MKT 337 Kraft 05180 - Lecture notes 2 PDF

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MKT 337 – PRINCIPLES OF MARKETING (05180) FALL 2020 Mon/Wed 3:30-5:00 PM ZOOM Professor Andreas Kraft Office: Zoom Office Hours: After class (5:00-6:00 M/W) - or by appointment Email: [email protected]

Description & Learning Objective The primary objective of Marketing 337 will be to introduce you to the basic concepts of marketing and what role marketers play in a firm. The course will cover important foundational topics in marketing, such as the four P’s (product, place, price, and promotion) and the 5 C’s (Company, Collaborators, Customers, Competitors, Climate. This course will give you the tools to understand markets and an understanding for how firms can create and deliver value for customers.

Goals By the end of this course you will be able to: • • • •

understand the role marketing plays in firms and how it can be used to achieve organic growth. understand how various markets, such as business-to-business, business-to-consumer, as well as peer-to-peer markets function and how to analyze them in a structured manner. use simple empirical tools to use data to guide your decision for relevant marketing problems. apply the marketing process that gears the organization for growth through increased customer value.

Prerequisites In order to sign up for this course, you need credit or registration for Business Administration 324 or 324H; and credit or registration for Statistics 309 or 309H. If you do not meet the prerequisites or have any other concerns about your readiness for this course, please come speak to me as soon as possible.

Contact The Canvas website for this class is the primary source for important information and communications, including updates to the course schedule, assigned readings, and slides for lectures. Please check canvas and your email daily to ensure you are up to date. If you want to contact me, please use my email address and put “MKT 337” in the subject line.

Course Design and Policies Class sessions will include discussions, lectures, class exercises, and guest speakers. To get the most out of the class, students are expected to have read the required readings in order to allow for interesting discussions during class. Each student will be asked to participate actively in class and not just be a passive observer. Knowing that you come from various backgrounds and experiences, I hope that each of you will contribute to the depth of knowledge shared in this class. Textbook Marketing, by Kerin and Hartley (15th edition) If you choose to use a different version of this textbook, please note that the chapter organization and content varies slightly.

Other Readings For most weeks, there will be additional readings that will be either required or optional. These readings will consist of articles from the popular press, academic articles, or sections from other books. In the schedule, all optional readings will be denoted by a * next to the title. Grading Your grade will be determined by the following 5 components: Quizzes (60%) There will be 6 quizzes, each worth 10% of your final grade. These quizzes will be a combination of multiple-choice and short answer questions and will not be cumulative. Each quiz will cover material of about two weeks. Half the quizzes will be held during class time, and half the quizzes will be taken outside of class. We will use Proctorio for all quizzes. There will be a cumulative 7th quiz which you can take if you missed one of the regular quizzes. Marketplace Simulation (20%) We will use a computer simulation that will place you into a realistic international business setting where you will run a marketing division for six quarters in compressed time. You will compete in small groups of 3 students against other groups. Half the points will be based on your performance in the simulation. The other half of the points is based on an executive summary you will turn in after the end of the simulation. Bonus: The teams that place first in their marketplace will get one additional dropped reading quiz. Participation (10%) My goal is to facilitate an interactive environment. Participating will help you learn the material better, help me understand and tailor the class to your personal interests, and ultimately provide you with a better overall experience. Every class period, you will have a chance to earn 1 point for attending the zoom call and up to two more points for participation.

If you cannot attend class for whatever reason (WiFi issues,…), let me know in advance and you can earn points as follows: 1 point for watching video lecture and up to two points for an insightful comment on the canvas discussion for this class period. Reading checks (10 %) At least 5 reading checks will be given throughout the year in order to reinforce key points. These quizzes will be administered at the beginning of class and count 2% each. If there are more than 5 quizzes, only the top 5 scores will count towards your grade. (e.g., if there are 6 quizzes, the lowest grade will be dropped). Extra Credit Opportunities (2% + dropped reading checks) You can earn extra credit points in the course by participating in research studies through the Marketing Department Subject Pool. You can earn one point for each study you participate in. For instance, to earn two points, you must participate in two different studies. You may not participate in the same study twice. Additionally, the student(s) who complete the most studies, get to drop an additional reading quiz. For example, if nine students complete 5 research studies and everyone else completes fewer than 5 studies, these nine students’ lowest reading check grade will be dropped. You will receive this credit for any extra credit opportunities offered via the Marketing Department Subject Pool website at: http://mccombs.sona-systems.com You should have received an email with login information for SONA during the first week of class. If you haven’t received this email, please email Larissa Garcia (below). 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 by December 5th (or earlier), so plan ahead. Those who are not interested in participating in a research study may choose a research paper option, you can email Larissa for more information. Questions regarding extra credit? Email Larissa Garcia, the Subject Pool Coordinator, at [email protected]

Final Grades Grades will follow plus/minus system with these cut-offs. A: 93-100, A-: 90.00-92.99, B+: 87.00-89.99, B: 83.00-86.99, B-: 80.00-82.99, C+: 77.00-79.99, C: 73.00-76.99, C-: 70.00-72.99, D+: 67.00-69.99, D: 63.00-66.99, D-: 60.00-62.99, F: 59.99 or lower. Decimals will be not be rounded up – an 89.7 average will earn a B+, not an A-.

