Innovative Marketing Strategies Module unit code Optional; (Core for Business Management with Marketing)

Transcription

1 Pearson College Module Specification Form Department School of Business Degree stem Business Management Validating partner (if applicable) Ashridge Business School Module title Innovative Marketing Strategies Module unit code Core / optional Optional; (Core for Business Management with Marketing) Designation Business Management Credit value 30 Level on FHEQ 6 Module Designer Ritchie Mehta Date of submission 01 April Module aims The marketing landscape is continually changing with rapid technological advancements, evolving consumer trends, regulatory pressures and a more connected world. Organisations are continually striving to keep pace with this complex environment where consumers are becoming increasingly demanding and vocal. In light of this, the module aims to provide a framework to understand how strategic marketing decisions are made. The module will also give students an in-depth understanding of how to measure marketing activities and critically evaluate the various metrics organisations use. The aims have been further divided into the five sections of the course: The first section aims to provide tools and a framework to enable an in-depth strategic audit to be undertaken, identifying the key external, internal and customer influences in developing a companies value proposition and SCA. Section two focuses on the marketing planning process, providing an insight into a variety of market research techniques to enable a firm to develop an actionable and relevant plan. It will also evaluate how the plan fits in with the wider organisation objectives and mission. Section three focuses on how firms implement marketing strategy and the various controls in place to identify and minimise risk. Given the evolving nature of marketing strategy, approaches to continual improvement and change will also be divulged in this section. Section four aims to provide an insight into measuring marketing activities through a detailed evaluation of measurement metrics. It will initially provide an insight into setting up a robust measurement framework and provide forum for critical analysis of the different measurement techniques marketers have available. Finally, section five aims to present an overview of the data tools and sources available and detail how these frameworks can be implemented and evaluated. In this course we will evaluate the strategic marketing decisions made by cutting edge organisations such as Apple, Yahoo, Facebook, Whatsapp and Netflix.

2 This course is ideally suited for students interested in how organisations develop and deliver strategy and/or have an interest in entering a strategy/management consulting or marketing related career. 2. Module learning outcomes By the end of this module students should be able to; 1. Demonstrate a systematic understanding of the key elements and theories of strategic marketing in a complex environment 2. Critically analyse an organisation s current internal and external environments and evaluate possible future developments from a marketing perspective 3. Deploy established techniques in data collection and analysis and apply findings in strategic marketing decision making 4. Develop and articulate a strategic marketing plan to help an organization achieve its objectives 5. Identify and articulate resources needed to deliver a strategic marketing plan 6. Monitor, measure and adapt a marketing plan for continuous improvement using marketing metrics and other relevant data 7. Demonstrate an in depth understanding of a range of appropriate sources of data and tools for marketing analysis, and be able to research and analyse such data so as to usefully inform the development of a marketing strategy 3. Overview of syllabus Part 1: Situation Analysis 1. External Analysis: Environment, Industry, Competitors and Customers Achieving competitive advantage through strategic marketing: Why is it important? The Strategic Marketing Process Market orientation vs. alternative orientations Macro Environment and impact on firm Micro environment: Markets, Industry Scope, Stakeholders and Competitors Customer segmentation and targeting 2. Internal and Customer Analysis: Assets and competencies, financial measures and limitations

3 Determining assets, core competencies, dynamic capabilities and competitive advantage Resource-based view of the firm (VRIN) Culture, leadership and management styles Assessing internal organisations performance Limitations of organisations resources Part 2: Marketing Planning 3. Market Research and Analysis Techniques for Planning Gathering data and essential research techniques for macro/micro analysis Demand forecasting and scenario analysis Internal analysis techniques: resource and capability analysis SWOT analysis and prioritisation of key issues 4. Strategic Marketing Plan to Achieve Objectives Marketing planning process Identify strategic options, growth strategies and projections Developing a value proposition, positioning and targeting Evaluation of plans; ROI, fit and feasibility Tactical recommendations based on 7P framework Part 3: Implementation and Control 5. Develop plan for implementation including key success factors and risks Detail planning frameworks with financial, organisation and critical path components Regulatory considerations Key success factors and resource requirements: McKinsey 7S framework Risk assessment impact analysis 6. Making changes and continuous improvement Financial and operational measures/control ratios

