Marketing Strategy Development
Unit code: HBM533
|Credit points||12.5 Credit Points|
One teaching period
|Contact hours||36 hours|
|Prerequisites||Completion of all units in the Graduate Certificate of Marketing or equivalent.|
A core unit of study in the following programs:
Master of Marketing
Master of Marketing
Aims and objectives
This unit students learn about developing a marketing strategy. Understand how to assess the organisation's entrepreneurial and innovative abilities and how to enhance the organisation's capabilities in these areas. Know how to structure and organise the firm to more effectively identify and implement innovative ideas. Learn how to use the Opportunity Evaluation Framework for new product identification, evaluation and commercialisation in an ethical manner in order to create a commercially-sustainable organisation. Know what analysis is required before strategy is created and how to anticipate the issues which may arise during implementation. Know how to analyse the organisation's internal and external environments. Know how to create strategy to build a sustainable competitive advantage taking account of the organisation's internal strengths and weaknesses and the threates and opportunities in the external environment.
Upon completion of this unit students will be able to:-
- Understand, following an examination of the firm’s vision, mission, goals and objectives, how to use Schumann’s Seven Traits of Organisations model to assess a firm’s entrepreneurial and innovation abilities.
- Develop strategies to enhance the firm’s innovation and entrepreneurship capabilities
- Structure and organise the firm to more effectively identify and implement innovative ideas.
- Use the Opportunity Evaluation Framework for new product identification and evaluation to undertake the Entrepreneurship and Innovation process of opportunity identification, evaluation and commercialisation in an ethical manner in order to create sustainable organisations
- Demonstrate an appreciation of the analysis required prior to strategy creation and the issues that may arise in the successful implementation of strategy.
- Use the tools that assist the analysis of both the external and internal environments.
- Understand how strategy creation can best assist the firm to build a sustainable competitive advantage taking into account the firms skills and resources in addition to the opportunities and threats identified through a comprehensive analysis of the external environment.
- Work effectively in a team environment.
- Communicate in an effective manner suitable for business audiences.
Generic skills outcomesYou will be provided with feedback on your progress in attaining the following generic skills:
- teamwork skills
- analysis skills
- problem solving skills
- communications skills
- ability to tackle unfamiliar problems
- ability to work independently
ContentThe following topics will be covered in the lectures:
- Differences between the three level of business strategies – corporate, business and marketing
- The process of formulating and implementing marketing strategy
- Understanding market opportunities
- Measuring market opportunities: forecasting and market knowledge
- Targeting attractive market segments
- Differentiation and positioning
- Marketing strategies for new market entries
- Marketing strategies for growth markets
- Marketing strategies for mature and declining markets
- Marketing strategies for the new economy
- Organising and planning for effective marketing implementation
- Measuring and delivering marketing performance