Credit Points: 15
Prerequisite: BK210 Market Research
Workload: 36 contact hours
Campus: Melbourne, Sydney
Aims & Objectives
This is a third-year Core Unit in the Bachelor of Business major in Marketing, and offered as an elective unit in the Bachelor of Business major in Management. For Course Learning Outcomes and further information relating to Bachelor of Business programs please visit our website: http://www.mit.edu.au/study-with-us/programs/bachelor-business.
Strategic marketing is embedded within the field of marketing, but has a distinct focus on planning for the future– to be truly successful in today’s fast-paced business environment marketers must have a view to the future and develop appropriate strategies to take advantage of the dynamics predicated by this future. Strategic marketing’s crucial role in business performance is demonstrated in the market driven strategies of successful organizations competing in a wide variety of industries and markets. The increasing importance of superior customer value, leveraging distinctive capabilities, responding rapidly to diversity and change in the marketplace, creating new products, and recognizing global business challenges require effective marketing strategies for gaining and sustaining a competitive advantage. This subject explores the essential concepts and processes within this fascinating field of marketing.
Unit topics include:
- Understanding Marketing Strategy
- Collecting and Analysing Marketing Information
- Customers, Segmentation and Target Marketing
- Marketing strategy application to the marketing mix
- Marketing Implementation and Control
- Developing and Maintaining Long-term Customer Relationships
At the completion of this unit students should be able to:
Analyse the key principles of strategic marketing in contemporary business environment
Review problems in relation to strategic marketing and be aware of strategies to investigate them.
Evaluate strategic tools, concepts and theories and understand the complexities associated with the application of these in marketing practice.
Apply marketing theory in business settings and broader social contexts with intellectual curiosity.
Devise a complete strategic marketing plan by applying key learning to a company’s strategic (marketing) efforts through detailed exploration
These Unit Learning Outcomes are mapped onto AQF Level 7
Tutorial/Workshop: 1 hour
Learning Outcomes Assessed
|Contribution in class||a-e*||10%|
Peer feedback on the draft strategic
marketing plan (Group)
|Strategic Marketing Plan (Group)||a-e*||25%|
|Strategic Marketing Plan Presentation (Group)||a-e*||10%|
*refer to learning outcomes above.
Note: Students are required to purchase the prescribed text book and have it available each week in class.
Prescribed Text Book:
Ferrell, O. & Hartline,M. (2014). Marketing Strategy (6th ed.). Australia: Cengage Learning.
Other recommended references:
- McDonald, M. & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them (8th ed.). USA: Wiley Publications.
- Reed, P. (2015). Strategic Marketing: Decision Making and Planning (4th ed.). Australia: Cengage Learning Australia.
- Kotler, B., Deans, B. & Armstrong, L. (2013) Marketing (9th ed.). Australia: Pearson.
Adopted Reference Style: APA can be found in MIT library referencing
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|The standard is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations|
|The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations|
|The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations|
|The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials|
|The standard is not considered, there is no theory or practice or activities associated with this standard|