MARKETING 337 PRINCIPLES OF MARKETING FALL 2014

Transcription

1 MARKETING 337 PRINCIPLES OF MARKETING FALL 2014 Class: MKT 337 (05300) Time: MW 3:30-4:45pm Location: UTC Instructor: Lan Liang Office: CBA 5.332X Office Hours: Tuesday 11:00am-1:00pm or by appointment COURSE OBJECTIVES This course is designed to introduce business students to the fundamental aspects of marketing: how firms discover and translate customers needs and wants into strategies for providing products and services. For students majoring in marketing, this course is intended to provide you with a foundation on which to build subsequent marketing courses and work experience. For students majoring in other business disciplines, this course is intended to help you understand the objectives of marketers with whom you will interact professionally. For all students, the course is intended to enhance your appreciation of the different marketing activities that we encounter every day as consumers. Over the course of the semester you will learn to: 1) Identify and apply the key tools that marketers use to deal with marketing issues. 2) Apply the key principles and use the terminology marketers use to discuss marketing issues. 3) Connect the knowledge of marketing to real-world events. 4) Understand the role of marketing in society and in an economic system. 5) Understand the role of marketing in a firm and the relationships between marketing and the other functional areas of business (e.g., accounting, finance, MIS, management). TEXTBOOK (REQUIRED) Marketing, 10 th Edition; by Kerin, Hartley, and Rudelius; published by Irwin/McGraw Hill (ISBN = ). Articles for class discussions are available on Canvas:

2 CLASS FORMAT AND POLICIES Class sessions will include lectures, guest speakers, discussion of text and business press articles, in class exercises and other activities and films. The class sessions will be based on content from the textbook and on business press articles. Class participation will be graded. I expect you to conduct yourselves professionally. This includes arriving to class on time; turning off your computers, tablets, cell phones, etc., during the class sessions; refraining from conducting personal conversations during class and generally being respectful to your classmates and your instructor. If you must miss a class, it is your responsibility to contact a classmate for missed notes or other announcements. GRADING Your final grade in the course will be based on three tests, an optional final, class attendance, class contribution, in-class exercises and a group marketing project. Your final grade will be determined as follows: Exam 1 100pts 25% Exam 2 100pts 25% Exam 3 100pts 25% Marketing project 40pts 10% In-class exercises 20pts 5% Attendance 20pts 5% Class contribution 20pts 5% Total 400pts 100% The percentage of points will be translated into a letter grade as follows: % = A % = C % = A % = C % = B % = D % = B % = D % = B % = D % = C+ Below 60% = F Once the final course grading scale is set, it is set in stone. There will be no extra credit work outside of the opportunities available via the Marketing Department Subject pool (described below). Exams The tests will cover assigned chapters, assigned business press articles, class discussions, and guest speakers. Each of the three tests given during the semester will cover approximately one-third of the course material, and will consist of multiple choice questions and open ended questions. You will have the opportunity to take an optional comprehensive final exam (time and location will be announced in the middle of the semester). The optional final will consist of all multiple choice questions. The optional final may be used to replace your lowest test grade. THERE WILL BE NO MAKE UP TESTS. If you miss a scheduled test for any reason, you can take the optional final exam to substitute for that missed test. Even if all three exams have been taken, you can still take the optional final exam, and the lowest grade among the four exams will be dropped. If

3 you should find that you will have to miss more than one of the scheduled tests, you should drop this course as there will be no way for you to make up more than one missed test. Exam grades will be posted on Canvas as soon as possible after you have completed the exam. If you want to ask about specific questions on the test, you can talk with me during office hours. If you think there may have been a mistake in your posted test grade, you must resolve this issue with me WITHIN 10 DAYS OF IT BEING POSTED on Canvas. If you do not do this, your score, even if it should have been changed, will not be modified. Marketing Project (more information in the attached guideline) Students will choose groups up to 5 people to work with on a marketing project. Please notify me the list of names in your group, and the finalized membership will announced in class on 09/15/14. Each group is required to identify a topic on a marketing issue, and if needed, collect some data related to the topic and perform some data analysis, and come up with a marketing plan (e.g., launching a new product/business, re-branding for an existing product/service, etc). The goal of the project is for you to apply the marketing tools that you learned in class to develop skills in the marketing planning processes. Each group is required to submit a final report for the project (with maximum of 15 pages including all figures and tables), and make a 15 minutes presentation during the last two class sessions. In-Class Exercises During the last minutes of class time there will often be an in-class exercise that allows you to apply the concepts from that day s lecture. On days that you are asked to complete these exercises, you will turn them in to be graded. Your two lowest exercise grades will be dropped at the end of the semester. Attendance Your attendance will be tracked by a sign-up sheet beginning 09/03/14. Each class you attend will result in 1 point added to your attendance score. There is a maximum of 20 points for your attendance grade, which allows for each student to have two excused absences. If you come to class late or have to leave early and have a legitimate reason, you must notify me of your presence to receive half of the possible points for that day (0.5). Please note, attendance WILL BE taken for guest lecturers but will not be taken on exam days or on exam review days. Class Contribution You will be evaluated on your participation and contribution in class discussion. Your participation will also be tracked beginning 09/03/14. For each class session you will 0.5 or 1 point if you participate by providing reasonable answers or relevant comments. Please note that you can only receive a maximum of 20 points for class contribution throughout the semester. Some of general criteria for evaluating effective class contribution during discussions include but are not limited to the following: 1) Does the student participate? For others to learn from your experience, you must participate by actively offering your insights and constructive criticism. 2) Does the student make quality points? Note that your grade will not be a function solely of the amount of airtime you consume. Concise and insightful comments backed by analysis are required for higher scores.

