BU1808 - Managing Consumer Markets

At the interface between business and society, managing consumer markets sustainably has an important role to play in shaping the environment for future generations. In developed and developing countries in the tropics and beyond, consumer markets are evolving as service dominated economies. New service business opportunities are emerging in the business and not-for-profit sector to meet the needs of changing consumer markets. This subject examines consumers in evolving markets and explores how businesses need to adapt their practices to add consumer value and achieve a sustainable competitive advantage. Topics examined: analysing the marketing environment; gaining insights through information; buyer behaviour; targeting and positioning service products in competitive markets, developing sustainable service products and brands; managing people and building service relationships; delivering service products through physical and electronic channels; building sustainable communication strategies; understanding costs and sustainable pricing approaches; improving service quality and productivity to manage consumer market demands. The subject integrates knowledge gained from marketing, operations, information technology and human resource management to manage consumer markets in an ethical and sustainable manner.

Learning Outcomes

• explain why sustainable business practices are vitally important, both in society and to a successful business;
• demonstrate effective written communication skills in a professional business context;
• examine in a marketing context how the landscape of modern economies in the tropics and beyond are developing, and identify the service product opportunities that are emerging for businesses and the non-for-profit sector;
• analyse how functional areas within a business must collaborate to service consumer markets and sustain a viable business;
• examine the role played by service product marketing elements in adding consumer value to changing consumer markets through a sustainable approach.

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.