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MIT Sloan School of Management 15.812 Marketing Management Spring 2013 Time Section A: Tuesday and Thursday, 10:00 - 11:30 AM Section B: Tuesday and Thursday, 1:00 - 2:30 PM Classroom E51-335 Course Websites http://stellar.mit.edu/S/course/15/sp13/15.812/ www.InventForTheWorld.com Professor Juanjuan Zhang Office: E62-537 Phone: (617) 452-2790 Email: [email protected] Web: http://jjzhang.scripts.mit.edu Teaching Assistants Aliaa Atwi Email: [email protected] Course Objectives This course provides a comprehensive introduction to contemporary marketing practices, with a focus on turning technologies into market value. Upon completion of this course, you will be able to: • Understand key marketing concepts and their real-world implementations • Apply state-of-the-art frameworks towards analyzing marketing problems • Develop and present a concrete marketing plan This course explores both marketing theory and practice. The lecture sessions introduce you to established concepts, techniques, and frameworks to approach marketing problems. The case study sessions—which cover a range of products from college dorm appliances, fashion accessories, entertainment robots, Internet advertising, to airline services—illustrate how these marketing concepts, techniques, and frameworks can be applied in real world situations. We start with “marketing strategies,” where the 5 C’s of marketing (Consumers, Company, Competitors, Collaborators, and Context) jointly determine the selection of target market and positioning strategies. We then proceed with “marketing tactics,” where a firm chooses the 4 P’s of marketing (Product, Place, Promotion, and Price) to implement its marketing strategies. The class will culminate with a team project presentation where you introduce the marketing plan you create for a product of your choice. Course Materials 1. Reading list: The course draws upon a reading list that contains cases and background articles. Please see pages 8-9 of this syllabus for the full list. You are required to read the assigned cases before class and be prepared to discuss the cases critically. The reading list is composed of two parts: a. Course packet: The course packet contains articles that are copyright-protected. You can purchase the course packet on Study.Net or at CopyTech. b. Stellar notes: We will post supplementary course materials in the form of lecture notes on the Stellar course website. These notes are free to download. (We thank the authors for sharing these contents.) 2. Slides: Slides for the lecture sessions will be available on Stellar at least 24 hours before class. Please print and review these slides before coming to the lecture. Slides for the case sessions will be posted after class. 3. Textbook: There is no required textbook for this course. For a reference volume that includes marketing terms, examples, and a general taxonomy of issues I recommend Philip Kotler & Kevin Keller, Marketing Management, 14e, 2011, Prentice-Hall. Grading Final grades will be based on the following components: 1. 2. 3. 4. 5. Class participation (individual) Case write-ups (team) Problem set (individual) Midterm exam (individual) Final project (team) 20% 30% 10% 20% 20% The expectations for each component are explained as follows: Marketing Management Syllabus 2 Prof. Juanjuan Zhang, Spring 2013 1. Class participation (20%) Your class participation grade is based on attendance (10%) and input (10%). You get one “free absence.” That is, you do not need to provide any explanation for missing one class. However, additional absences will cost you attendance points, unless you encounter extenuating circumstances such as serious illness. Absence due to job interviews is not excused. Your input to class discussion will be evaluated by the TA and myself based on both quantity and quality. You should view class participation as an opportunity to both ask questions to enhance your understanding of the material and suggest examples that demonstrate such understanding. I will direct questions to either the whole class or specific individuals. Therefore, be prepared to be "cold called." (If you find this policy disagreeable, please let me know.) When assigned cases are discussed, be prepared to (1) articulate the main features of the case, (2) answer case guideline questions, and (3) defend your recommended course of action. In order to help me get to know you and give you credit for your comments, please always bring your name plate to class. This is your opportunity for branding—you want me, the TA, and your classmates to associate your insights with you, the brand. Past experience suggests that fixed seating enhances brand recognition. During the first week of class you are free to trade seats. For example, you may want to sit with your teammates. However, I will distribute a seating chart at the end of the second class. Please mark your name on the seating chart, and keep that seat for the semester. 