Principles of Marketing

What you'll learn

• Explain marketing as creating and capturing customer value, distinguish needs, wants and demand, compare marketing orientations and calculate perceived value, simple customer lifetime value and marketing ROI.
• Analyze the micro- and macroenvironment with PESTEL and SWOT using current US data, set SMART objectives, apply the Ansoff and growth–share matrices and outline a marketing plan.
• Plan marketing research, evaluate secondary data, choose primary methods, calculate sample sizes, design unbiased questionnaires, interpret A/B tests and estimate TAM, SAM and SOM within research ethics and privacy rules.
• Explain cultural, social, personal and psychological influences on consumers, the types of buying decision and the decision process, and apply the multi-attribute model, NPS, adopter categories and behavioral economics.
• Describe how business markets differ, map buying centers and the business buying process, and apply supplier scoring, total cost of ownership, pipeline forecasts and CAC payback.
• Segment consumer and business markets, score and select target segments, choose a targeting strategy, build perceptual maps, value propositions and positioning statements, and compare segments by customer lifetime value.
• Make product, line, mix and branding decisions, manage new product development and the product life cycle, model diffusion with the Bass model and apply US labeling and trademark requirements.
• Manage services and the customer experience using SERVQUAL, the gaps model, journey maps and blueprints, revenue management, service recovery and loyalty program economics.
• Set prices using customer value, costs and competition, calculate markups, margins, elasticity and required volume changes, choose new-product, product-mix and adjustment strategies and apply federal and state pricing rules.
• Design and manage distribution channels, calculate channel price chains, evaluate marketplace and direct channels, explain vertical marketing systems, omnichannel retail and logistics, and identify legal limits on channel practices.
• Plan integrated marketing communications, set budgets by objective and task, calculate GRPs, CPM, CPA and ROAS, evaluate promotions and apply CAN-SPAM, TCPA, sweepstakes and FTC endorsement rules.
• Evaluate marketing practices against ethical tests and sustainability principles, avoid greenwashing and manipulation, and write a complete, quantified marketing plan with a budget, forecast and controls.