ELECTIVE COURSE DESCRIPTIONS

Transcription

1 MBA Program The more you know, the more you dare PERSONALIZED PHASE ELECTIVE COURSE DESCRIPTIONS September December 2009

2 TABLE OF CONTENTS Pages Advanced Excel Modeling 9 Advertising & Promotion 10 Art of Interview: Confidence, Fulfilment, Efficiency 11 Asset Pricing 12 Auction and Market Design 13 Business Plan: Design & Funding 14 Business Plan Workshop 16 Business to Business Marketing 18 Consumer Knowledge 20 Corporate Finance: an Applied Approach 21 Corporate Marketing 23 Corporate Strategy 25 Corporate Valuation 27 Créativité et Management 28 Creativity & Psychology of New Product Development 29 Credit Risk Rating 31 Customer Relationship Management ; Strategy in Practice 32 Les Décisions du Dirigeant d'entreprise 33 Doing Business in Emerging Economies 35 Entrepreneurial Real Estate Management 36 Entrepreneurship & Small Business Management 37 Entrepreneurship Strategy: Crossing the Key Milestones from Inception to Maturity 39 Ethics & Performances (Monastere) 40 European Affairs Strategy 41 From Equity to Equity Derivatives: a nuanced view 42 From Fixed Income to Fixed Income Derivatives: a nuanced view 44 Future Challenges in Science & Technologies 47 Global Businesses and International Human Rights 48 Global Environment of Business 51 2

3 The Hidden Side of Organizational Dynamics 53 Indicators for Managers - Economic & Financial 55 Insurance 56 Intellectual Property Law 57 International Business Negotiations 59 International Negotiations 60 International Negotiations 61 Introduction to Private Equity (compulsory for courses on Venture Capital and LBO 63 Intuitive Intelligence & Innovative Leadership 64 Islamic Finance 65 Key Facets of European Marketing & Strategy Approaches 66 Management Buyouts 68 Marketing & Strategies in Luxury 70 Marketing for Services 72 Mergers & Acquisitions, Getting a Flavour 73 Mergers & Acquisitions - M&A 101 Tricks of the Lawyer s Trade 74 Private Equity 76 Strategic Downcycle Management 78 Strategic Marketing Simulation 79 Strategy Consulting: Mindset, Tools, Frameworks for Problem Solving 81 Swim with The Press 82 System Dynamics for Business Modeling 83 Technical Product Development 85 Thinking Strategically 86 Turnaround Management 87 Venture Capital for Entrepreneurs 88 Virtual Leadership - Leading People from a Distance 89 Web 2.0 Marketing Communication 90 3

4 List of Electives Courses MANAGEMENT KNOWLEDGE Duration Nber of Credits Language Number Limitation Advanced Excel Modeling 18 2 English 2 x 18 Advertising & Promotion 18 2 English 35 Art of Interview: Confidence, Fulfilment, Efficiency 9 1 English 2 x 15 Asset Pricing 18 2 English 30 Auction and Market Design 18 2 English 30 Business Plan: Design & Funding 20 2 English/French 2 x 50 Business Plan Workshop 18 4 English 40 Business to Business Marketing 18 h+ Videos 2 English 40 Consumer Knowledge 18 2 English 40 Corporate Finance: an Applied Approach 18 2 English 60 Corporate Marketing 18 2 English 30 Corporate Strategy 18 2 English 50 Corporate Valuation 18 2 English 40 Créativité et Management 18 2 French 18 Creativity & Psychology of New Product Development 18 2 English 30 Credit Risk Rating 18 2 English 30 Customer Relationship Management 21 2 English 35 Les Décisions du Dirigeant d'entreprise 18 2 French 40 Doing Business in Emerging Economies 18 2 English 25 Entrepreneurial Real Estate Management 18 2 English 35 Entrepreneurship & Small Business Management 18 2 English 45 Entrepreneurship Strategy: Crossing the Key Milestones 18 2 English 30 Ethics & Performances (Monastere) 3.5 days 2 English 2 x 15 European Affairs Strategy 18 2 English 40 From Equity to Equity Derivatives: a nuanced view 18 2 English 30 From Fixed Income to Fixed Income Derivatives: a nuanced view 18 2 English 30 Future Challenges in Science & Technologies 18 2 English 25 4

5 Duration Nber of Credits Language Number Limitation Global Businesses and International Human Rights 18 2 English 30 Global Environment of Business 18 2 English 40 The Hidden Side of Organizational Dynamics 18 2 English 35 Indicators for Managers - Economic & Financial 18 2 English 40 Insurance 18 2 English 40 Intellectual Property Law 18 2 English 25 International Business Negotiations 16 2 English 30 International Negotiations 16 2 English 25 International Negotiations 18 2 English 30 Intuitive Intelligence & Innovative Leadership 18 2 English 20 Islamic Finance 18 2 English 40 Key Facets of European Marketing & Strategy Approaches 18 2 English 35 Management Buyouts 18 2 English 40 Marketing & Strategies in Luxury 18 2 English 40 Marketing for Services 18 2 English 35 Mergers & Acquisitions, Getting a Flavour 18 2 English 40 Mergers & Acquisitions - M&A Tricks of the Lawyer s Trade 18 2 English 35 Private Equity 18 2 English 40 Strategic Downcycle Management 18 2 French 35 Strategic Marketing Simulation 21 + debrief 2 English 36 Strategy Consulting: Mindset, Tools, Frameworks for Problem Solving 18 3 English 24 Swim with the Press 18 2 English 30 System Dynamics for Business Modeling 18 2 English 40 Technical Product Development 18 2 English 45 Thinking Strategically 18 2 English 45 Turnaround Management 18 2 French 40 Venture Capital for Entrepreneurs 18 2 English 50 Vitual Leadership - Leading People from a Distance 18 2 English 2 x 20 Web 2.0 Marketing Communication 18 2 English 30 5

