Section

  • Marketing Management

    MM

    Welcome to Marketing Management – Module BM4403.

     

    This module, BM4403 presents the knowledge and understanding about the importance of marketing management in companies.  It imparts the concepts and principles involved in marketing of the company’s products and services and enabling the company to gain competitive position in the market.

    The marketing function plays an important role in the sense that it is in contact with the external environment and acquires the necessary information for the development and improvement of the company’s operations and processes in order to attain the stability with the environment.  It is the only function that brings in the financial returns to the company for the continuous operations of the other functions to provide the support to the marketing function.

    I truly hope that, like your predecessors, you will enjoy the module and find that our ‘discussions’ enhance your understanding of the marketing management process.


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    • Course Learning Outcomes

      After successful completion of this course, students should be able to:

      1. Apply the elements of marketing strategy and planning in designing a marketing plan for the organization.
      2. Evaluate the role of customer relationship management (CRM) in relation to competencies and capabilities of successful marketers.
      3. Utilize information to better understand competitors and customers.
      4. Demonstrate the use of appropriate marketing mix in conjunction with relationship marketing strategies to develop value offering in the marketplace.
      5. Demonstrate the ability to use various approaches to measure marketing performance.


    • Student Learning Time


      SLT

    • Course Outline


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    • Assignment 1 (30%)
      Opened: Tuesday, 24 October 2023, 12:00 AM
      Due: Wednesday, 8 November 2023, 6:00 PM
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      Please download your assignment 1 by click on the link below:

      Assignment 1

      The deadline to submit this assignment is on 8th November 2023 at 6pm.

    • Assignment 2 (30%)
      Opened: Tuesday, 7 November 2023, 12:00 AM
      Due: Friday, 1 December 2023, 5:00 PM
      View Make a submission
    • Assignment 3 (10%)
      Opened: Tuesday, 7 November 2023, 12:00 AM
      Due: Wednesday, 29 November 2023, 11:59 PM
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    • Course Discussion Forum

      Students, please post your replies to the questions I have posted in this forum.

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  • INTRODUCTION

    Lesson 1 provides a detail illustration in understanding marketing management and why it is important. To prepare to be a marketer, you need to understand what is marketing is, how it works, who does it, and what is marketed. The first decade of the 21st century challenged firms to prosper financially and even survive in the face of an unforgiving economic environment. Marketing is playing a key role in addressing those challenges.


    LEARNING OUTCOMES

    Upon the completion of the lessons, students should be able to:

    1.       Explain the role of marketing and its importance

    2.       Define marketing and marketing management

    3.       Describe the core concepts of marketing

    4.       Explain the marketing orientations of a firm

    5.       Describe the marketing management process




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  • INTRODUCTION

    Many marketers face challenging situations in meeting the needs of their customers as their competitors are trying to capture the interest of the same audience. Marketers must find ways to attract the attention of their target consumers amidst many market offerings from other competitors.

    Consumers will choose a product that they perceive will give them the highest value. If they are satisfied with the product choice they have made, they may become loyal to the product and the marketer.

    For many companies, the products involved are many, and the target markets are varied in various parts of the world. Therefore, the tasks involved to attract the various target markets for different products multi-fold and require proper planning.


    LEARNING OUTCOMES

    Upon the completion of the lessons, students should be able to:

    1.       Explain the value chain and core competencies

    2.       Describe the role of strategic marketing planning

    3.       Explain the strategic marketing plan process



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  • INTRODUCTION

    Marketers have many important decisions to make throughout the marketing management process. When uncertain decisions are made, there will be risks involved. Uncertainties in marketing decisions can be reduced through marketing research. This lesson introduces marketing research, explains primary and secondary research, qualitative and quantitative research, and applies marketing research in market potential estimation and forecasting.


    LEARNING OUTCOMES

    Upon the completion of the lessons, students should be able to:

    1. Explain the role of marketing research in decision-making
    2. Describe the principal steps in research design
    3. Explain the characteristics of good marketing research
    4. Describe the methods of measuring and forecasting demand

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  • INTRODUCTION

    The earlier lesson of marketing concept presented that firms should design an effective marketing mix that satisfies consumers. Thus, they need to investigate what, where, and how consumers make purchases. With the information, firms can better predict how consumers will react to their marketing strategies.

    Firms must understand how consumers and organizations make decisions in purchasing products, as well as the roles they play in the buying decision. Firms must analyse why consumers make the purchases that they make, what factors influence their purchases, and what factors cause change in their opinion. The public can be initiators, influencers, deciders, buyers, or users. Marketing efforts should be targeted at each of these roles.


