As a core course for the Marketing and Business Administration majors and the University of Wales validate honors programs, this course is designed to provide each student a broad appreciation of the fundamentals of the strategic marketing planning process including: methods and decision tools needed to assess markets, analyze customer demand , segment markets, evaluate market value propositions, assess and adjust marketing tactics intended to deliver competitive value to targeted stakeholders and meeting company goals. Emphasis throughout this course is placed on the need to align marketing principles and theories with the management decision making skills. Course work is directed toward the preparation and presentation of a marketing plan.

Students should expect to spend a significant amount of time in reading course materials and learning to analyze and discuss case studies. A computer simulation is used to help students learn to choose and apply market research to formulate market propositions and to use financial tools to assess market results over time. The simulation requires students to scan market segments for changes in product/service demand, shopping habits to create and improve sustainable and competitive value propositions.

Fostering a sustainable environment (one committed to delivering value for both buyers and sellers over the long term), is an important goal for this course is based on the student’s ability to apply the Marketing Concept philosophy, one which is built on effective intelligence gathering which is used identify and evaluate gaps: key opportunities and threat present in both the macro and micro business environments. In this course, the student will begin to learn how to implement market and competitive audits, analyze environmental trend, forecast changing market demand and develop competitive marketing strategies.

This course requires both understanding of (knowledge and insight), as well as the ability to apply (skill) marketing principles to improve managerial decision making. Students should find this course both stimulating and challenging. Throughout this course, students will be required to develop and improve their ability to organize and plan work both on an individual as well as a team basis. Success of class discussions, written work (including exam papers) and oral presentations depend on strong persuasive argumentation. Students needing assistance in organizing their arguments (quantitatively and qualitatively) are invited to make good use of the University’s writing and math labs.

The basic purpose of this course is to provide students with a basic understanding of marketing concepts and strategy and the marketing process. Specifically these are:

1. Develop a framework for market-led thinking.

2. Develop an understanding of a firm’s motivations and options for market-led expansion

3. Develop ability to use Market Audits, Consumer learning models, and Product –life cycle theories, to analyze the micro and macro environments in which firms compete in order to identify demand problems and opportunities that a firms should take into consideration when developing strategies that enable it to effectively adapt to change.

4. Explore acquisition and sources of market information, both public and proprietary, and use them to evaluate market potential and the delivered added value of market offers.

5. Through a marketing computer simulation students will have a hands-on experience using marketing tools to understand the need to adapt marketing strategy and tactics to achieve marketing objectives. Students gain knowledge about the new product development process, market segmentation and targeting and related adjustments to product, place, price and promotion variables to achieve their positioning strategy. Success in delivering value to both the firm and its target markets is measured by Return on Marketing Investments ROMI.

6. Develop both written and oral informative and persuasive communication skills through article presentations, case analysis and discussion and competitive presentation of marketing plans.

7. Develop critical thinking and decision making skills through competing in a computer simulated market simulation.

8. Develop and improve creativity, planning, organizing, problem solving, and team skills.

Approach

I. It is descriptive in that it is designed through readings, lectures and class discussions to provide the student with a basic grounding in as well as a working knowledge of the language and major theories of marketing. Such knowledge of what managers need to do to achieve organizational goals and growth objectives in competitive European markets is a fundamental prerequisite for future managers.

II. It is applications - oriented in that it provides the student with the opportunity to gain practical experience both in and outside the classroom. The student will develop marketing skills by applying marketing tools and tactics in:

A. Analyzing and identifying “real” marketing problems as presented in case studies.

B. Managing their “own” firm and developing their own competitive marketing strategy for a company and by experiencing market reactions to their decisions in The Marketing Game simulation.

C. Developing and defending a marketing plan for a JCU client.

1. Demonstrate an understanding of basic marketing concepts and theories and how they may be applied to business environments.

2. Demonstrate awareness of qualitative marketing research techniques and be able to assess their suitability for exploring and defining research problems facing marketers.

3. Through a computer simulation, demonstrate ability to manage a budget, evaluate and select profitable long-term target markets, develop a profitable pricing strategy and effectively differentiate and position the marketing mix and achieve a minimum target ROMI of 1.0.

4. Demonstrate familiarity with the design elements of the marketing offer and the role and effect such Buyer Readiness, Stage of Product Life Cycle, Cultural Values, and Type of Adopter have on each element’s ability to synergistically deliver more value than competitors to target buyers while achieving marketing objectives of a specified firm.

5. Demonstrate the ability to write a realistic, coherent market assessment and develop a plan for a target market for a given case study.