MKTG90037 Managing for Value Creation SG S1 2020 Updated 20 PDF

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MKTG90037 MANAGING FOR VALUE CREATION SUBJECT GUIDE Semester One, 2020

Prepared by Mike Brooke, Course Coordinator [email protected]

Department of Management and Marketing Faculty of Business and Economics

Contents CONTENTS................................................................................................................................................. 2 SUBJECT OUTLINE................................................................................................................................... 3 INTRODUCTION.......................................................................................................................................... 3 SUBJECT AIMS.......................................................................................................................................... 4 PRESCRIBED REFERENCES........................................................................................................................ 4 LEARNING OUTCOMES............................................................................................................................ 5 SUBJECT OBJECTIVES................................................................................................................................ 5 GENERIC SKILLS........................................................................................................................................ 5 PREREQUISITES...................................................................................................................................... 5 ACADEMIC STAFF CONTACT DETAILS................................................................................................... 6 SUBJECT COORDINATOR’S CONTACT DETAILS ....................................................................................... 6

EMAIL PROTOCOL...................................................................................................................................... 6 LECTURES................................................................................................................................................. 7 LECTURE TIMES....................................................................................................................................... 7 LECTURE SCHEDULE................................................................................................................................ 7

ASSESSMENT............................................................................................................................................ 8 ASSESSMENT OVERVIEW............................................................................................................................ 8 DETAILED EXPLANATION OF ASSESSMENTS................................................................................................. 8 EXAM POLICY.......................................................................................................................................... 10 USING LMS............................................................................................................................................. 10 P LAGIARISM AND COLLUSION.................................................................................................................... 10 PENALTIES FOR LATE SUBMISSION AND EXCEEDING WORD LIMITS.............................................................. 10 SPECIAL CONSIDERATION......................................................................................................................... 11 REFERENCING......................................................................................................................................... 11 GROUP WORK........................................................................................................................................ 11 OTHER SUBJECT RESOURCES............................................................................................................. 12 ACADEMIC SKILLS.................................................................................................................................... 12

2

Subject Outline Introduction Welcome to Managing for Value Creation! While it is well accepted that the fundamental role of organisations is to create value, the challenges managers face include understanding how they can create value, measure value, and appropriate value consistently and sustainably across the organisation. These challenges represent some of the most difficult decisions faced by managers. This subject exposes students to an integrated perspective of the firm, how it interfaces with its environment, and how it creates and sustains value. Critical to the creation of value is the way a firm interacts with its various stakeholders. The subject builds a conceptual framework to examine the choices managers face in determining how best to create value for key stakeholders, including government, society, trading partners, customers, employees and competitors. Subsequent measurement is paramount to managing value and therefore receives considerable attention. Finally appropriating value – through pricing – is critical for firms to reap the rewards of value creation. A key focus of this subject is on value creation as a cross-disciplinary and cross firm activity. As such, the focus is on value creation from multiple disciplinary perspectives including strategy, entrepreneurship, marketing, human resources, supply chain management and organisational design. Some examples of the type of issues we will consider are:  What does customer value mean? How do customers judge value? 

Companies in the same industry frequently create value for customers in many different ways. What are some of the different approaches and why are they successful, while other companies fail to create successful customer value and ultimately fail?



How do we measure value from a financial and market(ing) point of view?



How do we set prices? Pricing is a very complex topic and intersects accounting, finance, and marketing.

These are complex questions, but they are typical of the type of issues that organisations and managers have to deal with. In looking at these issues, a variety of teaching and learning methods will be employed to put the issues in the context of contemporary management and organisations. These will include lectures, short videos, case study analyses, external corporate guests, groupbased presentations and assignments as well as an expectation that students will actively participate in ongoing in-class discussions.

Subject Aims On successful completion of this subject, students should be able to: 

Explain the major factors driving the focus on more effective value creation practices;



Connect all value creation activities undertaken by firms and articulate the extent to which they are mutually reinforcing;



Appreciate the importance and role of new product / service development in determining overall value creation performance;



Describe theory relevant to the value creation process;



Explain the issues and challenges facing organisations managing activities involving value creation in an international context;



Describe the role and importance of emerging technologies and business models in creating and sustaining value;



Explain the need for coordinated product and process design within the firm, and between members of the value chain;



Identify a range of strategies for positioning the firm to maximize value potential in dynamic competitive environments.

