LINGNAN UNIVERSITY MKT355 Marketing Strategies Second Term Course outline

Transcription

1 Instructor: Steve Tong Tel. : LINGNAN UNIVERSITY MKT355 Marketing Strategies 20 2 Second Term Course outline Office: SEK0/6 Office hours: E mail: stevetong@ln.edu.hk Monday 0 :30am, Wednesday 2:30pm, Thursday 2:30pm/ 3 4:30pm Course Objectives and Description: Superior marketing strategies are essential for business success as the world s economies continue to change. The market and the customers that comprise the market are the starting point in marketing strategy formulation. Successful brands and organizations must: () develop a shared vision throughout the organization about the market and how it is likely to change in the future (2) identify core competence and opportunities for delivering superior value to customers (3) create sustainable unique positioning and capture growth opportunities for the organization and its brands in the market place against the competition (4) unleash the potential benefits of partnering with customers, suppliers, distribution channel members, internal functions, and even competitors (5) adapt the organization to implement and manage market and product strategies. This is an integrated course in business planning and strategic marketing programming. The course is problem solving and application oriented. Students are expected to apply marketing theory and business skills learned in Marketing Management, Consumer Behavior, Market Research, Advertising & IMC, Micro Economics, Accounting & Finance and Management to the strategic marketing planning process.

2 We will discuss how companies become market driven and guide their strategies based on a shared understanding of markets and competition. You will have an opportunity to develop strategic analysis, solving live marketing problem, doing strategic marketing plan for business of your choice with the Marketing Game simulation, class exercises and individual marketing plan assignment. Learning Outcomes: The course will equip students with the following analytical, planning and implementation skills in marketing: ) Identify and evaluate the strategic choices confronting the enterprise in the market place 2) Analyze the business situation and identify core marketing capabilities and opportunities for delivering superior value to customers 3) Develop customer oriented marketing strategies and the required system, strategic alliance, process and resource planning for control and implementation of the said strategies 4) Create specific strategic marketing programs in Brand management, Value Chain/Channel management, Pricing, Promotion, New Product Measurement of Learning Outcomes: Learning outcomes will be assessed through the following means of activities: Professional presentations Marketing Game simulations, Class discussion, exercise and case studies that integrate analytical and planning processes, interpersonal communication skills Individual marketing plan Final examination on students conceptual understanding of Strategic Marketing concepts and principles 2

3 Instruction Approach Students are responsible for their learning experience. The course delivery consists of two sessions per week. The first week will usually be used for lectures while the second one for discussions, case studies and project presentations. Please refer to the course schedule for details. Students are expected to read the assigned chapters and to assimilate the material presented there. Class sessions will be devoted to extending and applying concept presented in the text. It is important that students enrolled in the course read the assigned chapter(s) and other material before the class session scheduled for that topic. University rules for withdrawal and academic honesty will serve as course policy. Evaluation Team assessment 30% Marketing Game simulations 20% Class exercises and Participation 0% Individual assessment 70% Individual Marketing Plan 20 Final Exam 50% TOTAL 00% Required Text: Tood A. Mooradian, Kurt Matzler, Lawrence J. Ring, Strategic Marketing, International ed., Pearson Education 202. Charlotte H. Mason, William D. Perreault, Jr., The Marketing Game, Third edition, McGraw Hill Articles from the Wall Street Journal and other business publications will be discussed in class to illustrate the application of marketing strategy concepts. These sources may also provide scenarios for exams. 3

