Strategic Marketing

Unit Aims

The aim of this unit is to develop learners’ understanding of the concepts, methods and technical aspects of strategic marketing and the challenges associated with marketing in today’s business environment, including how a strategy combines product development, promotion, distribution, pricing, relationship management and other elements.

Learning Outcomes and Assessment Criteria

Assessment

To achieve a pass for this unit, learners must provide evidence to demonstrate that they have fulfilled all the learning outcomes and meet the standards specified by all assessment criteria.

Indicative contents

• Critically discuss the nature and purpose of strategic marketing in  an organisation: strategic marketing e.g. definition, concepts, aims, objectives, importance; the interrelationships between strategic marketing and business organisation; emergence and importance of digital and online marketing.

• Analysis and application of different marketing concepts in different organisational contexts: strategic marketing concepts of Philip Kotler, Peter Doyle, Hugh Davidson, Malcolm McDonald and others; strategic marketing features; attachments with corporate strategies as defined by Michael Porter; organisational structures; dynamic strategies as featured by Carpenters and Sanders; attachments with mission statements; ethics and corporate responsibilities; knowledge management systems; systematic approaches, necessities of strategic marketing in an organisation; activity integration, scheduling and sequencing; resource demands; time scaling; control and monitoring elements. 1.1 Critically evaluate the nature and purpose of strategic marketing in an organisation

• Explanation of the processes involved in strategic marketing: the definition,  role and importance of process in strategic marketing; planning processes of strategic marketing with contributions or Malcolm McDonald and Peter Doyle; strategic marketing analysis; factor analysis; option evaluation; objective setting of marketing strategy; perceptual mapping; choice; control; formulation; implementation.

• Developing SMART strategic marketing objectives for an organisation: situation analysis of market, industry and organisation environment; conduct and performance; SMART (specific, measurable, achievable, realistic and time bound); portfolio analysis techniques: Ansoff matrix, BCG matrix, Product Life Cycle model; Porter’s Five Forces model; PEST (political, economic, social, technological) analysis; marketing audit.

• Assessing and evaluating external and competitive environment in which an organisation performs: supply to demand environment shift; competition; globalisation; new constraints; fashionisation of markets;                                                                              micro-markets; expectations rising; technological change; importance of customer service; commoditisation; brands erosion.
• Assessing and evaluating internal and stakeholder environment in which an organisation performs: SWOT (strengths, weaknesses, opportunities and threats) analysis of a business organisation; the role identification of stakeholders; measuring the performances of stakeholders; marketing objectives focus; attachments with corporate strategies; new product developments speed; customisation, information handling abilities to gain competitive advantage; timescales; demands for resources; organisational structures; budgets; monitoring; control and review mechanisms; innovation strategies; target markets; e-marketing position; mandatory focus; key market segments; customers and other stakeholders partnerships.

• Identify and develop various options available within given constraints for an organisation: relationship marketing e.g. definitions; features; direct response marketing strategies: new customers acquiring, offensive strategies, increasing customer purchase frequency; defensive strategies; customer satisfaction; switching costs. 1.1 Critically evaluate the nature and purpose of strategic marketing in an organisation

• Critically evaluate various options available within given constraints for an organisation: strategy alternatives e.g. features, identification; innovation strategies; market niche; market leader; market challenger; market pioneer; market follower: late followers, close followers; value-based, defensive and offensive marketing strategies General Electric model; Porter’s generic strategies: focus, cost leadership and differentiation; competitive advantage: H. Davidson, M. Porter; Shell directional policy matrix; market dominance strategies; mandatory competences: G. Johnson and K. Scholes, G. Hamel and C. K. Prahalad; investment opportunity evaluation: D. F. Abell and J. S. Hammond.

• Selection of competitive strategic marketing strategies: responses to strategic marketing; emerging concepts or themes; globalisation impact, competitor weaknesses or weaknesses; environmental factor importance; political environment related changes; safety factors; the exchange rate; the state of the economy.

• Developing and discussing market segments, targeting and branding positioning of an organisational context: market segments, targeting and branding positioning e.g. definitions, features, criteria, usefulness, adjustability in changed market and organisational contexts;

• Evaluating and deciding about targeted segments for an organisational context: methods of consumer market segmenting e.g. demographic, geographic, behavioural, psychographic, benefit, cultural, multi-variable account; targeting strategies e.g. mass marketing, direct marketing, niche marketing, differentiated market targeting strategies; branding strategies e.g. determination of brand objectives, brand positioning statement.

• Developing differentiated brand position for targeted segments for an organisational context: marketing techniques; marketing objectives setting; marketing strategies; targeting markets; segmenting markets: demographic, geographic, behaviour, psychographic; profiling markets: profitability potential, revenue potential, market share potential; positioning segmented markets: mass marketing, market leader or product line extension or targeted marketing, direct or indirect sales.

• Analysing the significance of integrated marketing mix for an organisational context: definition, aims, objectives, importance, application and usefulness of marketing mix;

• Developing effective marketing mix for an organisational context: the development of effective marketing mix; understanding strategic marketing e.g. definition; marketing mix 7 Ps; product/service marketing strategies; production; distribution; pricing; promotion; direct marketing, advertising, sales promotion, public relations, personal selling, people: customer service, internal, intermediaries; processes; physical  evidences, e-marketing strategies; customer relationship management; resource requirements: people, financial marketing; marketing activity strategies integration.

