1 BHO3435 - Marketing Planning and Strategy Trimester 1, 2017 – VU Sydney Prepared by: Malay Joshi 2 VICTORIA UNIVERSITY COLLEGE OF BUSINESS YEAR 2017 TRIMESTER 1 - SYDNEY UNIT TITLE Marketing Planning and Strategy UNIT CODE BHO3435 PREREQUISITES BHO1171 – Introduction to Marketing BHO2434 – Consumer Behaviour BHO2265 – Integrated Marketing Communications CREDIT POINTS 12 MODE OF DELIVERY On-campus UNIT COORDINATOR NAME: Malay Joshi EMAIL: [email protected] PHONE: + 61 3 9919 4452 TEACHING STAFF NAME: Mr Brenton Price TEACHING TIMES & LOCATION Refer timetable DESCRIPTOR Marketing strategy is fundamentally concerned with understanding changing market and environmental landscapes with a view to identifying trends and new business opportunities. The ability to develop sustainable, long term strategies to meet future demand depends on a rich understanding of the direction for change and the underlying drivers of those changes. The subject introduces students to strategic analysis and planning, research methods and advanced written communication skills used to present complex reports. LEARNING OUTCOMES On successful completion of this unit, students should be able to: 1. Critically evaluate the evolution of strategic thought; 2. Compare and contrast managerial and strategic approaches to strategy formulation; 3. Undertake environmental scanning for strategic planning purposes; 4. Analyse trends and identify growth opportunities in markets; 5. Develop and recommend appropriate strategies for creating competitive advantage. 3 UNIT CONTENT This unit of study adopts a strategic approach to marketing. The tools, techniques, research methods and analyses performed in the preparation of a marketing strategy plan will be covered in detail. In addition, the unit of study will evaluate a number of theories developed to assist with strategy formulation. Topics covered include: the evolution of strategic marketing thought, trends in marketing strategy, portfolio analysis, competitor audits, market and customer audits, situation analysis, selecting strategic alternatives, the business vision and mission, implementation and control processes. The culmination of this unit of study may involve the preparation of a marketing plan. TEACHING AND LEARNING STRATEGIES This Unit of Study will be delivered as2 hour lecture and 1 hour tutorial each week. It is expected that you will spend at least ten hours per week studying this Unit of Study (including lecture and tutorial time). This time should be made up of reading, research, working on exercises and group work. In periods where you need to complete assignments or prepare for tests, the workload may be greater. GRADUATE CAPABILITIES Victoria University’s Graduate Capabilities are generic skills that all students should possess at graduation. These skills are in addition to the specific knowledge and skills associated with the discipline area of students’ degrees. Graduate Capabilities are divided into five levels (for undergraduates) and will be achieved progressively with increasing levels of sophistication. A full description of the Graduate Capabilities can be found in the Capabilities policy pages 7-8. This unit of study contributes to development of these Graduate Capabilities in a number of ways. Table 1 offers examples of how the teaching and learning activities in this unit and the assessment tasks correspond to each Graduate Capability. The shaded boxes are capabilities on which this unit of study particularly focuses. 4 Table 1: Unit of Study Graduate Capabilities Graduate Capability and Level Description of Graduate Capability* Teaching and Learning Activity and Assessment P5 (Problem-solving) Identify and solve a broad range of complex problems, drawing on in-depth knowledge, understanding, reflection and evaluation. Major Assignments and Tutorial Activities I5 (Managing Information) Find, critically evaluate, synthesise and generate ideas through the application of complex information on a broad range of topics, for a range of purposes. Major Assignments and Tutorial Activities C5 (Communication) Communicate with others, using speech and writing, on a broad range of complex topics using specialised and appropriate language and demonstrating control over key genres/text types required. Major Assignments and Tutorial Activities W5 (Professionalism) Work individually and/or collaboratively with others, to complete tasks and critically evaluate and respond to own and others’ performance using established parameters. Major Assignments and Tutorial Activities 5 GRADE SETS There are five grade sets, namely fail (N: 0-49%), pass (P: 50-59%), credit (C: 60-69%), distinction (D: 70-79%), and high distinction (HD: 80-100%). ASSESSMENT The assessment scheme has three components as listed below: Assessment Weight Learning Outcome0 Format1 LiWC2 Graduate Capabilities3 Due Date 1. Introduction to the Marketing Plan 15% 3 Group Work, Written Proposal – Report Format L5, C5 Week 5 Tutorial 2. Strategic Marketing Plan 35% 3- 5 Group Written Report P5, I5, C5, W5 Week 11 Tutorial 3. Final examination 50% 1-5 Written Examination P5, I5, C5, W5 Exam period A summary of assessment tasks follows. Please go to VU Collaborate for: 1. Criterion referenced assessment guide for the Strategic Marketing Plan and 2. Assignment Declaration cover sheet. 