Marketing Strategy (MKTG 6815)


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Marketing Strategy (MKTG 6815)

  1. 1. Marketing Strategy (MKTG 6815-01) Spring 2008 Instructor: Jack Wei, Ph.D. Office: RCOB - Room 167 Telephone: (678) 839-5026 (Office); (404)-452-4119 (Cell) E-mail: Class Schedule:Monday 7:00 pm – 9:30 pm Classroom: 103 RCOB Office Hours: Mon. 11:00 am – 12:30pm; 1:45pm – 3:30 pm; 4:45pm – 7:00pm Wed. 11:00 am – 12:30pm; 1:45pm – 3:30 pm; 4:45pm – 6:00pm Required Text: A bulk-pack of printed case studies and readings will be provided. The required text for the course is Aaker, David A. Strategic Market Management, 8th Edition. New York: John Wiley & Sons, Inc., 2008. COURSE DESCRIPTION This course will provide frameworks and tools to solve strategic-level marketing problems. Taking the viewpoint of the general manager and the senior marketing executive, the class will focus on marketing strategy design, implementation, and evaluation. Our focus will therefore go beyond marketing tactics for a single product or service offering. Instead, we will examine the strategic-level management of a firm’s marketing resources and capabilities in order to maximize long-run customer value and to generate the greatest financial return for the firm. The course will cover the issues of: • Formulating segmentation and targeting strategies • Understanding, attracting and keeping valuable customers • Positioning the business to achieve an advantage over competitors • Identifying and exploiting growth opportunities • Allocating resources across businesses and segments • Managing the channels for gaining access to the served markets, and • Aligning the organization to changing market requirements • Ethnical issues OBJECTIVES Your objective is to develop your own understanding and management skills from this course. My primary objective is to provide a learning environment and stimulate the process. Generally, the course will attempt to help you build your knowledge base and sharpen your skills in the application of advanced frameworks, concepts, and methods for making strategic choices at the business unit level. At the end of the course, you should demonstrate a working knowledge of the marketing strategies that organizations employ in various stages of marketing management. 1
  2. 2. Specifically, after completing the course, students should be able to: • relate marketing strategy to the environmental constraints and opportunities with which managers must deal including diversity, ethical decision making and leadership, social responsibility, globalization, and multicultural considerations (LG 4, LG 5) • apply a problem-solving model to identify problems and generate alternative ethical actions in complex business scenarios (LG 4, LG 6); • assess marketing problems utilizing an analytical framework that incorporates qualitative and quantitative rigor and appropriate related tools (LG 2, LG 3); • identify and explain appropriate ethical strategic marketing decisions in various situations and provide reasoned support in oral and written form (LG 1, LG 5, LG6); • summarize and ethically apply, through oral discussion and written documents, marketing strategy theory(s) and concepts (LG 1, LG 5, LG 6). TEACHING METHOD The course will use a combination of cases, lecture/discussion, outside speakers, group projects, and reading discussions. The classroom environment will be very interactive, so prepare to get involved. Students come from a variety of backgrounds with a large and diverse knowledge base. Therefore, my primary role will be to facilitate discussions that bring out pertinent issues and to better frame the analyses of these issues. 1. Class Contribution (10%) Class attendance is required and attendance will be taken at each class. All assignments are due before the missed class, not after. You do not need to inform me if you will miss a class. Students lose 5 points for each day they are absent from class and two point for each day they are late to class. A student who arrives in class more than ten minutes after the start of the class would be considered late to that class. Two latenesses will be equivalent to one absence. Because of the commitment to class discussion, learning hinges on your constructive in- class contribution. By constructive contribution I mean comments and questions that help advance everyone’s learning, including mine. Highly valued contributions include asking insightful questions about the assigned readings, redirecting a case discussion when the current point has been adequately covered, providing an appropriate qualitative analysis, summarizing and/or reconciling previous comments, and drawing generic learning points from a particular case. 2. Article and Case Discussion and Presentation (20%) A). Case Presentation (10). The class will be divided into seven (7) teams for the case presentation and critique components of the course. You are expected to form your own teams. Each team will prepare and lead the discussion of their case on the day assigned (50-90 minutes each time). Teams will not be required to prepare 2
