Marketing
Management
Seminar

2001 Version

Nota Bene: We must appreciate the need for flexibility.  Acts of God, varied arrival times of guests, as well as unexpected health, weather and power conditions will all potentially affect the exact schedule of this seminar.  Furthermore, due to copyright restrictions, materials referenced are available for purchase, and are not included on this site.

Purpose of this Seminar 

To survive, every organization needs customers.  Marketers develop, price, promote, and distribute products and services for the purpose of creating equitable exchanges with customers.  As such, marketing is a long-term process that focuses on customer needs and the ability of the firm to satisfy those needs.  Through lectures, readings, cases, and discussions, you will learn how to develop a defensible marketing plan. 

References to Consider 

Bernstein, Peter L. (1998) Against the gods - the Remarkable Story of Risk, (New York: John Wiley & Sons) ISBN: 0-471-29563-9. 

Crawford, Tad (1999) Legal Guide for the Visual Artist, fourth edition, (New York: Allworth Press) ISBN: 1-58115-003-2. 

Green, Samuel B., Neil J. Salkind, and Theresa M. Akey (2000) Using SPSS for Windows - Analyzing and Understanding Data, second edition, (Upper Saddle River, NJ: Prentice Hall) ISBN: 0-13-020840-X. 

Kotler, Philip (2000) Marketing Management, the Millennium edition, (Upper Saddle River, NJ: Prentice Hall) ISBN: 0-13-012217-3. 

Lehmann, Donald R., Sunil Gupta, and Joel H. Steckel (1998) Marketing Research, (Reading, MA: Addison-Wesley) ISBN: 0-321-01416-2. 

Malkiel, Burton G. (1996) A Random Walk Down Wall Street, sixth edition, (New York: W. W. Norton & Company) ISBN: 0-393-31529-0. 

Rogers, Everett M. (1995) Diffusion of Innovations, fourth edition, (New York: The Free Press) ISBN: 0-02-926671-8. 

Stanley, Thomas J., and William D. Danko (1996) The Millionaire Next Door, (New York: Pocket Books) ISBN: 0-671-01520-6. 

Stern, Louis W., and Thomas L. Eovaldi (1984) Legal Aspects of Marketing Strategy - Antitrust and Consumer Protection Issues, (Upper Saddle River, NJ: Prentice Hall) ISBN: 0-13-528084-2.

Urban, Glen L. and John R. Hauser (1993) Design and Marketing of New Products, second edition, (Upper Saddle River, NJ: Prentice Hall) ISBN:  0-13-201567-6. 

Ziglar, Zig (1984) Zig Ziglar's Secrets of Closing the Sale, (New York: Berkley Books) ISBN: 0-425-08102-8. 

Evaluations 

Oral and written participation is required. 

Attending class without furthering the discussion is equivalent to cutting class.  Consequently, numerous individual "discussion opportunities" have been created for nearly every session; you must be prepared to contribute AND actually contribute to earn oral participation credit.  In addition, several individual short written cases are required.  Specific questions have been provided to guide you.  Your written submissions will be evaluated on both form and content. 

A major component of the course is to develop a marketing plan as a group project.  Section 3 provides numerous guidelines for this task.  This project provides a wonderful opportunity to develop a new idea/product in a relatively risk free environment.  The final plan developed by the group will be presented in both oral and written form. 

Further, you must submit two complete copies of all papers.  On each copy, on the cover page, the following declaration must be completed: 

"I certify that all of the research and all of the writing in this paper is my own work, and that all of the debts to the work of others is credited in citations."

_____________________________________
signaturedate

Papers that do not include this declaration will not be evaluated. 

Contents 
  1. Overview

    2. This section presents an overview of the course.  It contains two components: 

    PPT Introduction to Marketing Management
    77605 From Sales Obsession to Marketing Effectiveness

    Primarily, this material will be conveyed by lecture.  However, note the discussion opportunity at the end of the PPT material.  Be prepared to contribute.  In addition, read HBS note 77605 -- it helps to set the stage for the remainder of the course by proposing a measure of marketing effectiveness.

