UMUC-Europe Syllabus

(Formerly BMGT 350.) An introduction to the field of marketing, intended to develop a general understanding and appreciation of the forces, institutions, and methods involved in marketing a variety of goods and services. Topics include segmentation, target marketing, positioning, developing new products, pricing, distributing and promoting goods and services, and sales and marketing management. Students may receive credit for only one of the following courses: BMGT 350, MGMT 322, MRKT 310, or TMGT 322.

Course Goals/Objectives:

Upon successful completion of this course, the student can expect to attain the following learning outcomes: * appreciate the role of marketing in the global economic , business, and governmental environments * understand and appreciate why good ethics and social responsibility of modern marketing practices are important in current companies * understand the functional role of marketing within the organization and how marketing relates/drives other internal functional activities * understand the marketing processes underlying product, price, place and promotion decisions * understand the positive relationship between a firm and its customer(s) * demonstrate proficiency in analyzing, synthesizing, and integrating basic marketing theories and concepts as applied to real-world situations including environmental scanning, marketing research and segmentation analysis through the creation of integrated communications or marketing plans. Cross Curricular Initiatives In addition to these learning objectives, this course also concentrates on UMUC's cross-curriculum initiatives, detailed below, designed to help UMUC students build business skills to enhance their careers and overall effectiveness in their employment. Effective writing. There are numerous writing assignments throughout the semester. Those assignments are expected to reflect appropriate professional writing skills. That is, they will be evaluated on the basis of grammar, sentence structure, spelling, and overall sound writing principles. The student should demonstrate effective written (online discussions/group interrelationships as appropriate) communications consistent with the professional marketing environment. Information literacy. You will be expected to demonstrate proficiency at research activity through the library and use of online sources. Globalization. While this course will focus on domestic markets, an important outcome will be the realization that the marketing principles apply to global marketing situations, as well. Different cultures domestically can be interpreted globally. Fluency in technology . The student should demonstrate proficiency in using the computer for marketing tasks (include charts/graphs in written assignments) Since the computer has virtually altered the way marketing is conducted, this course will emphasize its increasing importance. Historical Perspective. This course will integrate the historical development of theory to provide the student with a context for current theories and practices. Civic Responsibility. Positive and negative ethical behavior and role of marketing in society will be explored in this course.

Course Introduction:

