(WSU, Vancouver. Fall, 2006)
Author: Cote, Joseph
Source: Washington State University, Vancouver
This class uses the basic concepts from marketing, management, accounting, and finance to develop marketing strategy and an action plan. A working knowledge of basic marketing including market segmentation, positioning, the 4Ps, etc is required. For example, you should be able to segment a market, identify an organization's positioning strategy, and explain how the 4Ps are used to create a competitive advantage.
Marketing 506 covers the theory and basic issues of marketing analysis and planning. The course focuses on new market entry, but the concepts can be used for any type of marketing strategy. At the end of this class you should be able to develop an action-oriented marketing strategy. In addition, the class is designed to help you learn how to deal with ambiguity in decision making. A market entry model (MARE) is used to provide systematic guidelines for developing a marketing strategy. However, no single framework works in all situations and you should be able to modify the model as the situation demands. At the end of this class you should be able to develop and justify an action-oriented marketing strategy and apply marketing theories and techniques to:
• Identify, evaluate, and quantify customer needs in order to determine if a market opportunity exists.
• Estimate potential benefits to the organization of pursuing a market opportunity.
• Evaluate the long-term sustainability of a market opportunity.
• Identify the key success factors, necessary resources, and alternative approaches for pursuing a market opportunity.
• Recommend a marketing strategy and next-step actions for pursuing an opportunity.
• Estimate the value of pursuing the market.
• Evaluate the indirect and direct effects of recommended actions on stakeholders.
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