6 Students are expected to attain a grade of 50% across all assessment tasks including the final examination. In order to pass the unit, students must obtain a minimum of 40% in the final exam and an overall mark of 50% for the Unit. To be included in the final exam entry list, students must have completed all assessment tasks set during the semester, by the due date. Students with a score of less than 40% in the final examination will be required to take the supplementary examination. Minimum Requirements for Satisfactory Completion Team Based Assessment and Formation of Groups The assessment in this unit involves some team based assessment consistent with core graduate capability number W5. Groups will be formed in tutorials in week 2. Each team will consist of between 3 and 4 persons from the same tutorial group. Groups will be required to select a company or strategic business unit immediately (within 3 days) and will delegate specific components of the analysis to individual team members. Each team member will have primary responsibility for one of the four substantive sections of the situation analysis. While the preliminary research and analysis may be delegated, groups are strongly urged to bear in mind that the complete marketing plan is a group responsibility. Only by maintaining a strong team-based culture, will groups be able to prepare a coherent, integrated marketing strategy plan. Therefore, team members are encouraged to share both resources and expertise with others in the group. 7 The major assignment for this unit is to prepare a marketing strategy plan for a company (or strategic business unit) of your choice. In terms of selecting an appropriate target company, please note the following:  The focus must be corporate or strategic business unit (rather than brand)  The company must be Australian (or local to the country where this unit is delivered), but may be seeking opportunities in global markets  The company should be a B2C company  Ideally the company would be relatively medium to small, searching for growth opportunities You are to imagine that you have been hired as external strategic consultants to research and analyse trends and opportunities for future growth. You have been specifically requested to focus on identifying new market segments and gaps in the market occurring through unfulfilled needs. That is. you should focus on demand opportunities that are not currently being met by existing competitors. It is envisaged that this project will resemble the approach used in industry where a working party or team is assembled to undertake the research, analysis and writing for the plan, but where certain tasks or sections of the plan can be delegated to individuals. Accordingly, teams will be formed, responsibilities allocated to team members who will submit their sections for assessment incrementally throughout the semester. The culmination of the project will involve the entire group, operating as a coherent whole, developing a strategic direction for the company that builds on opportunities and strengths identified by individual team members. While some tasks can be delegated to individuals, you should always keep in mind that aim of the overall task which is to prepare a coherent strategic plan. Rather than viewing these tasks and deadlines as a series of separate hurdles, we encourage you to treat this as one single assignment, with opportunities for you to gain valuable feedback, have the opportunity to improve the work through progress reports and submit revised drafts. It is expected that constructive feedback from academic staff will be integrated into revised versions of your strategy plan, allowing you to improve your grades with each submission. Bonus marks are available to those who act on feedback provided. Conversely, demerit points may be applied when there is clear evidence that no action was taken in light of constructive criticism. Some class time, especially weeks 2 – 6 will be devoted to group processes, including detailed analyses performed in strategic planning. Your group will need to agree on a range of issues, such as the target company, terms of reference, types of analyses