  1. Exchange

    2. This section makes the case that under "rational circumstances," customers seek value.  They do not buy product features; they buy benefits. This is true whether we consider retail or industrial customers.  It contains one component: 

    PPT The Exchange Process

    Although primarily a lecture, note the discussion opportunity at the end of the PPT material.  Be prepared to contribute.

  1. Strategy

    2. In the previous section, we posed the hypothetical of making 12 decisions with 7 choices for each decision.  This would lead to nearly 14 billion different marketing plans, IF each plan were equally acceptable.  However, strategic planning narrows the combinations considerably.  To better understand "strategy," this section contains five components: 

    PPT Strategy (including several short readings)
    9-500-005 Marketing Strategy -- An Overview
    85314 How to Write a Winning Business Plan
    Note Business Planning
    9-589-115 Dominion Motors & Controls, Ltd.

    The PPT provides an overview, including procedures used by some well-known firms.  We do not lack frameworks.  However there is much overlap.  Note the readings; be prepared to discuss these articles.  For your edification, study HBS notes 9-500-005, 85314, and the Note.  Prepare for discussion Dominion case 9-589-115.  Do not write up this case.  But, use the principles in this section to respond to the following questions in class: 

    1. How large is the total market?
    2. What is the growth rate?
    3. How large is Dominion's market share?
    4. So, how important is this market segment?
    5. Who is Bridges?
    6. What is the role of NEMA?
    7. How important are power company charges?
    8. How do the roles of top management, engineers, purchasers and field operators differ in big or small companies?
    9. What is the role of advertising, catalogs and personal selling?
    10. Why was Dominion unaware of Bridge's tests?
    11. What are the strategic alternatives available?
    12. What is your most valuable course of action (MVCOA)?  Be prepared to defend it.
  1. Law & Regulation

    2. In a litigious society, even the best marketing strategy can be compromised. Therefore, all marketing managers must be wary of traps and comply with "the law," because marketing people can go to jail, and firms can be bankrupted by huge judgments.  Moreover, since it is hard enough to create a product or a service, you must be willing to defend your rights by being a plaintiff, thereby exercising the “fifth P” of marketing.  This section has two components: 

    PPT Law & Regulation
    9-898-230 The Legal Protection of Intellectual Property

    Primarily, this material will be presented as a lecture.  However, because there are so many interesting and seemingly unlikely legal problems with which you may be familiar, be prepared to highlight one or more of these that are "public record."  Particularly focus on how the firm had to change due to the force of law and regulation. 

  1. Segmentation

    2. Because most products do not have universal appeal, segmenting the market is essential.  In a sense, marketers practice triage by serving the best customers, and "firing" the worst customers.  This section consists of three components:

    PPT Market Segmentation
    PPT Aquadromes (an extensive example)
    84312 How to Segment Industrial Markets

    The PPTs have several discussion opportunities; be prepared to contribute.  For your edification, read HBS note 84312, and be prepared to discuss it in class.  

  1. Products

    2. The next four sections are concerned with assembling the marketing mix: the "four Ps" of marketing.  This section deals with the challenges of developing new products and the usefulness of the product life cycle concept as a management tool.  It consists of three components: 

    PPT New Products & The Product Life Cycle
    76104 Forget the Product Life Cycle Concept!
    9-996-063 Leviton Manufacturing Company, Inc.

    There are several discussion opportunities in the PPT presentation.  Be prepared to contribute.  For a different perspective, study HBS note 76104.  Is the PLC really useful? 

    Following the concepts developed, write up and be prepared to discuss in class Leviton case 9-996-063.  The write up due at the end of class should not exceed five pages with double spacing and a 12-point font.  Here are some key questions to consider: 

      1. Why has Leviton been successful since 1906?
      2. What business is Leviton in?
      3. How can the Center for Universal Design help?
      4. In terms of strategy, why favor a Universal Design instead of a niche strategy focusing on the handicapped and the elderly?
      5. Should Leviton accept the recommendations from the Center for Universal Design? 
      6. What is the MVCOA?  Be prepared to defend your decision.
  1. Places

    2. Channels of distribution are hard to create and even harder to maintain.  This section consists of three components:

    PPT Channel Policy
    9-594-118 Reorienting Channels of Distribution
    9-582-104 San Fabian Supply Company (Philippines)

    The PPT and HBS note 9-594-118 are informational and will be discussed in class. 