4 Strategic drift Total quality management and kaizen theory Importance of continuous improvement Developing control and monitoring mechanisms Creating an improvement plan Part 4: Metrics and Analytics 7. Determining the role of marketing metrics Aligning to business objectives and identifying gaps between metrics and outcomes Measuring effectiveness: KPIs (hard vs soft) and measures of success Working practises/structures Key marketing metric models Customer, market, brand and other metrics Measuring the wrong metrics and reliance on single metric 8. Techniques of measurement: Determining what works Measurement techniques across the firms lifecycle Key critical indicators of organisation health Metrics to inform business strategy and performance Reporting metrics Role of dashboards Part 5: Evaluation marketing effectiveness through data tools and sources 9. Evaluation of marketing effectiveness Creating a test and learn environment, analysis and feedback loop Modelling, forecasting and statistical significance Tracking trends Automated metric triggers Monitoring and management responsibilities 10. Data tools and sources for analysis

5 Different sources of data Combining data sources and implications Contextual use of different data sets Pros and cons of metric analysis Latest trends in data analysis and metrics 1. Learning and teaching strategy For full details please see the teaching and learning strategy in the programme specification. Students can study this module in the interactive classes mode or the mentored independent mode. Those on the former will typically experience one lecture, one seminar, and one academic clinic session each week, as well as a one day workshop during the term. 2. Module assessment Module assessment will be assessed by a coursework of a maximum of 3000 words or equivalent (50% of overall grade); and a team oral presentation of a maximum of 30 minutes (20% of the overall grade) with an individual 1000 word summary (30% of overall grade) 3. Module reading Core study text Supplementary texts Title, author, publisher Marketing Strategies: A Contemporary Approach by Ranchhod, A and Gurau, C. FT Prentice Hall. Marketing Management 2 nd Ed by Kotler, P, Keller, K, Brady, M, Goodman, M and Hansen, T. Pearson. Strategic Market Management by Aaker, D and McLoughlin, D. Wiley. Estimated completion time 4. Additional resourcing requirements

6 Access to a comprehensive online data base of journal articles and other relevant publications on the Online Learning Environment and a range of business case studies Accreditation / Links with other qualifications Awarding body Qualification Units Nature of linkage CIM CIM L6 Strategic Marketing unit / Marketing Leadership and Planning Integrated syllabus CIM L6 Mastering metrics (analytics for decisionmaking) Integrated syllabus Signature Date Module designer 6 th April 2014 Ritchie Mehta Programme Leader Will Holt 11/04/14 Validating partner (if applicable) Appendix 1: Professional qualification unit syllabuses and assessment details (Please insert the syllabuses and assessment details of any professional qualifications that will be incorporated into this module) Section 1: Situation Analysis External Analysis: Environment, Industry, Competitors and Customers CIM Syllabus Covered Strategic Marketing LO1: Understand how to analyse an organisations current and future external environment 1.1 Explain the relationship between market orientation, analyzing the external environment and creating value-delivering strategies 1.2 Understand how to apply a range of marketing analysis techniques across an organisation s external environment to generate market insights 1.3 Recognise the significance of, and problems associated with, analyzing an organisation s external environment Internal and Customer Analysis: Assets and competencies, financial measures and limitations

