Lahore University of Management Sciences. MKTG 201 Principles of Marketing Fall Semester 2015

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1 Instructor Dr. Rohail Ashraf Room No. 3 rd, Floor, SDSB Building Office Hours TBA rohail.ashraf@lums.edu.pk Telephone +92 (042) Secretary/TA Faiza Qayyum TA Office Hours TBA Course URL (if any) Suraj.lums.edu.pk MKTG 201 Principles of Marketing Fall Semester 2015 COURSE BASICS Credit Hours Lecture(s) Nbr of Lec(s) Per Week 2 Duration 75 mins Recitation/Lab (per week) Nbr of Lec(s) Per Week N/A Duration Tutorial (per week) Nbr of Lec(s) Per Week Duration COURSE DISTRIBUTION Core Elective Open for Student Category Close for Student Category Yes Sophomores, Juniors, Seniors Freshmen COURSE DESCRIPTION Marketing helps in understanding the consumption requirements of our markets. It is through the process of marketing that firms deliver their products to consumers such that it creates a win win situation both for the firm and for consumers. This course introduces, to the students, fundamental concepts related to the dynamics of consumption marketplace (e.g. market types, competitive landscape) and marketing tools (e.g. Segmentation/Targeting, Positioning, Product, Price, Promotion, Place) to successfully fulfill consumer needs and wants. The ultimate objective of all firm customer interaction is to create and manage long term profitable customer relationships by creating more and more value for customers. This course will enhance students problem solving and decision making abilities towards Marketing related issues using customer centric approach. The course covers the following modules: Module 1: Marketing Fundamentals Module 2: Markets and Environment Module 3: Customer Driven Marketing Strategy and Marketing Mix Decisions Module 4: Marketing Practices and Ethics COURSE PREREQUISITE(S) None

2 COURSE LEARNING OBJECTIVES Generally, marketing text books are written to introduce basic concepts in an easy language. However, the marketing landscape and the related concepts are changing far rapidly than can be learnt through the use of text books only. For this reason, the course will not only use the text book but will also introduce students to the sources of upcoming marketing thoughts so that they can keep themselves up to date in future (if they wish). Established Concepts Text Books Concepts Applied (Product Plan Project) Scientific Knowledge (Research Journals) Concepts explained in easy language Practitioner Magazines/ Books/ Articles (Such as HBR, CMR) Concepts Applied (Research Project) Industry Applications The course is designed to introduce students to basic marketing concepts, enable them to see inter linkages among these concepts and more importantly to develop them as independent reader of the discipline so that they can think marketing in their own unique way. Specifically: Understand the basics of marketing Develop an in depth understanding of 1 fundamental marketing concept COURSE LEARNING OUTCOMES (CLO) Successful completion of the course means students are able to: 1. Understand how to analyze the market and appreciate differences that exist between B2B and B2C 2. Understand how firms use marketing to better connect with their markets 3. Understand the tools available to successfully market firm s products and services 4. Identify outlets publishing up to date marketing articles and be able to read and understand these materials.

