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1. Professor: Pierre Chandon
Office: RW 2.09, Tel: 4987
EMBA PROGRAM E-mail: pierre.chandon@insead.edu
MARKETING MANAGEMENT
COURSE OBJECTIVES
Successful firms are those that integrate the objectives and resources of the organization
with the needs and opportunities of the marketplace better than competitors—that is, those
that identify untapped sources of customer value, and deliver and capture more customer
value than their competitors. The role of marketing management in organizations is to identify
customers' unfulfilled wants, determine which customers the business should serve, decide on
the appropriate products and services, and determine the optimal methods of pricing,
promoting and distributing the products or services.
This course is designed for participants with little marketing experience. However, the
range of concepts and materials we will be using should provide a challenging experience
even for those of you who have marketing backgrounds. The objectives of the course are (1)
to enhance your marketing decision-making skills and (2) to enhance your understanding of
key marketing concepts and best practices in a variety of settings and organizational
environments.
ACHIEVING THE COURSE OBJECTIVES
Marketing is one of the most difficult areas of analysis and decision-making for firms.
Why? Because marketing requires to master an array of ‘hard’ and ‘soft’ skills. Although
many marketing problems lend themselves well to quantitative analysis, the human element
plays a much larger role than in other business functions. This is why this course will rely
heavily on group and class-wide discussion of (1) real-world case studies and (2) lectures on
conceptual/technical issues.
I choose cases for their ability to improve your marketing decision-making skills on a
specific set of issues (e.g., pricing), not to provide general “world knowledge” about
marketing practices in a certain industry. As a result, some of the cases may appear somewhat
removed from the specific problems pertinent to your particular industry experience and
interests. However, the lessons to be learned from the cases selected in this course are
universally relevant and transcend the particular companies, countries, or industries in which
they are set.
Case preparation and class discussion
Some of you may not be familiar with the case teaching method. To benefit from the case
method, you must be intimately familiar with the facts of each case. I also recommend that
you follow these simple steps:
- When reading a case, you should try to identify the underlying marketing problems
(not just the symptoms described in the case). While doing this, you should think
about how these problems apply to your industry and company. Do not attempt to find
out what happened to the company. This greatly reduces what you will learn from the
case.
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2. - You should then generate alternative marketing actions (incl. their pros and cons) and
make a decision about what should be done before you come to class. As is often the
situation in actual practice, cases may not have all the data you would like.
Nevertheless, it is critical that you develop a reasoned plan of attack on the basis of the
data available. The arguments behind your recommendation are more important than
your decision itself.
- Finally, you should be prepared to discuss your analysis and decisions with other
course participants in a constructive manner. Repeating case facts or personal
experience is not enough. Building on other people’s comments is as important as
coming up with answers.
A typical question at the end of a case discussion is: “So what is the answer?” In case
studies, as in the real world, there is no unique answer (although some answers are better than
others)! What is important is that you know what you would have done in that specific
marketing situation, and why, and that you begin to construct your own framework for
approaching more general marketing problems.
Course material
- Packet of cases and readings.
- Kotler, Philip (2003), A Framework for Marketing Management, Upper Saddle River,
NJ: Prentice Hall, Second edition.
The Kotler book is a concise version of Kotler’s Marketing Management. If you have at
least a relatively recent edition of Marketing Management, you don’t need to buy the required
book. This book will be particularly useful for participants with little marketing knowledge.
Others should use this book as a basic reference text to flesh out material from the class
discussion in greater detail, depending on your needs and interests (i.e., you do not need to
read each chapter before each class).
Evaluation
Your overall evaluation will be based on the following four components, according to this
weighting scheme:
- Class participation: 30%
- Group case write-up: 20%
- Individual case write-up: 20%
- Final exam: 30%
Class participation
Almost every session of the course will involve interaction in the form of class discussion.
In particular, the case method requires you to be an active participant in resolving a marketing
problem. I expect you to be prepared at all times to comment in any class session. Class
participation is not simply a function of the amount of "air time" you take up, but will be
evaluated on (1) preparation (comments add to our understanding of the situation beyond
simple repetition of case facts and show an understanding of the concepts and tools presented
in class or in the reading materials) and (2) listening and communication skills (the points are
linked to the comments of others and presented in a concise and convincing fashion).
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3. Individual and Group case write-up
During the break between Weeks 2 and 3, you will have to prepare a written analysis of the
Tivo case (in group) and of the Schwarzkopf & Henkel case (individually). These write-ups
will allow you to apply the concepts covered in the first week of class. Send them by email to
pierre.chandon@insead.edu by Monday January 5 (for both the Fontainebleau and Singapore
groups). All the write-ups will be posted on the course web site, along with a sample answer,
so that you can review your work and compare it with the other participants (grades will not
be disclosed).