6 Tracks Recommendations In Management Knowledge Advanced Excel Modeling (Hervé Thiriez) Doing Businesses in Emerging Economies (Leila Choukroune) Global Businesses and International Human Rights (Leila Choukroune) System Dynamics for Business Modelling (Serge Dautrif) Linked to Entrepreneurship Business Plan: Design & Funding (Frédéric Iselin & Oliver Gottschalg) Business Plan Workshop (Frédéric Iselin) Créativité et Management (Françoise Chevalier) Les Décisions du Dirigeant d Entreprise (Andreu Solé) Entrepreneurial Real Estate Management (Alain Lebleu) Entrepreneurship & Small Business Management (Roger Formisano) Entrepreneurship Strategy: Crossing the Key Milestones (Ambroise Huret) Introduction to Private Equity (Oliver Gottschalg & Serge Desvignes) Management Buyouts (Oliver Gottschalg) Mergers & Acquisitions - M&A 101 Tricks of the Lawyer s Trade (Daniel Katz & Kamal Nasrollah) Private Equity (Michael Julian & Jean-François Helfer) Turnaround Management (Jean-Dominique Daudier de Cassini) Venture Capital for Entrepreneurs (Serge Desvignes) Linked to Finance Asset Pricing (Aymeric Khalife) Corporate Finance: an Applied Approach (Bernard Févry) Corporate Valuation (Daniel Hagge) Credit Risk Rating (Yves Burger) From Equity to Equity Derivatives: a nuanced view (Aymeric Khalife) From Fixed Income to Fixed Income Derivatives: a nuanced view (Aymeric Khalife) Indicators for Managers Economic & Financial (Moncef Cheikh-Rouhou) Insurance (Pierre Picard) Islamic Finance (Bernard Fevry) Management Buyouts (Oliver Gottschalg) Mergers & Acquisitions, Getting a Flavour (Daniel Hagge) Private Equity (Michael Julian & Jean-François Helfer) Strategic Downcycle Management (Roland Berger Consultants) Venture Capital for Entrepreneurs (Serge Desvignes) 6

7 Linked to Management of Innovation Auction and Market Design (Vladimir Mares) Creativity & Psychology of New Product Development (Kevyn Yong) Corporate Valuation (Daniel Hagge) Future Challenges in Science & Technologies (Tom Astebro & Gérard Pogorel) Intellectual Property Law (Pascale Brochard & Francesca Giovannini) Technical Product Development (Steven Eppinger) Web 2.0 Marketing Communication (Kristine de Valck) Linked to Marketing Linked to Strategy Personal Skills & Development Advertising & Promotion (Elisabeth Christiansen) Business to Business Marketing (Frédéric Dalsace & Wolfgang Ulaga) Consumer Knowledge (Corinne Dauger) Corporate Marketing (Sylvie Chamberlin) Customer Relationship Management (Alain Philippe) Key Facets of European Marketing & Strategy Approaches (Vincent Dessain) Marketing & Strategies in Luxury (Vincent Bastien) Marketing for Services (Nathalie Liu) Strategic Marketing Simulation (Dominique Rouzies) Web 2.0 Marketing Communication (Kristine de Valck) Business Plan Workshop (Frédéric Iselin) Business Plan: Design & Funding (Frédéric Iselin & Oliver Gottschalg) Corporate Strategy (Kristina Dahlin) European Affairs Strategy (Alberto Alemanno) Global Environment of Business (Jean-Philippe Bonardi) The Hidden Side of Organizational Dynamics (Gérard Pavy) Mergers & Acquisitions, Getting a Flavour (Daniel Hagge) Strategic Downcycle Management (Roland Berger Consultants) Strategy Consulting: Mindset, Tools, Frameworks for Problem Solving (Alexandre Lot) Thinking Strategically (Tobias Kretschmer) Turnaround Management (Jean-Dominique Daudier de Cassini) Art of Interview: Confidence, Fulfilment, Efficiency (Max Héron) Créativité et Management (Françoise Chevalier) Ethic & Performances (Domaine de Sereys / Haute-Loire) (Dom. H. Minguet) International Business Negotiations (Stephen Weiss) International Negotiations (Marc Cathelineau) International Negotiations (Dan Skarlicki) Intuitive Intelligence & Innovative Leadership (Francis Cholle) Swim with The Press (Joshua Jampol) Virtual Leadership - Leading People from a Distance (Mark Fritz) 7

8 Elective Course Descriptions 8

9 Advanced Excel Modeling OBJECTIVES Transform a standard Excel user into an advanced Excel user. Teach the principles of efficient Excel modelling COURSE CONTENT 1. Efficient use of Excel How to build in 5 minutes a model which usually requires 30 minutes of development. 2. Excel's search functions All you will ever need to know about the Lookup, Index and Match functions Database and pivot tables Database management with Excel: its capabilities and its weaknesses. How to overcome some of them. 4. Graphs, Printing, Audit Learn to build graphs more efficiently. Elastic graphs, graphs with pull-down menus, graphs with dynamic titles. 5. Goal seek and Solver Use Excel for optimisation purposes and in order to reach specific goals. 6. Customisation and Add-ins. Make Excel more efficient by customizing it : toolbars, personal macros,... TEACHING METHODS Hands-on work on Excel models. EVALUATION Course participation. Homework. A final 1h30 exam. BIBLIOGRAPHY Excel blog : "La lettre d'excel", available in the campus library Professor: Hervé THIRIEZ thiriez@hec.fr Education: Ingénieur IMAG Ph. D. du MIT Professional experience: Assistant Professor, MIT (69-70) Professeur, Groupe HEC (70-...) CEO, Logma SA ( ) Research or special interests: Modelling Spreadsheets Risk analysis 9

