WASHINGTON STATE UNIVERSITY
                  Mktg 506 - Marketing Management and Administrative Policy
                  ...
Learning
                                                                                 Assessment of
 Learning Goal    ...
Answer provides specific conclusions or   Answer is primarily descriptive. No
  Draw conclusions              creates info...
•   Consumer needs clearly identified and
                                   justified                                    ...
Poor Answer – relies on
                                 Good Answer – applies relevant
Criteria                          ...
Poor Answer – relies on
                                 Good Answer – applies relevant
Criteria                          ...
REQUIRED MATERIALS
  • Narrated Powerpoint slides available at
           https:van-webdav.vancouver.wsu.educoursesMktg_50...
Clarity of Communication - Written work will first be read for minimum standards of
communication. The paper should be wel...
Confidentiality – All information about organizations participating in the class projects should be
kept confidential. If ...
CLASS SCHEDULE

 Week       Topics, Learning Goals, and Assignments                                          Focal Theorie...
IDENTIFYING CUSTOMER NEEDS
            Learning Goal – What are customer needs?
            Narrated Powerpoint: Needs Ass...
ASSESS ABILITY TO FILL NEEDS (Value to Customer)
            Learning Goal – Can you fill needs better and what would cust...
SUSTAINABILITY OF THE OPPORTUNITY (Risk Assessment)
            Learning Goal – What risks affect the future value of the ...
MARKETING SUCCESS FACTORS AND BENCHMARKING
            Learning Goal – What are the critical success factors and associate...
RECOMMENDED ACTIONS
           Learning Goal – What should we do to take advantage of the market
            opportunity?
...
SOCIATAL ISSUES – MARKETING TO THE POOR
           Learning Goal – Apply the stakeholder framework to “Bottom of the Pyram...
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MARKETING STRATEGY

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MARKETING STRATEGY

  1. 1. WASHINGTON STATE UNIVERSITY Mktg 506 - Marketing Management and Administrative Policy Spring 2010 Joseph Cote Class: Wednesdays 6:00-7:30 360-546-9753 Room: UCB 222 cote@vancouver.wsu.edu Office: CL 308G http://www.vancouver.wsu.edu/fac/cote_joe/home.htm CATALOG COURSE DESCRIPTION AND PREREQUISITE KNOWLEDGE Mktg 506 - Marketing Management and Administrative Policy – Marketing management and administrative policies as they relate to concepts, strategies and decision-making. A working knowledge of basic marketing including market segmentation, positioning, the 4Ps, etc is required. If needed, review J. Paul Peter and James Donnelly, Jr., Preface to Marketing Management or any basic marketing management textbook. LEARNING GOALS The course focuses on marketing analysis and planning for new market entry, but the concepts can be used for any type of marketing strategy. At the end of this course you should be able to develop an action-oriented marketing plan. Using the Marketing Analysis for Revenue Enhancement model (MARE) you will apply systematic guidelines to develop a marketing strategy. However, no single model works in all situations and you will learn to modify the model as needed. Last, you should be able to explain how recommended marketing actions will affect the organization’s key stakeholders. The overall learning goal for this class is to develop and justify an action-oriented marketing plan using appropriate marketing theories and techniques. The specific learning goals are: 1. Identify, evaluate, and quantify customer needs in order to determine if a market opportunity exists. 2. Estimate a market opportunity’s potential benefits to the organization. 3. Evaluate the long-term sustainability of a market opportunity. 4. Identify the key success factors, necessary resources, and alternative approaches for pursuing a market opportunity. 5. Recommend a marketing strategy and next-step actions for pursuing an opportunity. 6. Forecast the likely payoffs from pursuing the recommended strategy. 7. Evaluate the direct and indirect effects of recommended actions on relevant stakeholders. COURSE METHOD This is a hybrid course. A set of narrated powerpoint slides are available for each class session. Prior to class, you should listen to the narrated slides, complete all readings, and prepare the case study. In addition, students assigned as “the client” should prepare materials for the consulting exercise. Learning will occur primarily through application of course concepts. The narrated slides, notes, and readings are used to introduce the MARE model concepts and related analytic frameworks. Case studies and in-class consulting exercises will be used to practice application of the frameworks. You will also conduct a market analysis and prepare a marketing action plan for a client/your company. A summary of the learning goals, assessment of learning, relevant theory, and coverage is presented in the table below. 1
