Advanced Marketing Management - Syllabus PDF

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ADVANCED MARKETING MANAGEMENT

PROFESSOR: Leif Brandes PHONE: 041 229 58 90 OFFICE: 4.B38, Frohburgstrasse 3 E-MAIL: [email protected] PROFESSOR’S WEBSITE: https://www.unilu.ch/leif-brandes CLASSROOM: ZOOM CLASS TIMES: Tuesdays, 12:15 – 16:00 OFFICE HOURS: By appointment (via email), Mondays, 12:15 – 14:00 PREREQUISITES: Some familiarity with marketing concepts and the software R COURSE MATERIALS: Marketing Strategy Textbook, course pack, R and RStudio TA FOR THIS COURSE: Thomas Scheurer TA’s E-MAIL: [email protected]

Course Description At the heart of marketing lies a fundamental exchange process, in which firms create and deliver value for customers, and in exchange, receive and capture value from customers. The strategic marketing goal of a firm is to find a sustainable market position that allows the firm to create, deliver and capture more customer value than its competitors.

This course relates marketing activities to some of the key strategic decisions that are necessary in running a business: choosing customers, defining and creating value, delivering and appropriating value, and sustaining value against competitors. While the course acknowledges the importance of specific business contexts, it will focus on four key marketing challenges that all firms face: how to manage customer heterogeneity, how to manage customer dynamics, how to build sustainable competitive advantage from brand, offering, and relationship equity, and how to optimally allocate limited financial resources. We will look at these four challenges in an integrated manner, and learn how the answers to a specific challenge help to successfully manage each of the other challenges. In contrast to typical marketing management courses, we will rely on well-established and cutting-edge methods from marketing analytics that are key to understanding, shaping, and predicting customer behavior, demand and market shares. We will emphasize applications of these methods using real and simulated datasets to the development of competitive marketing strategy. By the end of the course, you will have acquired a certain savvy about developing and evaluating marketing strategy. This does not mean having memorized an arsenal of “rules”. By training your sense of how to use data to understand what makes customers and competitors tick, the course aims to provide you with a competitive advantage: the ability to predict customer and competitor response to marketing action, and hence to create value by making more insightful marketing decisions in many different industries.

Teaching Method The teaching method will be highly interactive, with a mix of cases, exercises, simulations, presentations, discussions, (guest) lectures and project work. We will draw on cases and examples across many different industries, including smartwatches, toys, tools, brassiere, beer or healthcare products.

Course Objectives On completion of this course, students should have reached the following learning outcomes: Topic specific knowledge and skills: You have gained substantial knowledge that allows you to make key marketing decisions, based on data analytics: 1.

How to manage customer heterogeneity (e.g., how to use data to identify customers

segments)? 2.

How to manage customer dynamics (e.g., how to manage and avoid customer churn)?

3.

How to create and manage sustainable competitive advantage (e.g., through branding,

offerings, and relationships)? 4.

How to manage resource trade-offs in marketing strategies (e.g., how to allocate the

marketing budget wisely)? 5.

For points 1. - 4., you will have learned appropriate analytics methods that take you

from the data to marketing strategies. Transferable skills: 1. You are able to apply the concepts and analytic tools from class to real-world case studies and datasets. 2. You are able to clearly articulate your recommended solution to a case problem, and to argue for its appropriateness. 3. You are able to critically evaluate the practical relevance of conceptual frameworks, theories, and analytical tools. 4. You have gained additional experience in a group work environment. 5. You have gained additional experience and practiced your presentation skills.

