20506 - MARKETING DECISIONS
IM
Department of Marketing
Course taught in English
Go to class group/s: 6 - 7
IM (6 credits - II sem. - OB | ING-IND/35)
Classes:
6 (II sem.) -
7 (II sem.)
Course Objectives
Marketing Decisions is an advanced course in strategic marketing decision making to grow a company. The course takes the perspective of the Chief Marketing Officer (CMO) who focuses on understanding markets and their competitive dynamics. As competitors have access to the same marketing tools to compete and change the market environment, the course is designed to improve:
- Your strategic thinking to see and sense market changes and forces and anticipate actions and reactions from customers, competitors, and other relevant players.
- Your skills to design, implement, and evaluate marketing strategies through the use of marketing concepts such as pricing, positioning, targeting, and innovating.
- Your understanding and interpretation of market research tools such as consumer reports, perceptual maps, multidimensional scaling, and conjoint analysis.
The most effective way to practice marketing decision making is the same way that pilots learn to fly a plane: by computer simulation. Attending students apply the knowledge, concepts and tools from the course by developing and implementing a growth strategy for their own company using the MARKSTRAT business simulation.
MARKSTRAT is the world’s leading marketing simulation designed to teach strategic marketing decision making in a learning-by-doing approach. Your team represents a company facing several other firms in a highly competitive environment, marketing two types of durable goods to consumers. Marketing strategy is your main area of responsibility, but you are also concerned with financial matters, production planning, and R&D. You will have to integrate these various dimensions of business strategy into a long-term perspective in order to gain an edge on competition. Part of your grade will be based on your company’s final stock price index in the Markstrat simulation.
Intended Learning Outcomes
Click here to see the ILOs of the course
Knowledge and understanding
At the end of the course student will be able to do:
(1) decision marketing theory
(2) statistical tools such as cross-tabs and regression
(3) factor and cluster analysis
(4) conjoint analysis
Applying knowledge and understanding
At the end of the course student will be able to do:
(1) Apply the principles of decision theory to marketing and broader economic decisions
(2) Analyze data using statistical tools such as cross-tabs and regression
(3) Segment customers by using factor and cluster analysis
(4) Determine consumer preferences for products using conjoint analysis
(5) Anticipate and guard against the pitfalls of biased decision making that is, the ways in which situational factors can bias your perceptions and resulting decisions.
Course Content Summary
- strategic marketing decision making
- market analysis
- competitor analysis
- analysis of the business environment
- design, implement, and evaluate marketing strategies
- marketing mix: pricing, products, targeting and positioning, distribution, innovation and launch of new products
- understanding and interpretation of market research tools
- consumer reports
- perceptual maps
- multidimensional scaling
- conjoint analysis
Teaching methods
Click here to see the teaching methods
- Face-to-face lectures
- Face-to-face lectures with use of software and/or new technology
- Guest speaker's talks (in-class or in distance)
- In-class exercises
- Theories and/or case studies discussions (in-class or in distance)
- Oral presentations of individual/group assignments
- Individual assignments
- Group assignments
Detailed Description of Assessment Methods
Students evaluations rules are detailed at the beginning of the course and available in the Syllabus of the course
Textbooks
Strategic Marketing Management by Alexander Chernev, 9th ed. Cerebellum Press, 2018
Prerequisites
Basic knowledge of statistics including t-tests, cross-tabs and chi-square tests, and linear regression. Students need laptops to participate in the Markstrat simulation.
Last change 22/12/2017 12:06