3 UNDERGRADUATE PROGRAM LEARNING GOALS & OBJECTIVES General Learning Goals & Objectives Goal 1 Effective Written and Oral Communication Objective: Students will demonstrate effective writing and oral communication skills Goal 2 Ethical Understanding and Reasoning Objective: Students will demonstrate that they are able to identify and address ethical issues in an organizational context. Goal 3 Analytical Thinking and Problem Solving Skills Objective: Students will demonstrate that they are able to identify key problems and generate viable solutions. Goal 4 Application of Information Technology Objective: Students will demonstrate that they are able to use current technologies in business and management context. Goal 5 Teamwork in Diverse and Multicultural Environments Objective: Students will demonstrate that they are able to work effectively in diverse environments. Goal 6 Understanding Organizational Ecosystems Objective: Students will demonstrate that they have an understanding of Economic, Political, Regulatory, Legal, Technological, and Social environment of organizations. Major Specific Learning Goals & Objectives Goal 7 (a) Discipline Specific Knowledge and Understanding Objective: Students will demonstrate knowledge of key business disciplines and how they interact including application to real world situations (Including subject knowledge). Goal 7 (b) Understanding the science behind the decision making process (for MGS Majors) Objective: Students will demonstrate ability to analyze a business problem, design and apply appropriate decision support tools, interpret results and make meaningful recommendations to support the decision maker Indicate below how the course learning objectives specifically relate to any program learning goals and objectives. PROGRAM LEARNING GOALS AND OBJECTIVES Goal 1 Effective Written and Oral Communication Goal 2 Ethical Understanding and Reasoning Goal 3 Analytical Thinking and Problem Solving Skills Goal 4 Application of Information Technology Goal 5 Teamwork in Diverse and Multicultural Environments COURSE LEARNING OBJECTIVES Oral: Students are supposed to actively participate in the class and deliver professional oral presentation. Written: Students submit two different reports that involve substantial level of writing Ethical considerations will specifically be discussed in some sessions (i.e. 1, 18,19, 20, and 23) Students polish this skills via developing new product launch program and by conducting research report product category analysis N/A The course lays strong emphasis on team work by getting them involved in two different projects COURSE ASSESSMENT ITEM Class Participation and Projects Quizzes and Exam Projects Projects

4 Goal 6 Understanding Organizational Ecosystems Goal 7 (a) Discipline Specific Knowledge and Understanding Goal 7 (b) Understanding the science behind the decision making process GRADING BREAKUP AND POLICY Few sessions are dedicated to understand the role of marketing in organizational ecosystems (i.e. 1, 2, 6, 21, and 22) Exhaustive coverage of important marketing topics This courses focuses on how decision marketing decision making takes places in different type of markets (7, 8, and 9) and how different marketing tools influence these decision makers. Quizzes, Exam Source % of Total Research Project: 10 Product Project: 15 Quiz(s): (There will be 5 announced quizzes with n 1 format; 20 Missing a quiz will be considered as your lowest grade. No Make ups for quizzes!) Class Participation: (There will be negative CP for incorrect answers to 15 questions asked by instructor from specific students) Class Attendance: (4 absences allowed and after that 1% point will be 5 deducted for each absence; Late arrivals may not be allowed in class and thus treated as absence) Final Examination: 35 Total 100 Class participation, Quizzes, Exams Class participation, Quizzes and Exam PROJECT DETAILS All projects are group assignments. Important Guidelines for Projects: 1. Group project is not a work of 4 individuals working on 4 different parts. Such projects naturally create silos of output with out of sync ideas. Please do spend some time in synchronizing work; if not, the whole purpose of group work is lost. You can do this in two ways: a) nominate a team lead with the main responsibility of synchronizing work, b) conduct a prefinalization group meeting to discuss synchronization points (recommended option). 2. Quite often reports are submitted assuming that the reader has the same mindset as the writer. Such an assumption is wrong! Please note that the reader (instructors, your line managers, top management etc.) will always be pressed with time. If you cannot make a document that is structured (title page with necessary details such as topic + group member addresses + group number etc., TOC, page numbers, headings numbered and in levels) and has a logical flow of argument, then please don t expect a favorable feedback! Suggestion: Present and Write for the reader and not for your own self!

