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STRATEGIC MARKETING IN THE MODERN CORPORATION, B7614


Winter/Spring 2010 Professor Noel Capon 501 Uris Hall 3022 Broadway Graduate School of Business Columbia University TN: 1-212-854-3466 fax: 1-212-854-7647 email address: nc7@columbia.edu Web Sites: www.axcesscapon.com www.mm21c.com Executive Assistant: Dorothy McIvor email address: <dm17@columbia.edu> TN: 1-212-854-7173 Teaching Assistant: Martin Schleicher email address: mgs2116@columbia.edu

Course Description
This course builds upon your work in the core marketing course, B7601. The goal of the course is to prepare you for making critical strategic marketing decisions in todays modern corporation. As you know from your studies thus far, the environment that firms face is becoming ever more complex and fast changing. Hence the job of attracting, retaining, and growing customers, and increasing shareholder value, is ever more important, but ever more difficult. Clear thinking and decisive decision-making is the critical currency for entrepreneurs and practicing managers. In this fast changing environment, the number of alternative actions or strategies available to managers is substantial. One consequence of this variety is that managers must learn how to allocate and concentrate available resources. This is a particularly challenging task for marketing executives, positioned at the crucial interface between senior management, with its diverse mix of motives and responsibilities, other functional areas within the enterprise, and a constantly changing set of external forces, including customers, competitors, complementers, and regulators. To achieve competitive advantage in this environment, marketing plans and strategies must be data driven, analytically based, comprehensive, actionable, and flexible, as well as understood and supported by senior management. With such diverse requirements, it should not come as a surprise that many wellconceived strategies, and their related implementation plans and programs, fall far short of achieving their objectives. This course is designed to help you develop the knowledge and skills necessary to develop marketing strategy at the business (in contrast to product) level. Emphasis will be on planning for a three-to-five year horizon. The course will provide you with hands-on-experience in using well-developed processes to create strategy. Material will be particularly relevant to students who expect to be responsible for developing and/or assessing marketing strategy as owners, employees, and consultants. Specific course objectives include:

2 Providing insight into the role of marketing in strategy development at the highest levels of an organization; Enhancing knowledge and skills necessary to understand and apply the frameworks, concepts, and methods used in the development of effective marketing strategy; Gaining practical experience in the application of processes used to develop market strategy; Discussing the internal and external barriers to strategy implementation, as well as approaches to overcoming these barriers, and Enhancing students skills in verbal and written persuasion, in the final analysis, the only way to influence management decisions. The three main components of the course are:

Develop a Strategic Marketing Plan


In this part of the course, students develop a product/market strategy for an organization of their choice. This part of the course will be taught in a market-strategy-workshop format. This design differs markedly from most other courses that you have taken or will take at Columbia Business School. Early in the semester you will select the product/market that will be the focus of your project and for which you will develop a market strategy. During class time you will be given, and have the opportunity to practice with, the necessary tools and frameworks for developing market strategy under the instructors guidance. Some of the frameworks derive directly from your learning in B7601. The full set of frameworks for the analysis that you will need to complete the plan are in The Virgin Marketer, Chapters 1 11; these chapters correspond to chapters in the textbook, Managing Marketing in the 21st Century. In your own time you will have the opportunity to refine your in-class analyses and pull together both a written plan and a presentation to senior management. Each plan will be prepared and presented by self-selected student teams. Each team will select a new or existing business and prepare a market strategy. You should give careful thought to selecting the product/market for your project; that way you will derive maximum benefit from your efforts. Markets need not be limited to the U.S. The essential task is to establish objectives and develop strategies for reaching these objectives, using concepts, processes, and methodologies taught in the course. The end product is a strategic marketing plan for the business. The plan will ordinarily be developed using secondary data sources and information in the public domain, but can also be based on field research or interviews and data collection within an organization. The project should provide a significant learning experience for all members of the team. Please discuss your options and your progress with the instructor. For each of eight class periods (starting with class 3) we shall focus on a separate necessary element for developing the market strategy. Each class period will follow a similar structure: a. Professor presents content and analytic frameworks b. Student project teams use the analytic frameworks to gain insight into their projects c. Several project teams report their analyses to the class as a whole Essentially, in class each team completes a quick and dirty analysis under significant time pressure. Students are encouraged to revisit each analysis in greater depth after class.

