ILLINOIS INSTITUTE OF TECHNOLOGY STUART SCHOOL OF BUSINESS ADMINISTRATION
INTRODUCTION:
STRATEGIC MARKETING MANAGEMENT is the “follow-on” to the MBA/MAC ‘core’ course in marketing. In this course we will emphasize the integration of marketing mix decisions; and the longer-term effects of Marketing Mix decisions and changes in the mix over time. “Price” becomes “price policy,” value-in-use, ‘willingness-to-pay’ and price discrimination tactics. “Product” becomes product line breadth, customization and variety, and product life cycle choices. “Place” becomes the design and control of single or multiple channels of distribution and the avoidance of ‘channel conflict’; and “promotion” becomes communications, customer loyalty and brand equity and the use of ‘social networks’.
The course will emphasize segmentation of the market; target market choices and positioning the marketing mix to meet the needs of each target market segment (The S – T – R MODEL). We seek to find ways to sustain an ‘integrated’ marketing mix over the product life cycle; and to organize the ‘Strategic Business Unit’ to implement the Business Strategy, and the Marketing Function to be a source of ‘Competitive Advantage’ for the SBU: as we move from a focus on “tactical” decisions with low exit costs and “local” impacts to strategic” decision which have higher exit costs and broader impacts on other functions, organizational effectiveness, the implementation of Business Strategy, and the LONG TERM profitability of the PRODUCT/LINE, MARKET, CATEGORY, BRAND or Strategic Business Unit (SBU).
In addition to the development of a (set of) marketing strategy(ies) that ‘positions’ the product/service to the needs of one or more target markets (segmentation); the execution of a marketing strategy (often referred to as ‘Strategic Marketing Management’) will require an economic and financial analysis of the costs and potential profits of the strategy and an implementation plan including an organizational structure and an Expense Budget. This usually becomes the
STRATEGIC MARKETING MANAGEMENT is the “follow-on” to the MBA/MAC ‘core’ course in marketing. In this course we will emphasize the integration of marketing mix decisions; and the longer-term effects of Marketing Mix decisions and changes in the mix over time. “Price” becomes “price policy,” value-in-use, ‘willingness-to-pay’ and price discrimination tactics. “Product” becomes product line breadth, customization and variety, and product life cycle choices. “Place” becomes the design and control of single or multiple channels of distribution and the avoidance of ‘channel conflict’; and “promotion” becomes communications, customer loyalty and brand equity and the use of ‘social networks’.
The course will emphasize segmentation of the market; target market choices and positioning the marketing mix to meet the needs of each target market segment (The S – T – R MODEL). We seek to find ways to sustain an ‘integrated’ marketing mix over the product life cycle; and to organize the ‘Strategic Business Unit’ to implement the Business Strategy, and the Marketing Function to be a source of ‘Competitive Advantage’ for the SBU: as we move from a focus on “tactical” decisions with low exit costs and “local” impacts to strategic” decision which have higher exit costs and broader impacts on other functions, organizational effectiveness, the implementation of Business Strategy, and the LONG TERM profitability of the PRODUCT/LINE, MARKET, CATEGORY, BRAND or Strategic Business Unit (SBU).
In addition to the development of a (set of) marketing strategy(ies) that ‘positions’ the product/service to the needs of one or more target markets (segmentation); the execution of a marketing strategy (often referred to as ‘Strategic Marketing Management’) will require an economic and financial analysis of the costs and potential profits of the strategy and an implementation plan including an organizational structure and an Expense Budget. This usually becomes the