Module 5. Competing In The Market

Welcome to Module 5!

Module 5 of the course is about competing in the market and covers the following topics:

 

  • 5.1 Defining the product and the brand (parts 1&2).
  • 5.2 Defining the context: competitors, customers and other stakeholders (parts 1&2).
  • 5.3 Defining the strategy for reaching the market: marketing mix.
  • 5.4 Opportunities of digital marketing.

 

 

The instructors for this module are:

 

  • Marina Gigliotti, Professor and Researcher in the Department of Economics at the University of Perugia (5.1 parts 1 and 2 and 5.2 part 1).
  • Antonio Picciotti, Professor and Researcher in the Department of Economics at the University of Perugia (5.2 part 2 and 5.3).
  • Marta Mussini, Manager procedures outside Italy at Pharmatech S.r.l. (5.4).

This first topic of module 5 analyses the definition of product from a marketing point of view, together with the way of differentiating an offering.

 

The aim is to understand what a brand is, how it works, its role in the relationship between company and consumer and its main components.

This topic is about market segmentation, which is the process of dividing a market into groups of consumers. We will see the most important criteria to be taken into consideration when performing market segmentation.

 

Another concept discussed here is positioning, which is the place that a product or brand occupies in consumers’ minds compared with competing products. In order to define this position, the concept of perceptual map and the different steps of its construction are explained.

In this topic, the focus is on the concept of marketing mix (with the exception of the product that has been discussed previously). In particular, the objective is to deepen the concept of price and the methods of determination, the concept of communication and the various components of the communication-mix and, finally, the concept of distribution and the decisions relating to management of the distribution channel.

After discussing the basis of good digital communication, this topic describes the methods, strategies and tools to be considered in digital marketing such as Social Networks, E-mail marketing, Website & SEO, Youtube, Online Contest and Crowd-funding. Subsequently, indications are given on how to construct good online communities, from the definition of the objectives and the target audience to the performance of A/B testing and/or Split testing.

Suggested readings

 

Unit 5.1. Defining the product and the brand

 

Principles of Marketing, Global Edition 17/e, Kotler & Armstrong, 2018, Pearson.

  • Chapter 8. Products, Services, and Brands: Building Customer Value
  • Chapter 9. Developing New Products and Managing the Product Life Cycle

 

Marketing Management, 3rd edition, Marshall & Johnston, 2018, McGraw Hill.

  • Chapter 8 Product Strategy and New Product Development
  • Chapter 9 Build the Brand

 

Marketing, 14th edition, Kerin & Hartley, 2018, McGraw Hill.

  • Chapter 10 Developing New Products and Services
  • Chapter 11 Managing Successful Products, Services, and Brands

 

Unit 5.2. Defining the context: competitors, customers and other stakeholders

 

 

Principles of Marketing, Global Edition 17/e, Kotler & Armstrong, 2018, Pearson.

  • Chapter 7. Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

 

Marketing Management, 3rd edition, Marshall & Johnston, 2018, McGraw Hill.

  • Chapter 7 Segmentation, Target Marketing, and Positioning

 

Marketing, 14th edition, Kerin & Hartley, 2018, McGraw Hill.

  • Chapter 9 Market Segmentation, Targeting, and Positioning

 

Unit 5.3. Defining the strategy for reaching the market: marketing mix

 

 

Pricing
Principles of Marketing, Global Edition 17/e, Kotler & Armstrong, 2018, Pearson.

  • Chapter 10. Pricing: Understanding and Capturing Customer Value

 

Marketing Management, 3rd edition, Marshall & Johnston, 2018, McGraw Hill.

  • Chapter 11 Manage Pricing Decisions

 

Marketing, 14th edition, Kerin & Hartley, 2018, McGraw Hill.

  • Chapter 13 Building the Price Foundation
  • Chapter 14 Arriving at the Final Price

 

Communication
Principles of Marketing, Global Edition 17/e, Kotler & Armstrong, 2018, Pearson.

  • Chapter 14. Engaging Consumers and Communicating Customer Value: Integrated Marketing Communication Strategy
  • Chapter 15. Advertising and Public Relations
  • Chapter 16. Personal Selling and Sales Promotion

 

Marketing Management, 3rd edition, Marshall & Johnston, 2018, McGraw Hill.

  • Chapter 14 Promotion Essentials: Traditional Approaches

 

Marketing, 14th edition, Kerin & Hartley, 2018, McGraw Hill.

  • Chapter 17 Integrated Marketing Communications and Direct Marketing
  • Chapter 18 Advertising, Sales Promotion, and Public Relations
  • Chapter 20 Personal Selling and Sales Management

 

Retailing channels
Principles of Marketing, Global Edition 17/e, Kotler & Armstrong, 2018, Pearson.

  • Chapter 12. Marketing Channels: Delivering Customer Value
  • Chapter 13. Retailing and Wholesaling

 

Marketing Management, 3rd edition, Marshall & Johnston, 2018, McGraw Hill.

  • Chapter 12 Manage Marketing Channels, Logistics, and Supply Chain

 

Marketing, 14th edition, Kerin & Hartley, 2018, McGraw Hill.

  • Chapter 15 Managing Marketing Channels and Supply Chains
    Chapter 16 Retailing and Wholesaling

 

Unit 5.4. Opportunities of digital marketing

 

 

Principles of Marketing, Global Edition 17/e, Kotler & Armstrong, 2018, Pearson.

  • Chapter 17. Direct, Online, Social Media, and Mobile Marketing

 

Marketing Management, 3rd edition, Marshall & Johnston, 2018, McGraw Hill.

  • Chapter 13 Promotion Essentials: Digital and Social Media Marketing

 

Marketing, 14th edition, Kerin & Hartley, 2018, McGraw Hill.

  • Chapter 19 Using Social Media and Mobile Marketing to Connect with Consumers