Market Principles & Mechanisms Course

Overview

Empirical studies validate the connection between sales and marketing skills to successful business performance and growth. Sales and marketing skills are a prerequisite for business growth and personal career progression in the field.

This course imparts these critical competencies to develop an understanding of the way market mechanisms operate in business.

Completing this course will help in:

Who is the course for?

Individuals in the sales, marketing and customer services field of business require the skills, values and knowledge imparted by this course. The course participants will be able to employ marketing techniques during the course of their work in a sales and marketing role, customer service and customer care position from entry to middle levels within an organisation.

Training Outcomes

  • An explanation is given of the characteristics of different economic systems.

  • The role of competition in a free-market system is explained with examples from state owned/monopolies and private businesses.

  • Competition is illustrated by the listing varying prices of the same product/service.

  • Reasons for imperfect competitiveness are described with examples thereof.

  • The advantages and disadvantages of competition are explained with examples for the consumer and business.

  • A description is given of the interaction of role-players in the economic system.

  • The conditions for the existence of perfect and imperfect markets are explained in relation to the South African context.

  • The analysis is under conditions of perfectly competitive markets.

  • An explanation is given of the laws of demand and supply.

  • The explanation includes the consequences of these laws for new ventures.

  • An explanation is given of the relationship between the variables of demand and supply curves.

  • The relationship between demand, supply and price is discussed with reference to own products or service.

  • Factors that lead to changes in the demand and supply curve are listed in their own specific context.

  • Factors of production are explained in terms of the roles and contribution to the economy.

  • Money is explained in terms of its role in the economy.

  • The effects of cyclical movements in a market system are evaluated in the context of a new venture.

  • A description is given of the concept of inflation and its impact on the new venture.

  • Reasons are identified for the decline in the value of money.

  • An explanation is given for the role of foreign currency and exchange rates in the general economy.

  • An explanation is given of the role of the interest/BA rate, Gross Domestic Product and Balance of Payments in the operations of the new venture.

  • The description must have a particular reference to South Africa.

  • International trade as a result of uneven distribution of resources is investigated in terms of opportunities for new ventures.

  • Socio-economic factors are identified that underline the importance of new ventures in South Africa.

  • Growth sectors that exist in South Africa are identified and classified for possible new ventures.

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