MARKETING MANAGEMENT 2 –
IMM GRADUATE SCHOOL
K MELVILLE
,Table of Contents
UNIT 1: THE MARKETING CONCEPT ......................................................................................................... 5
Glossary ............................................................................................................................................. 5
What is Marketing and a Marketing Orientation? ............................................................................. 6
Key Aspects to Defining Marketing: ...................................................................................................................................................... 6
Marketing Oriented Organisations........................................................................................................................................................ 6
The Marketing Process ............................................................................................................................................................................... 6
The Marketing Concept and its Evolution ......................................................................................... 7
The Essential Concepts of Marketing ................................................................................................ 8
Unit 1 Revision Questions .................................................................................................................. 8
UNIT 2: THE MARKETING ENVIRONMENT ............................................................................................... 9
Glossary ............................................................................................................................................. 9
Marketing Environment .................................................................................................................... 9
Macro Marketing Environment ....................................................................................................... 10
Economic Factors .......................................................................................................................................................................................10
Business Cycle .............................................................................................................................................................................................10
Micro- Marketing Environment ....................................................................................................... 11
Competitive Forces .......................................................................................................................... 12
Marketing Environment and Strategic Opportunities ..................................................................... 12
Conclusion ....................................................................................................................................... 12
Unit 2 Revision Questions ............................................................................................................... 12
UNIT 3: MARKETING STRATEGY AND UNDERSTANDING COMPETITORS ................................................. 13
Glossary ........................................................................................................................................... 13
Marketing Strategy Defined and Explored ...................................................................................... 13
Marketing Strategy .................................................................................................................................................................................... 13
The Marketing Plan ................................................................................................................................................................................... 14
The Flow of Strategic Marketing Process ......................................................................................................................................... 14
Components of a Marketing Strategy ................................................................................................................................................ 14
Mission, Goals and Corporate Strategy ........................................................................................... 14
Organisational Opportunities and Resources.................................................................................. 15
Strategic Objectives and Focus ....................................................................................................... 16
Growth Strategies ...................................................................................................................................................................................... 16
Target Market Strategy and Brand Positioning ............................................................................... 17
Competitive Advantage, position and Differential Advantage ........................................................ 17
Cost Leadership ..........................................................................................................................................................................................18
Differentiation .............................................................................................................................................................................................18
Focus ...............................................................................................................................................................................................................18
1
, Marketing Objectives ...................................................................................................................... 20
Marketing Mix Decisions ................................................................................................................. 20
Implementation and Performance Monitoring ............................................................................... 20
Conclusion ....................................................................................................................................... 21
Unit 3 Revision Questions ............................................................................................................... 21
UNIT 4: SEGMENTATION, TARGETING AND POSITIONING ...................................................................... 22
Glossary ........................................................................................................................................... 22
The Market Segmentation Process.................................................................................................. 22
Segmentation ..............................................................................................................................................................................................23
Customer Relationship Management (CRM) ................................................................................... 24
Targeting Strategies ........................................................................................................................ 24
Evaluating Markets and Forecasting Sales ...................................................................................... 25
Positioning....................................................................................................................................... 26
Conclusion ....................................................................................................................................... 26
Unit 4 Revision Questions ............................................................................................................... 26
UNIT 5: PRODUCT, SERVICE AND BRANDING STRATEGIES .................................................................... 27
Glossary ........................................................................................................................................... 27
Products .......................................................................................................................................... 27
Product Classification and Levels ....................................................................................................................................................... 28
Product Life Cycle Management (PLC) .............................................................................................................................................. 29
New Product Development .................................................................................................................................................................... 30
Product Adoption Processes ................................................................................................................................................................. 30
The Boston Consulting Group (BCG) Product Portfolio Analysis .............................................................................................. 31
Directional Policy Matrix (DPM)............................................................................................................................................................ 31
The ABC Sales–Contribution Analysis .................................................................................................................................................32
Services ........................................................................................................................................... 32
Characteristics of Services .....................................................................................................................................................................32
Service Quality Factors.............................................................................................................................................................................33
Branding and Packaging .................................................................................................................. 33
Read more about, brand equity, identity, personality, values and attributes in Dibb et al. (2023 pg
323-333) ........................................................................................................................................... 34
Types of Brands .......................................................................................................................................................................................... 34
Branding Policies....................................................................................................................................................................................... 34
Conclusion ....................................................................................................................................... 34
Unit 5 Revision Questions ............................................................................................................... 35
UNIT 6: DISTRIBUTION STRATEGIES ...................................................................................................... 36
Glossary ........................................................................................................................................... 36
Marketing Channels ........................................................................................................................ 36
2
