Among business disciplines, marketing is the primary contact point between a business and its customers. Nearly everybody will, at some point in their career, wear a marketing hat. Understanding market and customer management will help you whether you are an accountant, a consultant, a programmer, a banker, or a museum curator. Appreciating customer needs and how to marshal the resources of an organisation to meet those needs are crucial skills in today’s business world. This course develops a general management viewpoint in planning and evaluating market and customer-related decisions, from both a strategic (e.g., market selection, segmentation, etc.) and tactical (e.g., promotion, etc.) perspectives. This course will also help students understand how market-related decisions are affected by organizational and environmental influences.
This course will help develop the following:
- An understanding of fundamental market and customer management terms, concepts, principles, and theories.
- An understanding of how effective market and customer management contributes to business strategy and profitability.
- Skills pertaining to managing markets and building customer value.
- An ability to develop marketing plans, strategies and tactics.
- An understanding of the close relationship between marketing and other functions within an organisation, and between marketing and innovation.
- Critical thinking and communication skills relating to marketing.
1. Defining marketing; marketing as a business function; marketing as a philosophy; the role of marketing in the organisation, linking marketing to customer and financial value creation, etc.
2. Marketing tactics and strategy; market intelligence generation, dissemination and responsiveness; the marketing mix and the marketing environment, etc.
3. Market Segmentation, targeting and positioning: market coverage options and decisions; market segmentation process; bases for segmentation, etc.
4. Consumer buying behaviour: stages in consumer buying decision-making; types of consumer decisions; principal factors affecting decision outcomes; impact on marketing strategy and programme design, etc.
5. Products and brands: the product-life cycle; new product development; product diffusion; managing product portfolios; managing brands; etc.
6. Services and Internet marketing: the peculiarities of services, the expanded marketing mix; assessing service quality; marketing online, etc.
7. Marketing communication: the communications process; the marketing communications mix; non-traditional marketing communications and online marketing, etc.
8. Loyalty and relationship marketing: the economics of loyalty; loyalty, growth an operating margins; customer defection; loyalty programmes, etc.
50% individual essay (2,000 words on topics covered in the course) 30% group assignment and presentation 20% class presentations
There is no set text book for this module. Students will be required to read a number of set case studies and articles.