Case analyses must be typewritten and double-spaced and must not exceed 1,000 words.
You may include exhibits in the group write-up (they are not necessary for the individual
write-up). Exhibits do not count toward the word limit but must not exceed 2 pages. The
format for the written case analyses is as follows:
1. A concise executive summary. This should define the problem, outline the
recommendations, and provide a statement of quantitative and qualitative objectives.
2. Recommendations. This should include a statement of the marketing strategy (i.e., the
positioning statement), the action plan (i.e., specific changes in the marketing mix), and
a statement of expected results (including timetable and risks).
3. Appendices. These should provide supporting analyses as needed, including an analysis
of the market (customers, competitors, company, community), the customer
segmentation scheme (if applicable), support for the targeting decision (target
attractiveness vs. company resources), and information supporting chosen positioning.
Reasons why obvious alternative strategies and actions were not chosen should be
given. Finally, the appendices should include relevant financial forecasting and break
even analyses.
Case write-ups will be graded according to:
1. Quality of problem diagnosis. The source of identifiable symptoms or key impediment
to attaining valued goals is defined (i.e., the correct problem is identified).
2. Quality of recommendations. Specific, comprehensive and practical plans recognizing
issues of implementation are provided.
3. Writing style and organization. The write-up is logically structured and is clear and
concise. Use exhibits to amplify and support your paper, but ensure the argument in
the paper can stand on its own. Never append an exhibit that is not referred to in the
text. There is no need to repeat facts verbatim from the case except to explicitly
support a conclusion.
Final exam
The final examination will consist of a case analysis similar to the ones we have analyzed
throughout the course. It is designed to test how well you can apply the knowledge and skills
learned in the course. The same criteria used to assess the written case assignment will be
used to judge your test performance. Thus, the best way to prepare for the exam is to
conscientiously study each of the cases throughout the term, read the assigned readings, and
attend the classes. The exam will be in class, closed book, with one 2-sided A4 sheet of notes
allowed and will last for 2 hours.
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4. Course instructor
Here is the official INSEAD biography. You can find more information on my research at:
www.insead.edu/facultyresearch/marketing/chandon/.
Pierre Chandon is Assistant Professor of Marketing at INSEAD. He joined INSEAD in
1999 after being on the faculties of the London Business School and of the University of
North Carolina at Chapel Hill. Before that, he was a Visiting Scholar and Lecturer at Wharton,
University of Pennsylvania. At INSEAD, he teaches Marketing Management and Advanced
Brand Management in the MBA, EMBA, and in various executive educations programs.
Pierre Chandon holds a PhD in Marketing from HEC and a degree in business administration
from ESSEC, both in France. His expertise is in brand management and consumer behavior
for low-involvement products, with applications in the areas of sales promotions and point of
purchase marketing. He has published articles and books in leading academic journals,
including Journal of Marketing and Journal of Marketing Research. In 1998, he won the HEC
Interdisciplinary Dissertation Award and, in 2003, he won the Stellner Distinguished Scholar
Award for his achievements and contributions to the field of Marketing. His work has been
the subject of media coverage in Europe and the US, by France Inter, L’Expansion, Les Echos,
and the Marketing Science Institute.
COURSE OVERVIEW
Week 1: Marketing Strategy Formulation
- Customer-driven strategy: The Black & Decker Corporation (HBS case)
- Brand-driven strategy: Parfums Cacharel de L’Oréal (INSEAD case)
- Market-driven strategy: Ericsson Mobile Phones (IMD case)
Off-campus
- Individual case write-up: Schwarzkopf & Henkel Shampoo (INSEAD case)
- Group case write-up: Tivo (HBS case)
Week 3: Marketing Strategy Implementation
- Promotion decisions: Dewar’s Scotch Whisky (HBS case)
- Pricing decisions: Kodak Funtime Introduction (HBS case)
- Product decisions: Biopure Corporation (HBS case)
- Distribution decisions: Louis Vuitton (HEC case)
- Wrap-up: Diesel For Successful Living (INSEAD case)
SESSIONS OVERVIEW
Week 1: Marketing Strategy Formulation
Session 1: Customer-driven strategy
Topics covered
- The marketing concept.
- Framework of strategic marketing planning.
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5. Assigned readings
- The Black & Decker Corporation (A): Power Tools Division (HBS case).
