Unit 2:                           Marketing Essentials

Unit code                                          R/508/0486

Unit type                                          Core

Unit level                                          4

Credit value                                      15

Introduction

This unit is designed to introduce students to the principles of marketing, enabling them to develop a basic marketing plan and to employ elements of the marketing mix to achieve results. While they will learn the underpinning theories and frameworks, they will also be able to relate these to real-world examples, including products/services that they encounter in their own daily lives.

Learning Outcomes

By the end of this unit a student will be able to:

1             Explain the role of marketing and how it interrelates with other functional units of an organisation.

2             Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives.

3             Develop and evaluate a basic marketing plan.

Essential Content

LO1 Explain the role of marketing and how it interrelates with other functional units of an organisation

Definitions and the marketing concept:

Definitions of marketing and the nature of marketing.

The development of the marketing concept, including current and future trends. How the external environment influences and impacts upon marketing activity.

The role of marketing:

The structure and operations of marketing departments.

Overview of marketing processes that include analysis, strategic planning and the marketing mix.

The different roles of marketing within both a B2C and B2B context.

The interrelationships of functional units:

Marketing as a business function.

The different roles of business units and the interrelationships between these functional units and marketing.

LO2 Compare ways in which organisations use elements of the marketing mix (7Ps) to achieve overall business objectives

The 7Ps marketing mix:

Product: Differences between products and services, importance of brands, product development and product lifestyle.

Price: Pricing context, pricing strategies and tactics.

Place: Channel management, supply chain management and logistics. Promotion: Integrated communication mix and promotional tools.

People: The different roles of ‘people’ in marketing, including customer interfacing and support personnel. The different skills, attitudes and behaviour of people delivering the product or service to customers.

Physical evidence: The tangible aspects of service delivery − visual, aural and olfactory elements.

Process: Systems and processes involved in delivering a consistent service. Different types of processes used to expedite the marketing function.

Achieving overall business objectives:

The shift from the 4Ps to the 7Ps and the significance of the extended marketing mix.

An overview of the marketing planning process (Analysis, Planning, Implementation and Control) and marketing strategy.

LO3 Develop and evaluate a basic marketing plan

Marketing planning:

The importance and value of marketing plans.

The links between marketing plans, marketing objectives and marketing strategies.

Evaluating and monitoring marketing plans using appropriate control and evaluation techniques such as sales analysis, market-share analysis, efficiency ratios and cost-profitability analysis. 

Structure and development of marketing plans:

Market segmentation and target market selection.

Setting goals and objectives, situational analysis tools and techniques, creating a marketing strategy and allocation of resources and monitoring and control measures.