The University of Iowa John Pappajohn Entrepreneurial Center Henry B.

Tippie College of Business Fall 2011 COURSE NUMBER: COURSE TITLE: PREREQUISITES: 06T:134: SCC Entrepreneurial Marketing 06T:120 Entrepreneurship and innovation or 06T:125 New Venture in the Arts (or its equivalent) Monday and Wednesday from 3:30-4:45p.m. in S 307 PBB Joe George, retired Executive Vice President-Frank N. Magid Associates 319-335-1022 (office - phone) 319-899-1625 (cell) joseph-george@uiowa.edu Monday/Wednesday-2:30pm-3:30pm Tuesday/ Thursday: 11:30am-12:30pm in S359PBB Or by appointment Please be sure to check ICON regarding any cancellations of office hours due to work-related travel requirements throughout the semester. JPEC INFORMATION: JPEC Website: www.iowajpec.org Facebook: Become a fan of Entrepreneurship at Iowa; receive updates about events, competitions and scholarships.

CLASS MEETS: INSTRUCTOR:

OFFICE HOURS:

COURSE TEXT REQUIRED READING:

ACP Entrepreneurial Marketing Special Edition U of I; O. C. Ferrell and Michael D. Hartline ISBN-9781111723743 Radical Marketing; Sam Hill and Glenn Rifkin (listed as RAD on Course Schedule) Wall Street Journal Marketplace Page (usually B1); to subscribe: http://www.WSJStudent.com Win-Win Selling: Larry Wilson (multiple copies reserved in the Pomerantz Business Library)

COURSE DESCRIPTION AND OBJECTIVES: It has been said that if you do not know where you are going, any road will take you there. In todays highly competitive commercial environment, a business must develop and follow a well defined strategic plan if it is to succeed. Within a firms overall strategic plan, a marketing strategy along with appropriate tactics and success measurement is essential if that firm is to

compete effectively in the 21st century. This course will focus on approaches and techniques and skills necessary to develop a winning marketing plan. It will provide practical marketing concepts for determining the market potential of a business; developing a marketing plan, identifying markets, creating products, designing promotions and sales programs and assessing ongoing customer service needs. This course will also cover the selling process. It will focus on identifying the real problems in a sales situation and review how to bring the right skills to bear on those problems at the right time. It will cover the how to as well as the why to and is based on information generated by the behavioral sciences. In other word, it looks at why people do the things they do and how to use this knowledge to your advantage when placed in a selling situation. I have reserved multiple copies of Win-Win Selling by Larry Wilson in the Pomerantz Business Library. You must read this book during the semester because its contents will supplement my sales lectures. Should you choose to purchase a copy of the book (which I highly recommend), it is available thru Barnes and Noble and possibly other book retailers. You will choose a product or service to take to a particular marketplace. You will learn how to create a successful marketing plan and develop one for the launch of your new product or service. This will be your biggest assignment. Additionally, you will make a sales presentation to a prospect (a group of your fellow classmates) for your product or service based on one or more needs that your product or service can address. The primary course objectives are: To reinforce marketing management terminology and concepts To learn to analyze the market potential of a business To learn how to perform extensive market research including the industry, competitive environment and customers To learn the components of an effective marketing plan and understand the importance and benefits of developing a strategic plan, especially from the perspective of a small startup competing against entrenched competitors To understand the sales process or understand why consumers buy To understand how successful entrepreneurs and entrepreneurial companies use marketing tools in a pragmatic manner in order to develop customer-focused businesses

ASSIGNMENTS: I. Marketing Plan-November 30 The major project for the course is the development of a Marketing Plan for your product or service. Because this is an entrepreneurial course, you must first select a product or service which will be sold by the business you may plan to start one day. You will select your product or service (topic) and begin thinking about how to market it. Your first written assignment will be to submit a Marketing Plan Topic outline. Your Marketing Plan Topic outline should only be about a page in length and must be submitted to me for approval on September 7. Specifically, answer the following questions: 1. What is your product or service? 2