Marketing permeates our very existence. A viable free-market system, both domestically and internationally, depends on it. But what is marketing? As consumers we can be exposed to as many as 1,000 promotional messages a day. Is that marketing? We get calls at home by market-research firms seeking our opinions about products and services. Is that marketing? Politicians seek our vote by persuading us that their programs will make our lives better. Is that marketing? Our favorite store lets us return merchandise with no questions asked. Is that marketing? We read stories in the press and see news reports on television announcing the mergers and acquisitions of major companies that have become the fabric of American business. Is that marketing? Of course the answer to each and every question is yes. These and numerous other activities are all marketing tasks. Marketing is a series of activities individuals or organizations conduct to persuade other individuals or other organizations to: * buy a product * buy a service * seek employment * change a previously held belief * donate money * volunteer time * vote for a candidate * think favorably of a company More specifically, the American Marketing Association defines marketing as: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. This definition has served the profession well since 1985, yet it still falls short of really capturing the essence of marketing going forward into the twenty-first century. Other authors, most notably William Nickels and Marian Burk Wood, add the concept of the customer at the heart of marketing by defining it as follows: Marketing is the process of establishing and maintaining mutually beneficial exchange relationships with customers and other stakeholders (1997, 4). What Nickels and Wood and their contemporaries have added to our understanding is the notion of relationship marketing-that marketing is not an isolated event involving a one-time transaction between a seller and a buyer. This concept is easier to understand if you think of something you've recently purchased not requiring you to extensively research the product and how it would fill your needs. Do you go to the same restaurant time and time again? Do you prefer Coke or Pepsi? Do you shop at a discount retailer such as Wal-Mart because you have confidence you will get the absolutely best price available on a brand name item? If so, then you have a relationship with the company. STOP AND THINK: Why do you buy the same products over and over again? What causes you to rethink a prior purchase decision and seek information about a competing product? The simple answer is because in the first case the manufacturer has a relationship with you and you continue to trust that the company will produce what you need. In the second instance, that trust has somehow been broken. The product no longer works as well, doesn't taste as good, is priced too high, or requires you to travel too far to get it. This course will explore how companies establish and maintain exchange relationships with their customers-consumers or other businesses-as well as other stakeholders such as employees, vendors, or stockholders, all of whom have a vested interest in the success of the company. The framework we will use is called "the eight universal marketing processes" (Nickels and Wood 1997, 21). The eight processes are sequential and continuous: environmental scanning and analysis, marketing research and analysis, segmentation, targeting, and positioning, product development and differentiation, valuation and pricing, channel and value-chain management, integrated marketing communication, relationship building, and environmental scanning and analysis. Our study of the eight universal marketing processes will be divided into three learning modules, each focusing on one or more of the processes as we move around the circle. Module 1: Understanding Marketing and Its Environments Module 1 will introduce us to the first of the eight universal marketing processes. 1. Environmental scanning and analysis Although this module only includes one of the eight processes, the material covered in module 1 is critical to our understanding of marketing and its role in our lives. The focus is on external factors generally outside the control of the marketer. These include what's happening politically at home and around the world, how laws and regulations affect marketing activities, how economic conditions have to be understood before developing marketing strategy, how culture shapes consumption patterns, and how competitive influences can provide opportunities or threats to a firm. In addition, marketers are held accountable to society. Organizations that survive and thrive do so because they conduct business in an ethical manner and act in socially responsible ways. Ethics and social responsibility also comprise our external environments. Lastly, we take a brief look at how globalization profoundly affects the external environments in which organizations operate. We'll learn how to scan all these environments and incorporate our findings into a strategic marketing plan, which is the focus of module 2. Module 2: Developing Marketing Strategy This module answers the key question, What can a company market that fills customer needs? It focuses exclusively on two of the eight universal marketing processes: 2. Marketing research and analysis 3. Segmentation, targeting, and positioning Our discussion of these extremely important concepts will demonstrate how marketers use the information in module 1 to develop strategies that will benefit the organization. For example, an outcome of a strategic planning process of a company might be the conclusion that future growth is dependent on finding new customers for the company's existing products. Then, with the aid of market research and an understanding of consumer behavior, the marketer can find new segments of potential customers (segmentation), figure out how to reach them (targeting), and how to communicate the product's offering to be attractive to them (positioning). Only then will we be ready for module 3, which discusses the "how to" of marketing strategy or the development of a marketing mix. Module 3: Planning and Implementing a Marketing Mix Not until the marketer has followed the three universal marketing processes discussed in modules 1 and 2 will he be ready for marketing tactics. We will cover these remaining universal marketing processes in Module 3. 4. Product development and differentiation 5. Valuation and pricing 6. Channel and value-chain management 7. Integrated marketing communication 8. Relationship building Simply put, module 3 discusses implementation tactics of marketing's four P's, commonly referred to as the marketing mix: Product Price Place (distribution) Promotion (integrated marketing communications) Lastly, a good and sustained relationship with customers is the end result of astute marketing strategy and execution, and such a relationship is virtually unattainable without ethical and socially responsible adherence to the eight universal marketing processes. References Bennett, Peter D., ed. 1995. Dictionary of Marketing Terms. 2nd ed. Chicago: American Marketing Association. Nickels, William G., and Marian Burk Wood. 1997. Marketing: Relationships, Quality, Value. New York: Worth Publishing.

Grading Information and Criteria:

Activity / Percentage Project 30 Mid term exam 30 Final exam 40 Total 100 Be sure to keep track of your points after you receive your grade for each assignment. If you are unsure of your grade in any area, be sure to contact your faculty member immediately to ensure you have timely feedback on your performance. Final letter grades will be determined based on your overall percentage point totals as follows: 100-90 % = A 89-80 % = B 79-70 % = C 69-60 % = D 59 or less % = F Exams (60%) The final exam will cover the entire semester. It will be a combination of multiple choice and written answer. The final exam will carry 40% of your overall grade. It will be closed book. The mid-tem exam will be open book. It will require thoughtful and complete answers that demonstrate an understanding of and ability to apply the concepts from the text.

Other Information:

Any other information the instructor wishes to add. This might include: * General expectations of students, such as hours per week students should expect to devote to the class * Turnaround time for faculty to respond to email and return papers * Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs) * Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics) * Optional activities such as study groups

Project Descriptions:

Following are two possible project descriptions, a Marketing Plan and an Integrated Marketing Communication Plan. One will be selected by the instructor to do as a course project. Marketing Plan Outline The following marketing plan outline can serve as a guideline for your development of a marketing plan. You should also review the corresponding material in the textbook. You should address each of the sections, but you do not need to cover all of the points mentioned in each section. These points are provided for guidance purposes. You should be able to cover key components of plan and support with evidence in approximately 10 pages. You should starting working on the marketing plan from the time we cover the chapter on marketing strategy. Exhibits and bibliography should be in addition to the 10 page requirement. Executive Summary Defining Objectives 1. Who are potential customers? 2. Where do they go now? Why do they go there? 3. What else would they buy if they could get it? 4. How much will people pay? Environmental Analysis 1. General economic trends. 2. Cultural changes, demographics 3. Changes in technology 4. Local and overall demand 5. Competition 6. Legal climate, regulations Secondary Sources 1. Investigate "corollary" firms. 2. Listen to what they don't say 3. What is the minimum income and population base? 4. Economic development agencies 5. Census Bureau records 6. Trade association 7. Commercial information 8. SBA, C of C, libraries Marketing Strategy 1. Strengths, weaknesses of competitors 2. Opportunities and threats for your company 3. Competitive Positioning Market Segmentation 1. Income characteristics 2. Demographics: age, race, sex 3. Personal history: education, leisure activities, children 4. Psychographic: pleasure, self- esteem, work-saving Consumer Characteristics 1. Innovators or early adopters 2. Professionals, middle mgrs 3. College educated 4. Self-actualization or esteem needs, status, recognition 5. Elite, cosmopolitan, striving Buying Choices 1. Desired benefits 2. Rate of use (packages) 3. Time available, product purpose 4. Awareness of product 5. Choices among alternatives Product Features 1. Features and benefits 2. Packaging and labeling 3. Customer support 4. Quality Distribution Channels 1. Method of distribution 2. Levels in distribution channel 3. Logistics Advertising Plan 1. Advertising a. media selection b. schedule 2. Promotional activities 3. Public relations Pricing 1. The value proposition 2. Competitive market 3. Total existing demand 4. Volume objectives 5. Anticipate discounts 6. Product, NOT cost Relationship Marketing 1. Life time value 2. Communication 3. Customer service Integrated Marketing Communication Plan Prepare a case study using appropriate college level writing as described in the syllabus. Your Term Paper should be at least six double-spaced pages but not more than eight double-spaced pages using 12 point type. Exhibits and bibliography should be in addition to the 6-8 page requirement. Select a product or service of your choice. Please pick a consumer (not business) product or service. Pick a product or service in common usage so your ability to find information on it is enhanced. Study the company and its products or services. Speculate on the existing IMC used. In addition to external research using academic sources, you may want to interview a representative from the company or the retailer that provides the product or service. No amount of research will mine all the information available on the company's product or service, but your paper should reflect a relatively high degree of understanding based on what you do find. That is why you are urged to select a high profile company which advertises and promotes extensively, publicly held companies generally have a good deal of information written about them. You are urged to look up the company's web site and become familiar with the annual report. However, papers that read like the annual report will not receive much credit. Remember, company provided information tends to focus only on good news. Your job as a college student is to find balance and provide unbiased opinions and analysis. After completing your research, prepare your case analysis based on the following issues: 1. Describe the promotion mix as you found it. 2. What target markets are the target audiences of the promotion mix? 3. How does the company position its product or service? 4. Provide your analysis of the company's IMC effort. What do you think it did right? What do you think it did wrong? 5. What would you do to improve the IMC if you were a marketing manager at the company? Be sure you don't make product, price, or place (distribution) recommendations. An IMC plan is a tactical plan that implements marketing mix strategies decided at the corporate or business unit level. This Term Paper is designed to correspond with the textbook chapters on communication, advertising, promotion and selling.. You should demonstrate the concepts discussed in those chapters are applied to a real company. For the target market and positioning questions, refer to the chapter on segmentation, targeting and positioning. Be sure to employ the marketing terms with which you should now be familiar.

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Course Schedule:

1 Introduction 1 Q 3, 6, 14 2 Ethics 22 Q 3, 5, 11 3 Role in Firm 2 Q 3, 6, 11, 15 4 Segmentation 3 Q 5, 10, 14 5 Opportunities 4 Q 3, 7, 13 6 Global Markets 5 Q 2, 7, 9,13 7 Behavioral Dimensions 6 Q 2, 5, 7 8 Marketing Information 8 Q 4, 8, 15, 20 9 Midterm Exam (1-6, 8, 22) 10 Product Planning 9 Q 4, 8, 15, 20 11 Product Management 10 Q 3, 6, 10 12 Distribution 11 Q 4, 6, 13, 14 13 Promotion 14 Q 4, 9, 11, 16 14 Pricing Objectives 17 Q 4, 9, 16 15 Innovative Plans 21 Q 3, 9, 14 16 Final Exam (9-11, 14, 17, 21) Project Due