5 3. Considering there is substantial grade for projects, the issues of free riders in group may potentially deteriorate the quality of output. It is strongly suggested that you contact the instructor as soon as you face any such issues. Note for the Free riders: You will either be forced to work on the project all alone (with some negative deductions to the grade) or given an F depending on your interest! Research Project: Objective: The aim of this project is to introduce students to the realm of marketing research. As this is an introductory marketing course at the undergrad level, therefore you are not expected to understand the entire research paper. You are only expected to understand the introduction + conclusion and the hypothesis development section ONLY. Learning Outcome: This project is aimed to expose students to the most nonpublic friendly form of marketing literature. The idea is that students will be able to identify high quality work and develop a relative comfort level with this kind of literature. Finally, it is also expected that students will be able to apply these concepts, as much as they have understood, to practical situations around them in order to observe theory practice linkage + gaps. Project: Students are expected to pick any topic of their interest from the course and do the following: 1) Conduct literature review to write 5 pages (1.5 spacing) of literature review and be able to explain the inter linkages between topics in an integrated diagram. 2) Perform a product category analysis by applying the concepts that you have learnt in the literature review. 3) Present your opinion by commenting on similarities and gaps that you find in the theory practice. Deliverables: There will be two deliverables for the project: 1) Mid term (2% points): Literature review of 5 pages (1.5 spacing) and the integrated diagram ONLY. Subsequently, a 1 1 meeting will be conducted to evaluate performance and to discuss how to improve literature review in order to find a better structure for the document. 2) Final Report (8% points): All the three components in a structured report. New Product Marketing Plan: Objective: Generally, the subjective nature of marketing concepts makes it easy to understand but difficult to apply. This project will allow students to learn by applying these concepts to a new product in an integrated manner so that they can appreciate how these different concepts gel in together to create a synergy. Students are expected to develop a Marketing Plan integrating the material presented in lectures and class activities in order to demonstrate their understanding. Project: Marketing Plan will be developed for a new product. The selected product must be approved by the instructor. General contents to be covered: 1) Executive Summary 2) Table of Contents 3) How did you identify the need, for the selected product, in the market? 4) Market Audit (PEST Analysis + Competitor Analysis) 5) STP (Segmentation, Targeting and Positioning) 6) Marketing Strategy (4Ps and changes in them along with the Product Life Cycle) 7) Detailed Product Launch Action Program 8) Budget (simplified costing of the project till break even point)

6 Deliverables: There are 2 deliverables for this: 1) Mid term (5% points): Points 3, 4, 5 and 6. 2) Presentation (10% points): A presentation of the complete plan will have to be made in front of the class. (Note: Please add notes on the slides so that the instructor can use them latter on to make a detailed review of the plan.) EXAMINATION DETAIL Midterm Exam Yes/No: Combine Separate: Duration: Preferred Date: Exam Specifications: Final Exam Yes/No: Combine Separate: Duration: Exam Specifications: COURSE OVERVIEW LECTURE TOPICS RECOMMENDED READINGS OBJECTIVES/ APPLICATION Module 1: Marketing Fundamentals 1 Course Introduction & Defining Marketing 2 Developing a Marketing department 3 Marketing Strategy and Marketing Mix overview Chapter 1 (pp. 2 12, 19 24) Chapter 2 (51) Comstock et al. (2010), Unleashing the Power of Marketing, HBR. Note: Chapter 2 (34 41,44 48, 52 54) Group list + Research Topic + Product Idea Summary Due Introduction to the course and Marketing (CLO # 2) Understanding the value addition that a functional marketing department can add to organizational dynamics (CLO # 2, 4) A brief holistic introduction to marketing elements which will subsequently be discussed in detail. (CLO # 2,3) 4 Quiz 1 Topic: Finding Scientific Articles & How To Read Them (CLO # 4)

