Marketing by its very nature reflects social and political change as well as technological and economic trends. In this context, marketing, as a management function must be harnessed within a disciplined and controlled management structure to ensure ‘as far as possible’ that the right things are done at the right time for the right reasons. Marketing is in the front line of an organisation’s attitude to social responsibility and corporate citizenship. Thus marketers have to be creative and flexible, yet disciplined and ethical. As a foundation course in the business function of marketing the subject is introduced in the context of business. The breadth of the subject ‘marketing’ covers a wide range of applications, industries and markets, exploring ways to respond to new situations and to solving marketing problems.
The aim is to bring together theory and practice. Marketing is wide ranging in its coverage of markets and organisations and within different industries and organisational sizes. With the first time marketing students in mind, through a combination of theory, examples and discussion, the module seeks to lead them through to a substantial and appropriate understanding of marketing principles and applications.
1. Marketing analysis
- The macro-environment analysis by using the PESTEEL model; The micro-environment analysis by using the Michael Porter's Five Forces model; To analyse consumer behaviour by examining the consumer decision-making process and different groups of factors that influence consumer behaviour; To analyse the internal abilities of organisations by using models such as BCG matrix, SWOT, etc.
2. Marketing strategy formulation
- Theories of segmentation, targeting & positioning will be delivered, which are critical for organisations to formulate marketing strategies.
3. Marketing strategy implementation
- Overview of product, price, promotion & place (4P's), although Process, People and Physical evidence are mentioned briefly on services marketing. Product layers, product life cycles, product line extension/contraction, brand extension and management, new product management are included in product. Different pricing strategies, it's relationship to the product life cycle will be delivered. Seven different promotional mix will be covered from advertising, to publicity, public relations, direct sales, etc.
4. Marketing strategy control
- Marketing audit & control are to be addressed with an focus on measuring the effectiveness and efficiency of marketing against opportunities and challenges in the environment, and objectives and resources of the organisation.
Lectures and tutorials are the main means of delivery of the module. In the tutorial, seminars, guest speeches and case studies will be used to enhance students understanding of marketing and their analytical skills.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 60 |
| Other Assessment(s) | 40 |