to be performed and the general approach to research before any of the assessment tasks can be performed. Major Assignment: Background Information 8 Topic: Introduction to the Marketing Plan Weight: 15% Length: 1200 words Type: Group Assessment Format: Report format, with headings and sub-headings, references and appendices as required. Reference Method: Harvard referencing system. Originality Score: At least 90% of all words must be original to the authors (check with Turnitin before submitting final version). Please ensure you upload the complete assignment including references. Do not upload the assignment cover sheet. Submission Procedure: Two copies required; one electronic copy submitted via Turnitin and one hard copy submitted to your lecturer on or before due date. Description: You are required to write an introduction to the strategic marketing plan. Your introduction should also include a title page and membership of the reporting body. While there is some discretion over the content of an introduction, the following points are offered as typical inclusions: 1. Title Page (not included in word count) 2. Membership of Reporting Body (not included in word count) 3. Aim of the Report (not included in word count) 4. Background and Context o Brief description of the industry o Brief description of the company or strategic business unit o Key trends affecting the industry o Key industry success factors 5. Statement of problem to be investigated in the final marketing plan. 6. Appendices (not included in word count) Relevant and recent information about the company and industry sourced from: business or trade press, company reports, stock exchange, government departments, industry bodies and associations, and other relevant sources. Assessment Criteria: Published separately on VU Collaborate. Assessment 1: Introduction to the Marketing Plan. Due Date: Week 5 Tutorial 9 Topic: Strategic Marketing Plan Weight: 35% Length: 3,500 words (plus appendices which are not included in the word length). Type: Group Assessment Format: Report format, with headings, sub-headings, reference list and appendices as required. Reference Method: Harvard referencing system. Originality Score: At least 80% of words must be original to the authors. Description: 1. Executive Summary 2. Situation Analysis 3. Marketing Objectives 4. Marketing Strategies 5. Marketing Tactics/ Action plan 6. Monitoring and Control Metrics 7. Appendices Each team will allocate one section of the Situation analysis (e.g. environment analysis, competitor analysis, internal analysis, market analysis) to each member as their primary area of responsibility. These will be combined in a seamless way to compose the situation analysis. The remaining sections of the plan (nos. 3-6 above) should be developed by the group as a whole based on the situation analysis as well as other relevant inputs. Many different types of analyses are used in strategic planning and these will be discussed in lectures and tutorials. In addition, the library holds a number of books detailing analyses typically used in strategic planning. The work must demonstrate the following:  Competency with strategic research methods  An analytical approach To research this assignment, there are many sources of information. These will be covered in lectures and tutorials. In addition, there are useful web links and reference lists on VU Collaborate. You may also find the Asteroid database useful. It is expected that you will submit a high quality formal business document. Marks will be deducted for non-businesslike submissions. More information: More detailed guidelines, for each major section of the situation analysis, can be found on VU Collaborate or via your tutor. Please ensure you upload the complete assignment including references. Do not upload the assessment declaration cover sheet. Assessment 2: Strategic Marketing Plan Due Date: Week 10 10 Assessment Criteria: Published separately on VU Collaborate. An examination consisting of reflective essays and applied problem-solving covering both theory and application in marketing strategy will be held during the examination period. Learners will be assessed on materials covered in lectures, tutorials, chapter readings and the major assignment during weeks 1-12 (inclusive). Some past examinations may be accessed via the Library’s website. We regret that we cannot provide model solutions to past examination questions. Due date: The final examination will be held during the examination period as designated in the University Calendar. Students are expected to be available for the duration of the examination period. Assessment 3: Final Examination 50% Examination Period 11 REQUIRED READING (TEXTBOOK) Strategic Marketing: Decision