  3. 3. a written case report. However, prior to the presentation, you must distribute a 3- page summary consisting of a detailed outline of your case analysis (more than simply your power point outline), and a copy of all visual aids (overheads) you plan to use in your presentation, and your reference list. B). Article Discussion (10). Each student will be assigned to one article and analyze it and make a formal presentation to the class on the scheduled day (20 -40 minutes, depending on the length of the article). You will need to prepare one- page summary of the article (single-spaced) and distribute it in the class before your presentation to the class. No electronic version is accepted. 3. Individual Written Case Analysis (20%). You will be required to complete case analyses for the four (4) cases. An analysis is very different from a descriptive review of case facts. A good case analysis would use the required format, highlight pertinent environment issues, offer and argue alternative solutions, provide with corresponding criteria for evaluation of solutions, and support a final recommendation. The write-ups should be in essay form and as comprehensive as possible. Also, they should be double-spaced and typed and not exceed ten (10) pages, including exhibits and tables. Please note that NO later submission is accepted. If you will miss the class, please put a hardcopy in my mailbox before the class. Only hardcopy is accepted. Electronic submission is accepted only in extreme cases. 4. Exams (25%) Both midterm exam (10%) and final exam (15%) cover the chapters, articles and cases. Exams may consist of multiple choice items or short answer questions or essay questions (including those involving calculation) designed to measure your understanding of general concepts and details you learned in classes and your ability to critically evaluate situations and solve problems. Early or make-up exams are allowed only in the most extreme cases and never without prior arrangements. Students must contact the professor before the exam in order to be considered for any rescheduling. 5. Marketing Strategy Project (25%). You will be required to work on a group strategy project. The self-selected groups of three or four people will work as a team throughout the semester. The topic should relate to the content of the course and provide a significant learning experience for all members of the group. A list of candidate topics is provided although other topics will be considered if they are really creative. Creative topics include a new perspective to formulate marketing strategy for a firm or business, or the applicability of a theory or method useful in strategic marketing. In general, students who write about a company that is either performing poorly or is in a rapidly changing marketplace (or both) tend to turn in superior reports. The project can be based on secondary data in the public domain, or based on field research or interviews and data collection within a company. Please submit a one-page 3
  4. 4. typed proposal with the names of the team members by Jan 28. A one-page progress report is due on Feb. 11, March 10 and April 14. The final paper should be between 20 and 25 pages, excluding any charts, graphs, and figures. This paper is due on May 2. A class presentation will be scheduled for April 21 or 28. The group project will be evaluated according to the following criteria: • The quality of teamwork---did you cooperate well? • The quality of the analysis – were the right questions asked? • The feasibility of the conclusions or recommendations – did they flow from the analysis and make business sense? • The evidence that the frameworks, concepts, and methods have been applied properly and creatively--- did you understand them well and could use them to solve the problems? and • The quality of the written and verbal presentation of the project--- do you express your ideas concisely and professionally? Illustrative List of Topics for Marketing Strategy Project 1. Market orientation: e.g., assess the present orientation of a firm to its market, by comparing the judgments of senior managers with the perceptions of major customers, and identify barriers to becoming more market-driven. 