Prescribed References There is no prescribed textbook for this subject. However, an important source of learning is via the core and supplementary readings, as well as in-class case studies, which will be loaded into the Learning Management System (LMS) on a progressive basis over the semester. Students will be advised by email or in class when new materials are available. Please refer to Readings Online for all core and supplementary readings.

Learning Outcomes This subject provides an introduction to the fundamental concepts and principles of value creation and the delivery of value to a variety of internal and external stakeholders. To view the learning goals, generic skills and graduate attributes for your degree, please locate the University Handbook entry for your degree.

Subject Objectives 

Appreciate value creation as the core function of most organisations, and the many ways in which value can be created;



Understand the challenges in value creation and delivery, including the management of the interests of multiple stakeholders;



Analyse organisational problems in value creation and delivery, and be capable of applying relevant models / theories to generate appropriate solutions.

Generic Skills On successful completion of this subject, students should have improved the following skills: 

Critical evaluation of evidence in support of an argument or proposition;



Problem solving in management through the ability to define, structure, and prioritise issues; and collect and analyse data to test ideas;



Communication of business-related ideas, theories and solutions to peers and the wider community;



Ability to synthesize ideas, theories and data in developing solutions to business problems;



Ethical practice through a knowledge of corporate governance processes and implementation;



Research skills including the retrieval of information from a variety of sources;



Teamwork through collaborative exercises in workshops and assessment.

Prerequisites None

Academic Staff Contact Details Subject Coordinator and Teaching Team Contact Details Your teaching team for Managing for Value Creation includes: Mike Brooke, Subject Coordinator [email protected] Email Room Level 10, The Spot Building, Department of Management & Marketing Phone +61 (0)414 857 604 Dr Kanika Meshram [email protected] Email Room Level 10, The Spot Building, Department of Management & Marketing

Eugene Skewes [email protected] Email Room Level 10, The Spot Building, Department of Management & Marketing

Consultation and Support For those students able to attend seminars, this is strongly encouraged. Time will be set aside during seminars for short consultation, with support for more substantial questions during normal consultation hours, by appointment with 2-3 days notice.. Where students are impacted by travel restrictions, emailed queries are encouraged and welcomed to assist in supporting their participation in this subject. As we will be expecting an increased volume of these this semester, it will be important for students to be as specific as possible in emailed questions. A summary of Frequently Asked Questions (FAQs) will be maintained and updated in Canvas.

Email Protocol To assist the teaching team in managing an increased volume of emails, it is essential that your email subject line contains the subject code, your stream, your group number: e.g. MKTG90037_Tues2.15_group1 Please note that university staff members are only able to respond to student emails coming from a University email address. Please do not use personal email addresses such as Gmail, Hotmail or even business email addresses. Emails from non-University email addresses may be filtered by the University’s spam filter, which means that we may not receive your email. All correspondence relating to this subject will only be sent to your University email address. Note that you must first activate your University email address before you can send or receive emails at that address.

Seminars Seminar L01/01

Day Monday

From 18:15

To 21:15

Location PAR-The Spot-4007

L01/02

Tuesday

09:00

12:00

PAR-The Spot-5007

L01/03

Tuesday

14:15

17:15

PAR-The Spot-4007

L01/04

Thursday

15:15

18:15

PAR-The Spot-5007

L01/05

Friday

10:00

13:00

PAR-The Spot-4014

L01/06

Friday

14:15

17:15

PAR-The Spot-5007

Seminar Schedule The schedule of seminars is provided below. Prescribed readings for the seminar will enhance your understanding of the material, particularly if you read them beforehand. Note that all seminars have core material – that which is required to successfully pass the exam – and recommended literature for students who want to gain further understanding. These are available on the LMS. Weekly Summary To provide additional insights, a summary of key discussed issues for that week’s seminar will be posted in Canvas at the end of each week. Travel-impacted students are strongly encouraged to read through these summaries and if needed, email teaching staff for clarification afterwards. Lecture Capture All seminars, including guest presenters, will automatically be recorded and available in Canvas for student use, in particular where travel-impacted.