2. Case write-ups (30%) We will study five cases during the semester. In addition to discussing the cases in class, your team will submit write-ups on: MicroFridge, Swatch, and BMWFilms. Each case write-up contributes to 10% of your final grade. A case write-up is due at the beginning of the class when that case is to be discussed. You will benefit from team preparation by gaining practice defending your ideas verbally and seeing the approaches employed by other team members. All team members should contribute to the case write-up, which is expected to be original material. As part of the case write-up you may be asked to provide recommendations on a course of action. Note that there is rarely a "right" answer in any case—the course of action often depends on assumptions not explicitly present in the case facts. However, the pro- Marketing Management Syllabus 3 Prof. Juanjuan Zhang, Spring 2013 cess by which you arrive at a recommendation and the principles you draw on are extremely important. Please refer to the “tips” section for guidelines on how to form teams and structure case write-ups. 3. Problem set (10%) This course contains a quantitative aspect to help you understand the theories behind marketing practices. There will be one quantitatively oriented problem set that is due before class on Thursday, April 11. Each of you should submit your own answer. 4. Midterm exam (20%) An 80-minute midterm exam will be given in class on Thursday, March 14. The exam covers all lectures and case discussions up to Tuesday, March 12. The types of questions may include multiple choice, quantitative problems, and short answers. There will be no final exam. 5. Final project (20%) An important marketing skill is the ability to develop a “marketing plan.” Throughout the course, we will discuss the key elements of marketing plans. By the end of the semester your team will develop a marketing plan on a product of your choice. The deliverables are: 1) Marketing plan (strategy part): a two-page outline of your marketing strategy, due before class on Tuesday, April 2 (5%). 2) Marketing plan (completed): a four-page outline of your marketing plan including the strategy part, due before class on Tuesday, May 7 (5%). 3) Project presentation: a 10-15 minute presentation at the end of the semester that introduces your marketing plan to the class (10%). You are strongly encouraged to start on the project once your team is formed. This way you will be able to incorporate the skills you learned in each class into your plan, and to lighten your end-of-semester workload. To help you build your final project, some students from previous years have kindly agreed to share their final presentation slides at the following website: www.InventForTheWorld.com Marketing Management Syllabus 4 Prof. Juanjuan Zhang, Spring 2013 Tips 1. Forming teams You should form teams to prepare for the cases and to complete the marketing plan exercise. The target size is five people. Teams of more than five people are not allowed, and teams of fewer than four people are strongly discouraged. Please submit to your TA a roster of your team members by the end of the second class. Please designate a contact person and provide a phone number for that person. If you are a free agent or a team of only two members, submit your name or roster anyway, and we will help you grow a team by random matching. I encourage you to name your team to give it some personality. This is, in a way, your branding opportunity. Examples of names include “Masters of Sales and Marketing”, “Three Marketeers”, and “the Prophet Margins”. 2. Case write-ups Use the case questions I give you as a guide. Use bullet-point form. Separately answer each discussion question. Use headings to highlight which questions you are answering. Structure your answers using sub-headings, when necessary, to make it clear that you have used an analytical approach to reach your answers. Random lists of issues without structure leave your TA guessing as to which issue you consider most critical to the case analysis. Do not omit the obvious points. In fact, it helps to start with the most obvious points and work further from there. I am more interested in the quality of your analysis than any specific set of conclusions. Make sure that you give both the pros and the cons of each alternative. Describe the theory and process by which you arrived at your conclusions. Review the lecture slides before writing your analysis. The theory presented in the lectures can serve as a useful guide. Quality is more important than quantity. Marketing Management Syllabus 5 Prof. Juanjuan Zhang, Spring 2013 3. Getting Help from the Professor and the TA You may have various questions about the course or marketing in general. I will try to stay after class to answer any questions. You can also email me and/or your TA and set up office appointments. In addition, I encourage you to get to know your TA as soon as possible. I have requested your TA to meet with each team as you prepare for one of the early case discussions, and when you start working on the final project. The TA will arrange a time and place that is mutually convenient. Overall, your TA is an excellent source of buzz on how you might optimize your 15.812 experience. Please feel free to discuss your questions, concerns, and suggestions with him/her. Student Support Services If you are dealing with a personal or medical issue that is impacting your ability to attend class, complete work, or take an exam, please discuss this with