Marketing Principles (MNG103)

Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services”. 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 identify untapped needs and markets or serve current ones, therefore environment, competition, and consumer behaviour analysis and research are 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 what are the key elements of marketing and what are the decisions that marketer make. In this course students will work in teams and will get acquainted with the basics of organisational behaviour.

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

• 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.