  2. 2. Learning Assessment of Learning Goal Primary Analytic Frameworks Goal Learning Goal Coverage Means Ends Analysis Identify, evaluate, and quantify Cases and in-class ACE Matrix Sessions 3, 4, customer needs in order to determine exercises Competing Solutions Table and 5 if a market opportunity exists Report 1 Switching Costs Best’s Untapped Market Case and in-class Estimate a market opportunity’s Opportunities Model exercises Session 6 potential benefits to the organization Value Chain Analysis Report 1 Decomposition Approach Barnett’s Market Potential Analysis Case and in-class Evaluate the long-term sustainability Competitor Response Analysis exercises Session 7 of a market opportunity Stakeholder Analysis Report 2 Business Environment Analysis Identify the key success factors, Leidecker and Bruno’s CSF Analysis Case and in-class necessary resources, and alternative Day and Wensley’s Model exercises Session 8 approaches for pursuing a market Benchmarking Report 2 opportunity Resource-Based View Recommend a marketing strategy Best’s Positioning Strategies Cases and in-class and next-step actions for pursuing an Entrepreneur’s Business Model exercises Session 10 & 11 opportunity Dean’s Pricing Strategies Report 3 Case and in-class Forecast the likely payoffs from Market Share Forecasting exercises Session 12 pursuing the recommended strategy Market Decomposition Forecasting Report 3 Evaluate the indirect and direct Case and in-class effects of recommended actions on Stakeholder Analysis and Mapping exercises Session 13 stakeholders Report 3 GRADING PROCESS Grades will be assigned using the criteria below. Grades will roughly follow a 90/80/70 curve with a target mean of 88 (grade of B+). Assignment Allocation Class & Case Participation 15% Consulting Exercises 10% Report 1 25% Report 2 25% Report 3 25% Class & Case Participation You are expected to prepared for and attend all class sessions. Classes will be split in half. In the first session you will be randomly called upon to provide a quick summary of the narrated slides and readings. Similarly, I will randomly call on students to comment on the case study. We will also discuss any questions students might have. Class participation will be evaluated using the following rubric. Criteria Good Answer Poor Answer Answer based on common sense or Directly apply appropriate Answer based on appropriate use of a conventional wisdom; or use analytic frameworks specific analytic framework framework in an “academic” manner 2
  3. 3. Answer provides specific conclusions or Answer is primarily descriptive. No Draw conclusions creates information by applying the unique information created or MARE frameworks conclusions drawn Answer combines data from the Answer not explained, or justification Provide justification case/reading/experience and the MARE based solely on facts. analytic frameworks Absent (without written summary), Have notes, figures, tables, or other Preparation analysis to supplement discussion unable to answer questions, or other evidence of lack of preparation Consulting Exercises The second half of each session will be a consulting exercise using the group assignments located at https:van-webdav.vancouver.wsu.educoursesMktg_506Consulting Assignments.docx. Prior to class, the “client” will analyze their project company based on the assigned readings and prepare a short powerpoint handout. The client should bring handouts for the consultants and email the me the powerpoint summary (by 9am Wed). The client will make a brief presentation of their analysis to the consultants. The consultants’ job is to improve the analysis. At the end of the session, all consulting groups will submit their revised analysis via powerpoint slides. Several groups will also be selected to present. The consulting exercise will be grading on the following criteria: Criteria Good Answer Poor Answer Analysis based on common sense or Directly apply appropriate Analysis based on appropriate use of a conventional wisdom; or use analytic frameworks specific analytic framework framework in an “academic” manner Draw conclusions Analysis draws specific conclusions Analysis is primarily descriptive. The conclusions are supported by Conclusions not justified, or Justification combining data and the MARE analytic justification based solely on facts. frameworks The consultants significantly improve The consultants add nothing of value to Consultants’ value added the client’s analysis the client’s initial analysis Report 1 – Needs, Value, and Opportunity Assessment (2,500 word limit) You will conduct a customer needs, ability to fill needs (value), and opportunity assessment. The analysis will be evaluated using the criteria below: Poor Answer – relies on Good Answer – applies relevant Criteria common sense and opinion, no theories from the MARE model application of frameworks • Spend excessive time on • Brief and specific summary of key points describing the context Define the market, outline • Define the specific market & product • Define the industry, but not the the market segments, and • Segments briefly justified market identify the focal segment(s) • Target segment clear and appropriate • Segments and target just opinion 3
