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Welcome to Marketing
Management Class (GSBA 509)
Shantanu Dutta
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Overview
• The marketing concept n
• Setting the Marketing Strategy
•
4 C’s and 4 P’s framework
• Administrative Details
• Course outline and coverage
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What is Marketing, Anyway?
Why Study It?
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Some Perspective on Marketing...
• Historical Views of Marketing:
In well-ordered states, storekeepers and salesmen are commonly those
who are weakest in bodily strength and, therefore, of little use for
any other purpose.
--- Plato
• A More Modern View
Corporate leaders nationwide are discovering that their most
powerful competitive weapon is marketing --- the development,
pricing, distribution, and promotion of products.
--- Newsweek
More than half of the polled executives at 250 corporations ranked
marketing as the most important element of strategy for the 1990's.
--- Yankelovitch, Skelly, and White
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A Market Orientation
The Marketing Concept
•
The marketing concept holds that the key to achieving
organizational goals consists of determining the needs and wants of
target markets and delivering the desired satisfactions more effectively
and efficiently than competitors.
•
Concentrate on the needs or benefits of the buyer, not the needs
of the seller.
•
The industry's approach used to be: “Here's what we have --- buy
it!” Now the customer is the most important product ... because if the
customer doesn't like what we've got, they can go elsewhere.
--- U.S. Steel
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Simple Questions, Hard Answers...
•
•
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Who are our customers?
What important benefits do we provide
them with?
Are these benefits sustainable?
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Marketing Strategy Process
Market Analysis (The 4 C’s)
Customers
Creating
Value
Company
Competitors
Target
Market
Selection
Market
Segmentation
Creating
Value
Collaborators
Product and
Service
Positioning
Marketing Mix (The 4 P’s )
Product and Service
Capturing
Value
Sustaining
Value
Place/Channels
Promotion
Pricing
Customer Acquisition
Customer Retention
Profits
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Teaching The Concepts in the Marketing
Strategy Process
•
I will cover the relevant concepts through lectures and
case discussions. My goal is to keep you abreast of the
current thinking on these concepts
• To clarify concepts from time to time I will rely on:
• My consulting and executive teaching
experience.
• My research findings on certain marketing
concepts and industries
• Recent business articles
• Relevant Web sites
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Web site Help For This Class and Beyond
You can check out the following web sites for information on
various companies that we discuss in class.
Some of these are:
•www.wsrn.com
•http://dir.yahoo.com/Business and economy
•http://www.reinartz.com
Also useful are the library sites:
•http://www.marshall.usc.edu/library/Marketing/marketing.html
•http://www.companiesonline.com
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Case Analysis Objective
• The cases that we will be using during the course will invariably
focus on a marketing problem that a company faces. The case offers
information relevant to that decision.
• The main purpose of the case analysis and subsequent discussion is
to enable you to apply and internalize the marketing strategy
framework in different contexts and in addressing different
problems.
• Often the case data is not complete but that is the reality, managers
often have to make decisions based on insufficient information.
• The important thing is to develop the analytical and conceptual skill
to build a marketing strategy for a specific problem.
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Case Analysis Objective
•
Often when making recommendations on a course of
action, there are no ‘right’ answers -- but there are some
bad answers and often some answers are more ‘right’ than
others.
 Important to develop the skill to write down your
assumptions and justify your answers.
• The case discussion is a major vehicle to improve oral
skills for presenting and defending your own assumptions
and recommendations, and for critically examining and
discussing the assumptions and recommendations of
others.
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Additional Help
• Additional RA help to work through different break-even
and other quantitative exercises for different cases to
improve your analytical skills.
• My objective in this class is to help you become better
marketers. It is important to realize that given the time
constraint any single class can only provide an overview of
some of the important topics, tools and applications
available in the area of marketing.
• Therefore I urge you to use me as a resource for
exploration of any area in marketing that interests you. I
can suggest more readings in any area of marketing you
wish to pursue.
• I will be happy to sit with you individually and discuss
with you your specific interests in marketing and help you
to the extent I can.
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Administrative Details
1. Course Materials (in course packet)
1. Cases
2. Readings:
Required readings in the course packet
Recommended reading: Philip Kotler Textbook on Marketing
Management
3. Performance Evaluation (a.k.a. grades)
Class participation (15%)
Two written case analyses – group work (20% and 25%)
Final examination (40%)
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Next Class
Case Discussion: Optical Distortion Case
• Case discussion on Optical Distortion Inc.
Discussion questions that you need to think through
when reading the case before class, and relevant data
and spread sheet are in the web site and also sent by
first class
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