1 Strategic Marketing 策略市場學 MKTG4040D MKTG4040B MKTG4040C Thu 9:30a.m. – 12:15p.m. Thu 2:30p.m. – 5:15p.m. Fri 8:30a.m. – 11:15a.m. Professor Luxi Shen Copyright © 2020 CKB UG04 ARC G04 WMY 506 2 THE CHINESE UNIVERSITY OF HONG KONG CUHK BUSINESS SCHOOL MKTG4040B/C/D Professor Shen Copyright © 2020 SYLLABUS ------------------------------------------------------PROFESSOR AND TA INFORMATION Instructor: Dr. Luxi Shen Email: Luxi.Shen@cuhk.edu.hk Office: Cheng Yu Tung Building 1126 Teaching Assistant: Mr. Max Liu Email: ShengLiu@cuhk.edu.hk Office Hours: By appointment COURSE OVERVIEW AND OBJECTIVES Strategic Marketing involves mastery of deciding and doing in the market. This course carries three goals. In the first part of the course, I review the fundamentals of marketing principles and philosophies, and prepare you with data-driven techniques in marketing analyses (on consumer, company, and competitor) and marketing tactics (for product, price, promotion, and place). In other words, the first part of the course is to empower you with knowledge. In the second part of the course, I guide you to discover errors in marketing decision makings, share with you pioneering academic theories and analytical tools, and teach you how to use these theories and tools to reach optimal solutions in the market. Many concepts and insights I cover are based on the Nobel Prize-winning economics research. In other words, the second part of the course is to enlighten you with wisdom. Lastly, throughout the course, I conduct many intense and fast-paced exercises to develop your marketing skillsets in deciding and doing. I hope that by the end of the course, you have grown to be an outstanding decision maker and action executor in the market. 3 CLASS SCHEDULE Week 1: Week 2: Week 3: Week 4: Week 5: Week 6: Week 7: Week 8: Week 9: Week 10: Week 11: Week 12: Week 13: Week 14: Week 15: Week 16: Marketing Basics I (customer needs) Marketing Basics II (market research, segmentation, positioning) Marketing Basics III (targeting, product life cycle) No Class Meeting (university holiday) Strategies and Tactics I (advertising) and Midterm Review Midterm Exam Strategies and Tactics II (product, promotion, place) Strategies and Tactics III (pricing) No Class Meeting (department guest lecture) Advanced Theories I (behavioral economics) and Case Study Advanced Theories II (hedonomics) and Case Study Project Presentation I No Class Meeting (reading period) Project Presentation II (or public holiday) Project Presentation III and Final Review Final Exam GRADES Grades are based on your scores on the following items. -------------------------------------------------------------------------------------------------Item Maximum Possible Points -------------------------------------------------------------------------------------------------Individual Assignments (2) 32 Group Project 35 Midterm Exam 25 Final Exam 55 Class Participation 15 Bonus Points uncertain (up to 25) -------------------------------------------------------------------------------------------------Total 162 (plus bonus points) Grading is inevitably a subjective process, but I do my best to be fair. All grades are final, and I do not accept re-grading requests. However, if you spot coding mistakes regarding your score on a specific item, you may contact the TA, not me, to seek correction. 4 INDIVIDUAL ASSIGNMENTS Assignment #1: Instagram Posts The purpose of this assignment is for you to document effective and efficient marketing strategies in real life. The assignment is based on a weekly schedule from Week 1 to Week 12 (other than Week 4), yielding eleven weeks in total. In each week, you are expected to design an Instagram post from strategic marketing’s standpoint. One post per week, and each post should include one picture, one caption, and some descriptions and hashtags if desirable. Overall, your posts are expected to be short, sweet, smart, and sharp. Please note that: 1. You can submit one post per week. The featured marketing strategy should be real (not hypothetical) and commercial. 2. You should use the provided PowerPoint template to design the post and finalize the post as a single-page portable document file (.pdf). The graphic part of the post should be one still image. No multiple pictures or video clips. The verbal part of the post should not be longer than 150 characters. Failure to follow style requirements will result in point deduction. 3. All posts should be original and in proper English. You should speak marketing language whenever suitable. 4. The possible points for this assignment are 2 points per week (either 0 or 2, no partial credits), yielding 22 points in total. Extraordinary assignments may receive bonus points. 5. You should complete this assignment by yourself. This is an individual assignment, not a group project. 6. You must follow the schedule strictly. During Weeks 1–12 (other than Week 4/Jan 24–26), you can submit the post of the week anytime within the 60-hour window from Friday noon (12p.m. Hong Kong time) of the week to Sunday midnight (12a.m. Hong Kong time) The submission system will close duly, and thus no late submissions. 