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MKT501 Marketing Management

tag 0 Download 12 Pages / 2,956 Words tag 16-12-2020
  • Course Code: MKT501
  • University: Charles Sturt University
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


Marketing Management

Often times, business organizations operating in fiercely competitive markets are confronted by a variety of challenges. These may include poor market acceptance, weak market performance, limited market penetration and unfavorable corporate reputation arising from corporate scandals, product or service failure, loss of market share and so on. As such it is common for business organizations to address these issues by pursuing strategic alliance activities, reengineering, service/product innovation, corporate venturing, Total Quality Management, introducing new products & so on.

Directors in charge of marketing, marketing communications, and corporate communications activities often respond to these challenges by developing strategic corporate and marketing communications plans that firmly supports the achievement of marketing and overall organizational goals.

As an Executive MBA student, you are required to do two things:

  1. identify a specific marketing or marketing communication challenge within your firm; &
  2. develop a marketing or marketing communication plan to address this problem.

Please bear in mind that:

  1. The problem that you identify is not the focus of this exercise. You’re simply required to identify this problem in order to understand the nature of the problem. Therefore you’re not expected to devote your entire coursework to it. 
  1. What is critically important under this exercise is to develop a product marketing or corporate marketing communication plan to address this problem. You are advised to identify the marketing challenge that you wish to solve within your organization before the second week of class. 
  1. In order to develop a sound marketing communication plan, you must come up with a strategy. Without a strategy, you don’t have a plan. Therefore, you are advised to undertake your assignment using the 3Cs strategy (customers, competition, company or company’s product) by Kenichi Ohmae. The philosophy of the 3C is here explained: what is that thing that the customer wants, that competition cannot deliver, but that the company, or a new company product can offer? The use of the 3Cs demands the conduct of a market research. If your company is a monopolist institution (i.e. government agency/parastatal) without even a single competitor, then, please feel free to use positioning or repositioning strategy. This involves the 2Cs: customer & company. 
  1. Market research: once you have identified a marketing problem within your organization, you must quickly undertake a market research in order to generate competitive insight(s) (see point 5) into the challenge(s) of customers’. Customer in this case may be internal or external. It is advisable for you to develop the instrument for your research as soon as you can in order to administer the instruments and get your results in good time. You may conduct your research online through survey monkey if for instance you’re conducting a survey or adopting a questionnaire. A copy of your research instrument must be placed under the appendix section of your work as it would be scored. In order to help your thought the process, I attach a sample questionnaire. 
  1. Competitive insight(s): Your questionnaire, interview schedule or whatever research instrument that you have chosen must have a question that clearly interrogates gaps in the marketplace, which is creating a need for customers. Without such insight, you cannot possibly develop a strategy direction for your plan. Question 12 in the attached sample questionnaire gives a good example. Absence of the incorporation the “market gap” question within the questionnaire would make your entire work faulty and this may lead to failure of coursework. 
  1. The use of high resolution images helps in driving a point home in marketing. Poor resolution images are highly discouraged. You should be able to obtain such images here:
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