Importance of Pricing

Course Content
Introduction to Marketing – Week 1
Principles of Marketing introduces students to the core concepts and strategies that are fundamental in today's ever-evolving business world. This course emphasizes the importance of understanding and applying key marketing principles to establish and maintain long-term customer relationships, and to effectively communicate value to target audiences. Students will engage with the processes involved in identifying target markets, developing a marketing mix, and analysing market opportunities and challenges.
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Definition of Marketing
Quiz 1.
Importance of Marketing
Quiz 2.
Evolution of Marketing
Quiz 3.
Marketing’s Role in Society
Quiz 4.
Marketing’s Role Within the Firm
Quiz 5.
Case Study 1: Safaricom’s M-Pesa Revolution
Discussion Questions
Case Study 2: The Coca-Cola “Share a Coke” Campaign
Discussion Questions
The Marketing Environment
Macro and micro environmental factors The marketing environment encompasses all external factors that influence an organization's marketing decisions and actions. These factors can be broadly categorized into macro and micro environmental factors. Each has a direct or indirect impact on the company's ability to serve its customers and achieve its objectives. Understanding these elements helps businesses adapt, strategize, and capitalize on prevailing market conditions.
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Macro Environmental Factors
Quiz 1.
Micro Environmental Factors
Quiz 2.
Case Study 1: Jumia’s Rise in the African E-commerce Market
Discussion Questions
Case Study 2: Starbucks and the Chinese Marketing Environment
Quiz 4.
Market Research & Information Systems
Market research and information systems play a pivotal role in helping organizations understand their audience, make informed decisions, and stay ahead in an increasingly competitive business environment. These tools provide valuable insights into market dynamics, customer behavior, and emerging trends.
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What is Market Research
Quiz 1.
Types of Market Research are Primary and Secondary Research
Quiz 2.
Importance of Market Research
Quiz 3.
Marketing Information Systems (MkIS)
Quiz 4.
Benefits of a Marketing Information System
Quiz 5.
Case Study 1: Jumia and the Power of Market Research in Africa
Discussion Questions
Case Study 2: Netflix’s Data-Driven Success with Market Research & Information Systems
Discussion Questions
Consumer Behavior – Week 2
Consumer behavior refers to the selection, purchase, and consumption of goods and services to meet consumer needs. By understanding why consumers make certain decisions, marketers can develop more effective strategies to target their audience. Factors influencing consumer behavior can be broadly categorized into psychological, social, and cultural factors.
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Factors influencing buying decisions can be psychological, social, and cultural.
Quiz 1.
Psychological Factors
Quiz 2
Social Factors
Quiz 3.
Cultural Factors
Quiz 4.
Application of Consumer Behavior in Marketing Strategies
Quiz 5.
Case Study 1: Maggi’s Culinary Transformation in West Africa
Discussion Questions
Case Study 2: Apple’s Mastery of Consumer Behavior
Discussion Questions
Market Segmentation, Targeting, and Positioning
The Market segmentation, targeting, and positioning (STP) process is a strategic approach used by marketers to identify distinct market segments, select specific target markets, and craft a unique positioning strategy. Together, these elements form the foundation of a company's marketing strategy, ensuring that products or services meet the specific needs of the intended audience.
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Market Segmentation
Quiz 1
Targeting
Quiz 2.
Positioning
Quiz 3.
Case Study: Vodacom’s Strategy in Tailoring Mobile Services for Africa
Discussion Questions
Case Study 2: Coca-Cola’s Successful Shift from “One-Size-Fits-All” to Personalized Marketing
Discussion Questions
Product: Concepts, Strategies, and Life Cycle
In the marketing mix, the product is the tangible (or intangible in the case of services) offering that a company provides to its customers. Understanding the product, its strategies, and its life cycle is crucial for marketers to ensure continued relevance in the market and sustainable growth.
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Product Concepts
Quiz 1.
Product Strategies
Quiz 2.
Product Life Cycle (PLC)
Quiz 3.
Case Study 1: Jua Solar Lamps – Illuminating Africa’s Product Life Cycle Journey
Discussion Questions
Pricing Strategies and Decisions – Week 3
Pricing is one of the most crucial elements of the marketing mix, directly impacting revenue, profitability, market share, and even brand perception. Establishing the right price for a product or service is a blend of art and science, and it's influenced by various internal and external factors.
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Importance of Pricing
Quiz 1.
Factors Influencing Pricing Decision
Quiz 2
Pricing Strategies
Quiz 3.
Pricing Tactics and Adjustments
Quiz 4.
Case Study: JUMO’s Dynamic Pricing Strategy
Discussion Questions
Promotion: Integrated Marketing Communications (IMC)
Promotion, a fundamental element of the marketing mix, ensures that consumers are informed, educated, persuaded, and reminded about a brand, its products, or services. Integrated Marketing Communications (IMC) is a concept that embodies the blend of all promotional tools into a seamless program designed to maximize the impact on consumers at minimal cost.
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Understanding Integrated Marketing Communications (IMC)
Quiz 1.
Components of Integrated Marketing Communications (IMC)
Quiz 2.
Benefits of Integrated Marketing Communications (IMC)
Quiz 3.
Steps to Developing an Integrated Marketing Communications (IMC) Strategy
Quiz 4.
Case Study 1: Integrated Marketing Communications (IMC) in the African Telecom Industry
Discussion Questions
Draft Lesson
Discussion Questions
Place (Distribution): Channels and Logistics Management
In the marketing mix, "place" or distribution pertains to how a product gets from the manufacturer or producer to the consumer. This process involves selecting the most suitable distribution channels and efficiently managing logistics.
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Understanding Distribution
What is the primary objective of distribution in marketing?