, Functions of Marketing Channels ....................................................................................................................................................... 36
Types of Channels ............................................................................................................................ 37
Multiple Marketing Channels .......................................................................................................... 38
Channel Integration......................................................................................................................... 38
Different Levels of Market Coverage ............................................................................................... 39
Channel Selection ............................................................................................................................ 39
Channel Players ............................................................................................................................... 40
Wholesalers................................................................................................................................................................................................. 40
Facilitating Agents..................................................................................................................................................................................... 41
Retailing ........................................................................................................................................................................................................ 41
Conclusion ....................................................................................................................................... 42
Unit 6 Revision Questions ............................................................................................................... 42
UNIT 7: PROMOTION STRATEGIES ......................................................................................................... 43
Glossary ........................................................................................................................................... 43
The Role and Definitions of Promotions (Marketing Communication) ........................................... 43
The Communication Process:................................................................................................................................................................ 44
The Product Adoption Process ........................................................................................................ 44
Integrated Marketing Communication (IMC) .................................................................................. 45
The Promotional Mix ....................................................................................................................... 45
Advertising ................................................................................................................................................................................................... 46
Public Relations ......................................................................................................................................................................................... 46
Personal Selling .......................................................................................................................................................................................... 47
Sales Promotions ....................................................................................................................................................................................... 47
Sponsorship ................................................................................................................................................................................................. 48
Direct Marketing........................................................................................................................................................................................ 48
Digital Marketing ...................................................................................................................................................................................... 49
Conclusion ....................................................................................................................................... 50
Unit 7 Revision Questions................................................................................................................ 50
UNIT 8: PRICING STRATGEIES ............................................................................................................... 51
Glossary ........................................................................................................................................... 51
The Role of Pricing........................................................................................................................... 51
Price and Non-Price Competition .................................................................................................... 52
Factors Affecting Pricing Decisions ................................................................................................. 52
Pricing in Business Markets ............................................................................................................ 53
Price Discounting ............................................................................................................................ 54
Geographic Pricing .......................................................................................................................... 54
Stages followed in Establishing Prices ........................................................................................... 55
3
IMM GRADUATE SCHOOL
K MELVILLE
,Table of Contents
UNIT 1: THE MARKETING CONCEPT ......................................................................................................... 5
Glossary ............................................................................................................................................. 5
What is Marketing and a Marketing Orientation? ............................................................................. 6
Key Aspects to Defining Marketing: ...................................................................................................................................................... 6
Marketing Oriented Organisations........................................................................................................................................................ 6
The Marketing Process ............................................................................................................................................................................... 6
The Marketing Concept and its Evolution ......................................................................................... 7
The Essential Concepts of Marketing ................................................................................................ 8
Unit 1 Revision Questions .................................................................................................................. 8
UNIT 2: THE MARKETING ENVIRONMENT ............................................................................................... 9
Glossary ............................................................................................................................................. 9
Marketing Environment .................................................................................................................... 9
Macro Marketing Environment ....................................................................................................... 10
Economic Factors .......................................................................................................................................................................................10
Business Cycle .............................................................................................................................................................................................10
Micro- Marketing Environment ....................................................................................................... 11
Competitive Forces .......................................................................................................................... 12
Marketing Environment and Strategic Opportunities ..................................................................... 12
Conclusion ....................................................................................................................................... 12
Unit 2 Revision Questions ............................................................................................................... 12
UNIT 3: MARKETING STRATEGY AND UNDERSTANDING COMPETITORS ................................................. 13
Glossary ........................................................................................................................................... 13
Marketing Strategy Defined and Explored ...................................................................................... 13
Marketing Strategy .................................................................................................................................................................................... 13
The Marketing Plan ................................................................................................................................................................................... 14
The Flow of Strategic Marketing Process ......................................................................................................................................... 14
Components of a Marketing Strategy ................................................................................................................................................ 14
Mission, Goals and Corporate Strategy ........................................................................................... 14
Organisational Opportunities and Resources.................................................................................. 15
Strategic Objectives and Focus ....................................................................................................... 16
Growth Strategies ...................................................................................................................................................................................... 16
Target Market Strategy and Brand Positioning ............................................................................... 17
Competitive Advantage, position and Differential Advantage ........................................................ 17
Cost Leadership ..........................................................................................................................................................................................18
Differentiation .............................................................................................................................................................................................18
Focus ...............................................................................................................................................................................................................18
1
, Marketing Objectives ...................................................................................................................... 20
