The word count is around 4000 words.
The file below contains the question list.
Further information will be provided tomorrow.
STRATEGIC MARKETING MANAGEMENT
Max word count for each question = 250-300 words
? Demonstrate extensive evaluation and synthesis of ideas including substantial original thinking.
? A detailed, in-depth and relevant application of the theory learned; expertly integrates literature to support ideas and concepts.
? Demonstrate extensive depth of understanding and exploration beyond key principles and concepts. Give examples based on multinational organizations while referencing the content based in their annual reports.
? Presenting and writing skills: Logical, coherent and polished presentation.
Answering the questions in a flow and break into paragraphs where necessary.
Use of tables where appropriate.
? Generous use of in-text citation and references. (Harvard style)
Reference each theory with reliable on point recent literatures.
? The writers own original opinion matters to demonstrate knowledge.
Total word count
12 questions = [10 x 300] + [2x 250] = 3500 words
Introduction = 10% of 3500 = about 350 words
Conclusion = about 250 words.
Total word count = 4100 words.
Table of Contents
Introduction (300 words) 3
1.1 Identify the main types of marketing strategies 3
1.2 Conduct a market analysis for the organization 3
1.3 Use the market analysis for the organization 3
1.4 Identify the strength and weaknesses of the organization marketing strategy. 3
2.1 Identify the purpose of marketing plan 3
2.2 Identify the benefits of developing sales and marketing plan 3
2.3 Develop the marketing and operational plans for the organization 4
3.1 Identify the buyer behavior in the consumer market 4
3.2 Assess the role of pricing, distributing and communication in the process of marketing planning. 4
3.3 Analyse the environmental factors the consumer buying process 4
3.4 Identify criteria for successful marketing segmentation 4
3.5 Use the marketing approaches in the planning and development of target marketing 4
Conclusion (250 words) 4
References (Harvard referencing) 4
Introduction (300 words)
? Introduce strategic marketing management
- The main goal of marketing is to build awareness through advertising.
- For example, target marketing. Talking about the demography to influence and target our product to. For example, selling bicycles to people of 25-45 y.o. You can use affinity marketing. Selling bicycles to fitness buffs. For example your would advertise your product on platform, websites, Youtube channel local fitness buff would watch. Or even an ad after a broadcast for a fitness show on TV. You can even have custom affinity targets. Like advertising at cycling events directly.
- Talk about how the landscape of marketing has taken a digital perspective. Facebook, Instagram and Google. LinkedIn.
1.1 Identify the main types of marketing strategies
? B2B marketing
? Your company is targeting both. B2b and B2c
e.g Winners = Other supermarkets and General Public.
Promotion form part of marketing tactics. Careful!
Anticipate your customers.
mArketing is mamangement process.
Function of mtg = PLOC.
This is process. To identify, satisfy and anticipate your customer requirements in a profitable perspective. Should be a win win situation.
Customer should benefit.
What is the strat. = How to achieve your obj.
Corporate obj = Profits, market share cust satisfaction.
Strategies = How you will achieve your obj. set for your company.
Main type of marketing strat = 2 main type =
1. How you will expand your business. How to achieve growth strategy
ANSOFF matrix. Framework all companies uses in order to grow.
This will help you to grow your company strategy.
Under . there are 5 types of strategy.
i.) Growth = Market penetration + Product development strat + Market dev strat + Diversification strat.
Market penetration = Same product in same market.
Product deve = New product in same market.
Market dev = Franchise+ Licensing+ Joint venture+ Acquisition+ Merger+ Branches + (Same product in new market)
Diversification = New product in New Market.
2. How to beat your competitors:
Porters 3 Generic Strategy.
i.) Cost leadership = Reduce costing to the lowest. = Reducing the selling price. E.g Ryanair Airline.
ii). Differentiation strategy = Offering better products interms of quality and service
iii.) Focus strategy = Niche market (One segment)
1.2 Conduct a market analysis for the organization
? Market analysis:
- Who are the potential customers
- What are my customers buying habits
- How large is my target market?
- How much are customer willing to pay?
- Who are my main competitors?
- What are my competitors’ strengths and weaknesses?
How to conduct market analysis?
1. Determine your purpose – Gauge your competition or a new market.
2. Research the state of the industry – How does our current state compare to competition.
3. Identify your target customer – Age, Gender, Location, Occupation, Education, Needs and Interests.
4. Understand your competition – Conduct SWOT analysis for each competitor
5. Gather additional data.
6. Analyze your data – Perspective = Target market and competition.
7. Put your analysis to work.
Market analysis = Micro Env and Macro Env
You need to do research on your market.