Late Work Policy I do not accept late work, except for emergencies. If you have an emergency keeping you from turning any assignment in late, please do let me know whenever you get a chance, but do not stress about the missed deadline.

Course Schedule (Subject to Change) “Chapter X” refers to the book for the course (Kerin and Hartley) “Article” refers to articles that will be posted on Canvas beforehand Day Wed Mon

Date Aug 26 Aug 31

Wed Mon Wed Mon Wed Mon Wed Mon Wed

Sep 2 Sep 7 Sep 9 Sep 14 Sep 16 Sep 21 Sep 23 Sep 28 Sep 30

Mon Wed Mon

Oct 5 Oct 7 Oct 12

Topics Course Overview The role of the firm/ What is Marketing? Ethics & Social Responsibility LABOR DAY – no class Creating Value through Marketing Guest Speaker – Pepsico Scanning the marketplace Consumer Behavior Guest Speaker - TikTok Market Research 1 Quiz 2 + Introduction to Marketplace Simulation Market Research 2 Segmentation, Targeting, Positioning Developing Products

Wed Mon Wed Mon Wed

Oct 14 Oct 19 Oct 21 Oct 26 Oct 28

Guest Speaker – Global Marketing Pricing Methods Psychology of Pricing Guest Lecture Quiz 4 in class

Mon Wed Mon

Nov 2 Nov 4 Nov 9

Channel Management Marketing Simulation Services Marketing

Wed Mon

Nov 11 Nov 16

Guest Speaker – B2B Non-profit Marketing

Wed

Nov 18

Advertising

Mon Wed Mon Wed Mon

Nov 23 Nov 25 Nov 30 Dec 2 Dec 4

Guest Speaker – Social Media Thanksgiving Break Marketing in 2020 Quiz 6 + Marketing Simulation debrief no class

Wed

Dec 7

Optional Quiz #7 (cumulative)

Readings

Due

Chapter 4, Chapter 1 Chapter 3, Chapter 5

Quiz 1

Chapter 8 Quiz 2 in class

Chapter 9 Chapter 10

Groups assigned for simulation Quiz 3

Chapter 13

Q2 decision due in simulation – Quiz 4 Chapter 15 Chapter 12

Chapter 18

Q3 decision due in simulation Q4 decision due in simulation Quiz 5 Q5 decision due in simulation

Quiz 6 – in class Marketing Simulation due

Important Notifications Students with Disabilities Students with disabilities may request appropriate academic accommodations from the Division of Diversity and Community Engagement, Services for Students with Disabilities, 512-471-6259, http://diversity.utexas.edu/disability/ . Religious Holy Days By UT Austin policy, you must notify me of your pending absence at least fourteen 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, you will be given an opportunity to complete the missed work within a reasonable time after the absence. Diversity and Inclusion It is my intent that students from all diverse backgrounds and perspectives be well served by this course, that students’ learning needs be addressed and that the diversity that students bring to this class can be comfortably expressed and be viewed as a resource, strength and benefit to all students. Please come to me at any time with any concerns. 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 http://my.mccombs.utexas.edu/BBA/Code-of-Ethics. By teaching this course, I have agreed to observe all faculty responsibilities described there. By enrolling in this class, you have agreed to observe all student responsibilities described there. 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 http://deanofstudents.utexas.edu/sjs/ to access the official University policies and procedures on scholastic dishonesty as well as further elaboration on what constitutes scholastic dishonesty. Campus Safety Please note the following recommendations regarding emergency evacuation, provided by the Office of Campus Safety and Security, 512-471-5767, http://www.utexas.edu/safety : •

Occupants of buildings on The University of Texas at Austin campus are required to evacuate buildings when a fire alarm is activated. Alarm activation or announcement requires exiting and assembling outside.

• • • • • •

Familiarize yourself with all exit doors of each classroom and building you may occupy. Remember that the nearest exit door may not be the one you used when entering the building. Students requiring assistance in evacuation should inform the instructor in writing during the first week of class. In the event of an evacuation, follow the instruction of faculty or class instructors. Do not re-enter a building unless given instructions by the following: Austin Fire Department, The University of Texas at Austin Police Department, or Fire Prevention Services office. Behavior Concerns Advice Line (BCAL): 512-232-5050 (or https://operations.utexas.edu/units/csas/bcal.php ). Further information regarding emergency evacuation routes and emergency procedures can be found at: http://www.utexas.edu/emergency .

Title IX Reporting Title IX is a federal law that protects against sex and gender-based discrimination, sexual harassment, sexual assault, sexual misconduct, dating/domestic violence and stalking at federally funded educational institutions. UT Austin is committed to fostering a learning and working environment free from discrimination in all its forms. When sexual misconduct occurs in our community, the university can: 1.

