Provide an overview of the significance of innovation in marketing strategies. Discuss why companies strive to adopt innovative approaches to attract and retain customers in today`s dynamic business environment.

2024-06-14T13:13:26+00:00
  
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M735 STRATEGIC MARKETING 

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Strategic Marketing endeavors to provide learners with a comprehensive understanding of the concepts, methods, and technical aspects involved in strategic marketing. This module addresses the multifaceted challenges inherent in contemporary marketing practices, emphasizing the integration of product development, promotion, distribution, pricing, and relationship management within strategic frameworks tailored to today`s dynamic business landscape.

AIM OF THE MODULE
The aim of this module is to develop learner’s understanding of strategic marketing concepts, methodologies, and tools, along with the challenges posed by digital technologies in modern business environments. Through theoretical insights and practical applications, learners will gain proficiency in crafting strategic marketing plans that effectively combine various elements to achieve organizational objectives amidst evolving market dynamics.

THE OBJECTIVES OF THIS MODULE ARE:

  • Critically evaluate the nature and purpose of strategic marketing in an organization.
  • Analyze and apply different marketing concepts in a range of organizational contexts.
  • Explain the processes involved in strategic marketing.
  • Develop SMART strategic marketing objectives for an organization.
  • Critically review the external and competitive environment in which an organization performs.
  • Draw conclusions about the internal and stakeholder environment in which an organization performs.
  • Explore market segments for an organizational context.
  • Evaluate targeted segments for an organizational context.
  • Design a differentiated brand position for targeted segments for an organizational context.
  • Evaluate the significance of the integrated marketing mix for an organizational context.

It is essential for learners to adhere to the provided guidelines and demonstrate their analytical prowess and strategic thinking throughout their responses.

ASSESSMENT CRITERIA

  • The wordcount should be between 2,000 to 3,000 words (excluding footnotes).
  • The structure of writing where the answers should all be written in paragraph form.
  • References from where you are getting answers to the questions should be from credible and current sources of information from the web or from books.


ASSIGNMENT

Part 1: Introduction
Provide an overview of the significance of innovation in marketing strategies. Discuss why companies strive to adopt innovative approaches to attract and retain customers in today`s dynamic business environment.

Part 2: Case Study Analysis
Choose two companies that have implemented innovative marketing strategies and analyze their approaches. For each case study, address the following:

Company Background:

  • Briefly introduce the company, its industry, and its target market.


Marketing Challenge:

  • Identify the marketing challenge or opportunity the company faced that led to the adoption of innovative strategies.


Innovative Marketing Strategy:

  • Describe the innovative marketing strategy implemented by the company.
  • Explain the key elements of the strategy, including tactics, channels, and technologies used.


Benefits and Outcomes:

  • Discuss the benefits and outcomes of the innovative marketing strategy.
  • Analyze how the strategy impacted brand awareness, customer engagement, sales, and market share.


Challenges and Lessons Learned:

  • Highlight any challenges or obstacles faced during the implementation of the innovative strategy.
  • Discuss the lessons learned and any adjustments made to refine the strategy over time.


Impact on Competitiveness:

  • Assess the impact of the innovative marketing strategy on the company`s competitiveness within its industry.
  • Explore how the strategy helped the company differentiate itself and gain a competitive edge.


Part 3: Comparison and Reflection
Compare the innovative marketing strategies implemented by the two companies analyzed in the case studies. Reflect on similarities, differences, and the effectiveness of each approach in achieving marketing objectives and driving business growth.

Part 4: Conclusion
Summarize the key findings from the case study analysis and emphasize the importance of innovation in shaping successful marketing strategies. Discuss how companies can leverage innovation to stay ahead of competitors and adapt to evolving consumer preferences and market trends.

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