In this course we will emphasize both marketing strategy formulation and execution and the management of the marketing function. This includes the integration of marketing mix decisions, the longer-term effects of marketing mix decisions, and changes in the mix over time. For example: "Price" becomes price policy, value-in-use, and price discrimination; "Product" becomes product line breadth and variety and product life cycle choices; "Place" becomes the design and control of single or multiple channels of distribution; and "Promotion" becomes communications, customer loyalty, and brand equity. The course will emphasize segmentation of the market, positioning the marketing mix to meet the needs of the market segment, sustaining an integrated marketing mix over the product life cycle, and organizing the strategic business unit to implement the strategy. In addition to the development of a marketing stategy that positions the product/service to the needs of one or more target markets (segmentation), the execution of a marketing strategy will require a marketing plan that includes the economic and financial analysis of the costs and potential profits of the strategy and an implementation plan, including an organizational structure. This will often be an iterative process to find an optimal combination of costs, pricing, and volume to maximize profits. This course will use readings, simulations, and cases for about half its content. The other half of the course will be a team consulting project for an external client.
[(MBA 511 with min. grade of C)]