4 Course Requirements:. Team Case Studies and Exercises for class discussion: Students are expected to apply the marketing concepts to solve realistic business problems. All cases and exercise material will be distributed in the class. 2. Computer Simulation Game (The Marketing Game!): Students will be organized into four teams. They will compete in one industry for six periods. Each team will be required to submit a one page marketing plan, pro forma financial statement together with Decision input for each round. At the end of Decision 6 (the final period for the game), each team has to make a 20 minutes presentation on their learning to the rest of the class (Apr 23 and 25, 202). The presentation should ) explain their marketing plan with the strategic marketing planning framework 2) evaluate the actual results achieved against the plan objectives 3) report how they respond to the market and competitive dynamics 4) suggest any improvement that they would make if they could do the game again. 3.Individual Marketing Plan Assignment: Each student will develop a 5 year strategic marketing plan for a startup business operating in Hong Kong of their own choice. They will need to collect information from various sources (e.g., library, Internet, electronic data bases, personal interviews with key informants, etc.) and complete the 4 steps planning process using the appendix B and Chapter 6 plan template. The written marketing plan should be submitted by May 2, 202 and about 4000 words in length, 2 point font, double spaced (excluding references and appendices). Students are encouraged to submit the chosen business category early in the term for approval. Each student should submit two alternative topics for approval consideration. Details will further be explained in the class after finishing the Marketing Game. 4. Final Examination: There will be a two hour written examination at the end of the term. All materials taught in the course will be covered. There is normally a case study and a couple of essay questions. 4

5 Attendance: Attendance and participation in class discussion are course requirements. Missing class will directly affect your participation grade since you will not be able to contribute to class discussion. Absences will also directly affect other grades as you miss important course content, suggestions, discussion, etc. It is important to attend each class session. Those who miss more than three classes without prior notice will earn none of the class participation points. Importance of Academic Honesty Students shall be aware of the University regulations about dishonest practice in course work and the possible consequences as stipulated in the regulations Governing University Examinations. 5

6 Course Schedule and Assignments: Venue: Monday 3 4:30pm SEK08 Thursday 9:30 :00am SO02 Dates Jan 30/ Feb 2 Topics covered Orientation and team formation Learning outcomes Activities Assigned Understand the scope and nature of Mktg. Strategies Rudolph the Red Nose Reindeer story discussion Team challenge exercise Reading N/A Feb 6/ Feb 9 Feb 3/ Feb 6 Overview of the Strategic Mktg. Planning Process and Generic Strategies Situation Assessment Define the 4 steps planning process and supporting tools Understand the Generic Strategies Understand and acquire the skills required to assess the External environment and Company factors IKEA case study with 5WH Team Show and Tell on examples of Product Differentiation and Cost Leadership based on internet search Market Definition exercise Video case: Rollerblade Ch 6 20 Ch2, 3, 4, 5, 6, 7 Feb 20 Dynamics of Competitive Advantage Understand the laws of marketing strategy and implications to creating competitive advantage Porter s analysis exercise Video case: BMW Ch2 8 4 Feb 27/ Mar Strategy Formation Understand the segmentation bases, importance of strategic fit and decision tools Hung Fook Tong case study Video case: Specialized S Ch Mar 5/ Mar 8 Implementation and developing the marketing system Creating the Marketing Mix based on strategic intent with planning and finance tools Audi case study Marketing math review Video case: SONG Airline Ch Mar 2/ Mar 5 Mar 9/ Mar 22 Mar 26/ Mar 29 Develop mktg. plan for Voice Recognition Device industry Topics on Pricing and Distribution New product Development Topics on Promotions and Marketing System Application of the Strategic Marketing Process to live case: Marketing Game level 3 simulation Understand strategic role of pricing and distribution Application of growth strategy, BCG model and GE/Mckinsey Grid Understand strategic role of IMC and critical importance of execution effectiveness Marketing Game Q & A Develop 5WH & brand proposition for your team s VRD offer Marketing plan* for single product and round decision Ch Game manual Ch,3,5,6,7 Review round results & submit round 2 decisions Product portfolio planning assignment*: Should we do Digital Vocal Communicator? Review round 2 results and submit round 3 decisions (two products allowed starting from round 3) Review round 3 results and submit round 4 decisions Review round 4 results and submit round 5 decisions 6

7 Apr 2/ Apr 5 Topics on market development stage and product life cycle Understand implications of market development stages and product life cycle to competitive strategies Review round 5 results and submit final round decisions Final round results distribution and development of Marketing Game presentation Apr 2 Apr 6/ Apr 9 Individual Marketing Plan Individual Marketing Plan Application of SMP process to a start up business of student s own choice Briefing on individual marketing plan format and requirement Consulting sessions Ch. 6 Appendix B & C Apr 23/ Apr 25 Mktg. Game presentation Team & 2 Team 3 & 4 Apr 30/ May 2 Individual Marketing Plan Consulting session Individual Marketing Plan submission and Final Examination Briefing $300,000 Bonus marketing budget awarded for outstanding class work * 7