3 You submit the project (typing mandatory) in class on April 24; please print pages back-to-back. Completed projects must include an Executive Summary and be in hard copy with appropriate charts, graphs and figures. The final document should be simply stapled -- plastic covers, page dividers, and so forth are not acceptable. Electronic files are not acceptable. Note that the exercises in Appendix 2 of The Virgin Marketer are for student feedback and should not be handed in. The plans will be evaluated according to the following criteria: Quality of the analysis; were the right questions asked; Feasibility of conclusions or recommendations; do they follow from the analysis; Evidence of mastery of the frameworks, concepts and methods developed during the course; Effectiveness of the written and verbal presentation of the report. Each team will present its plan to the class. Time for each presentation will depend, in part, on the total number of projects, but will be no less than 15 minutes. As an aid to help you be concise, presentations are limited to eight slides. Effectiveness of the verbal presentation, including materials used, will represent 25% of the total project grade. By the second class, January 23, you submit a project proposal. This document is no more than a single page; it should include team members (with phone numbers and ), the name of the firm/brand/product you intend to make the focus of your efforts, any contacts within the firm you are hopeful of using, and anything else you think is relevant. The Strategic Marketing Plan should be sent to Professor Noel Capon, 1 Oval Court, Bronxville, NY 10708 to arrive on or before May 4.

MARKSTRAT Simulation. http://www.stratxsimulations.com.


For this simulation, students are assigned to a team that competes against other firms in its industry. The starting positions of firms within the industry are different. Decisions are made over seven periods. In the simulation, you secure marketing research information, access likely competitor reactions to your potential moves, and make strategic marketing decisions accordingly. You will be required to provide information on your plans and on your decision-making processes. Since the simulation is played over seven periods, you have the opportunity to measure the outcomes (i.e., sales, market share, profit contribution) of your decisions and to modify your strategies over time. At the conclusion of the simulation, each team will prepare a presentation on its objectives, strategies, action programs, and performance and identify members key learning. Your presentation will be graded. The administrator for the simulation is the TA for the course, marketing Ph.D. student Martin Schleicher.

Individual Innovation Paper. The final course requirement is an individual innovation paper.
Peter Drucker famously said that business has only two functions marketing and innovation. This assignment focuses on innovation. Each student prepares a paper that identifies, describes, and assesses the value of an innovation of his or her choice. This may be a product innovation, but it may also be a marketing innovation, a new business model, or some other type of innovation. Papers should be in essay form and be as comprehensive as possible. They should be typed and not exceed four (4) pages (excluding exhibits).. You may find the following suggestions helpful:

4 1. 2. 3. 4. 5. 6. 7. Describe the general area in which the innovation has had an impact Identify the way things were done before the innovation Describe what the innovation does Analyze the advantages of the new way with the innovation versus the old way Discuss how the innovation came about Describe how the innovation has changed the behavior of those most impacted by the innovation What problems do you see with the innovation that might lead to a future innovation

Papers are due on April 30. Finally, carefully chosen guest speakers will round out the educational process. Students are expected to attend each class; full participation in both the marketing strategy workshop and the MARKSTRAT simulation are critical to the learning process.

Course Materials
The course is based on the instructors experience in working with major corporations to develop market strategy skills in senior and mid-level executives. Core student learning comes from following a welldeveloped process for formulating market strategy. The key concepts and ideas are in the course textbook, Managing Marketing in the 21st Century; application of this learning proceeds by using a set of frameworks and tools on the product/market of your choice contained in the companion volume, The Virgin Marketer: Capon, Noel with James M. Hulbert, Managing Marketing in the 21st Century (mm21c), Bronxville, NY: Wessex, 2007 Capon, Noel and Andrew Yap, Student Study Guide for Managing Marketing in the 21st Century (mm21c), Bronxville, NY: Wessex, 2009 Capon, Noel, The Virgin Marketer (tvm), Bronxville, NY: Wessex, 2007 StratX, The MARKSTRAT Student Handbook, Boston, MA.: StratX Students may find it useful to prepare for the course by reading: Capon, Noel, The Marketing Mavens, New York: Crown Business, 2007 (an easy read designed for practicing business people) Students will receive a hard copy set of PowerPoint slides for lecture/discussion sessions: Capon, Noel, B7614 Hard Copy PowerPoint slides -- available class session-by- class session Related Materials that students may also find valuable are: Aaker, David A. Strategic Market Management, Free Press, 1995 Day, George S., The Market Driven Organization: Understanding, Attracting, and Keeping Valuable Customers, Free Press, 1999 Fahey, Liam, Outwitting, Outmaneuvering and Outperforming Competitors, New York: Wiley, 1999 Hulbert, James, Noel Capon, and Nigel Piercy, Total Integrated Marketing, New York: Free Press, 2003

Team Membership
There are various ways to approach the formation of teams for the Strategic Marketing Planning project and MARKTRAT. Based on experience and student feedback, the instructor will use the following

5 system. Students will self-select into teams for the project. Because of the coordination difficulties of EMBA, as much as possible, students will stay in the same teams for MARKSTRAT. However, MARKSTRAT has the constraint that four or five teams are required for each industry. Hence, we shall form the project teams first, and then massage team membership to fit the MARKSTRAT constraint.