2. Why have you selected this product or service? (Why are you qualified to do this?) 3. What are the major features and benefits? 4. What problems will it solve for your customers? Put another way, what are you really selling? 5. What is unique about your business model? This could be just about anything. For example, it could be a competitive advantage your product or service will have, a unique way of delivering it to your customer, or a new way of marketing an existing product. 6. I want you to think BIG. The size of this opportunity should be in the $ 1 to 3 million dollar in revenue within 3 to 5 years on a national or international market basis. This marketing plan will comprise 25% of your overall grade and must cover all essential elements as defined by my lectures and classroom discussion. You will work on this the entire semester. It should be at least 10 pages but no more than 12 singled spaced. I would prefer that it be submitted in executive format with outlines and bullet point lists rather than paragraphs and complete sentences. However, if you feel that complete sentences best defines and explains your plan, you may use that format. The plan is due on November 30. You must also submit an electronic copy of your plan in the drop box located on our ICON course site. It must be submitted by 5pm on November 30. I will not accept them late and they must be delivered to class that evening. I will not accept them by email. The specific requirements and evaluation criteria for your marketing plan are provided below: Executive Summary-5% A synopsis of the overall marketing plan. It should provide an overview of the entire plan with goals and objectives, strategy elements, implementation issues and expected outcomes. Situation Analysis-20% A thorough analysis of the internal, the customer and the external environments. The SWOT Analysis-15% Strengths, weaknesses, opportunities and threats based on your situation analysis. Marketing Goals and Objectives-15% Each must contain specific and measurable outcomes, the time frame for completion and identify the person/unit responsible for achieving the goals or objective. Marketing Strategy-20% Identify and describe primary and secondary target markets as well as product, pricing, distribution/supply chain, and marketing communication strategies Marketing Implementation-20% This section will describe the overall approach to implementing the strategies and define specific tactical activities. Evaluation and control-5% This final section will address measurements for evaluation of the overall plan as well as individual components and what process will be used to make changes to the plan, if necessary. The written assignments must be submitted in the following format: 3

The paper must include a cover page with the following information: name of students, name and course number, assignment title, and date of submission. The paper should be stapled in the upper left-hand corner; do NOT submit the paper in a three-ring binder or any other type of binder or folder. The paper should be written in no smaller than 12 font text, with one inch margins for the top, bottom, left and right, and be single spaced. The paper should have page numbers on each sheet.

II. Sales Presentation-November 14/16. After learning the sales process, you will develop a sales presentation for your product or service. You will begin by defining the needs of a potential customer and present the features and benefits and usps (unique selling propositions) of your product to a group of fellow students. You will submit this definition of needs along with a description of your potential customer or his/her business to me in writing on October 26. You may use handouts or power point or any other tools that you feel will enhance your presentation, which will be made on November 14/16. You will be evaluated by your fellow students and those evaluations will be submitted to me. Along with these evaluations, you will submit a one or two page narrative that covers the key talking points you made during your presentation along with a description of how the features and benefits of your product or service effectively meet the needs of your prospect. of your grade will be based on student evaluation of your presentation. of your grade will be based on my evaluation of your narrative. In order to receive maximum credit, the narrative and your sales presentation must effectively describe how your product or service addresses the need of your prospect. You must define and explain the features, benefits and usps of your product or service so that your prospect (your fellow students) and I would clearly see that it is the best at meeting the needs you defined and you also must ask for the order in a way that would motivate your prospect and me to buy it. These presentations and the supporting document will be worth 15% of your grade. An example of the narrative format would be as follows: Salesperson (You): Mr. Prospect, I want to be sure that I have a clear understanding of your needs. First you indicated that and then you said that . Do I have that correct? Prospect: Yes that is right Salesperson: Then let me tell you how I feel my product will help meet your needs. Prospect: Ok, I am all ears! I would expect your prospect to ask tough questions and possibly throw out objections that you should address. If you have any questions about the format or the content for the narrative, please email or call me.

