Teaching Plan 2024-25 (BBA First Year)

# Teaching Plan: 2024-25 ## Class: BBA First Year (SEM-I) ## Teacher's Name: Prof. Renuka Vishwanath Kale ## DITMS, Aurangabad ## Subject: Introduction to Marketing ### Course Objective: 1. To introduce marketing as a critical business function that drives value creation and customer satisfacti...

# Teaching Plan: 2024-25 ## Class: BBA First Year (SEM-I) ## Teacher's Name: Prof. Renuka Vishwanath Kale ## DITMS, Aurangabad ## Subject: Introduction to Marketing ### Course Objective: 1. To introduce marketing as a critical business function that drives value creation and customer satisfaction. 2. To analyze the impact of external environmental factors on marketing decision making. 3. To help students learn about the systematic process of developing and implementing marketing strategies. ### Course Outcome: | Week | Topic/Subtopic | |---|---| | 1 | Unit 1 - Definition & Functions of Marketing: Scope of Marketing, Evolution of Marketing, Customer Satisfaction | | 2 | Core concepts of marketing: Need, Want, Demand, Customer Value, Exchange, Customer & Consumer | | 3 | Customer Delight, Customer Loyalty, Marketing v/s Market | | 4 | 1.2 Markets: Definition of Market, Competition, Key customer markets, Marketplaces, Market spaces, Meta-markets, Digital Markets, Brick & Click Model| | 5 | Impact of Globalization, Technology and Social Responsibility on Marketing. Functions of Marketing Manager. Linkage of Marketing Function with All Functions in the Organization. | | 6 | Unit 2. Concept of Environment: Macro Environment & Micro Environment - Components and Characteristics | | 7 | Needs & Trends, Major Forces Impacting the Macro Environment & Micro Environment.| | 8 | 2.2 Need for Analyzing the Marketing Environment: Analyzing the Demographic, Economic, Sociocultural, Natural, Technological, and Political-Legal Environment | | 9 | unit III | | 10 | 3.1 Marketing as Value Delivery Process: Traditional & modern approaches | | 11 | 3.2 Segmentation: Definition, Need for segmentation, Benefits of segmentation to marketers, Bases for market segmentation of consumer goods, Criteria for effective segmentation | | 12 | 3.3 Positioning: Concept of Differentiation & Positioning, Introduction to the Concept of value proposition & USP | | 13 | Unit 1V4.1 Meaning & importance of consumer behavior | | 14 | Comparison between Organizational Buying behavior and consumer buying behavior, Buying roles | | 15 | Unit V 5.1 Marketing Mix: Origin & Concept of Marketing Mix, 7P's Product, Price, Place, Promotion, People, Process, Physical Evidence | ## Unit 1- Marketing ### Meaning of marketing:- Marketing refers to the activities and processes involved in promoting and selling products or services, including market research, advertising, and distribution. It encompasses strategies and techniques used by businesses to attract and retain customers, communicate value, and ultimately drive sales and profitability. Effective marketing aims to understand customer needs and preferences create compelling messaging, and strategically position products or services in the marketplace to achieve competitive advantage. ### Definition of marketing:- Marketing can be defined as the set of activities, processes, and strategies employed by organizations to create, communicate, deliver, and exchange offerings that have value for customers, clients, partners, and society at large. Marketing originates with the recognition of a need on the part of a consumer and terminates with the satisfaction of that need by the delivery of a usable product at the right time, at the right place and at an acceptable price. * Marketing is a viewpoint, which looks at the entire business process as a highly integrated effort to discover, create, arouse and satisfy consumer needs. * Marketing is the delivery of a standard of living to society. American Marketing Association: "It is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods 9 Introduction to Marketing and its Concepts & services to create exchange that satisfy individual & organizational goals". * The Chartered Institute of Marketing defines Marketing as: "Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably." Quality production and efficient marketing are the key success factors in building sustainable competitive edge for ever Business Corporation. "Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others" - Philip Kotler. ### Scope of Marketing :- The scope of marketing is determined by the market offering of an organization. Market offering is a combination of goods, services or ideas, persons, place, information offered to market to satisfy specific needs and wants of people. Market offerings can also includes Idea, person, organization, places as discussed below 1) Goods: - an item is considered good if it is tangible at a something that could be tasted, heard smelled or seen. The examples are bread, fruits, mobile phone and TV. 2) Services: - these consist of services of professional like doctor, advocate, chartered accountant, electrician and other services such as banking, insurance, and transport. 3) Ideas: - an idea is a mental concept and it is intangible in nature. Marketer makes an idea to change the behaviour of the target people in some way. For example, pulse polio campaign, anti-smoking, campaigns are the example of spreading specific idea to change the behavior of perception of the target audience 4) Persons: - marketing of person has become a specialized job these days. Experts are employed to market specific personality like politicians, actor, and painters. For example, the election campaign by the major political parties generally concentrates on marketing their leader to the voters. 5) Organisation: - many organisation including social political, religious, educational market them to build up their reputation and to make people aware about their activities 6) Places: - the marketing of places is also a common feature of the day tour and travel agencies induce people to visit various tourism and health resorts such as Red Fort, Pink City .It is also called as destination marketing. 