2. Value Proposition: e.g., forecast the pattern of value migration in a market as the requirements or technology change and identify feasible strategies for the incumbent to use in response. 3. Going International: e.g., assess the present and prospective extent of globalization of the market for a business, and identify the appropriate strategies for participation. 4. Brand equity: e.g., value the equity in a brand name, and propose strategies for maximizing the value through line extensions, or other strategies. 5. Environmental influence: e.g., use scenario analysis to understand the impact of an environmental discontinuity on the viability of a market strategy. 6. Differentiation/customization: e.g., analyze the use of differentiation in a market where competition is on an everything-is-same-except-price basis; or use of mass customization strategy in a market where competition is on a make-and-sell basis. 7. Competition: e.g., undertake an analysis of the capabilities, strategies, and intentions of a major competitor, and propose a defensive strategy to blunt these initiatives. Or identify and evaluate strategic opportunities for a follower when the leader has preempted most of the positions of advantage. 8. Positioning / Repositioning: e.g., identify feasible strategies for surviving an industry 4
  5. 5. consolidation or shakeout (e.g., K-Mart, AT & T, or real estate firms). 9. CRM: e.g., determine the feasibility of a strategy of close customer relationships, in terms of the mutual benefits, organizational requirements, and prospects for competitive advantage. Or evaluate the effectiveness of an application of CRM processes and technologies in retaining a company’s most valuable customers. Or evaluate the benefits and costs of a marketing alliance and forecast the durability of the relationship of the partners. 10. Distribution: e.g., analyze how changes in the strategies and relative power of buyers and/or customers could cause a distribution system to compress and eliminate intermediaries. ACADEMIC DISHONESTY It is the philosophy of The University of West Georgia on that academic dishonesty is a completely unacceptable mode of conduct and will not be tolerated in any form. All persons involved in academic dishonesty will be disciplined in accordance with University regulations and procedures. Any forms of cheating will result in a zero grade for this course. Discipline may also include suspension or expulsion from the University. 5
  6. 6. TENTATIVE CLASS SCHEDULE Date Topics and Assignments Jan. 14 Introduction to the Course Chapter 1: Strategic market management Readings: (1). What is Strategy, Porter (HBR, 1996) Case Analysis Guideline (Handouts) Jan. 21 MLK No Class MODULE I: EXTERNAL /INTERNAL ANALYSIS Jan. 28 Chapter 2: Customer Analysis Readings: (2). Learning From Customer Defections, Reichheld (HBR, 1996) (3). Avoid the Four Perils of CRM, Rigby et al (HBR, 2002) Case 1: Greenwood Federal Savings and Loan (Part A) Feb. 4 Case 1: Greenwood Federal Savings and Loan (Part B) Chapter 3: Competitor Analysis Readings: (4). Global Gamesmanship, MacMillan, Putten and Mcgrath, (HBR, 2003) Feb. 11 Chapter 4/5: Market & Environmental Analysis Readings: (5). Strategic Outsourcing, Gottfredson, Puryear, and Philips (HBR, 2005) Feb. 18 Case 2: MPI Chapter 6: Internal Analysis Readings: (6). Lead for Loyalty, Reichheld (HBR, 2001) (7). The One Number You Need to Grow, Reichheld (HBR, 2003) Feb. 25 Midterm Exam 6
  7. 7. TENTATIVE CLASS SCHEDULE (Continued) MODULE II: BUILDING STRATEGIES: PHILOSOPHY March 3 Chapter 7: Creating Advantages, Synergy, and Strategic Philosophies Readings: (8). Discovering New Points of Differentiation, MacMillan and McGrath, (HBR, 1997) (9). Six Principles of Breakthrough Strategy, Markides (Business Strategy Review, 1999) Case 3: Electrohome March 10 Chapter 8: Alternative Value Propositions Readings: (10). Customer Intimacy and Other Value Disciplines, Treacy and Wiersema (HBR, 1993) (11). Business Marketing: Understanding What Customers Value, Andersen and Narus (HBR, 1998) March 17 Spring Recess, No Class! March 24 Chapter 9: Building and Managing Brand Equity Readings: (12) Managing Brands, Keller (CMR, Spring 1999) (13). Three Questions You Need to Ask about Your Brand, Keller et al (HBR, 2002) Case 4: S.W.P. Company MODULE III: GROWTH STRATEGIES March 31 Chapter 10: Energizing the Business Readings: (14). Creating New Markets through Service Innovation, Berry et al (Sloan Management Review, 2006). (15). Managing the Total Customer Experience, Berry et al (Sloan Management Review, 2002). Case 5: Avon: The New Calling 7