  4. 4. • Consumer needs clearly identified and justified • Needs only vaguely defined • Use a means-end chain to explain how • How product fills needs not Identify customer needs and the attributes of existing options create explicitly identified determine how well those consumer benefits • Important attributes not needs are being fulfilled • Identify the most important attributes for discussed creating competitive advantage • Assessment of existing options • Assess how well existing options satisfy superficial consumer needs • Build off the needs assessment • Analysis ignores needs • Show how your product fills needs better assessment than competition • Superiority of new product Assess your ability to fill • Show there are no barriers to entering simply stated needs better than existing the market and – if applicable - that you • Simply claim consumers will options can get consumers to switch buy because product is “better” • Estimate and justify a specific $ value • Value place on added benefits the consumer will pay for the added vague or general benefits • Clear statement of what the organization • Have vague statement of what is will gain to be achieved • Clear explanation of where gains will • Fail to consider existing options Estimate the market come from when analyzing gains opportunity’s potential • Justify who will appropriate benefits • Simply assume the organization benefits to the organization • Quantify the potential benefits with well will get all the benefits justified numbers • Related opportunities only • Identify relevant related opportunities superficially discussed or you and quantify benefits simply make it up • Fail to provide justification for claims • Provide justification for all claims • Make statements managers • Focus on key issues (take away) – could care less about Write the analysis from a avoiding excessive detail • Use academic jargon and refer managerial, not an academic • Use only terms the average manager to theories by name perspective would understand • Organization jumps around – • Well organized – extensive use of little use of headings headings • Focus on data with little explanation for conclusions Report 2 – Risk, CSF, and Benchmarking Analysis (2,500 word limit) You will conduct a risk, critical success factor, and benchmarking assessment. The analysis will be evaluated using the criteria below: 4
  5. 5. Poor Answer – relies on Good Answer – applies relevant Criteria common sense and opinion, no theories from the MARE model application of frameworks • Justify that market demand will be sustained • Superficial analysis of future • Justify that a competitive advantage can demand be sustained Evaluate the long-term • Superficial consideration of • Justify that the organization will competitive reactions sustainability of a market continue to appropriate benefits • Assessment of environmental opportunity and how any • Identify specific market factors that change deals with generic issues threats might be mitigated might change, indicate they are • Assessment of future market reasonable possibilities, and explain their conditions is pure speculation effects • No assessment of how future • Explain how the market risks affect the conditions affect opportunity opportunity attractiveness and how risks might be mitigated. • MSFs are not marketing-based o Identify the marketing • Clearly ID Marketing Success Factors • The link between the MSF and (MSF) success factors and resources competitive advantage is • Justify the importance of each MSF necessary for pursuing the • MSFs meet the definition of critical unclear market opportunity • MSFs are survival factors or success factors don’t differentiate competitors • Analysis of alternative • Explain how others both inside and approaches and best practices outside the industry address the MSFs limited to standard industry • Evaluate the effectiveness of others actions or only examine one Identify alternative efforts to address MSFs (both effective alternative and ineffective) • Only within industry approaches approaches for addressing • Explain how market conditions influence considered the marketing success factors the effectiveness of actions taken by • Vague evaluation of the and assess their effectiveness others effectiveness of alternative • Create multiple options for each MSF actions • Identify the resources needed to address • Unclear under what conditions MSFs an action will be effective • No discussion of key resources • Fail to provide justification for claims • Provide justification for all claims • Make statements managers • Focus on key issues (take away) – could care less about Write the analysis from a avoiding excessive detail • Use academic jargon and refer managerial, not an academic • Use only terms the average manager to theories by name perspective would understand • Organization jumps around – • Well organized – extensive use of little use of headings headings • Focus on data with little explanation for conclusions Report 3 – Recommend Strategy, Payoff, and Stakeholder Analysis (2,500 word limit) You will recommend a strategy and next step actions for your organization. Based on the strategy, estimate the likely payoff. Finally, determine how the recommended actions will affect relevant stakeholders. The analysis will be evaluated using the criteria below: 5