7. You must submit your post of the week at Blackboard. Any submissions via other channels, such as email, will be automatically discarded. 5 Assignment #2: Problem Sets The purpose of this assignment is for you to make sense of different decision theories. The hard copy of the problem sets will be distributed in class in Week 10. Please note that: 1. This assignment is due at the beginning of Week 11’s class. Again, you should hand in your completed assignment before the class starts. Late submissions will result in serious point deduction. 2. You should complete this assignment by yourself. This is an individual assignment, not a group project. 3. The total possible points for this assignment are 10 points. GROUP PROJECT “The Next Move” The purpose of the group project is for you to relate what you have learned from this course to real life marketing cases. The final product of the group project contains two pieces. The first piece is an oral presentation and the second piece is a written report. Assume that you, a professional consulting team, are hired to develop marketing strategies. Your tasks are (1) to identify the most important problem the brand faces and (2) to recommend an effective and efficient marketing strategy with detailed tactics for the brand. You must use data-driven methods for at least the first task. In both the oral presentation and the written report, you should be systematic, comprehensive, and thoughtful. Recommendations should be both creative and practical. When analyzing the case, you should speak marketing language, seek theoretical supports, and gather empirical evidence. More advice will be given in class in Weeks 10 and 11. Please note that: 1. Every student should join a group. The size of each group should be between 8 and 12 members. All group members should come from the same section. You 6 2. 3. 4. 5. 6. 7. need to inform the TA of your group members and hand in the name list by the end of Week 5 (Friday midnight). One group should choose one case to work on. A selection of cases will be available for you in Week 6 (after Midterm). You must inform the TA of your choice in Week 8. Your oral presentation should be no more than 25 minutes. You have 15 minutes to present your case for the class and 10 minutes to discuss your case with the class. You must lead the discussion. You may use slides and other props. Your written report should be no longer than 2,000 words (excluding references, graphs, and supplementary materials), and must be typed. You may include graphs or charts, as you wish. Format requirements: A4 paper, 1inch margin on each side, double-spaced, Times New Roman 12 pt. Failure to follow length and format requirements will lead to point deductions. You may include your slides as part of the supplementary materials. Written reports should be emailed to the TA (ShengLiu@cuhk.edu.hk), along with a signed and scanned VeriGuide disclosure statement, within two days after the presentation. For example, if you did the presentation on Thursday of Week 12, your report is due on Saturday of Week 12 at midnight. Late submissions will result in serious point deduction. As a group, different members may play different roles, but all should equally contribute to the project. Peer evaluations will be collected afterwards. The total possible points for the group project are 35 points. Your score will be a combination of my evaluation (for both the oral presentation and the written report) and the evaluation from the audience (only for the oral presentation). In other words, you should be marketing your consulting report to every single audience in the class. EXAMS There are two exams, a midterm and a final exam. Both exams are in-class and closed-book. The exams are based on all materials covered in this course by all contributors, including but not limited to the professor, the students, speakers in the videos, actors in the movies, and writers of the books and articles. More advice will be given in the review sessions (midterm review in Week 5 and final review in Week 14). 7 CLASS PARTICIPATION Your participation is evaluated both in terms of attendance and class contribution. Regarding attendance, you should come to every class meeting on time and attend the class meetings in your home section. If you have to go to a different section (or if you want to attend the same class meeting for a second time), you may go ahead and do not need to inform me or my TA. I do not take attendance, but your attendance can directly affect your scores on other items (e.g., exam questions regarding a specific in-class exercise). Regarding class contribution (15 points), you should actively participate in class discussions and make constructive comments. You should be ready to share your valuable thoughts—including questions, comments, and (appropriate) jokes— with