III. Class Participation/Attendance

This is a highly interactive course, so students are expected to be prepared to discuss the assigned course material as part of the regular course sessions. Each week, I want you to bring an article from The Wall Street Journal or other publications that you feel highlights marketing opportunities/challenges. I want you to read the journal daily and be sure and read the Marketplace page (generally page B-1). I will also bring an article each time and we will discuss mine along with one that is brought by you or one of your fellow students. The outcome of these discussions will be included in pop quizzes, the midterm as well as the final exam. Due to the nature of the class, attendance is mandatory. A student who cannot attend a class should contact the instructor before the beginning of the session that will be missed. An excused absence will be granted for illness, accompanied by a written evaluation from a physician, mandatory religious obligations, authorized university-based activities including participation on athletic teams, the marching and pep bands, debate teams, and other university groups, university field trips, service with the military or National Guard, and jury duty. For more details on the college absence policy, please visit http://www.biz.uiowa.edu/upo/advising/Attendance.html All students will be allowed one unexcused absence without grade penalty. Starting with the second unexcused absence, I will deduct one percentage point (1%) from a students final grade for each occurrence. Students should turn off all cell phones and pagers prior to the beginning of class. IV. Pop Quizzes There will be 3 pop quizzes covering all discussion and reading assignments as of the date of the quiz. These may be given in class or online. Makeup quizzes will not be given. The only exceptions will be for students absent due to authorized university-based activities. I must be notified in advance of your expected absence. V. Examinations Students will be required to complete two exams during the course. The exams will be based on the readings, lectures, guest speakers, and class discussions. The exams are scheduled for the following dates: Midterm Exam: October 12, 2011 Final Exam: December 14, 2011-4:30pm. Location TBA

GRADING: The final grade will be based on the following percentage scale: 100-90 A, 89-80 B, 79-70 C, 69-60 D, and 59 and below F. Pluses and minuses are assigned based upon 1.5% from the upper and lower ranges. If I determine the final grading scale should be curved downward, I will then follow the Tippie College of Business grading curve and adjust the scale based on the following distribution: 30% A, 40% B, 25% C, and 5% D/F. The relative weighting for each assignment is provided below. Pop Quizzes (3) Marketing Plan Sales Presentation Midterm Final Exam Total ETHICS AND TIMELINESS: Because I regard this class as I would any job responsibility, I will hold you to strict standards of timeliness and ethics. In this regard, late work is unacceptable. Any assignment that is not turned into me by the date it is due will be considered late and will receive an automatic 10% grade reduction. Each following day is another 10% off. It is my sincere hope that no student in this class does work which is not his or her own. However, it seems prudent to clarify in advance the policy on cheating. If I determine that any assignment was not written solely by the student whose identification number appears on the project, the student will receive a zero (0) for the project and may receive an F for the class. All incidents of cheating will be reported to the appropriate Deans (e.g., the Associate Dean for the Undergraduate Program in the College of Business or Liberal Arts and Sciences) and the student may be placed on disciplinary probation for the remainder of his or her undergraduate work at the University of Iowa. In general, the decision of the Professor may be appealed to the College of Business Judicial Board, Associate Dean for the Undergraduate Program, the Collegiate Dean, the Dean of Students, and so on in accordance with University Policy. The Honor Code for the Tippie College of Business will determine the appropriate appeal process. The Honor Code may be found at http://www.biz.uiowa.edu/upo/advising/honorcode.html This course is given by the Tippie College of Business. This means that class policies on matters such as requirements, grading, and sanctions for academic dishonesty are governed by the Tippie College of Business. Students wishing to add or drop this course after the official deadline must receive the approval of the Dean of the Tippie College of Business. Details of the University policy of cross enrollments may be found at: http://www.uiowa.edu/~provost/deos/crossenroll.doc. 6 10% 25% 15% 25% 25% 100%

NEED ACCOMMODATION: If you have a disability that may require some modification of seating, testing, or any other class requirement, please let me know as soon as possible so that appropriate arrangements can be made. Similarly if you have any emergency medical information about which I should know, or if you need special arrangements in the event the building must be evacuated, please let me know. Please see me after class hours or during my scheduled office hours or schedule an appointment. I would also remind you that the Office of Student Disability Services is available to assist you.