  6. 6. Poor Answer – relies on Good Answer – applies relevant Criteria common sense and opinion, no theories from the MARE model application of frameworks • Clearly stated and justified positioning Summarize the basic strategy • Summary strategy simply business model, and briefly • Strategy summary clearly conveys basic descriptive of what you will do describe the basic strategy logic behind business model and why it with no explanation of why it should work might be effective • If relevant, identify gaps in performance • Recommended actions not tied • For each MSF gap you show how a to MSF gaps recommended action will fill the gap • No justification to show that Recommend next-step • Build recommended actions off recommended actions will fill actions to fill MSF gaps benchmarking analysis MSF gaps • Evaluate the effectiveness of the action • Actions represent a “brain for creating competitive advantage dump” list of activities Produce and justify a pro • Provide specific estimates of revenues • Numbers are presented with no forma estimated income and rough idea of costs explanation statement based on the • Detailed explanation of how estimates • Estimates appear made up with were created little justification recommended actions • Justify the estimates by showing how the • Justification for payoff estimate With explicit links between recommended actions will create the not clearly linked to specific actions and their financial outcomes recommended actions costs and payoff • If appropriate, include other benefits in • No attempt to quantify other the analysis benefits • Sensitivity analysis is justified using info • Sensitivity analysis pulls ranges from the sustainability section from thin air – no use of Create and justify a • Sensitivity estimates based on a sustainability analysis sensitivity analysis decomposition analysis • Probability estimates not • Include probability estimates for the included or just made up with outcomes little thought • ID key direct and indirect stakeholders • Stakeholders dealt with in a specific to the decision generic fashion or only direct Evaluate the indirect and • Clearly explain the consequences of your stakeholders considered direct effects of recommendations and ultimately how • Only examine the initial recommended actions on they affect key stakeholders including recommended action rather than stakeholders including externalities all consequences potentially negative reactions • Explain exactly how tradeoffs will be • Don’t identify tradeoffs or of key stakeholders dealt with simply note they exist • Summarize the overall reaction of • Discuss stakeholder reactions in stakeholders a dismissive way • Fail to provide justification for claims • Provide justification for all claims • Make statements managers • Focus on key issues (take away) – could care less about Write the analysis from a avoiding excessive detail • Use academic jargon and refer managerial, not an academic • Use only terms the average manager to theories by name perspective would understand • Organization jumps around – • Well organized – extensive use of little use of headings headings • Focus on data with little explanation for conclusions 6
  7. 7. REQUIRED MATERIALS • Narrated Powerpoint slides available at https:van-webdav.vancouver.wsu.educoursesMktg_506 When prompted, type in “ADyournetworkID” and then your password. • Set of Cases from Harvard Business School Press http://cb.hbsp.harvard.edu/cb/access/4976647 If you have not already done so, you will need to register with HBSP. Each case should cost $3.95. If it is listed for more then you are not signed in as a student. • Readings listed in schedule of classes. Instructions for accessing the readings are located at https:van-webdav.vancouver.wsu.educoursesMktg_506How to Access Assigned Readings.docx • MARE Notes, Template, and Checklist https:van-webdav.vancouver.wsu.educoursesMktg_506MARE Notes.doc https:van-webdav.vancouver.wsu.educoursesMktg_506MARE Template.doc https:van-webdav.vancouver.wsu.educoursesMktg_506MARE checklist.doc • You might also find Lehmann, Donald and Russell Winer, (any edition), Analysis for Marketing Planning, Boston: McGraw-Hill Irwin, to be a helpful, optional resource. POLICIES AND PROCEEDURES Formatting Requirements for Written Work - All written work must be submitted as word processor e-mail attachments. Also: 1) Name the attached file using your last names (e.g., smith and jones outline 1) 2) Please use the following formatting: • Put your name(s) & email address(es) at the top of the first page • Use 12 point New Time Roman font • Single spacing with double space between paragraphs (no indentation) • Use 8 1/2" by 11" paper with 1-inch margins • Number your pages 3) Word limits are specified for all assignments. These word limits are the maximum you can present. You are welcome to write less, but if your project is less than ½ the limit length, you probably are missing something. I will stop reading at the word limit. You can have as many appendices as you like. 4) All supporting material must be included in the main document (I can’t track multiple documents for a single assignment). It is easy to copy and paste Excel spreadsheets into a Word document. The easiest way to do figures is to create them in another program like Powerpoint and save them as image files (gif or jpg). The image file can then be inserted into the Word document. Please avoid using the Word “shapes” function or cutting and pasting Powerpoint shapes into a Word document as this formatting often causes problems. Due Dates - All written work must be turned in by 8am on the due date. You should plan for work and family related conflicts. There will be no extensions to the due date except for unexpected hospitalization (or similarly serious events). Under no circumstance will a due date be change for any plan-able activity (e.g., business travel, vacation, etc.). Assignments not turned in by the due date and time will receive a 10% penalty for the first late day and a 1% per a day penalty for each succeeding day. 7