10 Advertising Management How to Use Advertising to Build Strong Brands OBJECTIVES To expose the students to the role played by communication and advertising as part of the marketing strategy and the brand building process. To explain how advertising works while going through the creative process and the key parts of the advertising business. This course will give the students the opportunity to work as if they were part of an advertising agency through role playing sessions and developing a real campaign as group project. COURSE CONTENT The course is divided in 6 sessions: Session 1: Session 2: Session 3: Session 4: Session 5: Session 6: TEACHING METHODS Introduction to advertising: how advertising works The briefing: from client brief to creative strategy Creative work (1): copy strategy and evaluation criterias of creative work Creative work (2): from creative idea to campaign production Media and media creativity The holistic consumer and global communication. Group project presentation Lectures Case studies Interactive / role playing sessions EVALUATION Class participation 30% Class assignments 30% Group project 40% BIBLIOGRAPHY - Gerard J. Tellis : Advertising and Sales Promotion Strategy - John Burnett and Sandra Moriarty : Introduction to Marketing Communications - Richard D. Czerniawski & Michael W. Maloney : Creating Brand Loyalty Professor: Elisabeth CHRISTIANSEN elisabeth.christiansen@wanadoo.fr Education: Elisabeth Christiansen is Norwegian and after growing up in the UK, USA and France where she took her Baccalaureat, she went back to Norway where she studied Economics and Marketing and graduated from the Norwegian School of Management (BI-NMH) in Professional experience: 1986 to 1989 : MICHELIN Norway (French tire manufacturer) Started her career as Head of Marketing and Communication for the Norwegian subsiduary 1990 to 2004 : PUBLICIS France (advertising company) Started as Account Director, then became Worldwide Account Director for L Oréal, one of the major clients for which she worked for ten years. Her recent position was Managing Director of the Paris office in charge of clients such as Hewlett-Packard, Whirlpool, Club Med, British Airways, Tefal, Hygena, Helena Rubinstein 10

11 Art of Interview: Confidence, Fulfilment, Efficiency OBJECTIVES Improving course member s interview driving capacities in French or another chosen language. Developing a interviewee self-confidence, efficiency and fulfilment, whether he is addressing a face to face meeting, or a board of jury. Learning to be confident, fulfilled and efficient during interviews. COURSE CONTENT The course will study and work on the following: precise knowledge of desires and fears when making professional choices. Finding the good question to ask yourself and its answer. Building an original and convincing speech about your motivation during study and professional path. Improving your strengths, changing your weakness into strengths. Finding your originality and develop your creativity when being interviewed. TEACHING METHODS o o o o o o o Concentration exercises. Binomial exercises Interactivity Personalize practical work adapted to each student s individual needs. Group work. Technical exercises, video work. Writing your motivation speech. Having a new interview presentation that shall be given to a jury of one or more people. EVALUATION This is based on individual performance; ability to be clear, original and convincing during the interview. Marks goes from A to F, taking into account the student s correct use of the course material and experiment. The evaluations will also take into account the quality level of the takeaways. Professor: Max HÉRON maxheron@hevea-conseil.com Education: Psychology + Management accreditations. Professional experience: Founder of Hevea Conseil : coach, consultant and professional training instructor. Research or special interest: Writing: drama, poetry, opera librettos, mélodies françaises. Publication : "Billes, balles, ballons: essai" Edition Atlantica 11

12 Asset Pricing COURSE OBJECTIVES The objective of this MBA course is to give an overview of the theory and practice in the field of quantitative finance and financial engineering. The course is split in two parts: the first part reviews basic quantitative finance theory, and introduces advanced concepts used in option pricing, option trading, exotic derivatives and structured products areas. The second part introduces advanced derivatives modelling with stochastic volatility and jumps. In both parts, Excel-based simulations will be used extensively. COURSE CONTENT Lecture 1 - Option Pricing (Black-Scholes models on a single underlying asset). Lecture 2 - Advanced Option Pricing: Monte Carlo, PDE methods. Lecture 3 - Introduction to Option Trading & Variance Swaps. Lecture 4 - Equity Derivatives: Exotic Derivatives & Structured Products. Lecture 5 - Fixed Income Derivatives: Exotic Derivatives & Structured Products. Lecture 6 - Advanced Modelling: Local, stochastic volatility & jumps. TEACHING METHOD Each session focuses on an academic topic departing from a real trading case applied to a specific single stock or index, and illustrated by investment bank research pieces and newspapers articles. Both fundamental and volatility-based information, coupled with the necessary Excel spreadsheets tools are provided in order to solve these special situations. Homework consists of exercises and analyses using the provided tools. EVALUATION 1 homework assignments, groups of 3 to 4 40 % Participation 20 % Final Exam 40 % Professor: Aymeric KALIFE Education: HEC / ENSAE / Master in probability (Jussieu Paris VI university) / Ph.D in mathematical finance (Dauphine Paris IX university). Work experience: Fixed Income Quant at ABN AMRO (Analyst) / Hybrids Structurer at Merrill Lynch (Associate) / Derivatives Strategist at Deutsche Bank (Vice-President) / Deputy Chief Risk Officer at AXA Hedging Services / Head of Structuring, Hedging and Modelling. Affiliate professor at Dauphine and Sorbonne universities in Masters of finance (Fixed Income and Equity derivatives courses). 12