GRIEVANCE POLICY
Student concerns regarding this course should first be discussed with me, the faculty member teaching the course. If we cant resolve the issue, you may contact Jay Christensen-Szalanski, DEO of the Management and Organizations department, at 319-335-0951 or jay-christensenszalanski@uiowa.edu. If you cannot resolve the issue by speaking with the executive director, you may contact the Associate Dean for Undergraduate Programs, Lon Moeller, lonmoeller@uiowa.edu or at 319-335-1038. STATEMENT ON SEXUAL HARASSMENT: The Tippie College of Business and the University of Iowa are committed to providing students with an environment free from sexual harassment. If you feel that you are being or have been harassed or you are not sure what constitutes sexual harassment, we encourage you to visit the University website, http://www.sexual harassment.uiowa.edu/index.php, and to seek assistance from department chairs, the Deans Office, the University Ombuds Office, or the Office of Equal Opportunity and Diversity.

EXTRA CREDIT:
Students may earn two percentage points (2%) extra credit by attending a minimum of two outside presentations sponsored by JPEC this semester and submitting a two-page paper within one week of the event(s). Students must also attach the event program to the paper. Information on upcoming presentations will be given in class and you will receive email notices of these presentations as well. In addition, students may submit one or two page reports for extra credit that are taken from articles in The Wall Street Journal. The articles must relate directly to points made in either text book and lectures presented during the semester.

CLASS SCHEDULE (subject to change during the semester): Week Date Read Before Class Lecture Number & Topic 8/22 MS: Ch 1&2 1. Introduction to 1 8/24 Marketing 2. Marketing Plans 8/29 MS: Ch 4 Radical Marketing 8/31 3. Situation Analysis / 2 RAD: Ch. 1 & 2 Market Research 9/5 RAD: Ch. 3 9/5 University Holiday 3 9/7 MS: Ch 5 & Case11 4. SWOT Analysis 9/12 RAD: Ch. 4 4 9/14 MS: Ch. 6 5. Consumer Behavior 9/19 MS: Ch 6 cont. CS-Orientation 5 9/21 RAD: Ch. 5 6. Market Segmentation / Counselor Selling Target Marketing Overview 9/26 RAD: Ch. 6 CS-Relating 6 9/28 CS-Relating 6. /Positioning MS: Ch 6 cont. 10/3 MS: Ch 7 CS-Discovering 7 10/5 RAD: Ch. 7 7. Product / Service CS-Discovering 10/10 CS-Discovering 8 10/12 continued 10/13 9 10/17 10/19 10/24 10/26 10 10/31 11/2 11/7 11/9 RAD: Ch. 8 CS-Advocating MS: Ch 7 cont MS: Ch 8 RAD: Ch. 9 CS-Supporting RAD: Ch. 10 MS: Ch 8 cont. MS: Ch 9 RAD: Ch. 11 Sales presentation prep RAD: Ch. 12 CS-Advocating 7. Product continued

DUE / In Class

Guest Speaker: Pomerantz Business Library Marketing Plan Topic outline due Sept. 7

10/12: MIDTERM
Covers thru 10/10 lecture

CS-Supporting 8. Pricing 8. Pricing continued 9. Place (Distribution)/Direct Marketing/Sales promotion Sales Presentations

Sales presentation outline (definition of needs and description of your prospect) 10/26

11 12

13 14 15 16 17

11/14 11/16 11/21 11/28 11/30 12/5 12/7 12/14

Location TBA

MS: Ch 10 RAD: Ch. 13 MS: Ch 10 cont

Thanksgiving Break 10. Promotion Marketing Plans due Advertising 11/30 10. Promotion PR-Review for Final Exam Final Exam 4:30pm-Location TBA 8