Course Materials and Requirements

Prerequisites: While not a strict prerequisite, some familiarity with basic concepts from marketing (such as the 3Cs, 4Ps, STP, etc.) will considerably ease your understanding of the material from the start, as we will only cover some of them in greater detail again. If you have never taken a marketing course before, you may wish to consult any standard marketing textbook, e.g., Kotler and Keller (2015): Marketing Management, 15th Edition, Pearson, before the start of this course. Software and Apps: Data analytics is a key driver of insights for marketing strategies, and we will see many different data sets. All datasets will be analysed with the help of the R and RStudio. If you don’t have either R or RStudio currently installed on your laptop, please make sure to do so before the start of Week 2 of the course. You can download the two programs from www.rstudio.com and www.r-project.org. If you have never used R or RStudio before, make sure to familiarize yourself with these programs before the start of the course. For example, Data Camp provides a free introduction here: https://learn.datacamp.com/courses/free-introduction-to-r We will use Slack as a communication platform, on which you can post comments and questions for the course. Slack is available as an App that you can download to your smartphone. Further information about Slack will be provided below.

You can join the Slack channel for this course here: https://bit.ly/2T3Zm6H Joining and contributing to the Slack channel is important, because I will also give you class participation credit (see the Grading section below) for your Slack contributions (e.g., questions for guest speakers, case reflections after class, etc.). This is also the place for you to post and answer(!) any questions about the video content and lecture slides.

Videos: I will move all theory and conceptual parts out of the lecture session to Youtube videos. You are

expected to have watched all assigned videos prior to the session, and before you start working on a case - the material in the videos is necessary to prepare your solutions for the case questions!

Unless otherwise noted, all assigned lecture videos can be found at (note: not all videos will be available from start!): https://www.youtube.com/playlist?list=PLtYhpZPifsJOt4nlQlF3LMHFJ5ElhRCy

Live Sessions via zoom: We will ‘meet’ for our live sessions via zoom. The login information can be found here: https://bit.ly/3lnuaLD Please make sure to download and install zoom before the first session!

Readings: As this is a core module, and many of you do not plan to specialize in marketing during your careers, I will focus on the four key marketing challenges that all organizations and firms face. The core readings for this course will be a textbook that combines a focus on these marketing challenges with a marketing analytics perspective and a required course package of articles and case studies. Textbook: Palmatier, Robert W. and Shrihari Sridhar (2017). Marketing Strategy – Based on First Principles and Data Analytics. Palgrave Macmillan Education. (CHF 62 at the Studiladen, Amazon is NOT cheaper!) In addition, there will be a course package for this course on the Harvard Business Publishing website. You can download the cases free of charge via this link:

https://hbsp.harvard.edu/import/769289 I will also offer a few recommendations for further reading if you want to dig deeper.

Class sessions will be devoted to discussion of selected cases, concepts, analytical methods, guest speaker presentations, and applications. Hands-on exercises with real world and simulated data, in-class assignments and case discussions will be used to assess students’ understanding and ability to apply the concepts discussed in class to marketing problems as well as to foster interaction among students and the professor. You will be involved in a group project throughout the time of this course. You will have enough flexibility to choose among the topics discussed in class. Creative project choice, careful data analysis, and clear marketing implications are the key ingredients of a successful project. Moreover, the quality of learning from this course is also dependent on the thorough preparation of reading materials, consistent attendance and involvement, and spirited participation (in class and in the group project). A detailed syllabus with the contents of each individual class (e.g., which readings and case study) follows below.

Grading The course will be assessed on the basis of the following scheme. Poor performance in any one component (e.g., class participation) can be somewhat compensated by superior performance on

other components (e.g., group presentation).

REQUIREMENTS

% of grade

Class Participation

25%

Group Project Presentation

25%

Business Simulation Exercise

25%

Written Individual Project Report

25%

TOTAL

100%

Class Participation and Attendance Policy You should prepare the readings (e.g., cases) and videos assigned for each class. Class participation and discussion is considered an integral component of the learning experience. You will not be able to make up for specific assignments that you may have missed due to a particular absence. Also, you will be penalized if you miss your colleagues’ group project presentations or the guest speaker presentations. Therefore, attendance and participation are simple and good strategies for students who want to excel in this course. To help you get a better understanding of what makes for a good participation, I am providing you with a separate document (“Surviving and prospering in a class with cases and discussion”) on the OLAT website for this course. It is your responsibility to read through this document before our first meeting.

