The module introduces learners to marketing and the marketing philosophy. The module content provides the foundation for understanding the “what, where, who and when” of marketing activity. The module provides learners with a grounding in marketing concepts, theories, and practices relevant to the development and implementation of marketing programmes and strategies.
Module content:
The nature of Marketing
Defining Marketing and the Marketing concept. Evolution of marketing thought. Marketing as a business philosophy and as an exchange process. The marketing concept. Marketing as a dynamic organisational process.
The Marketing context
The Environment of Marketing: Micro-environment - the company, publics, suppliers, customers, intermediaries, competitors. Macro-environment - demographic, political and legal, technological, social and cultural forces, and economic environments. Operating in a VUCA environment.
Implementing Marketing Strategies
Segmentation, Targeting and Positioning: Concept of market segmentation. Market segmentation variables for consumer markets. Market targeting. Defining positioning, selecting and implementing positioning strategies. Repositioning strategies.
Product strategy: Classifying products, product characteristics. Managing the Product Life Cycle.
Brand strategy: Branding strategy and the components of a brand. Brand values and meanings. Values of brands for buyers and sellers. Evolution of brand strategy.
Pricing: Pricing considerations, approaches and strategies: Role of pricing, factors affecting pricing decisions, general pricing approaches, pricing objectives, pricing policies, pricing methods. Value- based pricing strategies.
Promotion: Role of promotion, elements of the promotion mix. Digital media and marketing.
Distribution:The nature of distribution channels, channel behaviour and organisation, channel design decisions, and channel management.
Marketing for the future: Future trends in marketing practice.
The module is delivered through a lecture format which incorporates class-based discussion. Case study discussions and student presentations anchor the tutorial element of the module.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 60 |
| Other Assessment(s) | 40 |