7) Events: - event marketing promotes time base events such as trade fair, social, central events, religious events. Sports events and entertainment night the famous examples include includes International Trade Fair and Book Fair at Pragati Maidan 8) Experience: - this marketing includes promoting activities that provide fun filled thrilling experience to people for example the joy rides in amusement park, Water Park at specified locations. 9) Real estate: - real estate Builders and Developers use organised marketing to promote their market offering for example plots, flat, commercial shops and offices. ### Functions of marketing:-These are divided into four parts #### A. Function of research 1) Marketing research: - marketing research helps in analysing the buyer's wants, attitude and behaviour about the product and effectiveness of advertisement media .Its major task is to provide the marketing manager with timely and accurate information so that better decisions could be made. Marketing research is the systematic search for an analysing of fact related to a marketing problem 2) Marketing design and development: - if product is something, which offers by a business organisation to final consumer is to satisfy their demand after marketing research, which is mainly directs towards knowing the needs, and wants of the consumer. The next step is product design and development. Therefore, it is necessary to plan and develop products, which needs the specification of the consumer products the products must be designed and developed in such a way it meets the requirement of the customer and offer them value for money. #### B. Function of exchange 1) Buying and assembling: - after procurement of raw material, production process procedure we get the final product whatever may be the case the production department take decision regarding procurement of raw material and making the products or buy spare parts and assemble them depending upon the requirement of the organisation. 2) Selling - it is an important aspect of marketing under which the ownership of goods is transfer to the final consumer. Sales may take the form of one is negotiated and second one is auction sale. In case of a negotiated sales the terms and conditions between the buyer and seller are arrived at by bargaining. In case of auction sale there is no scope for negotiation between the seller and buyer. The buyers assemble at the place of auction and bid against one another for the goods on sale. #### C. Physical treatment function- 1) Standardisation grading and branding :-standardization means setting up of specification of a product grades of agriculture product based on the specification and branding it's all about a logo, picture and combination of both which influence a consumer to purchase a product and differentiate it from the other product. 2) Packaging: - packaging is known as fifth P of marketing mix. Packaging is done to protect the product from damage in transit and to facilitate easy transfer of goods to the final consumer 3) Storage: - storage of goods in warehouses has become an important services these days because of producer manufacturing, traders, mercantile, agent, importer, exporter have to store their goods in warehouses because if they want to achieve the economies of scale so they have to produce to the maximum level of production but some time demands are not up to that limit so we have to store the product in a warehouse. 4) Transportation: - transport plays a significant role in the economic, social, political development of a country with the help of the various means of transport. Raw materials are transported from the place of their production to the industrial Centre where they are converted into finished goods and after this process the final goods are transferred to the final consumer by using these transportation facilities. By doing so transportation removes the distance problem and creates place utility. #### D. Facilitating functions 1) Personal selling: - personal selling is an important method of selling it includes direct and personal contact to the final consumer, face-to-face interaction to the final consumer and getting feedback at a time. 2) Advertising: - advertising has become an important function of marketing. It is creation of non-personal link between the advertiser and the receiver of the message. Business firms use several media of advertising to sell their product for example newspaper, magazine, radio television, cinema halls, window display, and internet. 3) Financing:- financing and marketing function of a business are interrelated with each other. Every department get finance facility from the Finance Department to fulfil their activities as well as the financing of the customer purchasing has become an integral part of modern marketing. The provision of goods to the final consumer on credit basis an important device to increase the volume of sales, so the credit facility is the basic facility given to the wholesaler and retailer as well as consumer. 