Program Overview

BUSN112 - Managing Markets

Year

2024

Credit Points

10

Campus Offering

The unit is offered at multiple campuses, including Brisbane, Blacktown, Melbourne, North Sydney, Online, and Strathfield.

Prerequisites

Nil

Incompatible Units

• MKTG100 Marketing: Creating and Capturing Customer Value
• BUSD112 Managing Markets

Teaching Organisation

150 hours over a twelve-week semester or equivalent study period

Unit Rationale, Description, and Aim

The unit focuses on the analysis and synthesis of knowledge associated with the interaction of external environments on organisational business functions. Students develop an understanding of the impact of changes in the macro and micro environments on an organisation's marketing operations. The unit covers key marketing concepts, economic and legal frameworks, and basic statistical skills.

Learning Outcomes

To successfully complete this unit, students will be able to:

1. Identify the impact of key regulatory and economic dimensions in the organisation's macro environment.
2. Identify core marketing models and concepts for sustainable business and social outcomes.
3. Compare different statistical techniques to inform marketing decisions.
4. Show knowledge of communication theory and information literacies by applying relevant knowledge, skills, and judgement for business and academic audiences.

Content

Topics include:

• Fundamentals of business law in the Australian context
• Macro-environmental analysis (PESTEL)
• Key models of economic and Australian economic institutions
• Types of competition
• Introduction to marketing and consumer orientation
• The marketing mix
• Segmentation, targeting, and positioning
• Marketing research
• Descriptive statistics and their application in business decisions
• Approaches to data presentation to enhance understanding of statistical outcomes
• Communicating effectively in a variety of settings and organisational contexts

Learning and Teaching Strategy and Rationale

The unit takes an active learning approach, guiding students in the analysis and synthesis of knowledge. Students explore the knowledge base underpinning markets, economics, business law, and basic statistics through on-campus workshops or online interactive lessons and modules.

Assessment Strategy and Rationale

The assessment strategy allows students to demonstrate mastery and understanding of important economic and legal concepts, apply knowledge of key marketing concepts and models, and interpret and integrate basic statistical skills into business decision making.

Overview of Assessments

• Assessment 1: Active Learning Tasks (30%): Collaborative tasks during the semester covering core concepts.
• Assessment 2: Concept Map (20%): Develop a concept map of key economic and regulatory forces impacting a business.
• Assessment 3: Marketing Proposal (50%): Create a marketing proposal for a specified business, including a detailed analysis of the market and application of descriptive statistical skills.

Representative Texts and References

• Baye, MR. (2017). Managerial economics and business strategy. McGraw Hill.
• Croucher, J. (2016). Introductory mathematics and statistics. McGraw Hill.
• Elliot, G., Rundle-Thiele, S., Smith, S., Waller, D., Eades, L., & Bentrott, I. (2018). Marketing. John Wiley and Sons.
• Jaggia, S., Kelly, A., Salzman, S., Olaru, D., Sriananthakumar, S., Beg, R., & Leighton, C. (2020). Essentials of Business Statistics: Communicating with Numbers. McGraw Hill Education.
• Kolter, P., & Keller, K. (2016). Marketing management. Pearson Higher Ed.
• Layton, A., Robinson, T., & Tucker, IB. (2018). Economics for today. Cengage.

Journal Articles

• Clements, K. (2019). Four Laws of Consumption. The Economic Record, 95(310), 358385.
• Cooper, R. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 3647.
• Eckhardt, G., et al. (2019). Marketing in the Sharing Economy. Journal of Marketing, 83(5), 527.
• Gronroos, C. (1994). From marketing mix to relationship marketing: Towards a paradigm shift in marketing. Management Decision, 32(2), 4.
• Duarte, F. (2012). Price elasticity of expenditure across health care services. Journal of Health Economics, 31(6), 824841.
• Forsyth, A. (2020). COVID-19 and Labour Law: Australia. Italian Labour Law E-Journal, 13(1S).
• Glynn, J. (2021). Australia's RBA Signals Monetary Stimulus Is Here for the Long Haul. WSJ Pro. Central Banking.
• Hecht, A., et al. (2020). Influence of Food and Beverage Companies on Retailer Marketing Strategies and Consumer Behavior. International Journal of Environmental Research and Public Health, 17(20), 7381.
• Thurbon, E. (2021). Australia and the Rules of International Trade and Finance. In Australia and the Rules-Based International Order.
• Steinhoff, L., et al. (2018). Online relationship marketing. Journal of the Academy of Marketing Science, 47(3), 369393.