  8. 8. TENTATIVE CLASS SCHEDULE (Continued) April 7 Chapter 11: Leveraging the Business Readings: (16). Brand Extensions: the Good, the Bad, and the Ugly, Aaker (Sloan Management Review, 1990) (17). Diversify or Not Diversify, Markides (HBR, 1997) (18). How to identify Your Enemies before They Destroy You, Rafii and Kampas (HBR, 2002) April 14 Chapter 12/13: Creating New Business/ Global Strategies Readings: (19). Lessons from Toyota’s Long Drive, Stewart and Raman (HBR, 2007) Case 6: Camar Automotive Hoist MODULE IV: OTHER STRATEGIES April 21 Chapter 14: Setting Priorities for Business and Brands Readings: (20). Designing Product and Business Portfolio, Wind and Mahajan (HBR, 1981/1998) (21). Kill a Brand, Keep a Customer, Kumar (HBR, 2003) Class Presentations • Each group will make a presentation of the highlights of their project and the main insights that were gained. Presentations must be no more than 20 minutes. April 28. Chapter 15: Organization Issues Readings: (22). Management Innovation, Hamel (HBR, 2006) Business Ethics (Video) Class Presentations (continued) May 1 Reading Day May 5 Final Exam 8
  9. 9. Article Assignments # Date Article Titles Page Sign here 1 1/14 What is Strategy, Porter (HBR, 1996) 18 Dr. Wei 2 1/28 Learning From Customer Defections, Reichheld 12 2 (HBR, 1996) 3 1/28 Avoid the Four Perils of CRM, Rigby et al (HBR, 7 1 2002) 4 2/4 Global Gamesmanship, MacMillan, Putten and 10 2 Mcgrath, (HBR, May 2003) 5 2/11 Strategic Outsourcing, Gottfredson, Puryear, and 8 1 Philips (HBR, 2005) 6 2/18 Lead for Loyalty, Reichheld (HBR, 2001) 9 1 7 2/18 The One Number You Need to Grow, Reichheld 9 1 (HBR, 2003) 8 3/3 Discovering New Points of Differentiation, 9 1 MacMillan and McGrath, (HBR, 1997) 9 3/3 Six Principles of Breakthrough Strategy, Markides 10 2 (Business Strategy Review, 1999) 1 3/10 Customer Intimacy and Other Value Disciplines, 10 2 0 Treacy and Wiersema (HBR, 1993) 1 3/10 Business Marketing: Understanding What 11 2 1 Customers Value, Andersen and Narus (HBR, 1998) 1 3/24 Managing Brands, Keller (CMR, Spring 1999) 23 3 2 1 3/24 Three Questions You Need to Ask about Your 6 1 3 Brand, Keller et al (HBR, 2002) 1 3/31 Creating New Markets through Service Innovation, 10 2 4 Berry et al (SMR, 2006). 9
  10. 10. 1 3/31 Managing the Total Customer Experience, Berry et 5 1 5 al (SMR, 2002). 1 4/7 Brand Extensions: the Good, the Bad, and the 10 2 6 Ugly, Aaker (SMR, 1990) 1 4/7 Diversify or Not Diversify, Markides (HBR, 1997) 8 1 7 1 4/7 How to identify Your Enemies before They 9 1 8 Destroy You, Rafii and Kampas (HBR, 2002) 1 4/14 Lessons from Toyota’s Long Drive, Stewart and 10 2 9 Raman (HBR, 2007) 2 4/21 Designing Product and Business Portfolio, Wind 13 2 0 and Mahajan (HBR, 1981/1998) 2 4/21 Kill a Brand, Keep a Customer, Kumar (HBR, 8 1 1 2003) 2 4/28 Management Innovation, Hamel (HBR, 2006) 13 2 2 10
  11. 11. Cases Assignments # Date Titles Page Sign here Case 1 (A) 1/28 Greenwood Federal Savings and Loan 15 Group 1 Preparing a strategic marketing plan Main Questions: 1). What are the advantages of clustering the customers? 2). What segment should GFS target? Why? 3). What marketing communications should be used to reach the target? Case 1 (B) 2/4 Greenwood Federal Savings and Loan 15 Group 2 Main Questions: 1). What are the competitive advantages of GFS’ major competitors? 2). What products should GFS use to compete? 3). What kind of long-term and short-term strategies should GFS develop? Case 2 2/18 Medical Products Inc.: Developing New 8 Group 3 Products for the 21 Century Main Questions: 1). What would the health-care industry look like in the future? 2). What about the future of HMOs? 3). Should Roan accept the proposal? Why? Case 3 3/3 Electrohome (A): Projection Systems 13 Group 4 Division (response to a competitor’s new product) Main Questions: 1). How would Electrohome respond to Sony’s new product? 2). What should Electrohome do to increase its competitive edge in a global market? Case 4 3/24 South-West Pharmaceutical Company 10 Group 5 Advertising and brand equity 11
  12. 12. Main Questions: 1). What budget should SWP have for advertising? 2). What media mix should it use? 3). What message should be made? Case 5 3/31 Avon: The New Calling 7 Group 6 Personal selling and Internet Main Questions: 1). How can Internet help Avon to acquire more customers? 2). How can Top management integrate Internet and sales force? Case 6 4/14 Camar Automotive Hoist 9 Group 7 International and channel of distribution Main questions: 1). Should Camar go international? 2). Which mode should Camar use if it is going to enter Europe? 3). What distribution system should Camar build or use in Europe? 12