Marketing Management provides students with an understanding of the theory, concepts, terminology, and frameworks used by marketing managers to develop an organization-wide customer orientation. It provides insight into how strategic planning, analysis of the competitive environment, market research, market segmentation, target market selection, and product positioning serve to create value for customers and the firm. Finally, the course enables students to investigate how effective marketing plans integrate the four components of the Marketing Mix (Product, Pricing, Placement, and Promotion) to optimize customer lifetime value.
By the end of the course, online Master of Business Administration students will understand:
- The “Marketing Concept”, and how it defines the role of Marketing in the firm in relationship to other business functions;
- The difference between customer orientation, production orientation, sales orientation, and societal market orientation, the reasons for each, and their impact on marketing implementation;
- Basic strategic concepts and frameworks firms use to understand their industries, their competition, and market evolution over time;
- Market research approaches used by firms to understand their customers, including their behavior, their decision processes, and their needs;
- Basic frameworks used by firms to segment their markets, identify target markets, and position their products and services in ways that create value for their customers;
- How marketing managers develop an integrated marketing mix (product, price, distribution approach and promotions) to effectively marshal the resources of the firm to serve customers.