  8. 8. Clarity of Communication - Written work will first be read for minimum standards of communication. The paper should be well organized, clear, and to the point with no gross errors in sentence structure or grammar, or inappropriate use of jargon. Papers not meeting the minimum standards of communication will receive a grade penalty of 10% and will be returned for rewrite before it is graded. Grade Appeals - All grade appeals must be submitted by e-mail within ten working days after the return of the assignment. The appeal should describe in detail what your concerns are, state how many points you feel should be added to the grade, and provide justification for the grade change. Appeals will be evaluated as much on the justification in the appeal as on the original assignment. I will not change grades based on verbal appeals. Class Preparation and Participation - You are expected to attend and participate in all class meetings. Attendance will be recorded. It is critical that you prepare for class. If you must miss class, submit a one-page summary of the class material and a one page summary case analysis. UNIVERSITY AND CAMPUS POLICIES Academic Integrity – Academic integrity is the cornerstone of the university and will be strongly enforced in this course. Any student found in violation of the academic integrity policy will be given an “F” for the assignment or course (depending on the severity of the violation) and will be referred to the Office of Student Conduct. For additional information about WSU’s Academic Integrity policy/procedures please contact (360) 546-9781. In addition to the University policies the following academic integrity guidelines will apply. All papers and reports must be your own creation (with citations when appropriate). You are encouraged to discuss the assignments with classmates, company representatives, and other potential resources (except other faculty). The purpose of this discussion is to swap ideas and improving thinking about the assignment. You should not come to a consensus conclusion or simply parrot the position of others. You must establish independent recommendations and positions. In summary, the following will be considered inappropriate and will lead to failure of the class: • Unauthorized collaboration between groups. Groups and individuals are welcome to share information, but not to help each other prepare the analysis. • Summarizing, rewording, or submitting other students' work; instructor's manuals; or any other paper, analysis, or solution written by others. • Discussing the assignments with another instructor without my permission. • Written assignments which share identical outlines (discuss exactly the same issues, come to exactly the same conclusion, use exactly the same support, etc.), the same sentence structure, or idiosyncratic terminology (e.g. several sentences are almost identical) as other students’ work. • Failure to properly cite or reference your use of other people's work (e.g., quotes). For more information regarding plagiarism see http://www.wsulibs.wsu.edu/electric/trainingmods/plagiarism_test2/main.html • Unethical or unprofessional behavior which jeopardizes or damages WSU's reputation within the business community. • Any other behavior prohibited by university policy. 8
  9. 9. Confidentiality – All information about organizations participating in the class projects should be kept confidential. If you work for a competitor (or other organization that should not have access to the client’s confidential information) you must report the conflict of interest immediately. Failure to conform to confidentiality or other appropriate ethical behavior will result in a grade penalty, including failure in the class. Communication Policies - All e-mail communication from me, the department, and the University will be sent to your wsu.edu address. Be sure that you have set up the link to forward to your personal e-mail address (AOL, hotmail, etc.) or you will miss class and program information that is very important to you. If you change your e-mail address, be sure to update again. Student Deportment – Per the WSUV Student Handbook, students are, "Expected to show due respect for ... the rights of others," and "… cannot interfere with the rights of others or disrupt the processes of the University." "Students who fail to conduct themselves properly are subject to discipline, which may extend to temporary or permanent removal from the institution." Complaint Process - Anyone wishing to report violations of the student or faculty conduct code should collect any documentation of the offending activity (e.g., written comments from others, e- mail messages, etc.). Present the complaint and supporting documentation to the appropriate faculty member or administrator. The process should start with the class instructor. If the instructor is unable to resolve the matter to the student's satisfaction, if the problem behavior spans multiple classes, or if the nature of the problem makes this impossible, the complaint should be forwarded to the Program Director. If the matter is still not resolved to the student's satisfaction, the complaint should proceed to the Vice Chancellor of Academic Affairs and finally to the University Ombudsman. Disability Accommodation – Accommodations may be available if you need them in order to fully participate in this class because of a disability. Accommodations may take some time to implement