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EMBA – Strategic Marketing Management

by Ismail N   ·  2 months ago   ·  
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My academic background is in law and my experience is more on operation and administration. Hence, I found that Strategic Marketing Management module is the most enjoyable when doing my Executive Master in Business Administration (EMBA). I got to learn new things and correct my understanding on many aspects of marketing. It also helps me to clear the line between sales and marketing, i.e the difference between the two. Without further ado, let’s roll into Strategic Marketing Management class by yours truly.

Marketing 101

There are many famous quotes and definitions given to marketing. But, I would like to use a quote from the late Steve Jobs, the co-founder, ex-chairman and CEO of Apple as our guide to marketing.

“Marketing is about values. It’s a complicated and noisy world, and we’re not going to get a chance to get people to remember much about us. No company is. So we have to be really clear about what we want them to know about us” – Steve Jobs

The key word is ‘value‘, i.e putting a value to product, so that people will remember your product and want to spend on it no matter how much. It must be differentiated with ‘selling‘ which involves activities such as wooing and to some extent seducing people into buying your product.

Therefore, marketing is an activity or process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

As an EMBA you will learn these activities as if you are an entrepreneur or the Head of Marketing Department. Note that throughout the Executive Master in Business Administration course, you will hear a lot of times the word ‘strategic‘ and ‘planning‘. The reason as I said in my previous article, the course is tailored to set you up to handle work at managerial level. As a manager, you are not there to do a day-to-day work or finding problems in your company. You are there to troubleshoot the problem and come up with long term planning for the company. That is the true meaning of ‘strategic‘ in my opinion.

Strategic Marketing Planning

This is the basic part of the course that you need to master, in my humble opinion. It refers to situation in which a company’s capabilities are matched to the market environment in which it operates not for today but in the foreseeable future. This is the objective that you (as head of marketing) need to achieve through planning.

Strategic Marketing Planning attempts to answer 3 basic questions: –

  1. What is the business doing now?
  2. What is happening in the environment?
  3. What should the business be doing?

Therefore, you will have to look at the market conditions and ensure that your marketing strategy must ADAPT TO the needs and requirements of the market; and secondly, your organization resources SUITS the market in which it operates. You will learn how to study the company mission and vision, strategic intent, market definition and competitive positioning among others. Once you’ve done that, you can start your Marketing Strategy Process which involves:

  • LEVEL 1- Establishment of a Core Strategy.
    Assessment of company’s capabilities (strengths and weaknesses) relative to competition – opportunities and threats post by the environment)
  • LEVEL 2 – The creation of the company’s competitive positioning.
    Competitive edge in serving customers better than competition is defined
  • LEVEL 3 – The implementation of the strategy
    Department put strategy into action created.

Like in other modules such as economics, resources play an important role in strategic planning. Hence, an in-depth study of organizational resources and abilities need to be done. Look into R&D, labour force, logistic, market attractiveness, etc. You will be given a case study on this. Maybe SWOT analysis and change in market environment case. All depends on your lecturer.

Marketing Mix

After studying about the product, the resources and market, you will need to come up with a marketing strategy. The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. It has 4 components – Price, Product, Promotion and Place. Nowadays, the number is increased but for the purpose of learning let’s stick to 4.

Here it’s all about strategy. For example, in your product strategy, if your market segment/targeting is the youth, you may want to have your packaging colourful and trendy. Location strategy must also be based on area popular with young people and easy for them to access.

Income Projection and Action Plan

There’s a famous quote by T. Boone Pickens, an American Business Magnate. He said “A plan without action is not a plan. It’s a speech“.

For this part you will learn to create a simple income projection and methods to ensure that your plan works. This part is important for your last group assignment which is creating a Marketing Plan for a business entity of your choice. Below is the model that I used to create mine. I hope it helps give you an idea. Of course, there are much more to it. But, those are the basic that should not be missing from your plan.

Conclusion

As I said this module is fun and a most enjoyable one, at least for me. Don’t worry too much about memorizing all the terms and contents in the textbook. Instead try to understand how marketing works in the real world. A bit of imagination would help. I hope this article helps. I cannot go into details, or else I will take away the fun of learning to those who are about to do their EMBA.

 

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