• Establishing linkage between product lifecycle and dynamics of marketing  mix  for an organisational context: product life cycle e.g. definition, characteristics, application in changed market and organisational contexts; interrelationships between product lifecycle and dynamics of marketing mix.

• Critical analysis factors of impacting successful implementation of marketing strategies: understanding the interrelationships between strategic positioning and marketing tactics; definition of strategic positioning; strategic choice; information analysis and collection; marketing tactics; market development; product development; future position definition; monitoring; implementation; market penetration; internal growth; product tactics: range, selection, quality, branding; promotion tactics: product sampling, dealer loaders, customer loyalty schemes, point of sale (POS) materials, extended credit; pricing tactics: cost pricing, market pricing, skim pricing, penetration pricing, price discrimination; place tactics: transport management, distribution channels, stock and handling, run through times, terms of delivery.

• Organising for resources during implementations: understanding marketing options; customer retention strategies: obtaining new customers, product bundling, cross-selling, cross promotions, loyalty qualifications; customer life cycle value; Payne and Ballantyne’s six markets model; personalised marketing. 1.1 Critically evaluate the nature and purpose of strategic marketing in an organisation

• Monitoring the effectiveness of marketing strategies and qualifications: marketing strategy monitoring and evaluation; understanding marketing strategy performance indicator; early warning; tactics change; objective change; strategy change;

Indicative Reading list

Core Texts:

• Aaker, D. A. and McLoughlin, D. (2010) Strategic Market Management: Global Perspectives. Chichester: John Wiley & Sons.
• Proctor, C. (2014) Strategic Marketing: An Introduction. Oxon: Routledge.

Additional Reading:

• Bradley, F. (2005) International Marketing Strategy. New Jersey, FL: Prentice Hall.
• Best, R. J. (2009) Market-based Management: Strategies for Growing Customer Value and Profitability. 5th Edition. Harlow: Prentice Hall.
• Chernev, A. (2009) Strategic Marketing Management.5th Edition. New York:

Brightstar Media.

• Hastings, H. and Saperstein, J. (2007) Improve Your Marketing to Grow Your Business. New York: Wharton School Publishing.
• Hooley, G., Saunders, J., Piercy, N. F. and Nicoulaud, B.  (2007)  Marketing Strategy and Competitive Positioning. 4th Edition. Harlow: Financial Times/Prentice Hall.
• Kotler, P. and Armstrong, G. (2008) Principles of Marketing. 13th Edition. New York: Prentice Hall.
• Kotler, P. and Keller, K. L. (2008) A Framework for Marketing Management. London: Pearson Education.
• Lambin, J. J. (2007). Market Driven Management: Strategic and Operational Marketing, 2nd Edition, London: Palgrave Macmillan
• McDonald, M. (2007) Malcolm McDonald on Marketing Planning: Understanding Marketing Plans and Strategy, New York: Kogan-Page.
• Mukerjee, K .  (2007)  Customer R e l a t i o n s h i p  M a n a g e m e n t :  A S t r a t e g i c A p p r o a c h t o Marketing, New Delhi: Prentice Hall of India.
• Mullins, J. Walker, O. C. and Boyd, H. W. (2009). Marketing Management: A Strategic Decision-Making Approach, 7th Edition, New York: McGraw-Hill Higher Education.
• Palmer, R. Cockton, J. and Cooper, G. (2009) Managing Marketing: Marketing Success Through Good Management Practice. Oxford: Butterworth-Heinemann.
• Tollin, K. and Carù, A. (eds.) (2008) Strategic  Market  Creation:  A  New Perspective on Marketing and Innovation Management. Chichester: John Wiley and Sons.
• Winer, R. and Dhar, R. (2010) Marketing Management. 4th Edition. London: Pearson Education.

Journals and Newspapers:

• European Journal of Marketing;
• International Journal of Research in Marketing;
• Journal of Interactive Marketing;
• Journal of Marketing Communications;
• Journal of Strategic Marketing;
• The Journal of Customer Behaviour;
• The Journal of Marketing;
• The Journal of Marketing Management;
• The Marketing Review;

Websites:

• Online resources as the following can be helpful. But learners need to search for information on diverse platforms covering both online and offline sources.
• www.bbc.co.uk The Learning Zone at BBC Education;
• www.direct.gov.uk Gateway to wide range of UK government information;
• www.statistics.gov.uk Detailed information on a variety of UK consumer demographics;
• www.kpmg.co.uk; www.ey.com.uk; www.pwcglobal.com; Major consultancy websites.
• www.en.wikipedia.org Articles on strategic marketing and further links;
• www.businessballs.com Management learning resources and articles and links on strategic marketing management;
• www.idea.gov.uk Local Government Improvement and Development – developing a strategic; communication strategy in the public sector which applies equally to the private sector;
• www.managementhelp.com Articles on strategic marketing planning and further links;
• www.marketingpower.com American Marketing Association – marketing articles.