so it is critical that you contact Disability Services as soon as possible. All accommodations must be approved through Disability Services, located in the Student Resource Center on the Lower Level of Student Services Center (360) 546-9138. EMERGENCY NOTIFICATION SYSTEM WSU has made an emergency notification system available for faculty, students and staff. Please register at myWSU with emergency contact information (cell, email, text, etc). You may have been prompted to complete emergency contact information when registering for classes on RONet. In the event of a Building Evacuation, a map at each classroom entrance shows the evacuation point for each building. Please refer to it. Finally, in case of class cancellation campus-wide, please check local media, the WSU Vancouver web page and/or http://www.flashalert.net/. Individual class cancellations may be made at the discretion of the instructor. Each individual is expected to make the best decision for their personal circumstances, taking safety into account. 9
  10. 10. CLASS SCHEDULE Week Topics, Learning Goals, and Assignments Focal Theories INTRODUCTION • Select Projects • Course goals, assignments, and policies • Basics of strategy • Writing exercise – how to develop a marketing strategy Learning Goal – Describe how to structure a presentation and apply theoretical frameworks to practical problems. Narrated Powerpoint: Intro to Strategic Thinking Session 1 Readings: Jan 13 Grønhaug, K. and G. G. g. Ottesen (2007). "Can Theoretical Knowledge and Application Yield Competitive Advantage?" Marketing Intelligence and Planning 25(3): 232-240. LG – Explain why theory can help create competitive advantage. Martin, Roger (2007), "How Successful Leaders Think," Harvard Business Review, 85 (6), 60-67. LG – Explain how to improve analytic thinking and give examples of each point made by the author. Lovallo, Dan P. and Lenny T. Mendonca, (2007), “Strategy's Strategist: An Interview with Richard Rumelt” McKinsey Quarterly, November, 56-67. LG – What role does ambiguity play in strategic thinking? THE MARE MODEL AND CAUSALITY Learning Goal – Describe the basic components of the MARE model and the logic behind them & explain how to justify a conclusion. Narrated Powerpoint: Intro to the MARE Model Session 2 MARE Readings: Jan 20 model MARE Model Template Sahlman, William A. (1997), "How to Write a Great Business Plan," Harvard Business Review, 75 (4), 98-108. LG – What are the four basic components of a plan and how does that relate to the MARE model? RESEARCH FOCUS AND OBJECTIVES Learning Goal – What are your primary goals and objectives and how does this market function? Narrated Powerpoint: Goals and Objectives & Describe the Market Case: Windhorse Farm's Eco-Woodshop Guitar Top Decision (9-908-M66) – How did Windhorse Farm's goals and objectives guide their market analysis and decision making? Based on the material outlined in the lectures, do you feel Session 3 Windhorse's focus was appropriate? Jan 27 Consulting Exercise Your assigned consulting exercise group will discuss how the organization’s goals and objective will influence: 1. the nature of the analysis 2. how the MARE model might be modified to address all the relevant issues required by the strategic decision 3. which part of the analysis is going to be most critical, and establish appropriate standards for making decisions. 10
  11. 11. IDENTIFYING CUSTOMER NEEDS Learning Goal – What are customer needs? Narrated Powerpoint: Needs Assessment part 1 & Needs Assessment part 2 Reading: Reynolds, Thomas J. and Jonathan Gutman (1988), "Laddering Theory Method, Analysis, and Interpretation," Journal of Advertising Research, 28 (1), 11. LG – What are the different types of attributes and benefits? Using a means-end chain, show how the attributes of your product creates benefits for consumers. Case: Saxonville Sausage Company (2085) – Conduct a needs assessment for Session 4 Saxonville Sausage. In the process, create a means end chain analysis (ID Means ends Feb 3 needs and how attributes address needs). In addition, identify which attributes analysis and benefits are most important and how well existing options fulfill those needs. Consulting Exercise Your assigned consulting exercise group will conduct a needs assessment for the client’s industry/market. The consultants will: 1. outline consumer needs 2. link product attributes to needs 3. explain how attributes and benefits relate to competitive advantage 4. identify if there are unfulfilled needs IDENTIFYING CUSTOMER NEEDS (cont.) Learning Goal –How well are customer needs being met? Reading: MacMillan, Ian C. and Rita Gunther McGrath (1996), "Discover your Products' Hidden Potential," Harvard Business Review, 74 (3), 58. LG – how can you identify which attributes are salient and differentiators? Case: Boston Beer Company – Light Beer Decision (899058) – Create a means- Session 5 end chain to show how light beer attributes are related to benefits. Also conduct ACE matrix Feb 10 an ACE matrix analysis to determine which attributes are most important. Consulting Exercise Your assigned consulting exercise group will determine how well the market is meeting consumer needs in the client’s industry. The consultants will identify: 1. what must be done to meet needs better than existing options 2. why others have not pursued the opportunity 3. factors that might be preventing purchase 11