4 EXTRA CREDIT OPPORTUNITY You can earn up to 2 extra credit points in this course by participating in research studies through the Marketing Department Subject Pool. You can earn 1 point for EACH study you participate in, and to earn two points, you must participate in two DIFFERENT studies. You may not participate in the same study twice. You will receive this credit for any Research Studies offered via the Marketing Department Subject Pool website at: You may go to the website and register today and you will be notified by when the first studies are posted online. For more information on the Subject Pool, see the Marketing Department website: You are strongly encouraged to participate in these studies. It is a good way to get exposed to marketing research and it is valuable to understanding marketing and consumer behavior. These opportunities are offered throughout the semester, but will end on Dec 5 th (or earlier), so plan ahead. Those not interested in participating in a research study may choose a research paper option (see the above website for details). Questions regarding extra credit? Eunjoo Han, the Subject Pool Coordinator, at Eunjoo.Han@phd.mccombs.utexas.edu POLICY ON SCHOLASTIC DISHONESTY The McCombs School of Business has no tolerance for acts of scholastic dishonesty. The responsibilities of both students and faculty with regard to scholastic dishonesty are described in detail in the BBA Program s Statement on Scholastic Dishonesty at By teaching this course, I have agreed to observe all faculty responsibilities described in that document. By enrolling in this class, you have agreed to observe all student responsibilities described in that document. If the application of the Statement on Scholastic Dishonesty to this class or its assignments is unclear in any way, it is your responsibility to ask me for clarification. Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from the University. Since dishonesty harms the individual, all students, the integrity of the University, and the value of our academic brand, policies on scholastic dishonesty will be strictly enforced. You should refer to the Student Judicial Services website at to access the official University policies and procedures on scholastic dishonesty as well as further elaboration on what constitutes scholastic dishonesty. STUDENTS WITH DISABILITIES Students with disabilities may request appropriate academic accommodations from the Division of Diversity and Community Engagement, Services for Students with Disabilities, RELIGIOUS HOLY DAYS By UT Austin policy, you must notify me of your pending absence at least 14 days prior to the date of observance of a religious holy day. If you must miss a class, an examination, a work assignment, or a project in order to observe a religious holy day, I will give you an opportunity to complete the missed work within a reasonable time after the absence.

5 SCHEDULE OF CLASS SESSIONS (Please note that the schedule below is subject to change) W 08/27 Course Overview M 09/01 No Class Labor Day Holiday W 09/03 Creating Customer Relationships and Value Through Marketing Ch. 1 M 09/08 Developing Successful Marketing Strategies Scanning the Marketing Environment Ch. 2 Ch. 3 W 09/10 Understanding Consumer Behavior Ch. 5 M 09/15 Understanding and Reaching Global Consumers and Markets Your group membership will be finalized and announced. W 09/17 Review for Exam 1 Ch. 7 M 09/22 EXAM 1 (CH 1, 2, 3, 5, 7) 75 minutes W 09/24 Marketing Research Ch. 8 M 09/29 Guest Speaker 1 Topic: Big Data and Marketing W 10/01 Market Segmentation, Targeting, and Positioning Ch. 9 M 10/06 Developing New Products and Services Ch. 10 W 10/08 Managing Products and Brands Ch. 11 M 10/13 Guest Speaker 2 Topic: Brand Management W 10/15 Review for Exam 2 M 10/20 EXAM 2 (CH 8, 9, 10, 11) 75 minutes W 10/22 Building the Price Foundation Ch. 13 M 10/27 Arriving at the Final Price Ch. 14 W 10/29 Managing Marketing Channels and Wholesaling Retailing Ch. 15 Ch. 17 M 11/03 Integrated Marketing Communications and Direct Marketing Ch. 18 W 11/05 Guest Speaker 3 Topic: Entrepreneurship M 11/10 Advertising, Sales Promotion, and Public Relations Ch. 19 W 11/12 Implementing Interactive and Multichannel Marketing Ch. 21 M 11/17 Guest Speaker 4 Topic: Social Media W 11/19 Review for Exam 3

