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The Marketing subject focuses on the challenges faced by organisations in managing demand, and how to address those challenges with optimal demand-side strategies. To be successful, organisations have to be able to recognise, create, grow, and protect market-based assets that influence demand. Brand equity, the installed base of customers, and support from channels (e.g., intermediaries such as retailers) constitute the most important market-based assets that help produce market outcomes such as sales growth, price premiums, market share, customer share, customer retention, customer referrals, and addressable markets.
In this subject, students will learn how (and which) marketing investments help develop market-based assets, how market-based assets translate into market outcomes, and how market outcomes in turn help in ensuring the long-term survival and success of organisations.
Intended learning outcomes
Upon completion of this subject, students will be able to:
Develop and manage the demand-based growth strategies for the firm. To achieve this objective, students need to:
- Understand the value of market-based assets, including brands, customer bases, and channel support.
- Be able to identify and evaluate sources of demand-based growth (e.g., retention, share of wallet, share of market, referral, margin and addressable markets).
- Be able to identify and evaluate the vulnerability (risk) of, and opportunities in, their market-based assets.
- Be able to identify and evaluate strategies that will help a firm succeed along each of the growth dimensions.
- Understand how their market-based assets translate into demand outcomes for the firm.
Manage demand-side strategies for the firm. To achieve this objective, students need to able to apply the following activities:
- Value management: Understand the concept of value from the customer's perspective; be able to measure value and develop products/services that provide value.
- Segmentation: Be able to segment a market based on the differences in value (perceived and desired) across customers
- Targeting: Be able to identify and evaluate what makes a segment of customers attractive to the firm,
- Positioning: Be able to create a unique and attractive selling proposition for the firm's brands
- Product management: Be able to manage portfolios of brands
- Marketing mix management: Be able to capture, communicate, and deliver value via pricing, communications, and channel management.
- Customer management: Be able to manage portfolios of customers.
Last updated: 29 July 2022