REVISION

MKW1120 MARKETING THEORY AND

PRACTICE
 MKW1120: Learning Outcomes
Describe the key concepts upon which the practice of marketing is based.

Recognise these concepts in the marketplace and in everyday life.

Discuss the role and influence of marketing in the organisational environment.

Discuss how key marketing concepts can be used in analysing a range of marketing problems.
 Approaches used to achieve the outcome
Lectures
Opening case
Examples of actual marketing practices by firms
Videos to enhance understanding
Games to increase participation and interactions
Tutorials
Application of knowledge through scenarios, case study analysis, presentation and problem solving, online
quiz
Assessment
Assessment 1: Understand and applying marketing concepts.
Assessment 2: Case study test- application and problem solving skills
Assessment 3: Group assignment- foster teamwork, critically analyse marketing strategy of a firm, apply
marketing knowledge and solving problems.
Exam: Lecture notes, Sample of exam paper practice, additional notes on concepts
 Scope

Chapter 1 & 2: Introduction to marketing & creating delivering and capturing value.
Chapter 3: Analysing the marketing environment.
Chapter 4: Marketing information system
Chapter 5: Consumer market and buyer behaviour
Chapter 6: Business market and business buying behaviour
Chapter 7: Segmentation, targeting and positioning
Chapter 8: Product, services and brands.
Chapter 9: New product development and product life cycle strategies.
Chapter 10 & 11: Pricing and pricing strategies
Chapter 12 & 13: Marketing channels and retailing & wholesaling
Chapter 14, 15, 16 and 17: Communicating customer value: IMC (advertising, public relations,
sales promotion, selling and direct marketing)

Text: Kotler & Armstrong (2016). Principles of Marketing. 6th Ed. Pearson
An Expanded Model of the Marketing Process

5
 Chapter 1 & 2

Introduction to marketing & creating delivering

and capturing value.
 Chapter 1 & 2
1. Define and explain marketing

2. Discuss the marketing philosophy/management orientations that guide marketing strategy:

 Production
 Product
 Selling
 Marketing
 Societal

3. Five core concepts of marketing:

 Customer needs, wants and demands.
 Market offerings.
 Customer satisfaction and value.
 Exchanges and relationships.
 Markets.

4. Five steps of the marketing process:

 Understanding the marketplace and customer needs and wants.
 Designing a customer-driven marketing strategy.
 Constructing an integrated marketing program that delivers superior value.
 Building profitable relationships.
 Capturing value from customers to create profits and customer equity
 Chapter 3

Analysing The Marketing Environment

 Chapter 3: Analysing The Marketing Environment
The importance of environmental scanning

Micro-environment consists of the actors close to the organisation that affect its ability to serve its
customers:
 The company (other departments within the company)
 Suppliers
 Marketing intermediaries
 Competitors
 Publics
 Customers.

Macro-environment consists of the larger societal forces that affect the whole micro-environment:
 Demographic
 Economic
 Natural
 Technological
 Political
 Cultural environments.
 Chapter 4
Marketing information System
 Chapter 4: Marketing Information System

1. Definition and importance of Marketing information system (MIS)

2. Components of MIS:
 Internal data.
 Marketing intelligence.
 Marketing research.
3. Four steps of marketing research process:
 Defining the problem and research objectives.
 Developing the research plan for collecting information.
 Implementing the research plan—collecting and analyzing the data.
 Interpreting and reporting the findings.