13 Auctions and Market Design OBJECTIVES To introduce the student to the theory of auctions and market design o o o Bidding in Auctions how compete in auction markets Designing Auctions -- how to harness the power of competition Organizing markets how to bring traders to your platform COURSE CONTENT Auctions have become part of everyday life for business executives in any particular area. Advertising on Google or Yahoo requires successful bids for keywords, more and more IPO s require complicated strategic bids, telecoms business plans are contingent on their bidding strategies in government auctions of the spectrum and finally the entire procurement process is designed around auctions as sourcing mechanisms. This class provides a rigorous introduction to the practice and theory of auctions for managers, marketers and other practitioners. Its main goal is to teach the basic principles of competitive bidding and auction and market design, through a combination of lectures, cases and experiments. The successful student should be able to design efficient and robust rules for trading which further his broad strategy goals and strengthen his competitive position. Key issues which will be addressed: information and bidding, understanding your opponent s strategy, the winner s curse, collusion and bidding rings, auction rules in procurement, efficiency. TEACHING METHODS Classroom lectures, case study analysis (Harvard Business School type), homework assignments, experiments, final exam. EVALUATION A. Class participation 10% B. Group case reports 50% C. Midterm 40% Professor: Vladimir Mares, Kellogg School of Management Professional Experience: Kellogg School of Management: Visiting Assistant Professor of Economics Olin School of Business: Assistant Professor of Economics (July 2001 August 2008) Rutgers University: Instructor (June 1997-May 2000) Princeton Economics Group: Senior Research Associate (Feb 2000-May 2001) RUTCOR: Research Assistant (Sep Dec 1999) Education: PhD Economics- Rutgers University, NJ 2001 MA Economics- Rutgers University, NJ 1997 BA University of Bucharest, Romania

14 Business Plan: Design & Funding TARGETED PARTICIPANTS This elective is designed for students with an interest in learning more about how to design and assess business plans. It combines lectures on concepts, tools and their theoretical background with case studies and testimonials from expert practitioners. This elective is compulsory to the students who will attend the Business Plan Workshop Elective, the practical side ( learning by doing ) of the Business Plan training. OBJECTIVES This elective involves 4 principal objectives: Becoming aware of the complexity characterizing the entrepreneurial model; a process which overtakes the simple facts of getting a good idea and leveraging capital. It means being able to transform a business concept into a successful economic reality, based on an intensive and intellectual work of analysis and planning, coupled with a dramatic personal implication. Being able to rapidly assess every spotted opportunity. The serial entrepreneurs possess a specific capacity to identify much more opportunities than they can implement. It is therefore essential to master a simple and rapid method in order to select the best one(s). Understanding the contents of a winning Business Plan. A viable opportunity is a necessary but not sufficient route to success. It must furthermore rest on a clear, perceived and sustainable competitive advantage (value proposition) inside the industry value chain and on a pertinent and viable business model. Negotiating the terms in which resources for a successful implementation of the Business Plan may be obtained; particularly important are capital resources whatever their origins, including internal or external venture capital. CONTENT AND METHODS This elective will focus on methods and concepts dealing with 2 special entrepreneurial topics: identifying the value proposition and writing a winning business plan. The teaching period will take place from mid September to end of October and consist of 10 sessions of 2 hours. The teaching methods that combines pure lectures (2 sessions), practitioners testimonials (3 sessions) and case or business plan studies (5 sessions). In total, 9 cases or business plans will be analyzed. The class will be divided into case groups of 3 or 4 people (depending of the number of students), each one identified with a number. Each group will deliver, according to the following session outlines: - 1 case or Business Plan presentation during the class; - the preparation, using a specific software that will be available through the HEC intranet, of a BP mini case (session 6) This system has been designed in order to reduce your work load and concentrate it on group working preparation. ACADEMIC STANDARDS AND RECOMMENDATIONS Attendance and punctuality: We consider as normal your attendance and participation during all the sessions of the elective. We may accept that, occasionally, you won t be able to attend some sessions, provided that you inform us in advance, and that it won t be a session where your group gets a presentation assignment. Nevertheless, 3 missing sessions will lead to the F grade. Moreover, the classroom door will be virtually or really closed 5 minutes after the normal beginning schedule of a session. 14

15 Pedagogical assignment: We consider as a normal obligation the fact that you read (and think about) every document (cases, BP, technical notes, book chapters) assigned for each session before the class. In addition we demand a particularly thorough preparation from those who, for a specific session, have a work assignment (group presentation or analysis). Case presentations: For each case or BP of the sessions 3, 5, 7 or 8, one or two different groups will prepare a presentation for the class. This presentation will have to be the most professional possible, like a consulting company, using PowerPoint. Group presentations may be done by one or more of the group members. Your oral presentation must never exceed 12 minutes; this is mandatory to compel yourself to a synthetic approach and to allow further class exchanges. Each presentation must include a clear analysis of the situation, data and issues, a synthesis, a detailed and consensual recommendation (solution) and, possibly, alternative solutions to the issue in question. You will give to the instructor, at the end of the session (or send it to him by ), a written document resuming your presentation; copy of the presented slides, with detailed information and documents when necessary (use the Note function inside PowerPoint). When 2 different groups have presentation assignments for the same case, the instructor will draw lots at the beginning of the session for the one that will present first. The 2nd group will have, depending on the session, either to orally react to the first presentation, either to do its own work presentation pinpointing similarities and oppositions with the first group. CLASS GRADING Class participation and attendance: 35 % Group presentations: 65 % RECOMMENDED BOOKS The Definitive Business Plan (2 nd edition), Richard Stutely, Financial Times / Prentice Hall The Ernst & Young Business Plan Guide, John Wiley & Sons Interesting websites with Business Plan concern: Professors: - Oliver GOTTSCHALG (Office Phone: 7266) gottschalg@hec.fr - Frederic ISELIN (Office Phone: 7446) iselin@hec.fr 15

