This course introduces MBA students to essential marketing concepts, principles, and practices, with a focus on their application in the management of organizations. Students will gain a deep understanding of marketing theories, strategies, and tools, and learn how to leverage these to achieve business objectives. Through a mix of lectures, case studies, group discussions, and practical exercises, students will be well-prepared to contribute to the marketing success of their organizations.
Course Structure:
1) Introduction to Marketing Management
- The role of marketing in an organization
- Evolution of marketing concepts
- Marketing mix and the 4 Ps
- Understanding customer needs and value creation
Theories:
- Marketing concept
- Customer value theory
2) Market Research and Analysis
- Market segmentation, targeting, and positioning (STP)
- Qualitative and quantitative research methods
- Data analysis and interpretation
- SWOT analysis
Theories:
- Market segmentation theory
- Positioning theory
3) Consumer Behavior
- Factors influencing consumer behavior
- Stages of the consumer decision-making process
- Consumer behavior models
- Cultural, social, and psychological factors
Theories:
- Maslow's hierarchy of needs
- Theory of reasoned action
4) Product Development and Management
- Types of products and services
- New product development process
- Product life cycle
- Managing product portfolios
Theories:
- Diffusion of innovations theory
- Boston Consulting Group (BCG) matrix
5) Pricing Strategies
- Pricing objectives
- Cost-based, value-based, and competition-based pricing
- Price elasticity of demand
- Psychological pricing strategies
Theories:
- Price skimming theory
- Penetration pricing theory
6) Integrated Marketing Communications (IMC)
- Components of IMC: advertising, public relations, sales promotion, personal selling, and direct marketing
- Developing an IMC plan
- Managing and measuring IMC effectiveness
- Online and offline communication channels
Theories:
- Communication process model
- Hierarchy of effects model
7) Digital Marketing
- Search engine optimization (SEO) and search engine marketing (SEM)
- Social media marketing
- Content marketing
- Email marketing and marketing automation
Theories:
- Digital marketing funnel
- Conversion optimization
8) Brand Management
- Brand equity and its dimensions
- Building and managing strong brands
- Brand extension and co-branding strategies
- Brand revitalization
Theories:
- Aaker's brand equity model
- Keller's customer-based brand equity (CBBE) model
9) Marketing Channels and Distribution
- Types of marketing channels
- Channel functions and levels
- Channel design and management
- Retailing and wholesaling
Theories:
- Channel conflict theory
- Channel power theory
10) Services Marketing
- Characteristics of services
- Managing service quality and customer satisfaction
- Services marketing mix (7 Ps)
- Relationship marketing in services
Theories:
- Service-profit chain
- Servqual model
11) International Marketing
- Standardization vs. adaptation in international marketing
- Market entry strategies
- Cross-cultural marketing challenges
- Managing global brands
Theories:
- Uppsala internationalization model
- Born global theory
12) Marketing Ethics and Social Responsibility
- Ethical issues in marketing
- Corporate social responsibility (CSR) in marketing
- Cause-related marketing and social marketing
- Consumer protection and privacy concerns
- Sustainable marketing practices
Theories:
- Triple bottom line (TBL) framework
- Stakeholder theory