    LEARNING OUTCOMES

    Upon the completion of the lessons, students should be able to:

    1.       Explain the stimulus-response model of consumer behaviour

    2.       Describe the consumer characteristics that influence buying behaviour

    3.       Outline the psychological processes that influence consumer response to the marketing programme

    4.       Explain the consumer buying decision process


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  • INTRODUCTION

    This lesson will explore the type of organizations that make up the business market, their nature which is distinctive from the consumer market and the buying unit which exists in the business market. Furthermore, this lesson also will discuss the buying decision process which is more complex than the consumer’s, the factors that influence business market buying behavior, and the types of buying behavior found in business market.


    LEARNING OUTCOMES

    After studying this lesson, you should be able to:

    1.       Explain the categories of business buyers

    2.       Describe the business market and consumer market nature

    3.       Describe the participants in business buying process

    4.       Outline the business buying decision-making process


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  • INTRODUCTION

    Due to constraints and limitations to serve an entire market population, most firms pursue target marketing where they concentrate their effort on certain fragments of the market. This is known as market segmentation which is an important part of marketing strategy. The entire market is subdivided into various segments through a process that is referred to as the segmenting-targeting-positioning (STP) process. The three activities – segmenting, targeting and positioning – are normally commenced in sequence, and this lesson is structured around these key elements.  


    LEARNING OUTCOMES

    After studying this lesson, you should be able to:

    1.       Explain the principles of market segmentation and the segmenting-targeting-positioning process

    2.       Enumerate the characteristics and differences between market segmentation and product differentiation

    3.       Discuss the market segmentation strategies for both consumer and business-to business markets

    4.       Explain the requirements for effective segmentation

    5.       Describe the different targeting strategies

    6.       Explain the concept of positioning

    7.       Explain the use of perceptual maps in the positioning process


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  • INTRODUCTION


    Product is the first of the four marketing mix elements (4Ps), which is the most important element. A product exists as a result of efforts by seller to match their resources with the requirements of the market. Product is seen as the central element of any company and all marketing activity is seen to centre on it. As the first of 4Ps, product is starting point of the majority of planning activities. It is something that can be adapted, differentiated, introduced, modified, or eliminated for profit-making purposes. Without a well-developed product strategy, a marketing organization will not have a long-term success. Product decisions are needed to determine the core strategy for the marketing plan.


    LEARNING OUTCOMES

    After studying this chapter, you should be able to:

    1.       Describe the characteristics and classifications of products

    2.       Explain the differentiation of products

    3.       Enumerate the strategies in building and managing product mix and product lines


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  • INTRODUCTION

    In this lesson we will learn how to make effective pricing decision for a product. Since the price for a product brings revenue to the firm, having the right price will determine the profitability and the long-term survival of the firm. We will first look at the role of price in marketing followed by the steps for effective pricing of a product. We will also discuss strategy to be taken by a firm when pricing a new product, existing products and product lines.


    LEARNING OUTCOMES

    After studying this lesson, you should be able to:

    1.       Explain the background of pricing strategy

    2.       Discuss the steps involved in pricing a product

    3.       Explain the strategies in managing price setting


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  • INTRODUCTION

    The distribution channel, or place strategy will focus on how products are made available to target customers through marketing channels and marketing logistics. Decisions on distribution of a product are not exclusive from other marketing mix strategies, and will depend on the types of product. The decisions will also determine the price structure of the product and how it will be promoted. In order to understand place or distribution decisions, we will first look at the supply chain and value delivery network, the nature of marketing channels and their various functions, and the different types of channel institutions.


    LEARNING OUTCOMES

    After studying this lesson, you should be able to:

    1.       Explain the supply chain management and value delivery network

    2.       Discuss the function and activities of marketing channel members

    3.       Discuss the choice of channel design for different markets

    4.       Explain the meaning and functions of marketing logistics


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  • INTRODUCTION

    Modern marketing calls for more than developing a good product, attractive price, and accessibility to target customers. Companies must also know how to communicate effectively with present and potential customers, stakeholders as well as with the general public. In the past, a number of terms have been used in the field of marketing communications, the most common of which appear to be ‘advertising’ and ‘promotion’. These two words helps define what marketing and communications entail, namely the pushing forward of products or services and the turning if the consumer towards the product or service. Once these two elements are met there is a chance of a sale.


    LEARNING OUTCOMES

    After studying this lesson, you should be able to:

    1.       Explain the role of marketing communication

    2.       Describe the communication mix

    3.       Discuss the major steps in developing effective communications

    4.       Enumerate the integrated marketing communications elements and tools



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