MT-499Unit 1 & 2 Seminar Welcome! Dr. Richard D. Rowlett
Contents • Seminar Ground Rules • Office Hours and Contact Info • Review Key Elements of the Syllabus • Description of this Course • Week 1 and 2 Requirements (Assignments due this week) • Late Assignments • Plagiarism • Navigating the Classroom (Assignments/Projects)
Contents (continued) • Unit 1 • Business Strategy & Strategic Thinking • Key Elements of a Strategic Plan • Overview of Business Strategies • New Hybrid Business Models • Global Social Responsibility • Case Study Analysis • Preview of Final Project • Describe the type of business you will research, develop, and organize for your final project
Seminar Ground Rules • Please be on time (preferably early) • We will begin all seminars on time • PowerPoint will be provided the day before the seminar (please download) • Chatting – you can chat amongst yourselves • Discussion will be moderated (at least in first seminar) • Seminars will be recorded and archived • Please participate – it will enhance the experience for all.
Office Hours and Contact Information • Asynchronous Hours • Virtual Office • Daily on weekdays and once on weekends • Synchronous Hours • AIM (AOL Internet Messaging) • 6PM- 10PM (EST)– Wednesday • AIM Screen Name = DrRRowlett@aol.com • Other Means of Contact: • E-Mail = email@example.com • Phone: Email date, time (time zone), and a phone number to schedule a phone conference.
Key Elements of the Syllabus • Description of this Course • Week 1 & 2 Requirements (Assignments due 3/11-Week 1 and 3/15-Week 2) • Late Assignments • Plagiarism
Overview of this Course • Description of this Course • This senior-level course builds on the concepts of all the courses taken within the program of study. • The Capstone Course provides graduating students with an opportunity to integrate their previous coursework in a meaningful review of their learning and to assess their level of mastery of the stated outcomes of their degree program.
Overview of this Course (continued) • Course Outcomes • Evaluate information management, planning and control in business environments • Analyze organizational processes and procedures in a variety of business settings • Synthesize appropriate principles, concepts, and frameworks for making ethical decisions • Assess the roles that structure, management, and leadership play in organizational performance • Evaluate how economics, government and law affect value creation in the global context
Overview of this Course (continued) • Textbook Information • This course does not require a new textbook (you are encouraged to utilize textbooks and notes from your previous courses, but this is not mandatory). You should also expect to perform research both in Kaplan's online library and on the Web to complete the Units and projects. Completing the research will be largely left up to you, but your instructor will be able to help you pinpoint useful sources. • Course Reserves • There are several Course Reserve readings available for this course
Week 1 Requirements • Discussion • Please provide original response to each DQ no later than Saturday (only 1 DQ in Week 1). • Provide 2 other substantive participation posts for each DQ on 2 separate days. • Week 1 Assignment • The assignment is due Friday, 3/11 – this assignment will build toward your final project for this course.
Late Assignments • Please contact me before the due date • The Late Assignment Policy allows for assignment extensions when there are appropriate extenuating circumstances if you communicate with me 24 hours BEFORE the assignment deadline. • The Late Assignment Policy does NOT allow for assignment extensions if you communicate with me AFTER the assignment deadline. • Without communication 24 hours BEFORE the assignment due date and a review of extenuating circumstances, this is the Late Assignment Policy. • Up to one week (1-7 calendar days) late 20% deduction in points. • After one week (8-14 calendar days) late 30% deduction in points. • No work will be accepted more than two (2) weeks after the due date.
Plagiarism • Per the syllabus, plagiarism is defined as • "Using another person’s words, ideas, or results without giving proper credit to that person, giving the impression that it is a student’s own work" (Kaplan University Policy on Plagiarism, 2005, p. 1). Presenting your own previously submitted work as new is also considered plagiarism. Please note that plagiarism does not have to be intentional on the writer’s part. You can also contact the Writing Center or me for additional support. • Turnitin.com • Please be aware that I will submit student assignments to a plagiarism service to which Kaplan University has subscribed. • Turnitin.com provides a precise and accurate review of sources and citations. Please do not put yourself, or me, in the position of needing to submit you for plagiarism review.