16 Business Plan Workshop: An Out-of-The-Norms Experience PEOPLE CONCERNED This elective is dedicated to students who attend the «Business Plan: Design and Funding» elective (prerequisite) and wish to implement this teaching through the achievement of an actual Business Plan concerning an opportunity - personal or not (other MBA students, various start up networks) - which presents a real business interest. Moreover this elective concerns those who believe that efforts deserve rewards and feel comfortable with competition (the elective ends with a contest and prizes) OBJECTIVES Concentrating on the achievement of a real business plan, this workshop develops 3 main pedagogical objectives: - Experiment the setting up process of a new venture. - Know how to design and write a winning Business Plan. - Know how to submit, «sale» and negotiate one s plan. KEY POINTS AND TEACHING METHODS This workshop aims at putting in action and deepening the methods and concepts lectured in the «Business Plan: Design and Funding» elective through the achievement of real business plans done in small voluntary-based teams. Those business plan projects represent the pedagogical stuff of the workshop, together with the expertise of the teachers and tutors, and the «normalized» achievement process of a Business Plan is the backbone of the course. Pedagogy isn t done in a classical way but, conversely, lies essentially on group working and coaching. Each BP team benefits from one academic coach he may - and has to - rely on during scheduled occasions. The elective ends up with a motivating contest between the teams, with 3 different prizes to be delivered. The workshop takes place from mid June to mid December. It is split in 3 parts: - Selecting the BP projects & setting up the teams (1 session of 3 hours + a 1 st coaching session before mid July) During the inception session (end of June), the different selected BP projects are presented to the class and the students have to set up their BP team (3 to 4 students), with the agreement of the professors. The BP projects may be coming either from the elective students, either from outside. An information campaign, aimed at collecting good BP projects, will be completed by a team of motivated students under the direction of F. Iselin, before the session. For external projects a fee of 2,000 euros will be charged to the holders (a way of selecting interesting projects and really committed project holders). Once the groups finalized, one/two first meetings with the project holder will allow each group to intimate the project and analyze the constraints. A first coaching session will take place beginning of July, aiming at defining the work scope, the information to collect during the summer holidays and the first milestones to achieve. 16

17 - Developing and finalizing the BP (from end of September to end of November) Each team works on its BP project from beginning of July to beginning of December: during its free time and with the help of its coach, using the learning lectured in the electives (BP and BP workshop) and adapting it on its own BP project. The scheduling is organized as follows: - 4 intermediate ½ or 1 hour campus coaching sessions with interim specific documents to be sent before - 2 review sessions (slide presentations + interim reports) with coaches and other groups (3h/session): one in mid term of the BP and the last being a practice/blank test session before the competition. The BP and intermediary documents will focus on 6 main areas: Market/business definition & analysis, Team building, Value proposition & business model, Operational plan, Risk analysis & financing, Executive summary. - Presenting the BP and winning the contest (2 sessions in December) In the beginning of December, each group presents and sells its own BP. The first session is the main selection session of the BP contest. It is held in front of venture capitalists who, having read the BP, will question, confront and advice the groups. You will have to convince them, and your elective fellows, of the interest and value of the opportunity you propose. During the last session, which will act as a special event in the MBA program, the 3 best selected BP are competing in front of a special Jury composed of some dedicated venture capitalists and businessmen. LANGUAGE Bilingual (French/English), with English being the major. Each student will practice the language he/she best masters. EVALUATION Attendance, participation and personal involvement : 25 % Intermediary document for the BP : 25 % BP presentation during the reviews : 25 % Final Business Plan : 25 % Professors: Frédéric ISELIN, Managing Director of the HEC Start Up Institute, iselin@hec.fr Etienne KRIEGER, Affiliate Professor at HEC and CEO of Navidis. 17

18 Business-to-Business Marketing So you thought that B2B Marketing was boring? Wait until you see tonight s movie OBJECTIVES The end of the «integrated enterprise» explains much of the explosion of inter-organizational exchange. So much so that the overall value of the much (overly?) publicized B2C exchange now represents less than the sum of B2B trade... The objective of this short course is to give students an understanding of the specificities of B2B Marketing, and to encourage them to think about potential careers in this wide-open field. COURSE CONTENT - Understanding the buying center - Supply chain competition and derived demand - Long-term buyer-seller relationships - Outsourcing strategies - Dual Marketing TEACHING METHODS - This course is the second edition of an innovative pedagogical project, consisting in using blockbuster movies to illustrate business concepts; you will be asked to watch a movie before each session, and to establish the structural link with a specific B2B topic. Each class will consist in a debriefing of each student s individual work and in a more traditional lecture. - More traditional case studies and lectures will complement this approach. EVALUATION - Students individual movie analysis - Oral participation BIBLIOGRAPHY James Anderson & James Narus (2004) : Business Market Management, Pearson / Prentice Hall 18