Student Support Services (S3). The deans in S3 will verify your situation, and then discuss with you how to address the missed work. Students will not be excused from coursework without verification from S3. You may consult with S3 in 5-104 or at 617-253-4861. Also, S3 has walk-in hours Monday-Friday 9:0010:00 AM. Student Disability Services MIT is committed to the principle of equal access. Students who need disability accommodations are encouraged to speak with Kathleen Monagle, Associate Dean, prior to or early in the semester so that accommodation requests can be evaluated and addressed in a timely fashion. Even if you are not planning to use accommodations, it is recommended that you meet with SDS staff to familiarize yourself with the services and resources of the office. You may also consult with Student Disability Services in 5-104 or at 617-253-1674. If you have already been approved for accommodations, please contact me early in the semester so that we can work together to get your accommodation logistics in place. Ethics An important concern in any discipline is the ethics of its practitioners. This is certainly true in marketing and advertising. Ethical issues will arise in the case discussions. Indeed, some managers in the cases act in ways you might not consider ethical. These actions are left in the cases specifically to raise ethical issues. We encourage you to address these issues in class discussion. For a student to sign his/her name to a team assignment, the student will have done a substantial amount of work on that assignment. It is not, for example, acceptable to rotate the work across assignments. Violation of this guideline hurts you, your team, and your colleagues. Marketing Management Syllabus 6 Prof. Juanjuan Zhang, Spring 2013 When in doubt, please follow the guidelines in MIT’s Handbook for Students on Academic Integrity (http://web.mit.edu/academicintegrity/). We subscribe to the MIT Sloan professional standards and MIT’s standards of Academic Integrity. Please arrive on time for class with uninterrupted attendance for the duration of the class. I will endeavor to end class on time. Furthermore, please maintain a professional atmosphere. This includes, but is not limited to, using respectful comments and humor, employing appropriate manners and decorum, utilizing computers and technology suitably (e.g., silencing wireless devices, refraining from web-browsing, emailing, and texting), and avoiding distracting or disrespectful activities (e.g., side conversations). Portable computers are to remain closed during class. Tablet devices are not to be used during class even though course packets are available electronically. This policy is in place for all core classes at MIT Sloan and will be revisited as necessary. A complete description of the MIT Sloan professional standards is available on the course website. Marketing Management Syllabus 7 Prof. Juanjuan Zhang, Spring 2013 Class Schedule CLASS DAY DATE 1 T 2 TOPIC READING ( * indicates required reading) 2/5 Introduction Dolan, “Note on Marketing Strategy” Th 2/7 Framework of marketing Hammond, “Learning by the Case Method” 3 T 2/12 Customer analysis Hauser, “Note on Conjoint Analysis” 4 Th 2/14 Competition * Simester, “Understanding Horizontal Competition” T 2/19 No class (Presidents Day) 5 Th 2/21 Case: MicroFridge * Deighton, “MicroFridge: The Concept” 6 T 2/26 Segmentation, targeting, and positioning Chernev, “Segmentation and Targeting Analysis” 7 Th 2/28 Branding Keinan and Avery, “Understanding Brands” 8 T 3/5 Case: Swatch * Moon, “The Birth of the Swatch” 9 Th 3/7 Product diffusion, midterm review Hauser, “Note on Life Cycle Diffusion Models” 10 T 3/12 New product development Hauser, “Note on Product Development” 11 Th 3/14 In class midterm exam T 3/19 No class (SIP) Th 3/21 No class (SIP) 12 T 4/2 Marketing channels * Simester, “Understanding Vertical Competition” 13 Th 4/4 Case: Sony AIBO * Moon, “Sony AIBO: The World’s First Entertainment Robot” 14 T 4/9 Promotion I Best, “Marketing Communications and Customer Response” 15 Th 4/11 Promotion II T 4/16 No class (Patriots Day) Th 4/18 Industry presentation 16 Marketing Management Syllabus 8 Prof. Juanjuan Zhang, Spring 2013 17 T 4/23 Case: BMWFilms * Moon and Herman, “BMWFilms” 18 Th 4/25 Pricing I (Economics) Dolan and Gourville, “Principles of Pricing” 19 T 4/30 Pricing II (Psychology) Anderson and Simester, “Mind Your Pricing Cues” 20 Th 5/2 Case: Southwest Airlines * Heskett and Hallowell, “Southwest Airlines: 1993 (A)” 21 T 5/7 Project presentation I 22 Th 5/9 Project presentation II 23 T 5/14 Project presentation III 24 Th 5/16 Course summary Due Dates CLASS DAY DATE 2 Th 2/7 Finalize seating and form teams by the end of class; bio card due 5 Th 2/21 Case write-up on “MicroFridge” due before class 8 T 3/5 Case write-up on “Swatch” due before class 11 Th 3/14 In class midterm exam 12 T 4/2 Marketing plan (strategy part) due before class 15 Th 4/11 Problem set due before class 17 T 4/23 Case write-up on “BMWFilms” due before class 21 T 5/7 Marketing plan (completed) due before class 21 T 5/7 Project presentation I 22 Th 5/9 Project presentation II 23 T 5/14 Project presentation III Marketing Management Syllabus ASSIGNMENT 9 Prof. Juanjuan Zhang, Spring 2013