8 MKT355 Marketing Strategies 20 2 Second Term/Assessment Rubric for Marketing Game Team/Firm Assessment Criteria Weight Specific Attributes for each Criterion Marks Ability to prepare a well conceived marketing plan before first input decision Ability to prepare the first input according to the marketing plan Ability to manage portfolio growth with new product launch Ability to identify strengths and weaknesses relative to competitors and to fine tune the marketing mix throughout all the remaining decision periods Ability to compile a final presentation to show how to achieve the stated objectives and how to change the marketing strategy to adapt to the changing competitive environment 20% Clearly defined target market(s) and marketing objectives for a 5 year period Consistent marketing mix to capture the market opportunity Suggestions for monitoring the marketing performance over the 5 year period (e.g. purchase of relevant marketing research reports) 0% Marketing expenses within marketing budget Know how to prepare all input variables in cohesive manner Know what research reports should be bought to fine tune the marketing mix in the next period 20% Define new product opportunity with relevant evaluation tools Manage co exist of two products for optimal positioning and resources allocation 30% Know how to make use of information obtained to fine tune the marketing mix to achieve the maximum effectiveness Know how to change the marketing objectives and marketing mix to cope with competition 0% To show how the marketing strategy is developed over the 5 year period in order to achieve the stated objectives To show how the marketing mix is fine tuned to cope with the competition and to achieve the maximum effectiveness Effectiveness of presentation skills 0% Fluent and logical sequence without reading the script Clarity of explanation Good eye contact Speak clearly and loudly for the audience to hear Use appropriate language Good visual aids/headline Good coordination among team members Finish on time Total 00% Comments 8

9 MKT355 Marketing Strategies 20 2 Second Term/Individual Strategic Marketing Plan Student Name/ID: Traits Score Weight Very Good (2) Ability to define Market Product Spaces with generic end users' Needs, Category Drivers against market develop't stage and source of competition Ability to develop brand proposition and identify target segment with SWOT Ability to set SMART Mktg. objectives Ability to formulate effective mktg. strategies Ability to develop eff. implementation plan and Budget Ability to formulate effective Evaluation & Control measures Good Communication skills in Report Writing Total (20) 0 Additional Comments: Clear and Comprehensive definition of Market Product Space with details on usage situation, user characteristics, e.g. consumer response path, and category drivers as well as generic competition based on 5 forces. Comprehensive analysis of both the macro & micro marketing environment with specific parameters such as CDI/BDI, market share, distribution penetration or equivalent Establish SMART objectives by marketing intent derived from SWOT Fully integrated marketing strategies that covers Strategic Alliance, Brand Mgt., Value Chain Mgt., Innovations & Promotions Justified the budget based on market value potential, consideration of competition and brand development status as well as detail implementation schedule Measure execution with comprehensive informational, Attitudinal and Behavioral parameters before, during and after program execution when appropriate Clear presentation of subject analysis, Strategic Mktg. concepts and discussion of strategy against the strategic marketing framework Satisfactory () Key aspects of Market Product Space defined with end users Needs, Category Driver and source of competition. Cover both the macro & micro marketin g environment with relevant factors Objectives linked to marketing intent derived from SWOT Individual Marketing strategies that match the marketing intent Established budget with justification and implementation schedule Measure execution impacts with relevant task parameters Covered key elements of strategic marketing framework Unsatisfactory (0) Market Product Space undefined; lack of definition with end user Needs, Category Driver, source of competition. Macro or Micro marketing analysis incomplete; citing either irrelevant or uncontrollable factors Lack of linkage between Objectives & SWOT analysis Lack of linkage between strategies and marketing intent Lack of detail schedule or budget Lack of evaluations Lack of clarity, failed to adhere to strategic marketing framework 9