This module comprises marketing strategy which together provides a foundation in strategic thought.
The strategic marketing element is taught at two levels. Firstly, it is approached from the perspective of the meaning of strategy and of the role of strategic thinking in management. The foundation of the programme is therefore the concept of strategy (and in particular, the future oriented nature of strategic processes). Secondly, the strategy concept is applied in the customer / marketing context in terms of strategic marketing management - that is, the strategic processes involved in customer / market selection and subsequent servicing of these markets in a given competitive environment.
The strategic aspects of marketing processes relate to fundamental organizational concerns such as survival, resource allocation, customer responsiveness, flexibility and reputation. They should therefore be of primary concern to the student of marketing.
The module also aids linkage between the theoretical programmes of the first two years with the more application-based approaches of fourth year. As critical abilities grow students are increasingly encouraged to appraise the appropriateness of particular theories as well as the entire paradigms of marketing and economics.
Introduction & Overview
The meaning of business strategy, strategic marketing and strategy economics. Historical development of strategic planning and management. The nature of contributions and limitations of economics & marketing to business and strategic thinking. The value of strategic marketing. Competitive advantage and sustaining competitive advantage
Contexts, Competition & Customers.
Strategic Marketing Analysis & Formulation
The marketing planning process. Objectives and gap analysis. SWOT analysis.
Market Segmentation. Targeting and Positioning. The product life cycle. The Boston Consulting Group growth/share matrix. PIMS. Porter’s generic competitive strategies. Ansoff’s growth vector models. Customer Portfolio Analysis.
Firms’ Objectives. Separation of ownership & control. Profit-maximisation, managerial utility maximisation, satisificing, stakeholding and the value-added approaches. Supply and value chains. Value-creation and value capture. Review of Market Structures, concentration measures, entry and its deterrence, game theory and Porter’s five forces. Costs advantages and its sources. Economies of scale and scope. Learning Curve. Cost flexibility. Benefit advantage and its sources. The market structure, conduct and performance debate.
Relationships
Relationship Marketing Strategies. Long-term buyer-seller relationship. Relationship life cycles. Relationship marketing. Loyalty marketing. Sectoral variations. Challenges to relationship marketing.
Technology & Innovation
EMarketing Strategies. The world of e-marketing. Reaching e-consumers. B2C e-marketing mix. B2B e-marketing.
Innovation. Grand theories of innovation including Baconian and System of innovation approaches. Early mover advantages and patent races. Diffusion of innovation.
Learning will be aided by classes, guest lecturers, videos, case analysis combined with reading and programme work.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 60 |
| Other Assessment(s) | 40 |