19 Professors: Frédéric DALSACE Education: 1985: HEC Diploma 1990: Master in Business Administration, Harvard Business School 2002: Ph.D. in Management, INSEAD 2005: International Teachers Program (ITP), Stockholm School of Economics Professional experience: B2B Firms : - Michelin : Product Manager (France, Japan, Korea) - CarnaudMetalbox : Sales & Marketing Director of a 100m SBU Consulting : - McKinsey & Company - Icone (WPP Subsidiary) : marketing research institute Publications: Articles: "Should you set up your own sales force or should you outsource it? Pitfalls in the standard analysis, Business Horizons, 2005, vol 48, n 1, pp23-36 (with William Ross & Erin Anderson) "Do Make or Buy Decisions matter? The Influence of Organizational Governance on Technological Performance", Strategic Management Journal, Septembre 2002, vol. 23, n 9, pp (with Michael Leiblein & Jeff Reuer). "Redefining Supplier Development Programs", Revue Internationale de l'achat, Compte-Rendu des Ateliers de l'achat 2002, 2002, vol. 22, n 2 (with Bruno Rogowski). Working Papers: Path Dependence in Personal Selling: A Meso-Analysis of Vertical Integration", Cahier de Recherche du Groupe HEC, n 787/2003 (with Erin Anderson & William Ross). "A comparative Test of the Efficiency, Focus and Learning Perspectives of Outsourcing", Cahier de Recherche du Groupe HEC, n 776/2003 (with Nicola Dragonetti & Karel Cool). Wolfgang ULAGA ulaga@hec.fr Wolfgang Ulaga is Associate Professor of Marketing at HEC. He holds a doctoral degree in marketing from the University of Paris 1, Pantheon-Sorbonne. Prior to his current appointment, Dr. Ulaga was on the faculties at EDHEC Lille and ESCP-EAP Paris and worked as a Visiting Associate Professor at the University of Notre Dame, Indiana, USA. Before starting his career in academia and creating his own consulting firm, Dr. Ulaga worked in Frankfurt and Paris as a consultant for DML & Associés, an international management consulting firm. Over the past 15 years, he has consulted with companies in diverse markets such as food ingredients, specialty chemicals, technical textiles, railway equipment, refrigerators and manufacturers of fast moving consumer goods. At HEC, Dr. Ulaga teaches business-to-business marketing, marketing management, and marketing strategy at all levels. In addition, he has designed and delivered customized executive programs to companies such as Air Liquide, Areva, Nexans, Merck, Siemens, or Snecma. His research interests are in the areas of buyer-seller relationships and customer value management in business markets. Dr. Ulaga s current research focuses on how B2B firms develop profitable services and become solution providers in industrial markets. In addition, he investigates the drivers of customer share-of-wallet in business markets. Dr. Ulaga s research has been published in Journal of Marketing, European Journal of Marketing, Journal of Services Marketing, International Marketing Review, Industrial Marketing Management, Journal of Business and Industrial Marketing, Journal of Business-to-Business Marketing, M@anagement, and Finanza Marketing e Produzione, among others. He also writes in the business press, such as Les Echosand Financial Times. He co-authored a book on Value-Based Management (Original Title: Introduction au Management de la Valeur) published at Dunod, Paris, France. Dr. Ulaga is a member of the Editorial Boards of Industrial Marketing Management and Qualitative Market Research: An International Journal. 19

20 Consumer Knowledge COURSE OBJECTIVES As consumers, each of us make selections from the many alternatives in the marketplace each day. Our choices allow us to create lifestyles that express our unique identities. These decisions include the clothes we wear, the cars we drive, how we furnish our homes, apartments, and rooms, the music we listen to, the television programs, athletic events, movies, and plays we watch, and even the foods and beverages we prefer. We will explore the process of making decisions with research in marketing, psychology, sociology, anthropology and economics. We will also learn about the techniques used by manufacturers, advertisers, marketing researchers, and other members of the business community to understand and influence consumers' desires, evaluations and choices. COURSE CONTENT The main topics covered are: perception, motivation, involvement, persuasion, social influence, communication (advertising) and decision-making. TEACHING METHODS Each session commences with a lecture dedicated to the transfer of conceptual, theoretical and methodological knowledge. Lectures by the instructor will build on and complement your reading of the textbook for this course. The second part of each session will consist of interactive exercises ranging from case studies to the critique of current marketing communication. This part of the session will encourage the application of theoretical knowledge to real world settings, and aid in the preparation of a brand re-positioning assignment. EVALUATION You will be evaluated on three dimensions: Written preparation of the re-positioning assignment Presentation of the assignment Participation in class discussions Professor: Corinne DAUGER dauger@dauger.net Education: HEC (1984) Professional experience: Consultant Procter & Gamble, Managing Director Laundry Products Europe 20

21 Corporate Finance: an Applied Approach COURSE OBJECTIVES The objective of the course is to give to MBA participants a broad overview of all types of financial issues, from Financial Analysis to Capital Budgeting and Valuation but in a practical way. COURSE CONTENT Because this is a short 6 sessions course, it is not expected participants will become experts in each such areas. On the other hand, the fact they get exposed to a variety of issues is intended to open up their mind to the fact the same old questions are being asked throughout: is value being created? how? and how much? Such understanding will hopefully help them, when they reach more advanced courses, to keep the logic, and not get overwhelmed by the techniques. 1 ) Private or public equity: should we invest in a given company on a long term run? (2 sessions) How to set up the future financial strategy of a company The concept of weighted average growth of assets applied to the free cash flow How to define its self sustainable growth of resources The four winners Approach of a valuation: sustainable economic value Calculation of its economic goodwill Towards an equity rating Practical Application: Should we invest in DANONE? 2 ) The leverage buy out (1 session) Review of the concept of leverage The legal leverage The financial leverage and the play of the target (T), the vehicle (V) and the investor (I) The objectives of T, V and I The main constraints of T, V and I The process of value creation in a LBO Practical Application: How to build a group in 2 LBOs Calculation of: The acceptable participation, The required level of debt, interest rate and repayment period, The returns for the Investor 3 ) Merger and Acquisition (1 session) Context and definitions Acquisitions in cash, by the mean of a debt or by contribution of shares The mechanisms of a merger: relative value, exchange rate and dilution The mathematical effect in the sustainable valuation The bid price effect How a M and A can create value? Practical Application: A merger of two companies with mutual participation Calculation of: The relative valuation, The exchange rate, The process of the merger, The financial structure of the new entity The value creation 21