- Optional: Kotler, chapters 1, 3 and 6.
Session 2: Brand-driven strategy
Topics covered
- Brand identity, brand image, and brand equity.
- The value of market research.
- Shaping customer preferences.
Assigned readings
- Parfums Cacharel de L’Oréal (A): Decoding and Revitalizing a Classic Brand
(INSEAD case).
- Price R, "Ignore your customers", Focus Magazine, Winter 1997.
- Holt, Douglas B. (2003), "What Becomes an Icon Most?," Harvard Business Review,
81 (3), 43.
Session 3: Market-driven strategy
Topics covered
- Market analysis: Customer, Competition, Company, and Community analysis.
- Segmentation, targeting, and positioning.
Assigned readings
- Make Yourself Heard: Ericsson Global Brand Campaign (IMD case).
- Green P E & Krieger A M, "Slicing and Dicing the Market", Financial Times
Mastering Marketing, 1999.
- Tybout A M & Sternthal B, "Connecting with Consumers: the Four Ds of Effective
Positioning", Financial Times Mastering Marketing, 1999.
- Optional: Kotler, chapters 7, 8, and 9.
Off Campus Case Write-Ups
Topics covered
- Market analysis (customers, company, competition, community).
- Marketing strategy formulation (segmentation, targeting, and positioning).
- Writing a marketing plan.
Assigned readings
- Schwarzkopf & Henkel Shampoos: Post-Merger Brand Repositioning (INSEAD case).
- Tivo (HBS case).
Notes
- Both write-ups are due in electronic format by Monday, January 5 (for the
Fontainebleau as well as for the Singapore group).
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6. - The Schwarzkopf & Henkel Shampoos contains specific questions. There are no
questions for the Tivo case. Your task is to write a marketing plan for the launch of
Tivo. Regardless of your recommendation, make sure that your write-up covers the
alternative targeting and positioning strategies and evaluates the proposed action plan.
Week 3: Marketing Strategy Implementation
Session 5: Promotion decisions
Topics covered
- Integrated marketing communication (advertising vs. sales promotions).
- Balancing customer acquisition and retention.
Assigned readings
- Dewar’s (A): Brand Repositioning (HBS case).
- Dolan R J – "Integrated Marketing Communications", Harvard Business Review, June
2000.
- Optional: Blattberg R C & Deighton J, "Manage Marketing by the Customer Equity
Test", Harvard Business Review, Summer 1996.
- Optional: Kotler chapter 16.
Session 6: Pricing decisions
Topics covered
- Measuring the financial ROI of pricing decisions.
- Price discrimination.
- Fighting against private labels and generics.
Assigned readings
- Eastman Kodak Company: Funtime Film (HBS Case).
- Dolan R J, "Note on Low-Tech Marketing Math", HBS, Dec 1998.
- Rao, R R, Bergen M E & Davis S, "How to Fight a Price War", Harvard Business
Review, March-April 2000.
- Optional: Hoch S J and Raju J., "Are Private Labels a Threat to National Brands?",
Financial Times Mastering Marketing, 1999.
- Optional: Kotler, chapter 13.
Session 7: Product decisions
Topics covered
- New product introduction.
- Assessing consumer demand.
- Product line management.
Assigned readings
- Biopure Corporation (HBS Case).
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7. - Krishnamurthi L. "Pricing: Part Art, Part Science", Financial Times Mastering
Marketing, 1999.
- Dolan R "Analyzing Consumer Preferences", HBS note, 1999.
- Optional: Kotler, chapters 10 and 11.
Session 8: Distribution decisions
Topics covered
- Function of marketing channels.
- Retail management (product assortment and merchandising).
- Point-of-Purchase shopping behavior.
Assigned readings
- Louis Vuitton (HEC Case). This is a web-based case.
- Underhill, Paco (1999), "Making First Impressions Count," Why We Buy, Simon &
Schuster.
- Sheth J. and Sisodia R. "The Changing Face of Retailing," Financial Times Mastering
Marketing, 1999.
- Optional: Kotler, chapters 14 and 15.
Session 8: Wrap-up
Topics covered
- Review of topics covered in this course.
- Brand revitalization, extension, and repositioning.
Assigned readings
- Diesel for Successful Living (INSEAD case).
- Aaker D A, "Should You Take Your Brand to Where the Action Is?", Harvard
Business Review, Fall 1997.
- Aaker, David A. and Eric Joachimsthaler (2000), "The Brand Relationship Spectrum,"
California Management Review, 42 (4), 8-23.
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