Marketing is rethinking its traditional formula in terms of the "marketing mix" with its four components: (1) product decisions, (2) pricing decisions; (3) promotional decisions, and (4) place decisions (distribution).
The old assumptions about marketing that it is separate function in the organization and in the worst scenario subordinate to the other functions such as finance, human resources, operations and others - that it is the job of the marketing department to find new customers and convince them to buy the company's products and services; and creating a "favorable image" is obsolete today.
Marketing today involves everybody in the organization and has one ultimate goal of creating long-term satisfaction of customers. The objective is to serve customer needs by consistently delivering high quality products and services and being responsive to changing marketplace needs. Marketing reflected in this course focuses on a growing emphasis on quality, creating value for customers and retaining customers through relationship building. Other exciting issues covered in the course are the growth of direct marketing and the spill over into e-commerce; and the importance of services marketing and its influence on traditional mainstream marketing thinking.
Course aims and objectives will be:
- To cultivate the foundation skills needed to tackle the responsibilities of marketing and leadership in all organizations
- To sharpen those skills by relentless practice -- applying them to a series of cases about companies facing situations similar to those in which you may have worked in the past, or intend to work in the future
- To expose you to cutting-edge tools and concepts that have been developed by both academics and practitioners and tested on the firing line
- To demonstrate the usefulness of those tools by applying them to problems similar to those you will face upon leaving the program.
- To reinforce the principles that are essential for a creative, self-disciplined team to lead a high-performance company in a fast-changing marketplace
- Market share
- Value drivers
- Decision process
- Concentration of customer base for particular products
- Market position
- Market shares
- joint ventures
Macro-environmental PEST analysis
- Political and legal environment
- Economic environment
- Social and cultural environment
- Technological environment
A SWOT analysis of the business environment can be performed by organizing the environmental factors as follows:
- The firm's internal attributes can be classed as strengths and weaknesses.
- The external environment presents opportunities and threats.
Present a description of the market segmentation as follows:
- Percent of sales
- What they want
- How they use product
- Support requirements
- How to reach them
- Price sensitivity
- Percent of sales
- What they want...
Alternative Marketing Strategies
List and discuss the alternatives that were considered before arriving at the recommended strategy. Alternatives might include discontinuing a product, re-branding, positioning as a premium or value product, etc.
Selected Marketing Strategy
Discuss why the strategy was selected, then the marketing mix decisions (4 P's) of product, price, place (distribution), and promotion.
The product decisions should consider the product's advantages and how they will be leveraged. Product decisions should include:
- Brand name
- Scope of product line