7 CIM Syllabus Covered Strategic Marketing LO2: Understand how to analyse an organisations current and future internal environment 2.1 Understand how resources, assets, competences and capabilities support the achievement of competitive advantage by creating and delivering value 2.2 Examine how a range of financial measures can be used to determine the relative performance of an organisation 2.3 Recognise the limitations of an organisation s resources as barriers to achieving a sustainable competitive advantage Section 2: Marketing Planning Market Research and Analysis Techniques for Planning CIM Syllabus Covered Strategic Marketing LO3: Analyse relevant information to recommend and inform strategic decision making 3.1 Undertake an audit of the external and internal marketing environments using marketing research, market intelligence and environmental scanning 3.2 Apply a range of relevant external analysis techniques in order to develop market insights 3.3 Apply a range of relevant internal analysis techniques to determine the value of an organisations resources 3.4 Evaluate the implications and prioritise the importance of external and internal intelligence Strategic Marketing Plan to Achieve Objectives CIM Syllabus Covered: LO4: Develop a strategic marketing plan to realize organizational objectives 4.1 Create a range of justifiable goals which reflect the external and internal contexts of an organisation 4.2 Identify and evaluate alternative strategic options to deliver market value 4.3 Recommend and justify strategic decisions based on market intelligence and the internal dynamics of an organisation

8 4.4 Present tactical recommendations which are justifiable and synergistic with strategic decisions Section 3: Implementation and Control Develop plan for implementation including key success factors and risks CIM Syllabus Covered Strategic Marketing LO5: Manage resources to deliver the strategic marketing plan 5.1 Develop a realistic plan for the implementation of a marketing strategy 5.2 Determine key variables and resources required for the successful implementation of a marketing strategy 5.3 Identify and assess the risks, implications and issues from the implementation of a marketing strategy Making changes and continuous improvement CIM Syllabus Covered Strategic Marketing LO6: Monitor, measure and adapt the marketing plan for continuous improvement 6.1 Recommend appropriate control mechanisms to measure and monitor the progress of the implemented marketing strategy 6.2 Understand the importance of continuous improvement in relation to marketing strategy and planning 6.3 Create an effective continuous improvement plan Section 4: Metrics and analytics Determining the role of marketing metrics CIM Syllabus Covered Mastering Metrics LO1: Understand the role of marketing metrics 1.1 Identify the context and requirements for an organisation to be able to set effective marketing metrics 1.2 Analyse the working practises and processes that allow metrics to be implemented and used in an iterative manner 1.3 Understand the risk of poorly implemented metrics and communicate examples of this in practise 1.4 Understand the major areas of marketing metrics

9 Techniques of measurement: Determining what works CIM Syllabus Covered Mastering Metrics LO2: Understand the significance of different measurement techniques across a range of market contexts 2.1 Identify the different types of measurement techniques that may be needed in the different phases of an organistion s life 2.2 Outline and analyse metrics associated with brand, margins, profits, sales and business results 2.3 Outline and analyse metrics associated with customers, products, pricing and channels LO3: Know the relevant measures of marketing performance 3.1 Evaluate the different types of marketing metrics and how they can be applied to help inform business strategy and measure performance against strategy 3.2 Identify relevant measures, analyse and communicate suggested responses to improve marketing performance 3.3 Create, justify and communicate metrics-based dashboards that can improve marketing performance Evaluation of marketing effectiveness through metrics CIM Syllabus Covered Mastering Metrics LO4: Apply marketing metrics to establish the effectiveness of marketing activities 4.1 Understand how different types of marketing metrics can be applied to help inform business tactical activity in an iterative manner 4.2 Plan, analyse and modify marketing activities based on metrics analysis 4.3 Plan and analyse automated techniques for reacting to metrics Data tools and sources for analysis CIM Syllabus Covered Mastering Metrics LO5: Understand appropriate sources of data for marketing analysis

10 5.1 Demonstrate knowledge of a range of different sources of data for marketing analysis along with identification of their best use, strengths and limitations 5.2 Recommend a combination of different sources, including both online and offline data sources, which can work in combination to help with marketing analysis 5.3 Demonstrate knowledge of how different types of metrics can impact one another LO6: Utilise various analytic tools and techniques for marketing insight and strategic decision-making 6.1 Recommend the most appropriate and effective metrics approach for a range of types of organisation and situations 6.2 Evaluate the strengths and weaknesses of metric analysis and how it can impact strategic decision making 6.3 Understand the latest trends in metrics and communicate their potential impact