The fundamentals of marketing is a comprehensive course that revolves around the world of marketing in the corporate sector. The course ignites the sense of creativity and innovation combined with logical and critical thinking towards various approaches. The course stretches out to cater to the needs of the society and environment as well which is referred to as societal marketing. Every activity carried out during the process of marketing reflects the completion of certain objectives/goals set by the management.
What is Marketing?
The course begins with the introduction of the fundamentals of marketing usually referred to as the key concepts. The answer to the question posed above can be divided into three major vessels of thinking. One of them is philosophy, the second being an attitude and the third being management orientation.
The attitudes vary from management to management. Some of the corporate leaders do not believe in marketing if the product made is ‘good’. This is described as tunnel vision, where the mangers focus on improving the quality of the product only. In contrast, some organizations have a customer-oriented approach. This is when a company believes that marketing is one of the most important factors when it comes to selling your product.
Activities of Marketing
The activities of marketing revolve around product, price, promotion, and place. The product is focusing on the original orientation of a product; its look, functions, durability, packaging e.t.c. In addition to this, the course gives an insight into the importance and role of marketing planning. Marketing planning is a means of building a long term relationship with customers. This is very important from a business point of view as it builds a sense of loyalty and commitment amongst customers and the company.
The course reflects on the complete process of marketing planning. It starts with a complete evaluation of the current situation of the business. This includes extensive SWOT analysis, PEST analysis, competitor analysis, customer analysis, target market analysis, and company analysis. One the company thoroughly knows what strengths, weaknesses, opportunities, and threats it possesses, future decision making will be easier. Once a complete evaluation is done, the company then comes forward to market research in order to formulate new marketing strategies which may include introducing a new product for a new market or vice versa.
The process of marketing involves attaining a competitive advantage that sets one apart from its competitors. The competitive advantage may be in terms of quality or at times some of the company’s policies. Once identified, a company can build on its competitive advantage to accumulate customers at hand. The competitive advantage could further be used as a genuine marketing tool. Company’s build on their competitive advantage to convert it into a sustainable competitive advantage. This promises future, long term returns to the company. Moreover, expanding into the niches can also set a company apart from its competitors establishing a unique selling point.
The course, fundamentals of marketing had its major focus on the completion of projects in line with the notion of practical work. Students analyze the current situation of companies and then come forward with different marketing solutions. The projects included students categorizing a company’s products into perpetual maps analyzing their key characteristics. In addition to this, students intend to formulate a marketing plan for an existing company. This builds a sense of creativity and innovation of a student, the crux of the course.
Students went as far as to take interviews of companies and hold meetings in order to construct a marketing strategy for them to use in the future. The Fundamentals of Marketing forces students at an early age of their degree to have a glance at the practical world of the corporate sector.
Also Read; The Fundamentals of Corporate Finance https://scientips.com/192/fundamental-concepts-of-corporate-finance/