7 5 Analyzing the Marketing Environment Note: Chapter 3 Research Topic Reference List Due Analyzing micro and macro (PLEST analysis) environments (CLO # 1) 6 Marketing Information and Customer Insights Chapter 4 (pp ; ; ) Understanding how to listen to customers voice (CLO # 1,2,3) 7 Consumer Markets Chapter 5 (pp ) Introduction to consumer consumption marketplace (CLO # 1) 8 Consumer Buying Behavior Brown (2003) Marketing to Generation Case Study: Ariely (2007), The customers revenge Understanding Consumer power. (CLO # 1,2, 4) 9 Business Buyer Behavior Chapter 6 Industrial markets (B2B Markets) (CLO # 1, 2) 10 Quiz 2 Topic: Developing an Integrated Diagram (CLO # 4) Module 3: Customer Driven Marketing Strategy and Marketing Mix Decisions Customer Driven Marketing Strategy Chapter 7 ( , , 185) Products and Services Chapter 8 (pp , , ) Product Strategies Chapter 9 ( , ) Introducing STP (Segmentation, Targeting and Positioning) (CLO # 2, 3) To understand what are products/services and their relations to consumer needs (CLO # 2, 3) To understand the role of Test Marketing for new production and the evolution of strategy over a Product Life Cycle (CLO # 2, 3) 14 Pricing Strategies Chapter 10 Introduction to important pricing concepts (CLO # 2, 3)

8 15 16 Pricing Strategies Chapter 11 ( ) Quiz 3 Topic: Buffer Session Note: Mid term Submissions (Product Plan & Research Report) To understand how pricing decisions are adapted to situations (CLO # 2, 3) 17 Market Channels Chapter 12 (pp , ) Chapter 13 ( , ) Introducing distribution (CLO # 2, 3) 18 IMC: Promotion Mix Chapter IMC: Advertising & PR Chapter 15 Introducing promotion (CLO # 2, 3) To understand the most familiar IMC tool i.e. advertising (CLO # 2, 3) 20 IMC: Personal Selling & Sales Promotion Chapter 16 (pp ; pp ) To understand what are sales function and how they function differently from marketing (CLO # 2, 3) 21 Quiz 4 Topic: Kotler et al. (2006), Ending the war between sales and marketing Knowles & Ettenson (2007), Reconcilable Differences (1 page) Note: Submission of Product Plan Final Deliverable (CLO # 2, 3, 4) Module 4: Marketing Practices and Ethics 22 Creating Competitive Advantage Dawar (2013), When Marketing is a strategy Chapter 18 ( ) To understand how competitive pressures changes market situations and often force taking tough decisions (CLO # 1, 2, 4) 23 Social Responsibility and Ethics Chapter 20 To appreciate that long term marketing is not without ethical considerations(clo # 2, 4)

9 24 Quiz 5 Spenner and Freeman (2012), To keep customers, keep it simple Ettenson, Conrado and Knowles (2013), Rethinking the 4Ps Note: Submission of Final Research Report (CLO # 2, 4) 25, 26, 27, 28 Class Choice and Presentations (CLO # 2, 3) Important Notes: 1. All the submissions are due by midnight! 2. On the day of session 3, groups should be formed and one member from each group must send the TAs an containing: a. The names and IDs of each group member. (Note: Students who will not be a member of any group by then, he/she will arbitrarily be grouped by the instructor.) b. Research Topic and any reasons why you selected this topic. c. Product Marketing Plan: The summary should clearly mention your choice of product and your rationale for this choice. 3. Session 5: Research topic reference list is due. (optional) 4. Session 16: Mid term submission of reports is due. 5. Session 21: Final product plan due 6. Session 24: Final research report due. TEXTBOOK(S)/SUPPLEMENTARY READINGS The instructor will use the following text book in the class: Kotler, P., Armstrong, G., Agnihotri, P.Y. and Haque E. (2010). Principles of Marketing A South Asian Perspective, 13th edition, ISBN: Electronic resources: Note: Academic honesty is expected of students as responsible individuals of the society! Any issues in this regard will be treated without any compassion! Questions related to the discussions in class will also be included in the Quizzes and the Final exam. Passive listeners are not encouraged to take this course. Each student is supposed to actively participate in class discussions to earn his/her "class participation" (CP) grade. Occasionally, the instructor will call on students to answer questions and discuss class materials to encourage everyone to participate in the class discussions. A wrong/off the topic answer to instructor s call, will result in a negative CP in such situations. For meetings, ALL the group members should behave responsibly and come ON TIME. Late arrivals may not be allowed in the meeting.