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Marketing Foundations 1a
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Marketing Foundations 1a: Introduction
Welcome to the fast-paced and exciting world of marketing! You will learn about the role of marketing in business in addition to the basics of business management, customer service, and economics. Also, you will examine how to identify target markets, perform market research, and develop successful marketing strategies. Finally, the legal and ethical considerations of business and marketing are discussed along with the impact of government on business.
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Major Topics and Concepts
Unit 1: Foundations of Marketing
Identify and explain the four foundations of marketing
Differentiate among the three basic categories of consumer goods
Recognize the role of marketing in a free enterprise system
Explain how brands use market segmentation to reach the right people in a market
Understand how businesses use the SWOT framework to identify internal and external factors affecting their brand
Unit 2: The Role and Function of Marketing in Business
Explain the different marketing functions
Elaborate the major fields of business activity
Identify the marketing concepts and their impact on the economy
Describe the nature and scope of marketing
Differentiate marketing and merchandising of products and services
Unit 3: Marketing and Economics
Demonstrate an understanding of basic economic concepts, economic systems, cost-profit relationships, economic indicators and trends, and international concepts
Explain concepts of economic goods and services
Identify the major types of economic resources and explain the importance of each to marketing
Distinguish between various economic systems and the effects on what will be produced, how it will be produced, and for whom it will be produced
Unit 4: Business Ownership and Government Regulations
Explain the relationship between government and business
Identify, explain, compare, and contrast the different types of business ownership
Evaluate governmental and trade regulations affecting business and marketing efforts
Outline steps in planning a new businessIdentify components of Gross National Product (GNP) and Gross Domestic Product (GDP)
Unit 5: Legal Issues and Ethics
Discuss ethical issues in business as they relate to marketing
Recognize legal and ethical considerations in promotion
Analyze the role of ethics as it relates to marketing information management
Evaluate legal and ethical considerations in the distribution process
Unit 6: The Impact of Finance on Marketing
Explain the nature and scope of finance in marketing
Describe the difference between business finance and customer credit
Explore the various types of financial records that should be analyzed in making marketing decisions
Identify various types of credit policies and procedures
Unit 7: The Importance of Market Research
Trace the steps in designing and conducting research
Compare and contrast tools for conducting and analyzing marketing research
Explain the use of descriptive statistics in marketing decision making
Identify the trends and limitations in marketing research
Unit 8: Marketing Concepts and Plans
Develop a marketing campaign and write a marketing plan
Employ processes and techniques to develop, maintain, and improve a product/service mix to utilize market opportunities
Implement the concepts, systems, and tools needed to gather, access, synthesize, evaluate and disseminate information for use in making business marketing decisions
Explain concept of marketing strategies
Competencies
Foundations of Marketing
Students will demonstrate an understanding of the foundations of marketing by explaining the purpose of marketing, describing marketing strategies, and summarizing the role of marketing in a free enterprise system.
Functions of Marketing
Students will demonstrate an understanding of the functions of marketing by explaining functions of departments in a business, explaining concepts used in marketing strategies, and summarizing functions of marketing.
Business Economics
Students will demonstrate an understanding of business economics by summarizing economic concepts, describing economic systems, and explaining the importance of economic resources to marketing.
Business Ownership
Students will demonstrate an understanding of business regulations by explaining the role of government agencies regulating businesses, summarizing business ownership structures, and describing the management styles of business administrators.
Ethics in Marketing
Students will demonstrate an understanding of ethics in marketing by describing ethics in marketing, explaining ethics in information management, and summarizing ethics in channel management.
Impact of Finance on Marketing
Students will demonstrate an understanding of the impact of finances on marketing by describing the role of finance in marketing, comparing types of consumer credit, and explaining types of business credit.
Importance of Marketing Research
Students will demonstrate an understanding of the importance of marketing research by explaining the process of marketing research, summarizing the importance of data, and summarizing the limitations in marketing research.
Marketing Concepts
Students will demonstrate an understanding of marketing concepts by explaining marketing strategy, summarizing the marketing plan, and explaining the customer decision-making process.