On what element you need to do your research :
i. Marketing env = Main stakeholders that form part of your industry
Micro env = what is your target market. (also consist of competitors(Direct& indirect))
Do analysis on your distributors. And suppliers. Potential employees.
Compare your employees to your competitors also.
If you have skilful staff. Do analysis on your shareholders.
Macro Env = PESTEL
Do it for a particular company.
1.3 Use the market analysis for the organization
Try to use the answer in 1.2.
In depth of 1.2
Have assess the characteristics of each segment
Use the market analysis on competitors.
Focus more on direct competitors.
1.4 Identify the strength and weaknesses of the organization marketing strategy.
For the marketing strategy.
Identify the strength of Growth strategy. Benefits of going internation etc.
What are the benefit of being more competitive.
Attract more customers = sale = Market share.
Drawback = lots of pressure on your workforce.
Attract other to enter the industry.
explain cost leadership in 1.1 (Attract all price sensitive customers )
What if you get a multi national company that enters the market and reduce the cost and compete.
2.1 Identify the purpose of marketing plan
? What? How? Why?
? Capture the attention of the market
? Persuading the customer to purchase your product.
Why there is the need for a marketing plan
What are the reasons need to come up with a market plan
Ans = Take better decision in the future.
Set appropriate for the future.
Allocate responsibilities for your team
Achieve the vision you have set for the company.
Reduce potential conflict.
Employees also know what is expected of them.
2.2 Identify the benefits of developing sales and marketing plan
? Setting goals such as sales volume, profit margins, customer numbers, etc.
? Conduct surveys to understand the customer and prospective customer base.
? A good plan should cover at least half a year.
? Marketing plan provide the how to for reaching your target audience and making sales.
What will the company will obtain in terms of benefits
Id planning gap.
take current action in case you are below the obj that have been set.
2.3 Develop the marketing and operational plans for the organization
Marketing plan = Vision = Pestel assessment = Market research
Op plan = Tactics (7Ps) + Control Entire business.
= What are the responsibilities that each department need to do daily. In sync with other departments for the marketing plan to work
3.1 Identify the buyer behavior in the consumer market
? Why does consumers make the purchases they make?
What factors influence consumer purchases?
The changing factors of our society
How the buy behaves (B2C) consumer
Buyer behavior process for consumer market = consists of several steps they go through to buy a product.
1. Need identification = Do you really need that product.
2. Information search about the potential product. (Brands etc)
3. Evaluation of alternative. Lets say 5 options = Evaluate each option acc to requirement.
5. Post Purchase = Assess if you have made the right choice or not. Are you satisfied.
3.2 Assess the role of pricing, distributing and communication in the process of marketing planning.
Penetration pricing. (Low price)
Price skimming. (Premium price)
Psychological price. (99, 999.95 9999)
Price mathing = Price is the same as your competitor.
Price = monetary value that attaches to a product and will determine whether the customer can afford it or not. Price should link to your quality of the product.
Price help you make sales and profit.
Distribution = 3 types of distribution intensive, selective and exclusive
You can have 3 channels of distribution. Dis intermediation (zero channel)
Communication = Promotion
Promotion = Advertising = TV, Billboard, Leaflet, Sales promo. BOGO. 50% discount. Public relation promotion = Press release + Press conference (iphone). Direct marketing (email). Personal selling.
Price plan promotion form part of the marketing tactics in marketing plan. (2.3Operational plans)
3.3 Analyse the environmental factors the consumer buying process
Environmental factors that influence the consumer buying process.
Macro and Micro
Micro = Factors that form part of the industry.
Macro = PESTEL.
Analyse which of these factors inf consumer buying process.
refer to 3.1
Is information search form part of macro or micro (like technology)
3.4 Identify criteria for successful marketing segmentation
Looking for group of customers for similar requirements.
Looking for target market having similar req.
Will this segment be profitable for your business.
Will the segment be profitable?
Whether each segment will respond to a specific need.
3.5 Use the marketing approaches in the planning and development of target marketing
Target marketing. (Main term)
Segment Target Positioning.
How your frontliners promote your product.
Conclusion (250 words)
Summarise the main topics discussed above.
References (Harvard referencing)