Marketing Mix Decisions ................................................................................................................. 20
Implementation and Performance Monitoring ............................................................................... 20
Conclusion ....................................................................................................................................... 21
Unit 3 Revision Questions ............................................................................................................... 21
UNIT 4: SEGMENTATION, TARGETING AND POSITIONING ...................................................................... 22
Glossary ........................................................................................................................................... 22
The Market Segmentation Process.................................................................................................. 22
Segmentation ..............................................................................................................................................................................................23
Customer Relationship Management (CRM) ................................................................................... 24
Targeting Strategies ........................................................................................................................ 24
Evaluating Markets and Forecasting Sales ...................................................................................... 25
Positioning....................................................................................................................................... 26
Conclusion ....................................................................................................................................... 26
Unit 4 Revision Questions ............................................................................................................... 26
UNIT 5: PRODUCT, SERVICE AND BRANDING STRATEGIES .................................................................... 27
Glossary ........................................................................................................................................... 27
Products .......................................................................................................................................... 27
Product Classification and Levels ....................................................................................................................................................... 28
Product Life Cycle Management (PLC) .............................................................................................................................................. 29
New Product Development .................................................................................................................................................................... 30
Product Adoption Processes ................................................................................................................................................................. 30
The Boston Consulting Group (BCG) Product Portfolio Analysis .............................................................................................. 31
Directional Policy Matrix (DPM)............................................................................................................................................................ 31
The ABC Sales–Contribution Analysis .................................................................................................................................................32
Services ........................................................................................................................................... 32
Characteristics of Services .....................................................................................................................................................................32
Service Quality Factors.............................................................................................................................................................................33
Branding and Packaging .................................................................................................................. 33
Read more about, brand equity, identity, personality, values and attributes in Dibb et al. (2023 pg
323-333) ........................................................................................................................................... 34
Types of Brands .......................................................................................................................................................................................... 34
Branding Policies....................................................................................................................................................................................... 34
Conclusion ....................................................................................................................................... 34
Unit 5 Revision Questions ............................................................................................................... 35
UNIT 6: DISTRIBUTION STRATEGIES ...................................................................................................... 36
Glossary ........................................................................................................................................... 36
Marketing Channels ........................................................................................................................ 36
2
, Functions of Marketing Channels ....................................................................................................................................................... 36
Types of Channels ............................................................................................................................ 37
Multiple Marketing Channels .......................................................................................................... 38
Channel Integration......................................................................................................................... 38
Different Levels of Market Coverage ............................................................................................... 39
Channel Selection ............................................................................................................................ 39
Channel Players ............................................................................................................................... 40
Wholesalers................................................................................................................................................................................................. 40
Facilitating Agents..................................................................................................................................................................................... 41
Retailing ........................................................................................................................................................................................................ 41
Conclusion ....................................................................................................................................... 42
Unit 6 Revision Questions ............................................................................................................... 42
UNIT 7: PROMOTION STRATEGIES ......................................................................................................... 43
Glossary ........................................................................................................................................... 43
The Role and Definitions of Promotions (Marketing Communication) ........................................... 43
The Communication Process:................................................................................................................................................................ 44
The Product Adoption Process ........................................................................................................ 44
Integrated Marketing Communication (IMC) .................................................................................. 45
The Promotional Mix ....................................................................................................................... 45
Advertising ................................................................................................................................................................................................... 46
Public Relations ......................................................................................................................................................................................... 46
Personal Selling .......................................................................................................................................................................................... 47
Sales Promotions ....................................................................................................................................................................................... 47
Sponsorship ................................................................................................................................................................................................. 48
Direct Marketing........................................................................................................................................................................................ 48
Digital Marketing ...................................................................................................................................................................................... 49
Conclusion ....................................................................................................................................... 50
Unit 7 Revision Questions................................................................................................................ 50
UNIT 8: PRICING STRATGEIES ............................................................................................................... 51
Glossary ........................................................................................................................................... 51
The Role of Pricing........................................................................................................................... 51
Price and Non-Price Competition .................................................................................................... 52
Factors Affecting Pricing Decisions ................................................................................................. 52
Pricing in Business Markets ............................................................................................................ 53
Price Discounting ............................................................................................................................ 54
Geographic Pricing .......................................................................................................................... 54
Stages followed in Establishing Prices ........................................................................................... 55
3
