Module Description:
1. To provide students with a firm grounds in the frameworks and concepts of strategic marketing management.
2. To provide students with the skills required to carry out a full situation analysis and use the findings to develop objectives, formulate strategy and develop appropriate marketing plans.
3. To consider the nature of contemporary strategic marketing in the light of current research issues.
Main topics of study:
1. Overview of the strategic marketing process.
2. Situation analysis, goal and objective setting.
3. Strategy formulation.
4. Implementation and advanced tactical mix marketing management.
5. The control process.
6. Current research issues in strategic marketing.
Learning Outcomes for the module
On completion of this module, students will be able to:
1. Demonstrate an understanding of the characteristics and importance of strategic marketing.
2. Conduct a situation analysis such that it is possible to develop a concise understanding of the Marketing environment.
3. Use situation analysis findings to develop a set of objectives appropriate for the company and its environment.
4. Use situation analysis findings to formulate a marketing strategy that will fit the company and its environment.
5. Devise a marketing plan that provides for the implementation and control of chosen strategies.
6. Critically evaluate the current research issues in strategic marketing
Assessment Methods of the Module (As per the Module Specification) Assessment Weighting: 100% Coursework
An individual piece of work of 3500 - 4000 words that requires students to identify and assess current marketing issues using the appropriate tools. Identify a marketing strategy that will fit the company and its environment and develop a marketing plan that provides for the implementation and control of chosen strategies.
Assignment
Preparation of a written Marketing Plan is crucial in effecting the implementation of a strategic marketing program in an organization. It documents what needs to be done, when and by whom. Such a document also facilitates communication in the organization.
Prepare a Marketing Plan for the next financial year for a particular product or product line marketed by an organization (of your choice).
Instructions for the Coursework:
A Marketing Plan has a typical or set framework/structure. One such structure is presented below. Students are advised to follow this structure:
1. Executive Summary: short overview of issues, objectives and marketing strategy/actions
2. Current Situation and Trends: Background information on the market, competitors and macro-environment
3. Performance Review (for an existing Products/Service Only): past performance for an existing product and elements of its marketing mix
4. Key Issue: main opportunities and threats, strength and weaknesses for the product/product-line in question
5. Objectives: marketing and financial objectives
6. Marketing Strategy: summarizes the overall marketing strategic approach
7. Action Plan
- Segmentation, Targeting and Positioning issues
- Marketing Mix issues
8. Controls: how will the plan's progress measured and correction measures
9. Contingency Plans: discuss specific important opportunities/threats and possible response
Criteria for the Coursework Marking:
- Appropriate application of Segmentation, Targeting and Positioning strategies: 30%
- Appropriate application of the Marketing Mix (4Ps: Product, Price, Place and Promotion, 7Ps in the case of services): 40%
Practical discussion of other areas relevant to Marketing Plan content: 20%
UK English, structure, and clarity: 10%