the entire class in an open discussion, rather than with me during the break or with your desk mate in a whisper. Be thoughtful and do speak up. Please note that you should not bring to class other people (e.g., your friends) who are not registered in this course. Neither should you audio- or video-tape the class meetings. BONUS POINTS From time to time, I may ask you to do a bonus task in class or after class. The task could be anything closely or loosely related to this course, such as a survey on your experience of a specific class meeting, a questionnaire about a certain marketing topic, and so on. When this happens, I will give you a few bonus points as the recognition of your contribution. I may do this a few times throughout the course without advanced notice. If you miss the task or fail to complete it on time, you will miss the bonus points. 8 COURSE MATERIALS Syllabus (this document) Available online at course blackboard Lecture Notes Available online at Blackboard before the midterm (first part of the course) and the final (both first and second parts of the course) Weekly Readings (required) Other Readings (recommended) The Wall Street Journal Some Books (recommended) Advertising Strategy, Brian Sternthal and Derek D. Rucker, 2015 The Economic Naturalist: In Search of Explanations for Everyday Enigmas, Robert H. Frank, 2008 Influence: The Psychology of Persuasion, Robert B. Cialdini, 2006 The Art of Pricing, Rafi Mohammed, 2017 Getting to Yes: Negotiating Agreement Without Giving In, William L. Ury, Roger Fisher, and Bruce M. Patton, 2011 Stumbling on Happiness, Daniel Gilbert, 2006 Thinking, Fast and Slow, Daniel Kahneman, 2013 Misbehaving: The Making of Behavioral Economics, Richard H. Thaler, 2016 The Last Mile: Creating Social and Economic Value from Behavioral Insights, Dilip Soman, 2015 9 WEEKLY READINGS You should finish the readings within the week after the class. Each week you have one or two academic research articles to read. We may or may not cover the articles in class. Regardless, you should absorb as much as you can from each reading for your own good. Week 1 Jonah Berger and Katherine L. Milkman (2012), “What Makes Online Content Viral?” Journal of Marketing Research. Week 2 Sheena S. Iyengar and Mark R. Lepper (2000), “When Choice Is DeMotivating: Can One Desire Too Much of a Good Thing?” Journal of Personality and Social Psychology. Weeks 3 and 4 Eric J. Johnson and Daniel Goldstein (2003), “Do Defaults Save Lives?” Science. Ran Kivetz, Oleg Urminsky, and Yuhuang Zheng (2006), “The GoalGradient Hypothesis Resurrected: Purchase Acceleration, Illusionary Goal Progress, and Customer Retention,” Journal of Marketing Research. Week 5 Puneet Manchanda, Jean-Pierre Dubé, Khim Yong Goh, and Pradeep K. Chintagunta (2006), “The Effect of Banner Advertising on Internet Purchasing,” Journal of Marketing Research. Week 6 John T. Gourville and Dilip Soman (1998), “Payment Depreciation: The Behavioral Effects of Temporally Separating Payments from Consumption,” Journal of Consumer Research. Week 7 Christopher K. Hsee, Fang Yu, Jiao Zhang, and Yan Zhang (2003), “Medium Maximization,” Journal of Consumer Research. Itamar Simonson (1989), “Choice Based on Reasons: The Case of Attraction and Compromise Effects,” Journal of Consumer Research. 10 Week 8 Jean-Pierre Dubé and Sanjog Misra (2019), “Personalized Pricing and Customer Welfare,” the University of Chicago and the National Bureau of Economic Research Working Paper. Week 9 Christopher K Hsee, Jean-Pierre Dubé, and Yan Zhang (2006), “The Prominence Effect in Shanghai Apartment Prices,” Journal of Marketing Research. Week 10 Amos Tversky and Daniel Kahneman (1975), “Judgment under Uncertainty: Heuristics and Biases,” Science. Daniel Kahneman and Amos Tversky (1979), “Prospect Theory: An Analysis of Decision under Risk,” Econometrica. Week 11 Richard H. Thaler (1985), “Mental Accounting and Consumer Choice,” Marketing Science. Justine S. Hastings and Jesse M. Shapiro (2013), “Fungibility and Consumer Choice: Evidence from Commodity Price Shocks,” Quarterly Journal of Economics. Week 12 Christopher K. Hsee and Reid Hastie (2006), “Why Don’t We Choose What Makes Us Happy,” Trends in Cognitive Science. Weeks 13 and 14 Richard H. Thaler and Cass R. Sunstein (2009), Nudge: Improving Decisions About Health, Wealth, and Happiness. 11 HONOR CODE You are required to adhere to the policies, regulations, guidelines, and procedures of “Honesty in Academic Work” at the Chinese University of Hong Kong (http://www.cuhk.edu.hk/policy/academichonesty/). The guidelines require you to sign the declaration provided by the university. Please keep in mind that the university has zero tolerance for plagiarism and cheating in examinations. COPYRIGHT All materials in this course, especially this syllabus and lecture notes, are copyrighted works. They are provided for your educational purpose only and, in accordance with copyright laws, are not to be copied nor otherwise distributed.