Date W/c 2nd March

Session 1

Content Course introduction. Defining value concepts

W/c 9th March

2

Value models: building value in the organisation

W/c 16th March

3

The Business Model Canvas Formation of Groups for Assignment One and Two

W/c 23rd March

4

Value models: business models & value propositions

W/c 30th March

5

Value models: co-creating value

6

Group Presentations – Assignment One

th

W/c 6 April

(1,000 word document due on Friday 10th April) Easter Friday on Apr 10th – alternative date/time TBA

W/c 13th April th

BREAK

W/c 20 April

7

Managing stakeholder value: employee engagement

W/c 27th April

8

Managing value in execution: sales and procurement

W/c 4th May

9

Measuring created value: lifetime value, marketing performance

10

Capturing value through pricing

th

W/c 11 May

(4,000 word group assignment due Friday 15th May) W/c 18th May

11

Value creation as an organisation: ethical behaviour, corporate shared value, benefit corporations

W/c 25th May

12

Exam revision / Q & A

Assessment Assessment Overview Your assessment for this subject comprises the following:

Assessment Item

Weight

1. Assignment One: Group Presentation: 7 minute presentation plus 3 minutes for Q & A – to be held in class in Week 6. Written summary (1,000 words) due 5:00 pm on Friday 10th April.

20%

2. Assignment Two: Group Assignment: 4,000 words comparing two firms competing in the same industry with a different approach to value creation. Due to be submitted by 5:00 pm on Friday 15th May. 3. End of semester exam, 50% of subject mark. Specific date to be determined by University’s central examinations.

30%

50%

Detailed Explanation of Assessments Exam There will be a two-hour end-of-semester closed book examination that will cover the entire course. The exam will be based on general and in-depth essay questions focusing on value creation. The exact format of the exam will be covered in the final seminar. The exam makes up 50% of the total mark for the subject. Hurdle Requirement: successful completion of this subject requires a pass (50%) in the final exam.

Assignment 1: Value Creation Analysis - Presentation and Submission Assignment One is to be completed as a group assignment based on groups of between 4 to 6 people being formed in Week Three. The Assignment includes a class presentation and a submitted summary document. Each group will give a 7-minute presentation in class, with an additional 3 minutes allocated to Q & A. It is preferable, but not compulsory that all team members participate in the class presentation. Each group will also be asked to respond to questions from the rest of the class. The summary document word limit is 1,000 words, excluding references, appendices and bibliographies. The Task: Company Creation Analysis Each group must identify and evaluate the value creation strategy of a single company, product or brand. in meeting the needs of a specific customer segment, in a specific market. Details of the assignment and marking criteria will be discussed in seminars and available on the LMS. The assignment summary document is to be uploaded via the LMS of the course by Friday 10th April. File names must include:

SubjectCode_Stream_Group_Company e.g. MKTG90037_Tues2.15_Group1_Amazon

Assignments must include: 

The full names and student numbers of all group members



The email addresses of all members - must be University of Melbourne email addresses.



The name of the company, product or brand clearly on the cover page.

The group presentation and summary document make up 20% of the total mark for the subject.

Assignment 2: Comparative Value Creation Analysis Assignment Two is to be completed again as a group – changes in groups are strongly discouraged. The word limit is 4,000 words excluding references, appendices and bibliographies. The assignment makes up 30% of the total mark for the subject. The Task: Comparative Company Creation Analysis This assignment requires each group to compare the value creation strategy of two (2) firms that compete, preferably indirectly, in the same industry. The value creation strategy of both firms should be analysed and compared using the theory and models presented in the lectures, the prescribed readings, and additional reading and resources you have found. Note: The purpose of this assignment is not just to describe how successful these companies are; rather it is to analyse and explain how these organisations are competing in the marketplace using the specific theories, principles and models you have studied in this course.

Each year, many students who have undertaken very detailed research into the firms under analysis, completely overlook this need to apply the learnings from this course. Try not to make this mistake by clearly demonstrating your knowledge of value creation. General information regarding your assignment: 

This assignment requires the integration of the relevant theories we have covered throughout the semester. Not only does this assignment represent a good opportunity to relate the theory to a very practical, real-life, timely scenario, but it is also good exam preparation and revision.



Pay careful attention to grammar, clarity and punctuation: if the reader cannot understand what you are trying to say, you will lose marks. Proof read your assignment before submitting.



Reference everything that you take from other sources! Every source, every idea, and every theory that is not your own MUST be cited (including lecture notes: Lecturer, Lecture Number, Date). If you take a direct quote from a source, you need to provide the page number.

The Due Date: The assignment is to be uploaded via t...