Navigating the Classroom • Assignments • You might be confused about where to find the assignment/project descriptions for this class (due to a recent course revision). • To access the assignment description for each week: • Click on the Unit Header on the left side (e.g., Unit 1) • On the page that pops up, you will see several items listed at the top and bottom of the page. On the bottom of the page, you will see "Introductions", "Reading", "Discussion", "Seminar", and "Assignment". • You will see that the assignment is a 4-5 page project where you will identify your business (that you will use for your final project) • Click on this icon to bring up a new page with a description of the assignment. • You will access all assignments/projects the same way.
Unit 1 • Business Strategy & Strategic Thinking • Assessing Strategic Capabilities • Key Elements of a Strategic Plan • Integrating Branding with Business Plans • New Hybrid Business Models • Global Corporate Social Responsibility • Case Study Analysis • Preview of Final Project • Describe the type of business you will research, develop, and organize for your final project
Key Elements of a Strategic Plan • Communication Strategy • Planning Task Force • Vision Statement • Mission Statement • Values • Goals • Objectives • Tasks • Implementation Plans • Monitoring the Strategic Plan Strategic Consultant Partners. (2007). Ten key elements to strategic planning. Retrieved from http://yourstrategicconsultant.com/ten_key_planning.php
Key Elements (continued) • Discussion • Are any of these elements more important than the others? • What happens when an organization’s implementation plan (including operations and projects) are out of alignment with its strategic plan? • Should a strategic plan be static or dynamic?
Assessing Strategic Capabilities • Areas to Consider • Resources • Financial • Human • Equipment/Machinery • Intangible • Operations (include Supply Chain) • Quality of Product and/or Services • Core Competencies
Achieving Competitive Advantage • CTQs (Critical To Quality Items) • Cost, Time, Quality • Tools (e.g., SWOT Analysis, PDCA Cycle) • Benchmarking • Partnerships • Co-opetition (Brandenburger & Nalebuff, 1996) • Developing a Capacity to Deal with Change (Pieters & Young, 2000) • External Environment • Internal Base • Managing for Change • Continuous Learning • Continuous Improvement Brandenburger, A. M., & Nalebuff, B. J. (1996). Co-opetition. New York: Doubleday. Pieters, G. R., & Young, D. W. (2000). The ever-changing organization: Creating the capacity for continuous change, learning, and improvement. Boca Raton, FL: St. Lucie Press.
Keeping Up with the Dow Jones’s • Making Change Work for You • Kotter’s 8-Step Model for Change (Kotter & Rathgeber, 2005) • Set the Stage • Step 1: Create a sense of urgency • Step 2: Pull together the guiding team • Decide What To Do • Step 3: Develop the change vision and strategy • Make It Happen • Step 4: Communicate for understanding and buy-in • Step 5: Empower others to act • Step 6: Produce short-term wins • Step 7: Don’t let up • Make It Stick • Step 8: Create a new culture Kotter, J. P., & Rathgeber, H. (2005). Our iceberg is melting: Changing and succeeding under any conditions. Boston: Harvard Business School Press.
Integrating Branding w/ Business Plans • Advantages of such a business model. • Potential disadvantages of such a business model. • Other considerations to take into account. • What about extremely large corporations that have businesses across multiple industries? • How can this benefit a small company (or the company you are going to create for this course)? Uggla, H., & Filipsson, D. (2009). Business and brand strategy: A framework for integration. ICFAI Journal of Business Strategy, 6(2), 27-42
Hybrid Business Models and Global Corporate Social Responsibility • Recent Trends in Business Models • Global Corporate Social Responsibility • Clean Energy Economy and Businesses • Denver International Airport • Google’s RechargeIT project (http://www.google.org/rec.html) • Renewed Commitment to Community Service • My Company’s Example • What other forms of Global Corporate Social Responsibility exist?
Case Study Analysis • Mack & PC • There has been some great discussion on this so far. • Good example of how a good idea can go wrong. • Keep their issues in mind when thinking about your organization for your final project.