  12. 12. ASSESS ABILITY TO FILL NEEDS (Value to Customer) Learning Goal – Can you fill needs better and what would customers pay for this? Narrated Powerpoint: Value to Consumer Reading: Burnham, Thomas A., Judy K. Frels, and Vijay Mahajan (2003), "Consumer Switching Costs: A Typology, Antecedents, and Consequences," Journal of the Academy of Marketing Science, 31 (2), 109-26. LG – determine what factors Competing Session 6 might limit your ability to better fulfill consumer needs. solutions table Feb 17 Case: Husky Injection Molding Systems (799157) LG – Does Husky have a Switching costs differential advantage; and if so, what is the superiority premium of that advantage? What can Husky do to limit customer switching? Consulting Exercise Your assigned consulting exercise group will determine if the client’s organization can meet needs better than existing options. The consultants will identify: 1. what must be done to meet needs better than existing options 2. estimate a superiority premium OPPORTUNITY ATTRACTIVENESS Learning Goal – Is this opportunity attractive to the organization? Narrated Powerpoint: Opportunity Attractiveness Best’s Case: Natureview Farms (2073) – Assess the opportunity attractiveness for untapped Natureview Farms. Identify where the growth will come from, effects of this on market margins, and quantify potential revenue. opportunities Session 7 Consulting Exercise model Feb 24 Your assigned consulting exercise group will conduct an opportunity Value chain assessment for the client organization. The consultants will: analysis 1. state the expected benefits Decomposition 2. determine where the expected benefits will come from approach 3. determine who will appropriate the benefits 4. quantify the potential benefits (market potential, margins, etc.) 12
  13. 13. SUSTAINABILITY OF THE OPPORTUNITY (Risk Assessment) Learning Goal – What risks affect the future value of the market opportunity? Narrated Powerpoint: Risk Assessment part 1 & Risk Assessment part 2 Readings: Dye, Renee, Olivier Sibony, and Vincent Truong (2009), "Flaws in Strategic Decision Making," The McKinsey Quarterly, January, 1-6 (available on-line http://www.mckinseyquarterly.com/PDFDownload.aspx?L2=21&L3=37&ar=2284). LG – what flaws can bias strategic decisions, and how can you improve your strategic decision making? Garbuio, Massimo, Dan Lovallo, and Patrick Viguerie (2009), "How Companies Make Good Decisions: McKinsey Global Survey Results " The McKinsey Barnett’s Quarterly, January, 1-7 (available on-line at market http://www.mckinseyquarterly.com/PDFDownload.aspx?L2=21&L3=37&ar=2282). LG – what potential factors influence the success of a strategic decision? analysis Coyne, Kevin P. and John Horn (2009), "Predicting Your Competitor's Reaction," Competitor Session 8 Harvard Business Review, 87 (4), 90-97. LG – what types of questions can you response March 3 ask to help predict competitive reactions? analysis Case: Wumart Stores: China's Response to Wal-Mart (HKU635) – Conduct a risk Stakeholder assessment for Wumart. Consider what risks Wumart might face in the future analysis and the implications for the opportunity attractiveness. Business Consulting Exercise environment Your assigned consulting exercise group will conduct a risk assessment for the analysis client organization. The consultants will: 1. justify that market demand will be sustained 2. justify that a competitive advantage sustained by considering competitor reactions 3. justify that the organization will continue to appropriate the benefits by conducting a stakeholder analysis 4. consider environment dynamics using classic environmental analysis and analogical reasoning REPORT 1 DUE @ 6pm 13
  14. 14. MARKETING SUCCESS FACTORS AND BENCHMARKING Learning Goal – What are the critical success factors and associated best practices? Narrated Powerpoint: CFS and Benchmarketing Readings: Jarrar, Yasar F. and Mohamed Zairi (2000), "Best Practice Transfer for Future Competitiveness: A Study of Best Practices," Total Quality Management, 11 (4/5/6), S734. LG – What are the key steps for benchmarking best practices? Leidecker and Spear, Steven and H. Kent Bowen (1999), "Decoding the DNA of the Toyota Bruno’s CSF Production System," Harvard Business Review, 77 (5), 96-106. LG – Analysis considering the steps outlined by Jarrar and Zairi, why has it been so hard to Day and identify the best practices behind Toyota’s TQM system? Wensley’s Session 9 Case: PORTS: China's Walk in the Global Luxury Fashion Boulevard (9- Competitive March 10 HKU-749) – Identify the critical success factors for PORTS, their relative Advantage importance, and determine what alternatives actions can be used to address Model each. Benchmarking Consulting Exercise Resource- Your assigned consulting exercise group will conduct a CSF analysis for the Based View client organization. The consultants will: 1. identify the marketing-related critical success factors 2. evaluate the relative importance of each critical success factor 3. justify why each critical success factor is key to creating competitive advantage 4. identify possible options for addressing the CSFs 5. determine what resources would be needed to implement these options March 17 SPRING BREAK FORECASTING THE PAYOFF Learning Goal – What payoffs will these actions lead to? Narrated Powerpoint: Estimate Payoff Reading: Gavetti, Giovanni and Jan W Rivkin, 2005, "How Strategists Really Think," Harvard Business Review, 83: 4, 54-63. LG – how can you apply analogy to determine the potential payoff? Case: Nestle Refrigerated Foods - Contadina Pasta and Pizza (595035) – Market share Estimate the payoff for Nestle in the fresh pizza market. This will include forecasting Session 10 determining the appropriateness of pasta as an analogy, perform a sensitivity Market March 24 analysis, and ultimate determine if the pizza product is likely to generate the decompositio desired payoff. n forecasting Consulting Exercise Your assigned consulting exercise group will estimate the payoff for the client organization. The client is welcome to use disguised numbers. The consultants will: 1. estimate the payoff based on the recommended strategy 2. show how the recommended strategy will lead to the payoff 3. conduct a sensitivity analysis 14