4) Risk taking:- risk involved in almost all stages in the marketing process right from the product planning to the final transfer of the ownership to the final consumer and after-sales services but in every step there is risk involved for example right from the production planning there is a chance of change in the demand and supply condition loss in storage and transportation in fact this is a part and parcel of the business marketing race may arise because of change in time place demand journal business condition. Some of these risks such as theft, fire, and earthquake can be insured with the Insurance Company against the payment of the required premium ### The Evolution of Marketing:- - Production Concept - Product Concept ### 1. Exchange Concept: The Exchange concept holds that the exchange of a product between seller & buyer is the central idea of marketing Exchange is an important part of marketing, but marketing is a much wider concept. ### 2. Production Concept: The production concept is one of the oldest concepts in business. It holds that consumers will prefer products that are widely available & expensive. Manager of production oriented business concentrate on achieving high production efficiency low cost & mass distribution. For Example: Haier in China take advantage of the country's huge inexpensive labour pool to dominate the market, to manufacture PC & domestic appliances. ### 3. Product Concept: This concept holds that consumers will prefer those products that are high in quality, performance or innovative features. Managers in these organization focus on making superior products & improving them. Sometimes, this concept leads to marketing myopia, Marketing myopia is a short sightedness about business. Excessive attention to production or the product or selling aspects at the cost of customer & his actual needs creates this myopia. ### 4. Selling Concepts: This concept focuses on aggressively promoting & pushing its products, it cannot expect its products to get picked up automatically by the customer. The purpose is basically to sell more stuff to more people, in order to make more profits. Eg. Coca Cola ### 5. Marketing Concept: The marketing concept emerged in the mid 1950's. The business generally shifted from a product - cantered, make & sell philosophy, to a customer cantered, sense & respond philosophy. The job is not to find the right customers for your product, but to find right products for your customers. The marketing concept holds that the key to achieving organizational goals consist of the company being more effective than competitors in creating, delivering & communicating superior customers value. This concept puts the customers at both the beginning & the end of the business cycle. Every department & every worker should think customer & act customer. ### 6. Social Marketing Concept:- Social Marketing Concept: This concept holds understanding broader concerns & the ethical, environmental & legal & social context of marketing activities & programs. The cause & effects of marketing extend beyond the company & the consumes to society as a whole. Social responsibility also requires that marketers carefully consider the role that they are playing & could play in terms of social welfare. ### 7. Holistic Marketing Concept: This concept is based on the development, design & implementation of marketing programs, processes & activities that recognizes their breadth. Holistic concept realizes that "everything matters" with marketing. ### Core Marketing Concepts:- Marketing is a dynamic field that revolves around various core concepts essential for understanding and strategizing in the business world. Let's explore these core marketing concepts in depth: - Market, Marketing, Marketer, Prospect, Needs, Wants, Demand, Products, Relationship & Network, Exchange, Transaction & Transfer, Utility, Costs & Satisfaction, Customer, Customer Delight, Customer Loyalty. **A diagram is included in the document which can be described as follows**: The image depicts a circle with a series of concentric circles within it. The outer circle says **"Market, Marketing, Marketer & Prospect"**. The next circle contains: **"Needs"**, **"Wants"**, **"Demand"**, and **"Products."**. The following inner circles describe **"Relationship & Network"** and **"Exchange, Transaction & Transfer."**. Finally, the core of the diagram is labelled **"Utility, Costs & Satisfaction."**. The text **"Core Concepts in Marketing"** appears on an arrow that points to this center. **The following information is explained in the document**: 1. Needs refer to the basic human requirements for survival and well-being. These can include necessities like food, shelter, clothing, and healthcare. In a marketing context, identifying and understanding customer needs is crucial for creating products or services that fulfill those requirements. 2. Wants are desires or preferences for specific products or services that go beyond basic needs. While needs are essential, wants are driven by individual preferences and can vary widely from person to person. Successful marketers tap into these wants to create appealing offers. 3. Demands arise when wants are supported by the ability and willingness to pay for a product or service. In other words, demand is the combination of desire and purchasing power. Marketers strive to stimulate and meet customer demands through effective strategies. 4. Products refer to tangible items or intangible services that fulfill customer needs or wants. They are at the core of marketing efforts. Understanding the features, benefits, and unique selling propositions of products is vital for marketing success. 5. **Utility, Costs & Satisfaction** Utility represents the value that consumers derive from a product or service. It can be categorized into four types: form (physical characteristics), time (availability when needed), place (availability where needed), and possession (ease of ownership). Costs encompass the monetary and non-monetary sacrifices made to acquire a product or service. These can include the purchase price, time spent, and effort expended. Effective marketing aims to maximize utllity while minimizing costs. Satisfaction reflects the level of contentment or pleasure a customer experiences after using a product or service. Satisfied customers are more likely to become loyal and engage in repeat business. 