6 M 11/24 EXAM 3 (CH 13, 14, 15, 17, 18, 19, 21) 75 minutes W 11/26 No Class Going Home for Thanksgiving! M 12/01 *Project: Final Presentations Day 1 Final Report of the Marketing Project Due by the Beginning of Class W 12/03 *Project: Final Presentations Day 2 F 12/12 COMPREHENSIVE FINAL EXAM (OPTIONAL) location and time TBA 15 minutes presentation and 5 minutes Q&A for each group

7 Guidelines for Group Marketing Project SUMMARY You will form groups of about 5 students each, and complete a marketing plan for a new business of your choice with your group member, as if you are starting a small business together, or you can choose an existing business and make suggestions for sales and marketing improvements. Either way is fine. Each group will be evaluated based on two components: a final report, and a final presentation. Final report (25 Points): submit the hardcopy by the beginning of the class on 12/01/14. Final Presentation (15 Points): 15 minutes per group, followed by a 5 minutes Q&A session. Note: To prevent free riding, each member of the group will assess their team members contributions to the project. Individuals can receive deductions if their team members indicate a lack of contribution. Peer evaluation instructions will be provided to you toward the end of the semester I have provided guidelines to help guide you through the project, but some parts have been left open and undefined on purpose to allow for your creativity and judgment (as most marketing problems in the real world). IMPORTANT TIPS You will learn new things about marketing in class every week. You will learn about consumer psychology, market segmentation, targeting and positioning, new product development, services as products, distribution channels, promotions, etc. Apply the marketing knowledge you learned in class to your project. This will help you develop a strong marketing strategy, and a higher grade potentially. CHOOSING A BUSINESS A few pointers to keep in mind when choosing a business (simply suggestions not requirements for what have made good projects in the past): Pick a business opportunity that has personal interest for you if you choose something that truly interests you, then that intrinsic motivation will result in a better project. Think of a business that you might actually want to start. Instead of thinking of this as a class project try to think of it as a serious contemplation of an actual business opportunity that you think could be a hit. This could lead to a more concrete and interesting project, and maybe even a reality to some. Creative thinking is encouraged, but your plan must be realistic and executable. Respect reasonable constraints (i.e. resources) and environmental forces (i.e. the economy). Articles in Business Week, Forbes, and the Wall Street Journal may help you to choose an interesting and relevant business that has potential for success. Also scan the marketing environment (chapter 3) to look for opportunities. If you are working on one of the existing businesses, try to think of yourself as a professional business consultant. You can contact the business owner or managers and work with them if you desire, and this will offer you full potential to become an excellent business consultant and analyst after graduation.

8 FINAL REPORT (MAXIMUM15 PAGES; SINGLE SPACE; ARIAL; FONT SIZE 12; 1 MARGINS) The marketing project should include the relevant information collected, and it should build on that information to develop a marketing strategy. With all the marketing knowledge you learned throughout the semester in mind, go back to textbook chapter 2 (pg 42), to come up with a cohesive marketing program. Importantly, your market research should be an integral part of your decisions and rationale. Present your marketing strategies and, at the minimum, address the following issues. Make sure to include your rationale for each, again, based on your research: BACKGROUND Business: Start by selecting a business. Identify a marketing idea an unsatisfied consumer. Once you discover a consumer need and a target market, describe what good(s) or services(s) you plan to offer to satisfy this need. Market Situation: Describe target market(s), including the size and growth of the market(s). This will give you an idea of how profitable your business will be. If your target market is too small, you might need to go back to the previous step. Read textbook chapter 8 and 9 for guidance. Environmental Forces: Describe the social, economic, technological, competitive, and regulatory forces that may help or hurt the performance of your business, both currently and in the future. Apply concepts from your textbook chapter 3. Organizational Directions: Describe the size, structure, and overall strategic plan of the company, including its mission statement, company objectives and goals. Apply marketing concepts from your textbook chapter 2, if applicable. MARKETING RESEARCH Carefully conduct marketing research to collect the information necessary to successfully create and execute your marketing plan. Marketing research can and should be used in multiple stages (discovering a consumer need, product development, pricing decisions, etc) to ensure that your marketing strategy is heading to the right direction. Use a mix of primary and secondary data. Examples of information that you need to formulate your marketing strategies may include: information regarding consumers (e.g. demographics, lifestyles, psychographics, behavioral patterns, purchase patterns, etc) and competitors (e.g., positioning, loyalty, etc). Develop and describe the following elements in your research plan: Research question: What is your marketing question? Research Methods: What method will you use to answer this question, and why is this method the most appropriate? When presenting secondary data, ALWAYS specify the source clearly. Data Collection Plan: How, when, and where exactly do you collect this data? Findings: Present relevant research findings (both primary and secondary) that support the formulation of your marketing plan, and interpret your findings (i.e. what do the results mean in your own words) in regards to your marketing question. Specifically, when putting all of your research findings together, does it tell you that your business is on the right track or that you need to modify your marketing plan? Limitations: Identify potential limitations of your current research (i.e., generalizability, reliability, and validity. For example, these are some of the questions you may want to think carefully about: (a) Is the sample representative of the population? (b) Is the sample sufficiently large to make reliable conclusions? (c) Is the questionnaire formulated in a way that you are measuring what you intend to measure? (d) Is the response rate high enough to prevent biased sampling issues? (e) Is additional marketing research desirable before your plan is rolled out? If so, what would it look like?