  15. 15. RECOMMENDED ACTIONS Learning Goal – What should we do to take advantage of the market opportunity? Narrated Powerpoint: Recommendations Reading: Morris, Michael, Minet Schindehutte, and Jeffrey Allen (2005), "The Entrepreneur's Business Model: Toward a Unified Perspective," Journal of Best’s Business Research, 58 (6), 726-35. LG – outline your company’s business positioning strategy using the key components outlined in the article. strategies Session 11 Case: Repositioning CARE USA (509005) Outline CARE’s business model (old Entrepreneur’s March 31 and proposed) using the “Entrepreneur's Business Model,” and evaluate if the business new positioning will be effective. model Consulting Exercise Dean’s pricing Your assigned consulting exercise group will recommend next step actions for strategies the client’s organization. The consultants will: 1. provide a positioning strategy 2. outline the basic strategy 3. recommend actions to address the critical success factors REPORT 2 DUE @ 6pm EFFECTS ON STAKEHOLDERS Learning Goal – How will the recommended actions affect key stakeholders? Narrated Powerpoint: Stakeholder Analysis Readings: Castaldo, Sandro, Francesco Perrini, Nicola Misani, and Antonio Tencati (2009), "The Missing Link Between Corporate Social Responsibility and Consumer Trust: The Case of Fair Trade Products," Journal of Business Ethics, 84 (1), 1-15. How effective are most consumer oriented CSR efforts? What conditions are necessary for consumer oriented CSR efforts to be effective? Marin, Longinos, Salvador Ruiz, and Alicia Rubio (2009), "The Role of Identity Salience in the Effects of Corporate Social Responsibility on Consumer Session 12 Behavior," Journal of Business Ethics, 84 (1), 65-78. What conditions are Stakeholder April 7 necessary for consumer oriented CSR efforts to be effective? analysis Case: Matell and the Toy Recall A & B (908M10 & 908M11) Identify Matell’s stakeholders related to the toy recall, their stakes, and stake violations. What was Matell’s response to each stakeholder? Evaluate if Matell’s response was adequate. Consulting Exercise Your assigned consulting exercise group will conduct a stakeholder assessment of the client’s marketing strategy. The consultants will: 1. identify relevant stakeholders 2. evaluate the effect of the organizations actions on stakeholders 3. offer suggestions for how to manage stakeholder relationships as related to the recommended actions 15
  16. 16. SOCIATAL ISSUES – MARKETING TO THE POOR Learning Goal – Apply the stakeholder framework to “Bottom of the Pyramid” marketing. Readings: Santos, Nicholas J. C. and Gene R. Laczniak (2009), "Marketing to the Poor: An Integrative Justice Model for Engaging Impoverished Market Segments," Journal of Public Policy & Marketing, 28 (1), 3-15. LG – What principles should guide marketing efforts targeted to the “base of the pyramid?” London, Ted (2009), "Making Better Investments at the Base of the Pyramid," Harvard Business Review, 87 (5), 106-13. LG – How can you tell if your Session 13 marketing to the base of the pyramid is effective and/or appropriate? April 14 Akula, Vikram (2008), "Business Basics at the Base of the Pyramid," Harvard Business Review, 86 (6), 53-57. Comment on Akula’s recommendations about marketing to the poor. Do you feel they are appropriate and/or effective? Dolan, Catherine and Linda Scott (2009), "The Future of Retailing? The Aparajitas of Bangladesh," Retail Digest, 22-25. LG – Comment on Dolan and Scott’s recommendations about marketing to the poor. Do you feel they are appropriate and/or effective? Ireland, John (2008), "Lessons for successful BOP marketing from Caracas' slums," Journal of Consumer Marketing, 25 (7), 430-38. LG –Do you feel the “lessons” outlined by Ireland are appropriate? Session 14 David Williams ShoreBank Pacific – Social issues and economic development, April 21 social entrepreneurship, and microfinancing. LIMITATIONS OF MARKETS AND END OF COURSE REVIEW Readings: http://www.caseplace.org/usr_doc/GoodwinMarketFailureFinal2005.pdf Goodwin, Neva (2005), "The Limitations of Markets: Background Essay," Tufts University. LG – Are there conditions that make market entry Session 15 undesirable? April 28 Assignment: Go to http://www.mplans.com/sample_marketing_plans/ then select and read an example marketing plan. Using the MARE model as a guide, evaluate the marketing plan you selected. Next, identify how the plan could be improved. Be prepared to present your evaluation in-class (using powerpoint slides). Finals REPORT 3 DUE MONDAY MAY 3rd @ 8am Week 16

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