MRK 3580 Marketing Management and Strategy
MRK 3580 Marketing Management and Strategy
The course has been developed in collaboration with the Department of Marketing and the Department of Strategy.
Every organization must have a well-thought-out strategy and plan to generate the necessary revenue for profitability and long-term viability. This course specifically addresses organizations operating in markets where the key to revenue lies in selling products and services to customers.
Long-term success requires the organization to be market-oriented, adept at translating current and future customer needs into appealing and profitable offerings.
A crucial aspect of any strategy is the development of a competitive advantage, achieved through valuable and rare organizational resources that are difficult to replicate. This course places emphasis on managing market-related resources, such as customer relationships, brands, and partner networks. As the economy becomes increasingly digital, the strategic management of these market-based resources becomes even more vital for sustainable success.
In order to develop a strategy that ensures profitability and long-term viability, it is necessary to have theoretical knowledge of key economic concepts and relationships. This is particularly relevant to the connection between costs in a company's chain of linked activities and how costs per unit produced decrease as sales volume increase. Another important theme is how the company's strategic resources contribute to unique competitive advantages and influence the company's future cash flow. A third aspect pertains to how heterogeneity in a market, in the form of differences in customer needs and variations in competitors' product offerings, affects businesses' choices of strategic positions.
Because the market is constantly changing, every business must continuously analyze the market, competitors, customers, and the effectiveness of marketing initiatives. They should use this information to develop an overarching strategy and plan for implementing marketing measures that will secure their overall and long-term goals. The development of a comprehensive market plan is a crucial tool that businesses use to ensure a cohesive marketing strategy leading to overarching objectives. This plan considers all marketing initiatives in context, clarifies the economic consequences in terms of revenue and costs, and allocates responsibilities and tasks to the respective organizational units.
During the course, the student should have acquired sufficient theoretical and practical knowledge to develop a strategic market plan and be aware of how challenging and crucial this task is for a business. This implies that the student should have gained knowledge about the following:
- Students shall acquire sufficient theoretical and practical knowledge needed to understand how companies develop profitable and sustainable market strategies in competitive and dynamic markets.
- The content of a strategic market plan and the key activities in the planning process.
- Students will learn what companies do to:
- Attract, keep, and develop valuable customers.
- Develop attractive and profitable products and services.
- Develop and leverage attractive brands.
- Students will learn how developments in sustainability and digitalization of the economy is affecting customer interaction and competitive dynamics.
After completing the course, students should be able to:
- Develop a strategic market plan specifying the marketing initiatives the business will undertake to achieve its overarching goals, the expected profitability developments, key performance indicators to be monitored, and how the implementation of marketing initiatives will be organized.
- Conduct analyses of markets, competitors, customers, and the effectiveness of marketing activities.
Be aware of the complexity of how economics, competition, and all business activities impact the ability to attract, retain, and develop profitability in the company's customer portfolio. Have a conscious and reflective attitude towards how a business can contribute to a more sustainable society.
- Key concepts and theories in strategy
- Value chain activities and economies of scale
- Strategic resources
- Future cash-flow and firm financial value
- Strategic choices and market heterogeneity
- Marketing management and strategy
- Market matrix with strategic product categories and customer segments
- Allocating revenues and (all) costs in the market matrix
- Managing coordination and synergies within and across the market matrix
- Analyzing markets
- Definition of a market
- Market mechanisms (economics)
- External trends and likely effects on markets (PESTEL)
- Strategic choices and competitive dynamics (5 C)
- Market structures
- Analyzing customer behavior
- Buying process and customer journey
- Customer satisfaction and development of customer relationships
- Attitude formation and persuasion through market communication
- Strategic customer portfolio management
- Customer heterogeneity and segmentation
- Customer data and analytics
- Service design and management of customer interaction
- Customer communication and customer programs
- Strategic product portfolio management
- Product differentiation and innovation
- Product quality, profitability, and customer satisfaction
- Pricing
- Distribution and partner networks
- Strategic brand management
- Brand positioning
- Brand communication
- Brand architecture
- Strategic market planning
- Identification and formulation of strategic market problems
- Market planning process
- Key performance indicators
- Writing a compelling marketing plan
- The course will have 30 hours lectures and synchronous activities. In addition to central concepts and theories, lectures will cover exercises related to a course specific case and discussion of relevant issues like digitalization, sustainability, and others.
- Digital learning resources will be made available, and students are expected to use these in preparation for classes and for the final exam. This will be equivalent to 12 hours a-synchronous material.
- Students will deliver electronically four work requirements related to the course specific case and must pass two of these before they are allowed to take the individual exam.
Completion as an online course
In the implementation of the course as an online study, the lecturer, in collaboration with the study administration, will organize an appropriate course implementation, with a combination of various learning activities (compulsory work requirements and voluntary submission tasks) and digital elements (introductory videos and webinars) on the learning platform. Online students are also offered a study guide that will contribute to progression and an overview. The total recommended time consumption for completing the course also applies here.
Higher Education Entrance Qualification.
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
No particular.
| Mandatory coursework | Courseworks given | Courseworks required | Comment coursework |
|---|---|---|---|
| Mandatory | 4 | 2 | Students need to pass 2 of 4 coursework requirements before they can take the exam. In order for the coursework requirement to be approved there are minimum requirements to the content of the submissions (e.g. a minimum number of questions need to be answered). Students can choose if they want to work on these work assignments individually or in groups of two or three. The assignments are submitted on the learning platform. |
| Assessments |
|---|
Exam category: School Exam Form of assessment: Structured Test Exam/hand-in semester: First Semester Weight: 100 Grouping: Individual Support materials:
Duration: 3 Hour(s) Exam code: MRK 35801 Grading scale: ECTS Resit: Examination every semester |
| Activity | Duration | Comment |
|---|---|---|
Teaching | 30 Hour(s) | Lectures/synchronous activities |
Digital resources
| 12 Hour(s) | Preparations for lectures, usage of excel model used for work-requirements, and preparations for exam. |
Group work / Assignments | 40 Hour(s) | Effort on work-requirements |
Student's own work with learning resources | 115 Hour(s) | Reading curriculum and study |
Examination | 3 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.