9 STP Target Market: Describe in detail how you segmented the market, and which target market you will be going after. Positioning: How will you position product/brand in the market? How is your positioning different from your competitors? What is your unique selling point? PLANNING AND IMPLEMENTATION Strategies in marketing mix: Describe and specify in detail the proposed decisions for each marketing mix element (the 4 Ps). (1) Product: Your offerings. What is the need you discovered, and how will you satisfy it? (2) Price: Describe how you will price your product(s) and why. (3) Promotion: What is your promotion strategy and why? What kinds. (4) Place (Distribution Situation): How will your company deliver its goods/services to its customers (e.g., stores, direct mail, online, etc)? Why? Present concrete plans on the size and importance of each distribution channel. Implementation: Specify how each element of the marketing strategy will be executed. What will be done? When will it be done? Budget: Provide a marketing budget for implementing the strategy. What is the projected cost/benefit analysis or return on investment for the project (include projected revenues, costs, profits)? Controls and evaluation: Outline the controls and measures you will use for monitoring the progress and evaluating the success of your marketing program. The report should be written in a format such that it would be presented to potential marketing executives or investors. The write-up should include a cover page, table of contents, and executive summary for your report, and should be within 15 pages including all tables and figures, single spaced, with Arial Font Size 12 and 1 inch margins. Plan the writing of the report in advance, make an equitable division of tasks, and start on time. Splitting up the writing is acceptable, as long as the report flows logically and smoothly. Remember to cite the sources you use! If the information was not generated by you then you must, by law, provide the source of the information.

10 FINAL PRESENTATION (15 MINUTES PRESENTATION AND 5 MINUTES Q&A) In your final presentation, you are to assume the role of entrepreneurs presenting your idea to potential investors, or business consultants providing marketing solutions to your clients. When you go through your presentation, instead of reciting the listed facts, your analyses and recommendations should receive considerable consideration and detailed description. Present the information in such an intriguing way that your audiences are convinced that it is a successful business plan. Remember that you only have 15 minutes, so be selective, and present the non-obvious and interesting results and suggestions. You do NOT have to cover everything from your written project, but ideally you would have such a good presentation that people would want to go read your write-up to learn more. Make sure that you substantiate assumptions and suggestions with data that you collected (rather than relying on intuitions). Essentially, you will want the audiences to buy into your new business idea or your expertise. Not every member of the group needs to speak (but if all members wish to, that is fine as well) just make sure to allocate tasks equitably (if 3 people in the group decide to be the presenters, the other members can take up some other tasks to be fair). Make sure the presentation is well rehearsed and changeovers are seamless. Be well-prepared and pay extra attention to the substantive content, materials, and style of the presentation. Your final presentation will be evaluated based on the following factors: Good selection of relevant material from written project Interesting and engaging Message clearly communicated to audience Correct use of marketing terminology Professional and persuasive presentation style o o o o o Practice your presentation well. Readability of slides, good handling of equipment (If you plan to prepare a PowerPoint presentation, make sure that you thoroughly test it in the classroom. Too often, presentations fail because of problems related to PowerPoint.) Make sure you are professional including the way you dress, the way you speak, and your punctuality. Speaking, eye contact, posture, gesture, movements Response to questions