Intervene to prevent harmful behavior from continuing or escalating.

2. Provide support and remedies to students and employees who have experienced harm or have become involved in a Title IX investigation. 3.

Investigate and discipline violations of the university’s relevant policies.

Beginning January 1, 2020, Texas Senate Bill 212 requires all employees of Texas universities, including faculty, report any information to the Title IX Office regarding sexual harassment, sexual assault, dating violence and stalking that is disclosed to them. Texas law requires that all employees who witness or receive any information of this type (including, but not limited to, writing assignments, class discussions, or one-on-one conversations) must be reported. I am a Responsible Employee and must report any Title IX related incidents that are disclosed in writing, discussion, or one-on-one. Before talking with me, or with any faculty or staff member about a Title IX related incident, be sure to ask whether they are a responsible employee. If you would like to speak with someone who can provide support or remedies without making an official report to the university, please email [email protected]. For more information about reporting options and resources, visit http://www.titleix.utexas.edu/, contact the Title IX Office via email at [email protected], or call 512-471-0419. Although graduate teaching and research assistants are not subject to Texas Senate Bill 212, they are still mandatory reporters under Federal Title IX laws and are required to report a wide range of behaviors we refer to as sexual misconduct, including the types of sexual misconduct covered under Texas Senate Bill 212. The Title IX office has developed supportive ways to respond to a survivor and compiled campus resources to support survivors. McCombs Classroom Professionalism Policy

The highest professional standards are expected of members of the McCombs community. The collective class reputation and the value of the McCombs experience hinges on this. Please let me know right away if this ever is not the case. Faculty are expected to be professional and prepared to deliver value for each and every class session. Students are expected to be professional in all respects. Classroom expectations of students include: •

Students will arrive on time.

•

Students will be fully prepared for each class.

•

Students will attend the class section to which they are registered.

• Students will respect the views and opinions of their colleagues. Disagreement and debate are encouraged. Intolerance for the views of others is unacceptable. •

Phones and wireless devices are turned off unless otherwise instructed by the professor.

BBA Recruiting Conflicts Conflicts occasionally arise between classes and the search for employment. We understand how important the job search process is to you, and McCombs provides many resources in support of career exploration and search. However, UT is first and foremost an educational institution and your BBA degree will be the credential that certifies your education. As such, education will take precedent whenever such a conflict arises. All companies that recruit at McCombs are informed of this fact. Should a conflict arise, we recommend the following steps: •

•

• •

Check the syllabus to see if an exception is provided that would allow you to satisfy class obligations while still attending the job event (e.g., paper instead of quiz, allowed quiz drops, etc). Note that a job-related conflict, whether a current job or a potential one, is usually not an acceptable reason for missing an exam or taking a make-up, and may not be acceptable in other circumstances either. If any doubt exists, check with your professor. If no exception is provided, inform the company that an academic conflict exists and request an accommodation. If no accommodation is provided by the company, and you have done everything within your power to resolve the situation, contact the BBA Career Management and Corporate Relations staff and request their assistance in resolving the situation.

Note that while we do have influence with the companies that recruit at McCombs, not all conflicts can be resolved and we have little or no influence with companies that do not recruit through the RecruitMcCombs system.

Getting Help with Zoom

Students needing help with Zoom should refer to the McCombs Student Instructional Wiki for a set of comprehensive instructions. All McCombs Canvas course pages have this link on the left menu bar for quick and easy reference. UT Zoom Account All students must use a UT Zoom account in order to participate in classes, office hours, and any UT affiliated events. For detailed instructions on how to sign up for a UT Zoom account, see Getting Started with Zoom. You will be denied access to Zoom sessions if you attempt to access without a valid UT account. Joining a Class or Office Hours in Zoom The preferred method of joining a class or office hours is through Canvas. Students must log into their Canvas course site and click on Zoom on the left menu bar to locate links to join the class in Zoom in the calendar on Canvas. Zoom links for a class or office hours may also be emailed by the instructor. Regardless, students must use their UT Zoom account to participate. For more information, see How to Join Class or Office Hours. Zoom Etiquette Because there will be so many people on these Zoom meetings, here are some best practices for making sure we are working together to create an efficient, effective, respectful, and ultimately enjoyable classroom! •

Keep your video on, if possible.

•

Be mindful of your surroundings when on camera to minimize distractions, if possible.

• Avoid display of inappropriate materials or expressions, either visual, textual, or otherwise. Such displays may be subject to disciplinary action. • icon.

Turn your camera off when leaving the meeting temporarily and use the away feedback

• Include a professional photo of yourself for your Zoom profile picture. This photo will be visible during class sessions, if you keep your video off. • Mute yourself unless you are speaking. This will reduce background or feedback noise and limit distractions. • Pose questions or comments by using the “raise” your hand feature or typing in the chat window. Try to keep questions and comments brief, especially in large classes. • Turn off your video if the video or audio is choppy. After the class or meeting, try these Internet Connection Tips. Class Recording Privacy

Class recordings are reserved only for the use of members of this class (students, TAs, and the ...