22 4 ) Corporate finance in retail banking (1session) The specific financials statements of a retail bank How to adapt the key ratios: ROS, ROE and ROCE? Cost of money vs cost of management Why the financial leverage is transformed into a managerial leverage? The process of value creation in a retail bank The pitfalls of a retail bank valuation Practical Application: The financial diagnosis of a retail bank Framework for a financial analysis Concept of mismatching and duration Money inventories effect Approach of a valuation 5 ) Corporate finance in insurance companies (1session) The specific financials statements of an insurance company How to adapt the key ratios: ROS, ROE and ROCE? Cost of money vs cost of risk Why the financial leverage is transformed into a asset management leverage? The value drivers analysis in an insurance company The insurance company valuation Practical Application: The financial diagnosis of an insurance company Framework for a financial analysis Concept of insurance operations vs asset management Approach of a valuation TEACHING METHODS Individual home work chosen between five topics: Investment fund, LBO, M and A, Retail bank or Insurance company EVALUATION Home work evaluation BIBLIOGRAPHY The revolution in corporate finance (Stern and Chew) The dark side of valuation (Damodaran) The complete finance companion (Financial Times) Financial markets and corporate strategy (Grinblatt and Titman) Valuation: Measuring and managing the value of companies (Mc Kinsey and Copeland) Professor: Bernard FEVRY bfevry@hotmail.com Education: Master in Finance (DAUPHINE) and Executive MBA of INSEAD Professional experience: Finance Manager / Legal Auditor and Certified Public Accountant portfolio manager in investment funds 22

23 Corporate Marketing How to apply marketing techniques to corporate issues OBJECTIVES A course open to all students who accept the idea that marketing does not concern only marketing experts, but can also be a way of acting in the whole organization and thinking differently. It has been designed for all of you who will have to deal with corporate issues in your future management role. Through concrete examples and interaction with professionals, you will highlight the new challenges faced by companies in their corporate communication, learn and practice how to deal with these issues. Understanding how you can apply marketing techniques to this field will help you to be more efficient also in all your business and personal approach. COURSE CONTENT 18 hours 3 sessions 1 st day: Introduction to Corporate Marketing, its objectives and challenges - Understanding better the components of a corporate image and reputation. Where does it come from? Is it possible to influence or change it? - Introducing the Corporate Marketing approach: its different components, its objectives - Understanding complexity of Corporate Marketing: - The different targets to deal with - The new challenges faced (Internet revolution, emerging concepts of sustainable development and Corporate Social Responsibility) - The multicultural issue 2 st day: Defining a Global Corporate Marketing Platform: - Defining the USP: The methodology to put in place. What key messages? How to define them? How to fight against biased opinions? - The importance of internal and external consistency - The importance of the link with business objectives and company culture 3 th day: Discovering the targeted, more sophisticated Corporate Marketing approach: - Corporate Marketing as a help to face crisis - Corporate Marketing towards financial community - Corporate Marketing towards employees and potential employees : The War for Talents challenge The Employee Care revolution - Conclusion: Corporate Marketing Perspectives: Multicultural issue, organizational issue, self-marketing approach 23

24 TEACHING METHODS Interactivity will be one rule of the course, with a mix of workshops during the class, lectures from the professor, outside speakers, and personal work between the sessions. Concrete case studies will be used all over the class. EVALUATION Presence in the course and active participation during the course will be rewarded (50% of the grade). Case studies will represent 50% of the total grade. Professor: Sylvie CHAMBERLIN Sylviechamberlin@aol.com Education: Graduated from HEC Business School in 1985, with a specialization in Marketing. Professional experience: General Manager and founder of CHS CONSEIL, specialized in employer branding and HR marketing issues, dealing with CAC40 corporations. 20 years of experience in business. 10 years of experience in Marketing in FMCG, both in operational and product development roles, in an international environment. Created in 1998, the L Oréal Corporate HR Communication Department, developing international policy and communication tools to increase the company s awareness worldwide, such as communication campaigns, Internet recruitment policy, and argumentations towards journalists. Research or special interest: She realised at that time how marketing techniques could be applied in other fields, such as HR or Corporate Communication, to be more efficient. She now really believes that understanding and developing a marketing approach is, in all fields a real strength for future performers. 24

25 Corporate Strategy COURSE OBJECTIVES Besides more traditional corporate strategy topics of multimark and competition and selection of markets to enter or exit, this course will also teach you how to understand the evolution of markets and technology. Building on the Strategic Management course, you will be introduced to new models and ideas to help you expand the analysis of firms and industries. Multimarket competition is a term used to describe that the same firms meet in multiple markets, geographical or product, and that their behavior in any one market is influenced by a competitor s behavior not just in that market but in other markets as well. Not correctly identifying and analyzing the multimarket interactions lead to incomplete strategic analyses. Market selection is one of the most important tasks of general managers: both when, where and how to enter and exit are critical decisions for firm performance and survival. A main challenge for managers is to interpret how technology can condition competition and what firm strategies are suitable at different stages of a technology cycle. Inability to understand the limitations and opportunities presented by changes in product and process technology leads to poor performance, especially in industries with rapidly improving product technology. Since successful market selection depends on matching firm skills to the appropriate stage of technological evolution, the two topics are linked entering before a technological paradigm has been established increases the risk of being part of an ensuing industry shake-out but also increases the chances of controlling the key technology in the industry, for instance. The course is project based and consists of six three-hour classes. COURSE CONTENTS Multimarket competition topics: Mutual forbearance Competing against chains Credible commitment Complementary assets 1 Technology and market evolution Market cycles Technology cycles Make or buy decisions, complementary assets 2 Technology strategy Market selection Matching firm resources and market needs Entry mode Matching entry mode and technology stage PREPARATION AND PARTICIPATION The course is organized around discussions of readings and cases. For this method to be effective, you must have prepared the assigned readings thoroughly prior to each class. I cold-call students and also give you the chance to select specific sessions where you want to participate in a more intense manner by signing up beforehand for the session. 25