Making and Planning, 4th Edition (2015) Author: Peter Reed Publisher: Cengage Learning RECOMMENDED READING Aaker, David A. (2011) Strategic Market Management, 9th edition, Wiley. Barney, J.B., (2007) Gaining and Sustaining Competitive Advantage, 3rd edition, Prentice Hall. Day, G. S., (1990) Market-Driven Strategy: Processes for Creating Value, Free Press. Farris, Bendle, Pfeifer and Reibstein (2010) Marketing metrics: The definitive guide to measuringmarketing performance, 2nd edition, Wharton School Publishing Giles, Lionel B, (translator)(1995)Sun Tzu’s the Art of War, Beijing, Zhongguo Dui Wai Fain Vi, (originally published in 6th Century BC; text in Chinese and English) etext available. Hamel, G. and Prahalad, C.K. (1996) Competing for the Future, Harvard Business School Boston, Mass. Hooley, Graham, John A. Saunders, Nigel F. Piercy (2004)Marketing Strategy and Competitive Positioning, Prentice-Hall, N.J. Mintzberg, H. (1994)The Rise and Fall of Strategic Planning, Prentice Hall. Ohmae, Kenichi (1982)The Mind of the Strategist, McGraw-Hill. Porter, Michael (1985)Competitive Advantage, Free Press, N.Y. Porter, Michael (1990)The Competitive Advantage of Nations, Macmillan. Porter, Michael (1998)On Competition, Harvard Business School. Also see additional reading list suggestions on VU Collaborate. SUGGESTED JOURNALS • Australiasian Marketing Journal • Journal of Consumer Research • Journal of Marketing • Journal of Professional Services Marketing • Journal of Retailing • Journal of Services Marketing • Journal of Services Research • Journal of the Academy of Marketing Science • Harvard Business Review 12 TEACHING SCHEDULE: Week Topic Preparation (textbook) 1 The changing world of marketing Strategic thinking and strategic decision making Ch1 & Ch 2 2 Strategic analysis Ch 3 3 Strategy development – high-level decision making Ch 4 4 Segmentation, targeting and positioning strategies Ch 5 5 The customer value creation mix Ch 6 6 Market penetration strategies Ch 7 7 Market development strategies Ch 8 8 Incremental innovation strategies Ch 9 9 Writing the strategic marketing planning report “Online Class” + Group Meetings for report planning Ch12 10 Radical innovation strategies Ch 10 11 Managing the strategic Marketing process Ch 11 12 Recapitulation and Revision 13 2. TUTORIAL SCHEDULE Students are expected to come prepared for the activities as listed. While the primary focus of the tutorials will be related to the Marketing Plan assignment, issues and topics as listed below will also be covered in tutorials: Week Tutorial focus Discussion Questions Week 1 Introduction to the Tutorial Programme / Group Formation Week 2 The changing world of marketing Strategic thinking and strategic decision making Strategy in Action - Reed Chapter 1&2 Week 3 Strategic analysis Strategy in Action - Reed Chapter 3 Week 4 Strategy development – high-level decision making Strategy in Action - Reed Chapter 4 Week 5 Segmentation, targeting and positioning strategies Assignment 1 due Strategy in Action - Reed Chapter 5 Week 6 The customer value creation mix Strategy in Action - Reed Chapter 6 Week 7 Market penetration strategies Strategy in Action - Reed Chapter 7 Week 8 Market development strategies Strategy in Action - Reed Chapter 8 Week 9 Group Meetings for Report Planning and Preparation Materials on VU Collaborate Week 10 Incremental innovation strategies Strategy in Action - Reed Chapter 9 Week 11 Radical innovation strategies Strategy in Action - Reed Chapter 11 Assignment 2 due Week 12 Managing the strategic Marketing process Strategy in Action - Reed Chapter 12 The above schedules are indicative only and can be varied with the inclusion of case studies as well as general curriculum-related issues including various practical techniques used in situation, industry and competitor analyses. Assignment-related issues and discussions will be addressed in the tutorials. The information contained in this unit guide is correct at time of publication. The University has the right to change any of the elements contained in this document at any time. 14 COLLEGE OF BUSINESS STUDENT GUIDE See the College of Business Student Guide in VU Collaborate for additional important guidelines and help for all your Units of Study. The guide includes the following topics: 1. WELCOME 2. ABOUT THIS GUIDE 3. STUDENT RESPONSIBILITIES AND CONDUCT 4. STAFF RESPONSIBILITIES AND CONDUCT 5. STUDENT LEARNING SUPPORT CENTRES 6. GUIDELINES FOR THE PRESENTATION OF WRITTEN WORK 7. REFERENCING 8. ENDNOTE WEB 9. ACADEMIC HONESTY AND PLAGIARISM 10. TURNITIN 11. SUBMISSION OF WRITTEN WORK 12. APPLICATIONS FOR EXTENSION 13. SPECIAL CONSIDERATION 14. SUPPLEMENTARY ASSESSMENT 15. STUDENT COMPLAINTS PROCESSES/GRIEVANCE POLICY 16. QUALITY IMPROVEMENT