A simple, general guiding principle for you to self-assess the quality of your contribution on either Slack or in-class is this: if your classmates are better off after you have spoken or written

a comment, then you have made a valuable contribution.

Each of you will also receive an email from me after the first three sessions with feedback on your class participation performance (including your Slack contributions!) in the course so far. Where needed, this allows you to improve your participation performance in the second half of the course.

For this to be possible, it is vital that each of you enters theirs name, firstname, and email address before October 30, 2020 on the following spreadsheet: https://bit.ly/30IafPw

Group Exercise and Group Project There will be a segmentation simulation exercise that will involve managing segments and customers in a B2B market. This exercise will be a group exercise. Groups will be assessed based on their relative performance in the simulation. In the group project, you can pursue in depth one of the four marketing challenges that is of particular interest to you. Ideally, it combines desk research, interviews with executives or other primary research, and value-adding reflections or analysis. You can focus either on a whole industry or a specific firm. However, you should choose wisely and pick an industry/ firm that you have good access to. Examples are: -

How are firms responding to recent, Covid-19 induced shifts in customer

behavior? It could be interesting to analyze how and why effective responses vary across firms or industries. -

Pick an innovative business model and assess its growth and profit prospects.

Consider whether it is offering a superior value proposition to its key market, how it captures value, and how long the advantage can be sustained. market.

Design a strategy for responding to the entry of one or more low cost rivals into a

You will complete the assignments in 10 groups of up to six people each, depending on enrollment. You will give a 10-minute presentation on your work to the class at the end of the semester (December 15, 2020). Unless I am informed otherwise, I will assume that all team members contributed equally, each deserving the same grade. If you encounter problems in your group work, it is your responsibility to inform me before your presentation and simulation exercise. You will find a detailed document with the marking criteria for the oral presentation (“Marking Criteria: Presentation”) on the website for this course. All students must have formed their respective groups before the start of Week 2 in this course. Please email the group member names to Thomas ([email protected]) by November 3, 2020, 12:00pm (noon, not midnight!). The groups will remain the same throughout the entire semester.

Written Individual Project Report At the end of the course, you will be provided with a data file and a set of questions to answer for this dataset. The dataset will be a simulated dataset for a fictitious company. Note that each student may receive a slightly different dataset and set of questions. Your task will be to write a short marketing report for the company, providing a combination of analysis and written text. You are expected to create this report using the R package “rmarkdown”. You can find the documentation here: https://rmarkdown.rstudio.com/. In addition, I will show you how to use the markdown package during the course. Each individual report needs to be submitted before the end of January 15, 2021 on the OLAT website for this course (in your participant dropbox folder). Late submissions will be penalized. Any form of plagiarism (knowingly or unknowingly) is a form of academic misconduct and will result in a mark deduction. The degree of the deduction depends on the seriousness of each case.

All

your

reports

will

be

submitted

to

the

plagiarism

check

software

Turnit

(https://www.turnitin.com/) to determine if you engaged in plagiarism for your individual report. Individual reports must be formatted as follows: -

Pages: 7.

-

Font: Times New Roman

-

Size = 12

-

Line Spacing: Double

-

Margins = 1’’

Two pages of appendices allowed (e.g., graphs, tables, and figures), but do not put text in appendices. All appendices must be referenced in the main text and must not be used as substitutes for text in the main body of your report. You will find a detailed document with the marking criteria for the written reports (“Marking Criteria: Individual Report”) on the OLAT website for this course.