26 Each student s behavior and contribution is instrumental in making the learning process effective. In particular, it is essential to participate in each and every session, to be on time so as not to miss the beginning of the discussion and to bring value to this discussion by: Providing analyses rather than repeating case facts; Supporting your conclusions with facts and logic, rather than stating unsupported opinions; Building on or responding to other students comments and viewpoints rather than monopolizing air time. To ensure all of us are fully engaged in the class discussion, the use of laptops is not permitted. ASSESSED WORK Students will be evaluated and graded on the basis of: Their participation and contributions to class discussions (20 % of the final grade); particular attention will be given to the degree of preparation of the cases to be discussed in class; A group project on a selected technology/industry (40 % of the final grade). The project will include analyses of where in the stage of a technology cycle a particular technology is, current market conditions for entry and a list of potential entrants. An individual final exam (40 % of the final grade). Professor: Kristina DAHLIN dahlin@hec.fr Kristina Dahlin is an Associate Professor of Strategy and Business Policy at HEC and was before that an Assistant Professor in Strategy & Organizations at the University of Toronto in Canada. She received an MSc and a PhD from Carnegie Mellon University in the US and an MSc in Engineering from Chalmers Institute of Technology in Sweden. Research or special interest: Kristina s research is in the area of technological change and organizational learning in the tennis racket industry. She also studies organizational learning from freight train accidents. She has published her work in Academy of Management Journal, Organization Science and Research Policy. 26

27 Corporate Valuation OBJECTIVES This intensive course intends to provide students with a basic yet solid theoretical background on business valuation and an exposure to practical matters concerning the execution of valuations in the real corporate finance world. Focus will be centred on: Thorough analysis of valuation methods: basic assumptions and limits The choice of methods and inputs: facts, tradeoffs and compromises of the real world Impact of strategic issues on valuation: keeping sight of the big picture TEACHING TOOLS The course will be delivered through the following materials / activities: Readings, lectures and class discussions on theoretical matters Application exercises Discussion of relevant cases One case study with application of all concepts and methods developed in the course. AVAILABILITY The professor will be present in all lectures; will provide continuous assistance for questions and / or case preparation through , and will offer a review session before the exam. GRADING Grades will be based on class participation (for which following readings will be crucial), case study and final exam. Professor: Daniel HAGGE daniel.hagge@bnpparibas.com Education: MBA, Stern School of Business, New York University (USA) 1998 JD, School of Law, University of Buenos Aires (Argentina) 1991 Professional experience: Director - BNP Paribas Corporate Finance, Head of Execution Group, Paris VP - BNP Paribas Corporate Finance, Head of Business Valuation Team, Paris 2002/04 Associate - BNP Paribas Corporate Finance, Business Valuation Team, Paris 2000/02 Associate - BNP Paribas Corporate Finance, Execution Team, New York, London 1998/2000 Analyst - Crédit Lyonnais Argentina, Capital Markets, Buenos Aires 1994/6 Analyst - BNP Argentina, Commercial Banking, Buenos Aires 1992/4 Academic experience: Professor of Corporate Valuation, HEC MBA programme 2001 Professor of Financial Analysis, HEC, Université Paris Dauphine, Interests: Business Valuation; Monetary Theory and Policy; Macroeconomic Policies in Emerging Markets 27

28 Créativité et Management Aujourd hui, plus que jamais, l émergence d idées nouvelles traduites en produits, services ou process, peut garantir un avantage concurrentiel durable. Les besoins en innovations qu elles soient organisationnelles, technologiques, commerciales sont immenses. L entrepreneur se doit sans cesse d innover pour subsister et se développer. Inventer, pour une entreprise n est pas un événement rare, mais un objectif fondamental qui conditionne son développement. Par vocation, l entreprise «consomme» de l imagination. Or, jusqu à présent, le domaine de l invention, de l imagination ne semblait pas devoir bénéficier d une approche rationnelle. Au contraire, beaucoup se comportaient comme si, à vouloir comprendre le mécanisme de la créativité, on risquait de l anéantir, comme si la créativité ne pouvait être qu une grâce mystérieuse, un don céleste. Cette attitude se modifie désormais. En particulier grâce à la découverte, par des spécialistes des sciences humaines et différents créateurs et inventeurs, de méthodes et de processus intellectuels qui stimulent la créativité d un individu ou d un groupe. Sous l effet conjugué de ces facteurs, la créativité se développe dans l entreprise et apparaît comme une clé du succès, à condition de bien en comprendre les mécanismes et les enjeux. Ce séminaire vous y invite en présentant les principales méthodes de recherche d idées et leur mise en œuvre «gagnante» dans l entreprise. OBJECTIFS Ce séminaire vous propose de : découvrir les conditions d un climat propice à l imagination et susciter la génération d idées nouvelles, pratiquer les principales méthodes de créativité individuellement et en équipe, savoir animer et gérer un groupe de créativité, apprendre à gérer et exploiter les idées et se donner les moyens de les mettre en œuvre avec succès CONTENU DU COURS - Définition, enjeux et mécanismes de la créativité - Les méthodes de créativité et la production d idées - La constitution et l animation de groupes de créativité - La mise en œuvre de la créativité dans l entreprise METHODES PEDAGOGIQUES Exposés théoriques courts Nombreuses mises en situation pratiques Témoignages d entreprises Dossier pédagogique de synthèse EVALUATION - Participation - Réalisation d un «dossier-créativité» Professeur : Françoise CHEVALIER Professeur associé au Groupe HEC chevalier@hec.fr Formation : Doctorat HEC, DEA Sociologie des Organisations (IEP, Paris), DESS Contrôle de gestion (Paris XII), DESS Formation (Paris V) Centres d intérêt : Développe des travaux de recherche et publications sur le management des ressources humaines, la mobilisation et la dynamisation des équipes, la créativité et le changement dans les organisations. 28