4. Three types of research objectives: exploratory, descriptive, and causal.

5. The research plan outlines

 sources of data (primary/secondary)
 research approaches (observational, ethnography, experimental and survey)
 contact methods (mail, telephone, personnel and group interviews)
 sampling plans and types of samples
 research instruments.
 Chapter 5
Consumer market and buyer behaviour
Chapter 5: Consumer market and buyer behaviour
Definition of consumer behaviour and its importance to marketers
Five stages of buyer decision process:
 Problem recognition
 Information search
 Evaluation of alternatives
 Purchase decision
 Postpurchase behaviour
Factors influencing consumer behaviour
 Cultural
 Social
 Personal
 Psychological
Consumer Involvement and implication
 High involvement
 Low involvement
Four types of buying behaviour:
 Complex buying behaviour
 Variety-seeking buying behaviour
 Dissonance-reducing buying behaviour
 Habitual buying behaviour
 Chapter 6:
Business market and business buying
behaviour
 Chapter 7
Segmentation, targeting and positioning
 Chapter 7: Segmentation, Targeting and Positioning
1. Definition of market segmentation, market targeting, differentiation and
positioning
2. The requirement for effective segmentation- measurable, accessible, substantial,
differentiable, and actionable.
3. Bases/variables for segmenting: geographic, demographic, psychographic, and
behavioural.
4. Market targeting strategies:
undifferentiated
differentiated
concentrated
 micromarketing
5. Positioning
6. Ways to differentiate market offerings- Product, Services, Channel, Personnel,
Image differentiation.
 Chapter 8
Product, services and brands.
 Chapter 8: Product, Service and Brands

1. Definition of market offerings

2. Levels of product and service: core, actual and augmented product.
3. Types of consumer products: convenience, shopping, specialty and unsought products.
4. Types of industrial products: materials and parts, capital items and supplies and services.
5. Individual product and services decisions: product attribute (product quality, features, design),
branding, packaging, labelling, product support services
6. Major Brand Strategy Decisions: Brand positioning, brand name selection, brand sponsorship
(manufacturer, private, licensed, co-branding) and development (line/brand extension, multi-
brand/new brand)
7. Services characteristics: intangibility, variability, inseparability, and perishability.
 Chapter 9
New product development and product
life cycle strategies.
 Chapter 9: New product development and PLC

1. The major steps in new product development

2. Product life cycle;
Stages (product development, intro, growth,
maturity, decline)
Characteristics
Strategies
 Chapter 10 & 11:
Pricing and pricing strategies
 Chapter 10 & 11: Pricing and pricing Strategies
1. Definition of price
2. General pricing approaches: cost-based, value-based, competition-based.
3. New product pricing strategies: market-skimming and market-penetration
pricing
4. Product/service mix pricing strategies: Product line pricing, optional product
pricing, captive product pricing, by-product pricing and product bundle
pricing
5. Price-adjustment strategies: Discount and allowance, segmented,
psychological, promotional, geographical and international pricing
 Chapter 12 & 13:
Marketing channels and retailing &
Wholesaling
 Chapter 14,15, 16 and 17
Communicating customer value: IMC
(Advertising, public relations, sales promotion
personnel selling and direct marketing)
 Chapter 14, 15, 16 & 17: IMC
1. Definition of IMC.
2. Elements in the communication process.
3. Promotion mix:
Advertising
Sales promotion
Direct marketing
Personal selling
Public relations/publicity
4. Communication Objectives: advertising, sales promotion, personal
selling, public relation and direct marketing
5. Communication tools for each promotion mix elements
6. Advantages and limitations of each elements of the promotion mix.
 EXAM FORMAT
INSTRUCTIONS TO CANDIDATES
The examination is worth 50% of the overall assessment.
This examination is marked out of 100.
You must pass the examination in order to pass the unit.
There are a total of EIGHT questions in this exam of which you
must answer ONLY FOUR (4). Each question is worth 25 marks.
SO WHAT?
 Guidelines
Macro and micro understanding of areas of marketing and its function.
Use mind maps.
Answers should reflect good understanding of marketing.
Use theories and real life examples in explanation.
Write in clear hand-writing.
Indicate the questions number and subsections clearly.
Start a new question on a fresh page.
Use subtitles where necessary.
Do not attempt to spot questions.
The revision works only as a guide. Students are required to know in
detail every area covered.