Strategic aspects involve conducting a situation analysis, identifying market segments, making targeting decisions, developing a clear positioning, and deciding upon SMART (Specific, Measurable, Attainable, Relevant, Time bound), responsible marketing objectives. Although emphasis is placed on marketing strategy and management, links will be made with broader business functions including finance, production, R&D and HRM. Moreover, this module seeks to endorse marketing decisions that reinforce and align with the triple bottom line (financial, social and environmental) perspective.
Main topics of the module include:
- Introduction to Strategic Marketing
- Situation analysis I: The 5 Cs (Customers, Context, Company, Collaborators and Complementers, Competitors)
- Situation analysis II: Industry Competitiveness and SWOT Analysis
- Segmentation, Targeting and Positioning
- The Marketing Mix, Product and Services
- People, Process, Physical Environment
- Strategy Evaluation, Organisation and Control
On successful completion of this module, you will be expected to be able to:
- understand how the external and internal environments affect strategic marketing decisions;
- understand appropriate approaches to segmenting markets and assessing viable target markets;
- understand positioning challenges and how to make positioning decisions;
- identify, acquire and analyse data that can aid decision-making on strategic marketing issues;
- identify, acquire and analyse data that can assist tactical marketing decision making;
- generate creative marketing mix solutions to support specific, responsible marketing objectives.
Individual Presentation (30% weighting) - Students will be tasked with analysing the business environment and identifying key opportunities and threats for a clearly identified company of their choice. Students will be expected to prepare and upload no more than twenty MS PowerPoint slides.
Individual Report (70% weighting) - An individual 3000-word report. This will entail the development of a marketing plan, a critical task for any strategic marketing manager.