1 WELCOME TO MARKETING FUNDAMENTALS (BUAD 307)!
2 BUAD 307 MARKETING FUNDAMENTALSInstructor: Office: Office Phone: Cell: Web: Lars Perner, Ph.D. Assistant Professor of Clinical Marketing Hoffman Hall (HOH) 603 (213) (213) Blackboard:
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4 Why does Tony the Tiger wear a scarf?
5 About the Instructor: Lars PernerPh.D., Marshall School of Business, University of Southern California, 1998 Returned to Marshall in 2006 after teaching at the University of Maryland, George Washington University, U.C. Riverside, San Diego State University Courses taught: Marketing Fundamentals Consumer Behavior International Marketing Marketing Strategy Intro to International Business Channels/Distribution Agricultural Marketing Internet Marketing
6 About the Instructor: Lars PernerResearch interests: Consumer Behavior International Marketing Consumer Price Response Consumer Bargain Hunting Branding Corporate Philanthropy Non-Profit Marketing “Win-win” Deals Autism Spectrum Disorders and Subtypes Country of birth: Denmark Selected outside involvement Marketing Educators’ Association Autism Society of America
7 Course Web Site
8 Textbooks Jonah Berger (2016), Contagious: Why Things Catch On, Simon & Schuster, ISBN-13: Dhruv Grewal and Michael Levy (2016), M: Marketing 5th ed., McGraw-Hill Irwin, ISBN
9 Grading
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11 Grading Issues Course grades are assigned based on the total number of points accumulated. LETTER GRADES WILL NOT BE ASSIGNED TO PROJECTS OR EXAMS ALONE (see syllabus). Marshall competition is very intense. Not everyone can be “above average.” Some will be below.
12 More Grading Issues Extra credit cannot be assigned.Grading is based on performance, not real or perceived effort put in. It is NOT assumed that you start out as “perfect” and have “points taken off” for deficiencies. A perfect score takes a nearly superhuman person! Final grades can generally only be changed to correct mistakes in arithmetic, Scantron misreads, or data entry that have been made. Work quality or cut-offs cannot be re-evaluated under the USC grade change policy. For more information on grading, please see Appendix A of the course syllabus.
13 Class Meetings and Office Hours
14 The Near Future… This week Next week Week 3 Lecture DiscussionIntro to the course Some marketing phenomena Discussion Project info Video case: Obsessing over quality at BMW Strategic retail reconnaissance mission (trench coats optional) Next week No lecture or discussion (Martin Luther King, Jr. Day) Week 3 Lecture Customer value Discussion Share results of strategic reconnaissance mission Course logistics as needed
15 Course Objectives Apply fundamental marketing terms, concepts, principles, and theories and their effective applications to real-world situations in a global market. Describe how the marketing function is organized and fits into an organization, including the relationships between marketing issues and those of other business disciplines. Make effective marketing decisions in real world settings using critical thinking skills. Effectively communicate marketing analysis Effectively collaborate to analyze marketing options Identify and make judgments about questionable marketing practices by applying an ethical decision framework. Identify and evaluate the advantages, disadvantages, opportunities, and tradeoffs involved in different marketing strategies and choices Address the dual roles of formal analysis and creativity in designing and implementing effective marketing programs
16 In this class, you will need to work with…Course ideas Research Insights from other courses Insights from your life experience Intuition Critical thinking
17 FEEDBACK FROM EMPLOYERS EMPHASIZES CRITICAL THINKING
18 THE REAL WORLD IS A COMPLEX PLACE! Context and dynamics are important!
19 THE IMPORTANCE OF “TINKERING” AND PLAYING AROUND WITH IDEAS“PERCOLATION” OF IDEAS IN THE BACKGROUND
20 The Socratic Method Used in law schoolsLearning by induction—developing general ideas by examining specific cases Development of analytical skills Research shows that learning tends to be enhanced when information is acquired through thinking about and answering questions
21 Course Philosophy Application to needs of real firms rather than memorization Focus on general ideas rather than on facts that quickly becomes obsolete Broad overview of marketing Assignments require individual initiative and thinking
22 Pointers on Doing Well in This Class
23 PROJECT PRODUCT OR SERVICECHANNEL FOR DISTRIBUTING AN EXISTING PRODUCT OR NEW OR OR TARGET MARKET FOR AN EXISTING TYPE OF PRODUCT PRODUCT OR SERVICE “TRANSPLANTED” FROM ONE COUNTRY TO ANOTHER OR
24 Course Project Please choose:A new product or service not currently in existence; An existing product or service that has potential to be targeted to a segment or type of consumers that currently does not use the product at potential An existing product or service that could achieve significant additional sales if distributed through a new channel; or An existing product that is sold in one or more countries and can be introduced in another specific country where it is currently not widely used.
25 Project Structure Proposal Office visit to discuss the proposalSecondary Market Research Applications Paper
26 Examples: A New Product or ServiceAuto GPS system that offers the “least stressful” route as one of options Car with built-in mini-safe Bathroom water collector for garden re-use Secular values training and leadership programs for children of busy parents not involved in organized religion Feature added to a firm’s existing app This does not have to be an entirely new product category. Adding a new feature or making alterations to a product category qualifies if this is likely to be of value to some customers. Even new specific shade of lipstick qualifies.
27 Examples: Existing Product For New Target MarketVideo games marketed to senior citizens (who want to preserve mental agility and/or play with their grandchildren) Noise cancelling headphones for children vulnerable to distraction Attracting a new type of student (e.g., “geeks”) to a fraternity or sorority Attracting under-represented groups (e.g., Filipino Americans) to USC
28 Examples: Existing Product With Potential Through New Distribution ChannelFresh bagels delivered to customers’ homes on week-ends Produce trucks to “food desserts” Financial planning programs sold through churches, synagogues, or mosques Airport manicure tables Inkjet printer cartridges sold through Greek houses Groceries being delivered to car pool or van pool departure sites New merchandise sections in college bookstores that no longer need as much space for textbooks
29 Examples: Existing Product for a New CountryFortune cookies (which are actually not used in Mainland China) U.S. fast food chains abroad Foreign fast food chains in the U.S. Brazilian Natura cosmetics introduced to the U.S.
30 Strategic Reconnaissance MissionOne can only understand certain issues in marketing by visualizing the customer in his or her natural habitat Brief strategic reconnaissance mission during first week’s discussion Regrouping and presentations during the third week’s discussion Details in handout Trench coats optional!