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  • 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.


◄TOPIC 5 - ANALYSING BUSINESS MARKETSTOPIC 7 - SETTING PRODUCT STRATEGY►

TOPIC 6 - MARKET SEGMENTATION, AND TARGETING

  • TOPIC 6 - MARKET SEGMENTATION, AND TARGETING

    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


◄TOPIC 5 - ANALYSING BUSINESS MARKETSTOPIC 7 - SETTING PRODUCT STRATEGY►