MKTG 3000 Study Notes Week One.docx - Strategic Marketing...

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Strategic MarketingManagementCourse Learning Outcomes:• Analyse marketing opportunities and threats• Discuss strategic concepts and theories and their application in marketing environments.• Develop & critically assess marketing strategies• Research & analyse marketing strategies in different contexts.• Identify & resolve well-defined problems reaching substantiated conclusions employing methods ofanalysisspecific to marketing.• Effectively communicate Strategic Marketing knowledge and outcomes in both written and oralcontexts.• Employ strategies and processes which assist independent learning.Week OneLearning Objectives:1.Describeandexplainthechallenges and opportunitiesof marketing in today's economy.2. Understand the concept ofmarket orientationand theresource-based viewtheory.3. Describe and discuss each of the core marketing concepts.Class Discussion QuestionWhat is marketing?-What is its role in industry?-Introduction - Marketing in Today’s EconomyLO -17CommoditisationA consequence of mature industries, where slowing innovation, extensive product assortment, excesssupply and frugal consumers force margins to the floor.All organisations – both for-profit and non-profit – require effective planning and a soundmarketingstrategyto achieve their goals and objectives.Today’s economy is characterised by rapid technological change, economic/financial anxietyand increasing consumer scepticismBy offering compelling reasons for consumers to buy products, brand building allows firms toincrease margins.
Brand Building: Astrategic process for differentiationEach of these companies offers innovative products, processes or experiences that standapart from thecompetition; yet, most compete largely in mature industries known forcommoditisation. These companies prove that innovation and good marketing strategy arethe antidotes for commodity hell.Who are the 2021 nominees?The Challenges and Opportunities of Marketing in Today’s EconomyPower shift tocustomersMassive increase inproduct selectionAudience and mediafragmentationChangingvalue propositionsShiftingdemand patternsPrivacy, securityandethical concernsUnclearlegal jurisdictionBasic Marketing Concepts: Marketing DefinedMarketing (2013 AMA definition)“… the activity, set of institutions, and processes for creating, communicating, delivering andexchanging offerings that have value for customers, clients, partners and society at large.”any.com/most-innovative-companies/2018
The‘MARKETING CONCEPT ’states that - achieving an organisation’s goals is based ondeterminingwhat the needs and wants oftarget marketsare anddeliveringthe desired satisfactionsbetterthancompetitors do.

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