SUMMARY OF SYLLABUS UPDATE 2013

Transcription

1 SUMMARY OF SYLLABUS UPDATE 2013 MARKETING ESSENTIALS The syllabus has been updated to reflect the changing global environment in which marketing now functions. The changes generally represent only minor updates of a contemporary nature and the unit maintains its base in the fundamental building blocks of an understanding of marketing and how its theories and models can be applied. The very ethos of this unit is that candidates, in their role as professional marketers, should have a good contemporary knowledge of the essentials that make up marketing and take responsibility for keeping abreast of current trends and issues both within marketing as a professional discipline and the general environment in which it functions and operates. The unit retains its focus on the influential role of marketing within a marketing-oriented organisation. Marketing professional will be expected to demonstrate knowledge of the concepts of customer centred thinking which is the basic philosophy of marketing and provides the underpinning knowledge for all other units. Updates by syllabus points: 1.4 In the list of factors that may make market orientation difficult to achieve within the organisation, the addition of cultural readiness to accept change, lack, or change in the skills, of the organisation. 1.6 The addition of the Data Protection Act as an example of ethical codes of practice for marketers. 2.2 The addition of technology innovation as an organisational objective. 3.8 The addition of changing purchasing habits of customers, M-commerce and E-commerce to the factors that influence the channel decisions and the selection of alternative distribution channels. 3.9 The introduction of a new outcome, which looks to explain the role of marketing communications activities within the distribution channel, in order to motivate, maintain trust, solve conflict, attract new customers, reinforce commitment, build satisfaction and control or monitor success The addition of the purpose of communications across a wider market such as B2B, FMCG and B2C and the introduction of digital and mobile methods to the range of marketing communications media and consider their impact and purpose in different contexts, such as B2B, FMCG and B2C The addition of Dashboards, digital measurements (usability) and other KPIs/analytics to the different methods used for measuring the success of marketing activities.

2 Professional Certificate in Marketing (Level 4)

3 SYLLABUS - MARKETING ESSENTIALS (10 credits) Overarching learning outcomes By the end of this unit, students should be able to: Explain how marketing has evolved and the importance of market orientation in creating customer value Assess the importance of marketing, its cross-functional role and the contribution it makes to an organisation and society Identify and explain the stages in the marketing planning process Assess the key elements of the internal and external marketing environment that impact on an organisation, its objectives and activities Identify and describe the characteristics and applications of each element of the marketing mix (7Ps) Part 1 The nature and scope of marketing Weighting 25% 1.1 Explain the evolution of market orientation: Product orientation Production orientation Sales orientation Market versus marketing orientation 1.2 Assess the contribution of marketing as a means of: Creating customer value Creating and responding to competition 1.3 Appreciate the different characteristics of a market-oriented approach to business: An exchange process A philosophy of business A managerial function A dynamic operation, requiring analysis, planning and action A catalyst for change 1.4 Identify and evaluate the factors that may make market orientation difficult to achieve within the organisation: Lack of committed leadership and vision Lack of customer knowledge Lack of infrastructure, eg, technology Autocratic leadership Cultural readiness to accept change Conflict between marketing and other functions Preference for product or production focus Transactional or sales approach to business Lack of, or change in, the skills of the organisation

4 1.5 Explain the cross-functional role of marketing and its importance to organisational performance: The importance of internal relationships and information sharing The setting and achievement of common and realistic goals Establishing common information and control systems Establishing clear company policies in relation to products, branding, production, etc The role of marketing as an internal service provider for other business departments Contribution of marketing to the development of the business strategy 1.6 Evaluate the impact of marketing actions on consumers, society and environment, and the need for marketers to act in an ethical and socially responsible manner: Ethical codes of practice for marketers (eg, CIM code of practice, Data Protection Act) Corporate Social Responsibility as a cultural value Corporate citizenship upholding the law and behaving responsibly Social awareness of key marketing issues relating to social causes Social marketing 1.7 Explain the significance of buyer-seller relationships in marketing and comprehend the role of relationship marketing in facilitating the attraction and retention of customers: Benefits of customer retention Drawbacks of customer defection The link between degrees of customer loyalty and long-term organisational stability and growth The role of technology in enhancing or undermining relationships and thereby affecting retention Part 2 Planning within the marketing context Weighting 25% 2.1 Explain the importance of objectives, the processes for setting them and the influences upon them: Objectives as a basis for determining future direction, consistency, motivation and measurement Objectives as a basis for determining achievement SMART objectives (Specific, Measurable, Achievable, Realistic, Timebound) Internal and external influences on setting objectives 2.2 Identify the different types of organisational objectives: Profit Sales/revenue Marketing Growth, eg, market share Technical: technology innovation Survival Ethically and socially responsible 2.3 Evaluate the importance of the marketing planning process to the market oriented organisation. Using a marketing plan as a means of:

5 Delivering strategies and achieving objectives Implementing a marketing project Monitoring of timeline progress against schedule Managing implementation Resource management (human and physical) Financial management Measurement of successful implementation 2.4 Explain the different stages of the marketing planning process: Corporate objectives/business mission Marketing audit Setting business and marketing objectives Marketing strategies Marketing tactics/mix decisions Implementation Monitoring and control 2.5 Explain the concept of the marketing audit as an appraisal of: The internal and external environment Organisational strengths, weaknesses, opportunities and threats Organisational competencies and capabilities Organisational resource versus an organisation s capacity to deliver Competitor analysis Part 3 The marketing mix Weighting 50% 3.1 Explain and illustrate the principles of product and planning: Branding Product lines/ranges (depth and breadth) Packaging, eg, sustainability, design eg, recycling Service support 3.2 Explain the concept of the Product Life Cycle (PLC) and its limitations as a tool for assessing the life of the product/service: Development Introduction Growth Maturity Decline Obsolescence Limitations including failure of the product to succeed/no measurable outcome 3.3 Explain the importance of new products and services into the market: Changing customer needs Digital revolution Long-term business strategies 3.4 Explain the different stages of the process of New Product Development:

6 Idea generation Screening new ideas Concept testing Business analysis Product development Test marketing Commercialisation and launch 3.5 Explain the importance of price as an element of the marketing mix: Brings together the marketing mix elements to fulfil customer needs Income, revenue and profit generation Contributing to the organisation s business and financial objectives Limitations of price as a competitive tool 3.6 Identify and illustrate a range of different pricing approaches that are adopted by organisations as an effective means of competition: Absorption costing Cost base and marginal costing Cost Plus Price skimming Penetration pricing Loss-leader Promotional pricing 3.7 Define the different channels of distribution, and the role they play in a co-ordinated marketing mix: Wholesaling Retailing Direct marketing Internet marketing Vending Telephone selling Franchising Digital/e-channels 3.8 Explain the factors that influence channel decisions and the selection of alternative distribution channels: Multiple channels Location of customers Changing purchasing habits of customers (on-line) Compatibility Nature of the goods/services Geographic/environmental/terrain, Storage and distribution costs Import/export costs E-commerce M-commerce

7 3.9 Explain the role of marketing communications activities within a channel in order to: Motivate Maintain trust Resolve conflict Attract Reinforce commitment and build satisfaction Control and monitor success 3.10 Evaluate a range of marketing communications tools that comprise the marketing communications mix and consider their impact and purpose in different contexts, such as Business to Business (B2B), Fast Moving Consumer Goods (FMCG) and Business to Consumer (B2C): Direct Response Advertising Personal selling Sponsorship Public relations Direct marketing Sales promotions Digital technologies Website Digital media 3.11 Evaluate the range of marketing communications media and consider their impact and purpose in different contexts, such as B2B, FMCG & B2C: TV Cinema Billboards Press Magazines Web advertising Sales promotions Digital and mobile 3.12 Explain the importance of a co-ordinated services marketing mix, its characteristics and implications for the marketing of service products: Co-ordinated approach to people, physical evidence and process Characteristics/implications: inseparability, intangibility, variability, perishability, and non-ownership 3.13 Explain the different methods used for measuring the success of marketing activities: Budget measurement Objectives obtained Sales/revenue Profit/loss Efficiency/effectiveness Zero defects/returns Customer service complaints Increased awareness and changing attitudes Repeat purchase and loyalty Dashboards Digital measurements (usability)

8 Other KPIs and analytics 3.14 Explain the process of product and service adoption explaining the characteristics of customers at each stage of adoption: Innovators Early Adopters Early majority Late majority Laggards 3.15 Explain the concept of developing a co-ordinated approach to the marketing mix, as a means of satisfying customer requirements and competing effectively: Designing a mix that is compatible/co-ordinated effectively Being mindful of the target market, their needs and expectations Being mindful of tactical competitive activities Being mindful of the impact of other elements of the marketing mix