Purpose and aim of unit:
This unit aims to provide learners with an understanding of marketing management and the analysis and use of marketing intelligence. Learners are also given the opportunity to understand the value of partnerships within marketing and how to develop an effective marketing plan.
Understand the analysis and use of marketing intelligence
1.1 - Evaluate the role and uses of marketing information and intelligence
Role and uses
Sources of information and intelligence; storage in marketing information systems, cloud systems, Big Data; use of information for planning, management and control, for strategic and tactical purposes, and operational decision-making; simulation, modelling, linear programming, game theory, cluster analysis
1.2 - Appraise the structure and characteristics of an effective marketing information system
Structure and characteristics
Definition and purpose of a marketing information system; benefits; common structures and characteristics, e.g., Harmon's four components: user interfaces, applications software, databases and systems support; subsystems of a marketing information system etc
1.3 - Evaluate the suitability, advantages and disadvantages of different methods of collecting marketing information
1.4 - Evaluate the uses, requirements, advantages and disadvantages of a marketing analytical system
Marketing analytical system
Definition and purpose; uses; requirements, e.g. the data input needed; advantages and disadvantages; applications
1.5 - Evaluate the use of sales forecasting techniques
Sales forecasting techniques
Definition and purpose of sales forecasting; different types of sales forecasting techniques, e.g. moving averages, regression, exponential smoothing, sales force composite, jury of executive opinion, Delphi technique, customer projects etc. ; methods for selecting the appropriate technique; advantages and disadvantages of different sales forecasting techniques
Understand partnerships within marketing
2.1 - Assess the purpose and value of a marketing partnership
Purpose and value
The definition of a marketing partnership (also known as marketing co-operation, co-marketing, cross-marketing etc.) and its purpose, e.g. reaching new customers, bringing new products to existing customers, increased brand awareness, product distribution etc.; significance of marketing partnerships
2.2 - Evaluate the requirements, responsibilities and liabilities of a marketing partnership
Requirements, responsibilities and liabilities
Factors to be taken into account when forming a marketing partnership; planning a marketing partnership; finding partners; responsibilities and liabilities of the different parties involved, e.g. contracts, memorandum of understanding (MOU), legal implications etc.
2.3 - Assess the scope of activities of a marketing partnership and the incentives for investment
Scope of activities
The range of activities included in marketing partnerships, e.g. joint product development, product bundling, joint marketing communications, joint direct mail, email or advertising campaigns, referring prospects, combining services to create a new service, online collaborations, affiliate marketing models etc.
Incentives for investment
Motivation for a business to enter into a marketing partnership, e.g. return on investment (ROI), increased market share etc.; benefits to a business of entering into a marketing partnership, e.g. exposure to new customers etc.
2.4 - Evaluate the cost-effectiveness of a marketing partnership
Cost-effectiveness
Cost benefits of marketing partnerships versus the potential risks, e.g. financial, products/services, reputation, position etc.
Understand the development of a marketing plan
3.1 - Assess the way in which a marketing plan should address different competitive positions
Competitive positions
Different types of competitive position, e.g. leader, follower, challenger, nicher, defensive etc.; purpose of the competitive position within a marketing plan
3.2 - Analyse the information requirements and components of an effective marketing plan
Information requirements and components
For example, sufficient marketing intelligence for effective decision-making; coherence with business strategies and plans; cost-effectiveness etc.
3.3 - Establish monitoring mechanisms that are capable of tracking performance and deviations from objectives
Monitoring mechanisms
Different types of monitoring mechanisms that business organisations can use to track performance and deviations; purpose of monitoring performance and tracking deviations
3.4 - Evaluate the characteristics of effective key performance indicators and success criteria
Key performance indicators (KPIs) and success criteria
Purpose and characteristics of KPIs and success criteria; effectiveness of KPIs and success criteria etc. in the context of developing a marketing plan.