6. **Exchange, Transaction & Transfer** Exchange is the act of obtaining a desired product or service by offering something of value in return. This mutual benefit is at the core of all marketing activities. Transaction refers to the actual process of exchanging products or services for money or something of value. Transactions can be one-time purchases or part of an on-going relationship. Transfer involves the transfer of ownership or rights related to a product or service from the seller to the buyer. This transfer is a key element of any transaction. 7. **Relationship & Network** Relationship Marketing emphasizes building and maintaining long-term relationships with customers. It recognizes that repeat customers often contribute more to a company's revenue than new ones. Networks represent the connections between individuals, organizations, and entities within the business environment. Strong networks can provide valuable resources, information, and opportunities. 8. **Market, Marketing & Marketer** Market is a group of potential buyers who share common needs or wants and have the ability and willingness to make purchases. Markets can be segmented based on various criteria such as demographics, psychographics, or behavior. Effective marketing involves identifying target markets and tailoring strategies to meet their specific needs. Marketing is the process of planning, executing, and managing activities that create, communicate, deliver, and exchange value to fulfill customer needs and achieve organizational goals. It encompasses a wide range of activities, from market research and product development to advertising and customer relationship management. Marketer refers to the entity (individual or organization) responsible for creating, promoting, and selling products or services. Marketers play a crucial role in understanding customer needs and delivering value. 9. **Prospect** Prospect represents a potential customer who has shown interest in a product or service but has not yet made a purchase. Marketers engage with prospects through various marketing channels to convert them into customers. Understanding these core marketing concepts is essential for businesses and marketers to navigate the complex landscape of consumer behaviour, competition, and market dynamics. Successful marketing strategies are built on a foundation of meeting customer needs and creating value. 10. A consumer is the one who purchases the product for his/her own need and uses or consumes it. A consumer cannot resell the good, product or service but can consume it to earn his/her livelihood and self-employment. The consumer is the one who is the end-user of any goods or services. 11. Customer is someone who buys something from a seller, vendor, or supplier in exchange for money or something else of value. 12. Customer delight means surprising a customer by exceeding their expectations and thus creating a positive emotional reaction. This emotional reaction leads to word of mouth. Customer delight directly affects the sales and profitability of a company, as it helps to distinguish the company and its products and services from the competition. 13. Customer loyalty is an on-going positive relationship between a customer and a business. It's what drives repeat purchases and prompts existing customers to choose your company over a competitor offering similar benefits. ### Marketing V/S Market: | Topics | Marketing | Market | |---|---|---| | Nature | Marketing is the set of activities aimed at facilitating these transactions. | market is an environment for the transaction of goods and services | | Purpose | Marketing exists to identify and meet customer needs. | The market exists to facilitate exchange | | Orientation | Marketing, on the other hand, is business oriented, as it involves strategies to influence customer behaviour. | The market is customer oriented, being the platform where customers make purchase decisions. | | Scope | Marketing is a wider concept that includes market research, product development, distribution, sales, and customer service. | The market refers to a specific place or area where trading happens | | Value Creation | Marketing is where value is created through the development and promotion of products or services that meet customer needs. | The market is where value is realized through the exchange of goods and services for money. | | Communication | Marketing involves strategic communication to influence buying behavior. | The market is a platform for communication between buyers and sellers. | | Management | Marketing, on the other hand, is a managed function that a company can control and adapt to achieve its objectives. | The market is governed by the laws of supply and demand and is usually not controlled by any single entity. | | Change | Marketing, however, changes based on a company's strategies and business goals. | The market changes with consumer preferences, competitive forces, and external factors like economic conditions. | | Role in Business Strategy | Marketing is a tool for executing the business strategy. | The market is crucial for setting a business strategy. | **The document continues to explain the following**: Market: - a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions. Key customer market:- There are four types of customer markets. They are 1. Consumer Markets 2. Business Markets 3. Global Markets 4. Non - profit Markets The document then goes on to describe and explain each of these four categories of customer markets. The document then highlights the **"Brick and click model"** and how it works. The concept of a brick-and-click business entails selling products to consumers via several channels, one which is usually a tangible shop and the other one an e-business. The tangible location is the brick while the e-business is the click. A good example is Wal-Mart. The retailer originally started as a brick-and-mortar shop but not but now supports purchases through its e-business. Typically, clients can order goods online and have them delivered at their preferred tangible outlet. Other brick-and-click companies' examples include Whole Foods and Target.