Distribution Channels
Quiz 2.
Importance of Channel Selection
Quiz 3.
Logistics Management
Quiz 4
The Role of Technology in Distribution and Logistics
Quiz 5.
Case Study 1: Streamlining Distribution and Logistics in the Kenyan Tea Industry
Quiz 6
Case Study 2: Streamlining Distribution and Logistics in a South African Retail Chain
Quiz 7.
Digital Marketing and E-commerce – Week 4
In the modern digital age, the way we market products and make purchases has been revolutionized by the rise of digital marketing and e-commerce. Understanding these realms is essential for businesses aiming to stay competitive in today's market.
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Digital Marketing: An Overview
Quiz 1
E-commerce: An Introduction
Quiz 2.
Advantages of Digital Marketing and E-commerce
Quiz 3.
Challenges in Digital Marketing and E-commerce
Quiz 4
The Future of Digital Marketing and E-commerce
Quiz 5.
Case Study 1: Kilimall’s Rise as Kenya’s E-commerce Giant
Discussion Questions
Global Marketing
In a world that is increasingly interconnected, businesses are seeking to tap into the global market to expand their reach, diversify their portfolio, and increase their profitability. Global marketing is the process of conceptualizing and then conveying a final product or service worldwide with the hopes of reaching the international marketing community.
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Understanding Global Marketing
Quiz 1.
Benefits of Global Marketing
Quiz 2.
Challenges in Global Marketing
Quiz 3.
Key Strategies in Global Marketing
Quiz 4.
Global Marketing Trends
Quiz 5.
Case Study 1: Nando’s Spicy Global Marketing Journey
Discussion Questions
Case Study 2: IKEA’s Journey of Global Market Adaptation
Discussion Questions
Ethical and Social Responsibilities in Marketing
In the age of digitalization and consumer empowerment, businesses are under greater scrutiny for their marketing practices. Ethical and social responsibilities in marketing are not just about adhering to legal regulations; they're about aligning business practices with the values, morals, and expectations of stakeholders and the broader society.
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Understanding Ethical Marketing
Quiz 1.
Importance of Ethical and Social Responsibilities
Quiz 2.
Common Ethical Issues in Marketing
Quiz 3.
Social Responsibilities in Marketing
Quiz 4.
Implementing Ethical and Social Responsibility in Marketing
Quiz 5.
Case Study 1: Ethical and Social Responsibilities in Marketing in the African Context
Quiz 6.
Case Study 2: Ethical and Social Responsibilities in Marketing at GreenTech Inc.
Quiz 7.
Branding and Brand Equity – Week 5
In a world saturated with products and services, distinguishing oneself can be a daunting task for businesses. This is where branding, and the resultant brand equity, play a pivotal role. They offer a beacon of identity in the crowded marketplace and ensure a product or service doesn't just remain a commodity.
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What is Branding?
Quiz 1
Understanding Brand Equity
Quiz 2.
Benefits of Strong Brand Equity
Quiz 3.
Building and Managing Brand Equity
Quiz 4.
Measuring Brand Equity
Quiz 5.
Case Study 1: The Rise of Jumia and Its Impact on Brand Equity
Discussion Questions
Draft Lesson
Quiz 7.
Services Marketing
In an era dominated by the service industry, understanding the nuances of services marketing is crucial for businesses to thrive. Unlike tangible products, services are intangible, making their marketing inherently different and challenging. This uniqueness requires a distinct approach to ensure customer satisfaction and loyalty.
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Understanding Services
Quiz 1.
The Services Marketing Mix – The Extended 7 Ps
Quiz 2.
Challenges in Services Marketing
Quiz 3.
Strategies for Effective Services Marketing
Quiz 4.
Measuring Success in Services Marketing
Quiz 5.
Case Study 1: Safari Adventure Ltd Service Marketing
Discussion Questions
Case Study 2: Transforming a Local Cafe into a Culinary Destination
Quiz 7.
Emerging Trends in Marketing
The marketing landscape is ever-evolving, shaped by technological advancements, cultural shifts, and changes in consumer behavior. Keeping abreast of these trends allows businesses to stay relevant, engage effectively with their audience, and maintain a competitive edge. Below, we delve into the prominent emerging trends that are redefining marketing.
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Customer Experience (CX) Takes Center Stage
Quiz 1
Personalization and Hyper-Personalization
Quiz 2.
Conversational Marketing and Chatbots
Quiz 3.
Interactive Content
Quiz 4
Video Content Dominance
Quiz 5.
Voice Search and Smart Speakers
Quiz 6.
Sustainable and Purpose-Driven Marketing
Quiz 7.
Virtual and Augmented Reality (VR & AR)
Quiz 8.
AI and Predictive Analysis
Quiz 9.
Influencer Collaborations and Niche Marketing
Quiz 10.
Privacy-First Marketing
Quiz 11.
Social Commerce
Quiz 12.
Neuro-Marketing
Quiz 13.
Blockchain Technology
Quiz 14.
Decentralized Finance (DeFi) and NFT Marketing
Quiz 15.
Case Study 1: Embracing Sustainable and Experiential Marketing in Fashion
Quiz 16.
Case Study 2: Sustainable and Experiential Marketing Success – Eco-Friendly Tourism
Quiz 17.
EXAMS
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Section A
Section B
Section C
BUSA 330 Principles of Marketing
About Lesson
  1. Revenue Generation: Price, when multiplied by the quantity sold, determines a company’s revenues.
  2. Competitive Positioning: Price can position a brand as a premium or budget offering.
  3. Market Entry: Introductory prices can determine the initial success and market penetration of a product.
  4. Consumer Perception: Price can influence the perceived value and quality of a product.
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