In order to be successful in the modern, dynamic and global business environment, organisations need to be able to identify and meet the needs of potential customers whilst still making a profit.
It is an important business skill to identify what is valued by different groups of customers and communicate this through the most appropriate mix of tactical marketing decisions. Organisations must also consider the effect of external and internal environmental factors in these decisions.
Everyone within an organisation has a contribution to make to Marketing and equally Marketing impacts on all aspects of the business. Therefore, the implementation of effective Strategic Marketing is essential for organisational survival and prosperity.
This module is designed to be an introduction to Marketing and the Strategic Marketing process. Marketing is both an academic and applied discipline and hence the module contains a combination of lectures and practical activities. Students will have an opportunity to experience the effects of taking real-life Marketing Decisions as part of the Marketplace Simulation.
On successful completion of the module, students should be able to:
- Interpret what different customer segments value and decide upon an appropriate mix of tactical marketing decisions in order to achieve clearly defined strategic objectives
- Critically evaluate a range of strategic marketing tools/models/techniques in order to justify their inclusion and application in a Strategic Marketing Plan
- Analyse the impact of external and internal environmental factors on a Strategic Marketing Plan and adapt accordingly
- The importance of the Marketing concept and Marketing orientation. The Strategic Marketing Process. The internal and External Marketing environment. Market and customer types- Consumer, Industrial, Government, International Customer Value and Segmentation, Targeting and Positioning. The strategic role of Brands and Branding
- Designing and managing the tactical marketing mix
- o Product - Product policy and innovation. Product life cycle.
- o Price - Price decisions, price strategies.
- o Place - Channel choices & network. Push and pull. Physical distribution systems.
- o Promotion - Corporate image, advertising, sales promotion, public relations and personal selling.
- o The role of other “P’s”
- The impact of data, digital tools & techniques and digital businesses on the role of Marketing
- Strategic Marketing Decision-making and Planning
- o Analysing external market opportunities & threats and assessing internal company capabilities in terms of strengths & weaknesses.
- o Competitor analysis and co-operation.
- o Strategic Decision-making Methods & Tools - Portfolio analysis. Market attractiveness and business position assessment.
- o Management - The planning cycle and marketing performance measurement and improvement.
- International Marketing – strategy and globalisation, modes of entry and standardisation versus adaptation of the tactical marketing mix
The Marketplace Simulation- Integration of most of the above topics via a simulation of a competitive business environment
2 weeks, including 23 hours of lectures, 9 hours of seminars and 9 hours group-directed teamwork on Marketplace simulation.
2,500 words Post-Module Assignment (60% weighting), 1,250 words in-module (group) assignment/presentation , Moodle based tests (10% weighting)