MKT10720 Marketing: An Introduction

Academic Year 2023/2024

The primary objective of this course is to introduce students to the key concepts, analytical tools, and activities that comprise marketing management. Students will also be provided practice in assessing and solving important marketing problems. This course is a foundation for advanced courses in marketing, which is designed to help students equip themselves with strong theoretical and practical foundations.

People often think about marketing as advertising – a highly visible activity by which organizations try to persuade customers to buy products and services. Marketing, however, is much more than advertising alone; advertising itself cannot single-handedly make customers buy things that they don’t want. Rather, marketing involves a wide range of activities that can be broadly categorized into two: (1) having a comprehensive understanding of the market and (2) developing a marketing strategy as a value creation process.

With this in mind, I have organized the course into two modules. The first module covers the principles of marketing which are the bases for making marketing strategies, such as identification of market needs and problems. The second module will focus on specific marketing practices and tactics as vehicles of value creation. These marketing decisions (e.g., product, price, distribution, promotion) comprise the marketing mix, which should be designed based on a rigorous analysis of market situations. In other words, failure to find the right combination of the marketing mix may result in business failure. From successful completion of each module, students will be able to acquire knowledge on the factors below.

The entire business sector is at a phase in the adoption cycle of Artificial Intelligence (AI). It is crucial to understand how AI can reshape consumer behavior and marketing operations so that students are ready for the new world with AI in the near future. Our understanding of AI, however, is limited despite lots of research in progress. Therefore, a significant proportion of class hours will be allocated on the role of AI in marketing based on the most recent academic research findings and reliable industry reports. Students will also complete a market analysis on how to market an AI service or product of your choice.

Module 1: Core Marketing Concepts and Frameworks

“What is marketing and how are marketing problems analyzed?” You will learn principles of marketing pertaining to:

* The definition and scope of marketing
* Marketing as a value-creating process
* A wide range of analytical frameworks and conduct a situation analysis
* The objective, process, and importance of market research
* Consumer behavior and consumer decision making process based on the latest findings from consumer psychology

Module 2: Developing a Marketing Strategy

“How are marketing strategies developed and implemented?” You will learn how to make sound marketing decisions based on the following factors.

* Segmentation, Targeting, and Positioning: How to assess market potential, understand, and analyze consumer behavior
* Branding: How to develop, measure, and capitalize on brand equity
* Pricing: How to set prices that capitalize on value to customer and capture value for the firm
* Communications: How to develop an effective mix of communication efforts

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Curricular information is subject to change

Learning Outcomes:

By the end of the semester, you should have fundamental knowledge to:

* Understand key marketing concepts and their implementations
* Analyze market situation and identify marketing problems by applying analytical frameworks and techniques
* Develop and implement marketing strategies aimed at solving marketing problems
* Understand how new technologies (e.g., Artificial Intelligence, voice agent, novel payment methods) are reshaping consumer behavior and market operations

In addition, the course also helps you develop the following skills:

* Make and defend marketing decisions in the context of real-world problem situations based on incomplete information (through case studies)
* Practice critical thinking
* Collect market information from reliable sources and extract meaning insights from it
* Improve your skills in group problem-solving and in written communication

Indicative Module Content:

Module 1: Core Marketing Concepts and Frameworks

Module 1.1 What is Marketing
* What Is Marketing

Module 1.2 Understanding the Market
* Situation Analysis
* Gathering Market Insights

Module 1.3 Understanding Consumers
* Consumer Behavior Along Decision Journey
* Customer Lifetime Value
* Case Study: Blue Apron

Module 2: Developing a Marketing Strategy

Module 2.1 Developing a Customer Value Proposition
* Identifying Target Customers (Segmentation & Targeting)
* Developing a Customer Value Proposition (Positioning)

Module 2.2 Designing the Market Offering
* Managing Products
* Case Study: Pokemon Go
* Managing Brands
*Managing Price
* Case Study: Netflix

Module 2.3 Communicating and Delivering the Market Offering
* Managing Distribution Channels, Service, and Retail
* Case Study: Amazon Personal Shopper
* Managing Communication

Student Effort Hours: 
Student Effort Type Hours
Lectures

24
Autonomous Student Learning

76
Total

100
Approaches to Teaching and Learning:
This course adopts multiple methods of instruction, which include lectures, short case studies, and market analysis practices.

Throughout the semester, I will encourage you to think critically about the various challenges that organizations face today. In order for you to exercise your critical thinking skills, you must come to class prepared. This means you should read the assigned materials, especially the business cases ahead of time. I very much look forward to hearing what everyone has to say. In fact, I heavily count on your contributions to make the class fun and engaging for everyone!

As outlined in the grading section, some assignments will be completed individually (e.g., quizzes) while others in a team (i.e., market analysis practices). This mix of individual- and team-based assignments is intended to replicate what happens in the real world. As all group members will receive the same grade in group-based assignment, it is important for teammates to invest appropriate time and effort in group assignment.

This module will take place face to face with supporting documentation available online through Brightspace. Each week’s content will be delivered to you through a mix of lectures, in-class discussions, and live case studies. For the majority of classes, Power Point slides will be used to deliver concepts. There is no required textbook for this module, students will have a supplemental reading list and may be given class notes whenever appropriate. 
Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Incompatibles:
MKT20020 - Marketing: Firms, Customers &


 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Examination: (final quiz) This course has two quizzes, which will include multiple-choice questions and essay questions. The two quizzes are weighted differently using a 2:1 ratio. 1 hour End of Trimester Exam No Graded No

30
Continuous Assessment: In-class Participation: You should come prepared for class by reading the assigned material. This is particularly important on days when we have business case discussions. Throughout the Trimester n/a Graded No

10
Group Project: A key aspect of the learning experience will come through a market analysis exercise. Throughout the Trimester n/a Graded No

30
Class Test: (Week7, mid-term quiz) This course has two quizzes, which will include multiple-choice questions and essay questions. The two quizzes are weighted differently using a 2:1 ratio. Week 8 n/a Graded No

30

Carry forward of passed components
Yes
 
Resit In Terminal Exam
Autumn Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Group/class feedback, post-assessment
• Peer review activities

How will my Feedback be Delivered?

Not yet recorded.

Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
 
Spring
      
Lecture Offering 1 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Tues 15:00 - 16:50