    Following the concepts developed, write up and be prepared to discuss in class San Fabian case 9-582-104.  The write up due at the end of class should not exceed five pages with double spacing and a 12-point font.  Here are some key questions to consider: 

      1. What is the problem?
      2. What does San Fabian do for MacDowell?
      3. What does MacDowell do for San Fabian?
      4. If MacDowell drops San Fabian, what does MacDowell encumber?
      5. If San Fabian loses MacDowell, what are the implications?
      6. What if San Fabian compromises about exclusive arrangements?
      7. What is the MVCOA?  Be prepared to defend it.
  1. Pricing

    2. Quantity demanded of a product is more than a function of price.  However, it is a critical starting point for understanding demand.  This section consists of three parts: 

    PPT Pricing
    76604 Pricing Policies for New Products
    580-104 Cumberland Metal Industries

    The PPT is short and straightforward.  A classic article that is a "must read" is listed as HBS note 76604.  Be prepared to discuss the issues covered.

    Following the concepts developed, write up and be prepared to discuss in class Cumberland case 580-104.  The write up due at the end of class should not exceed five pages with double spacing and a 12-point font.  Here are some key questions to consider: 

      1. What’s your price for the curled metal pads?
      2. How much do you think one of the pads is worth to a customer?
      3. How big is the market?
      4. Who has to say "yes" before you sell a CMI pad?
      5. Would any of these parties like to see curled metal pads fail?
      6. How can these pads be marketed?
      7. What is the MVCOA?  Be prepared to defend it.
  1. Promotion

    2. Convincing customers to buy is difficult.  Many communications campaigns are misdirected.  In addition, measuring effectiveness is elusive in most cases.  Insights into communications policy are provided through three components: 

    PPT Communications policy
    90301 Getting the Most Out of Advertising and Promotion
    9-596-087 Vistakon: 1 Day Acuvue Disposable Contact Lenses

    The PPT and HBS note 90301 provide useful background.  Be prepared to discuss this material. 

    Following the concepts developed, write up and be prepared to discuss in class Vistakon case 9-596-087.  The write up due at the end of class should not exceed five pages with double spacing and a 12-point font.  Here are some key questions to consider: 

    1. Is the customer acquisition strategy effective?
    2. Will the new product disrupt the existing business?
    3. What are the key issues to resolve?
    4. Who is the target?
    5. Is the market correctly segmented?
    6. What is the value proposition?
    7. What is the MVCOA?  Be prepared to defend it.
  1. Research

    2. Understanding endogenous variables (product, price, place, and promotion) and exogenous variables (trends, legal environment, the economy, etc.) requires a disciplined approach to information gathering and interpretation.  The problems of collecting useful information and building predictive models are examined briefly.  This topic is covered in one section: 

    PPT  Market Research, with…

    1. an article on importance/performance analysis
    2. 3 illustrative questionnaires
    3. an example of a focus group procedure
  1. Rain Making

    2. Upon graduation, most students will work in a professional setting without the benefit of long-term contracts.  You will be in an environment where you have to "earn your wings every day."  The material in this section shows how extraordinary sales professionals ensure repeat business.  This section has two components:

    PPT Professional Marketing
    85608 Build Customer Relationships that Last

    The PPT has a discussion opportunity that you should be prepared to respond to.  In addition, read HBS note 85608 for your own edification. 

  1. Millionaires

    2. Money is a useful tool, but keep a proper perspective.  There is more to life than money!  This section has one component:

    PPT  What does it mean to be a millionaire?

    When you are young, you work for money.  When you are old, money should work for you!

  1. Next Steps

    2. This section sums up the course and gives additional perspective.  It has one component:

    PPT  Where to

  1. Group Presentations

    2. Each group will make a 20-minute presentation.  It will be evaluated on both form and content by the instructor and your peers.  Each member of the group receives the same grade for the effort.  To be clear the "captain" as well as the "slackers" are all equal.  It is in the best interest of all members to work together.