Instructor Leif Brandes is Professor of Marketing and Strategy at the Faculty of Economics and Management at the University of Lucerne, Switzerland. He is also co-director of the Institute of Marketing and Analytics (IMA) at the University of Lucerne. Leif is an expert in business and marketing strategy, marketing analytics, online word of mouth, individual judgment and decision-making, and global marketing. He has taught these topics in M.B.A., BA, and executive programs in the UK, Ireland, and Switzerland and has worked with clients, such as Telefonica (UK) and HolidayCheck (Switzerland). He is also the initiator of the Business/ Marketing Challenge and Social Impact Series at the University of Lucerne. In this role, he is cooperating with ADVITOS, Eichhof, Heineken and Gübelin. He holds a PhD in Business Administration from University of Zurich, Switzerland and a Master in Mathematical Finance from the University of Konstanz, Germany. Before joining the University of Lucerne in 2018, he was a faculty member at Warwick Business School, University of Warwick, UK. He

also taught as Visiting Lecturer at University College Dublin in Dublin, Ireland, and spent six months as a postdoctoral fellow at the Yale School of Management, Yale University. Leif’s current research interest focuses primarily on (biases in) the provision and consumption of customer online word of mouth. He has also conducted a number of studies in the field of individual judgment and decision-making. His work has appeared in internationally renowned scientific journals such as Management Science, European Economic Review, Marketing Letters, Journal of Economic Behavior and Organization, European Journal of Marketing, Journal of the Royal Statistical Society (Series A) and others. It was featured by the Wall Street Journal, Harvard Business Manager and Ivey Business Journal, and has received international newspaper and radio coverage by, among others, BBC Radio, Washington Post, The Independent, The Sun, Neue Zürcher Zeitung and Luzerner Zeitung.

Guest Speakers (in order of appearance)

Session Overview

Module

Session

Topic

Introduction

1a

Getting to know each other

1b

Case: Black and Decker

Managing Customer Heterogeneity

2a

Lab: Smartwatch Case

2b

Case: Pacific Brands

Managing Customer Dynamics

3a*

Guest Presentation: Ebay (TBC)

3b

Case: ABB

Managing Sustainable Competitive Advantage

4a*

Guest Speaker: Natalia Zaugg (respondiligent)

4b

Case: Lego

5a*

Guest Speaker: Steivan Pitsch (sonect)

5b

Lab: Kirin Beer Case

6a

Simulation: Managing Segments

6b

Case: Syntex Laboratories (TBC)

7*

Group Presentations

Managing Resource Tradeoffs

Epilogue

*: Non-Attendance of these Sessions Results in Mark Penalty.

Syllabus Overview A. INTRODUCTION

Week 1: Oct 27 Live Session: Getting to know each other and Black and Decker Case

Read (before class): 1.

Course Outline (This document)

2.

Marking Criteria Document (on OLAT)

3.

How to Survive and Prosper in a Class with Cases and Discussion (on OLAT)

4.

Black and Decker Case

5.

Textbook, Chapter 1.

Watch (before class): 1.

Welcome Video (16 mins)

2.

Course Administration (7 mins)

3.

Student Role (11:30 mins)

4.

Espen Andersen’s Video Series on Reading and Analyzing Case Studies:

https://bit.ly/3jTsb0P (Video 1) https://bit.ly/2F8EyHo (Video 2) https://bit.ly/337z8EO (Video 3) https://bit.ly/2EWspFV (Video 4) https://bit.ly/35ejFp2 (Video 5)

B.

MANAGING CUSTOMER HETEROGENEITY

Week 2: Nov 3 Live Session: STPD with Data Analytics Your Group allocations are due today!! Read (before class): 1.

Lab: Smartwatch Case

2.

Pacific Brands Case

3.

Textbook, Chapter 2

Watch (before class): 1.

Segmentation Video (xxx mins)

2.

Targeting Video (xxx mins)

3.

Positioning Video (xxx mins)

4.

Differentiation Video (xxx mins)

5.

R Analytics Example: DentMax (xxx mins)

C. MANAGING CUSTOMER DYNAMICS Week 3: Nov 10 Live Session: ABB Case and Gue...