acting of new business establishment or product.
  • To identify market opportunities and propose products or services that meet consumer expectations to the market.
  • To name the major segmentation criteria, to identify market segment on the basis of custom segmentation principles, to select target market and the most appropriate market coverage method.
  • To adapt marketing mix elements for target market having regard to micro and macro environment, product life cycle and company’s resources.
  • To draw basic annual marketing budgets.
  • To work in a team, to present work results in written or oral form, to argue decisions.