MCOM 8003: STRATEGICMARKETING MANAGEMENT‘Think about value….Maximize value’‘LECTURER: DR. STELLA NYONGESA
Course Outline Description
Introduction to Strategic MarketingComponents Customer Value•What is in it for the customer?•Functional Benefits•Emotional Benefits4 Key principles for DevelopingMarketing Strategy•i) Specialization•ii) Differentiation•iii) Segmentation•Iv) Concentration
Marketing - What is it?Outline•Definingmarketing and why it is important•Scope of marketing•Evolution and concepts•Marketing mix
What Marketing IsMarketingis anorganizational functionand a set ofprocessesfor creating, communicating, and delivering value to customersand for managingcustomer relationshipsin ways thatbenefitthe organizationand itsStakeholders(Kotler and Keller, 2018)
American Marketing Association Definition of Marketing“Marketing is theactivity, set ofinstructions, andprocessesfor creating, communicating, delivering, and exchangingofferings that have value for customers, clients, partners, andsociety at large.”
Chartered Institute of Marketing (CIM)Previously defined Marketing as “the management process responsible foridentifying, anticipating and satisfying customer requirements profitably”.In 2007, redefinition, for the first time in 30 years.“The strategic business function that creates value by stimulating, facilitating andfulfilling customer demand. It does this by building brands, nurturing innovation,developing relationships, creating good customer service and communicatingbenefits. By operating customer-centrically, marketing brings positive return oninvestment, satisfies shareholders and stake-holders from business and thecommunity, and contributes to positive behavioural change and a sustainablebusiness future.”……………………………………………..Your thoughts on this definition?
Marketing isA business philosophy–recognizes that organisations which focus oncustomers and have good marketing programs are likely to succeedManagement function–similar to other functions of the organisations,although a rigid interpretation of this can lead to marketing being a basicre-active departmentManagement process–this ensure that marketing becomes a proactiveforward looking dynamic activity
What does not get measured……?…does notget done
Scope of marketingProcess of Marketing includes–creating, communicate, deliveringvalue, targeting and aiming forprofit.