Class Participation
Students are expected to attend each and every class session. If you cannot attend because of an emergency situation, you must advise the professor beforehand by hardcopy note. The class participation element of the grade depends on the quality of your preparation and contributions. Highlyvalued contributions include asking insightful questions about lecture material or assigned chapters and readings, redirecting a discussion when the current point has been adequately covered, and being deeply involved in-group discussions for both the market strategy workshop and the MARKSTRAT simulation. Assigned textbook chapters are intended to provide the framework for understanding fundamental concepts and offer examples of their usefulness. The text is intended to prepare you for both the market strategy workshop and the MARKSTRAT simulation. Please make sure that you read the appropriate chapters prior to class. In general, lectures will not duplicate the textual material; they will supplement and embellish the text, and offer alternative viewpoints, and prepare for the market strategy workshop.

Course Evaluation
Class Participation Individual Innovation Paper MARKSTRAT Presentation Strategic Marketing Plan 15% (individual) 15% (individual) 20% (groups) 50% (groups)

CLASS SCHEDULE
Date Class Jan. 22 F1A 1A Jan. 22 F1A/B 1A/B Topic: Course Introduction Introduction to MARKSTRAT -- 1 Prof Capon Introduction to MARKSTRAT -- 2 Martin Schleicher Readings: From http://www.stratxsimulations.com Bring laptops to class MARKSTRAT: Dry Run Decision Select product/market for Strategic Marketing Plan Form teams for Strategic Marketing Plan and MARKSTRAT Provide instructor with team membership and product/market for Strategic Marketing Plan B7601: Core Course Review. Managing Markets Strategically: Marketing Imperatives, Marketing Principles, External Orientation Readings: mm21c, Chapters 1, 2 Market Insight Readings: mm21c, Chapter 3 MARKSTRAT: Decision 1 Due

Jan. 23 S3A

2A

Jan. 23 S3B

2B

Feb. 4 - T noon

Feb. 6 S1A/B

3A/B

MARKSTRAT REVIEW Report back Planning Assumptions from Market Insight Case Study: Transforming Procurement at Merck: Beyond Purchase Management Customer Insight Readings: mm21c, Chapter 4 MARKSTRAT: Decision 2 due

Feb. 18 T noon Feb. 19 F3A/B Feb. 20 S2A/B 4A/B

Introduction to MARKSTRAT: Reprise -- Martin Schleicher Make MARKSTRAT: Decision 3 MARKSTRAT REVIEW Report back: Customer Insight -- A Day in the Life of Your Customers Case Study: The Arden Company Competitor Insight Readings: mm21c, Chapter 5 MARKSTRAT: Decision 3 due

5A/B

Feb. 25 -- T Feb. 26 F1A/B 6A/B

Report back: Competitor, Company, and Complementer Insight Case Study: TiVo 2007: DVRs and Beyond Determine and Recommend Which Markets to Address Readings: mm21c, Chapter 7

Mar. 11 -- T Mar. 18 -- T Mar. 25 -- T Mar 26 F1A/B 7A/B

MARKSTRAT: Decision 4 due MARKSTRAT: Decision 5 due MARKSTRAT: Decision 6 due MARKSTRAT REVIEW Report back: Determine and Recommend Which Markets to Address Market Segmentation and Targeting Readings: mm21c, Chapter 8

Mar 27 S2A/B

8A/B

Report back: Market Segmentation and Targeting The Market Segment Strategy Managing through the Life Cycle Readings: mm21c, Chapters 9 and 10

Apr 1 -- T

MARKSTRAT: Decision 7 due

Apr 2 Fr Apr 9 F3A/B 9A

MARKSTRAT: Final Period Results Returned to Groups Assignment: Innovation paper due MARKSTRAT Presentation Innovation Presentations Monitoring and Controlling Firm Performance and Functioning Readings: mm21c, Chapter 21 Guest: Alan Fortier, Fortier Associates Term Project Presentations Assignment: Term Project due (see above) Time slot 1A: 8.45 10.05 Time slot 2A: 12.35 13.50 Time slot 3A: 15.40 17.00 Time slot Z: 11.30 3.40 T Thursday, F Friday, S Saturday Time slot 1B: 10.15 - 11.35 Time slot 2B: 14.00 - 15.20 Time slot 3B: 17.10 - 18.30

9B

May 1 Z May 4 (Tuesday) Time key:

10 A/B

Day key:

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