Final Project • Final Project • Please download the Final Project Template from Doc Sharing. • Also, at the top of the Unit 1 Home Page, please click on the “Extra Extra” tab to review the timeline for your final project. • Remember that your Week 1 Assignment (and the company you choose to create) will be used throughout this class to build your final project. • Please visit the following website for some examples (samples) of business plans • http://www.bplans.com/sample_business_plans.cfm
Contents • Role of Marketing • Market Research (including Benchmarking) • Different Types of Marketing Campaigns • Macro/Micro Marketing (Levels of Marketing) • Key Elements for a Successful Marketing Campaign • Marketing Mix (4 P’s of Marketing) • Product • Price • Place • Promotion
Contents (continued) • Customer Relationship Marketing (CRM) • Developing a Positive Customer Experience • Branding Campaigns • Top Brands • Ethics in Marketing • Benefits • Criticisms • Marketing and You
Role of Marketing • What is the Role of Marketing? • To develop a relationship with customers that is positive and beneficial to both the customer and the company. • What is the Desired Outcome? • For-Profit Organizations • To create revenue (and profits) for an organization. • Not-For-Profit Organizations • To attract customers to support (and/or utilize) the organization’s mission. Know This LLC. (2010). The role of marketing. Retrieved from http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/role-of-marketing/
Market Research (include Benchmarking) • Marketing is more than just advertising • Research can be both Quantitative and Qualitative • Research is used to: • Determine customer needs (Whether B2B or B2C) • Create or improve products/services • Determine effective Marketing campaigns • Benchmarking for Success • You need to offer a product/service that is superior to (or at least competitive with) your competitors’ products/services. • Therefore, you need to benchmark: • Competitors’ Products/Services • Competitor Processes (including supply chains) • Industry Best Practices
Different Types of Marketing Campaigns • Television • Radio • Print • Newspapers / Magazines • Billboards / Benches / Bus Stops / etc. • internet • Direct Mail • Online • Pay Per Click • Banner Advertising • Email Marketing • Organic Search • Generating Publicity Resource Nation, Inc. (2010). Guide to different types of marketing. Retrieved from http://www.resourcenation.com/article/guide-different-types-marketing
Macro/Micro Marketing • To What Level are you going to market • Local • Statewide • Regional • National • Global
Key Elements of Successful Marketing Campaigns • Know your Customer (your target audience) • Thoroughly Analyze your data • Be Creative • You need to stick out to be noticed • Response Capturing • Analyze and Improve Note: The information here is identified for direct marketing campaigns but can apply to all types of marketing campaigns. AllBusiness.com. (2010). Five key elements of a successful direct marketing campaign. Retrieved from http://www.allbusiness.com/marketing-advertising/marketing-advertising/11417626-1.html
Marketing Mix (4 P’s of Marketing) • Marketing Mix • Parameters the marketing manager can control, subject to the external and internal constraints of the marketing environment • Goal is to make decisions regarding the 4 P’s that will create perceived value and generate desired results • 4 P’s • Product • Price • Place (distribution) • Promotion NetMBA.com. (2007). The marketing mix: The 4P’s of marketing. Retrieved from http://www.netmba.com/marketing/mix/
4 P’s (Product) • Product • Product refers to the tangible products (and/or services) of a company • Product Decisions include: • Brand Name • Functionality • Styling • Quality • Safety • Packaging • Repairs and Support • Warranty • Accessories and Services NetMBA.com. (2007). The marketing mix: The 4P’s of marketing. Retrieved from http://www.netmba.com/marketing/mix/
4 P’s (Price) • Price Decisions include: • Pricing strategy (determining margins) • Suggested retail price • Volume discounts and wholesale pricing • Cash and early payment discounts • Seasonal Pricing • Bundling • Price Flexibility • Price Discrimination (selling at different prices to different customers even though costs are the same) NetMBA.com. (2007). The marketing mix: The 4P’s of marketing. Retrieved from http://www.netmba.com/marketing/mix/
4 P’s (Place) • Place (Distribution) • Getting the product to the customer • Place (Distribution) Decisions include: • Distribution channels • Market Coverage (inclusive, selective, exclusive) • Specific channel members • Inventory management • Warehousing • Distribution centers • Order processing • Transportation • Reverse logistics (remanufacturing / refurbishing) NetMBA.com. (2007). The marketing mix: The 4P’s of marketing. Retrieved from http://www.netmba.com/marketing/mix/
4 P’s (Promotion) • Promotion (Marketing) • Communication of information about the product/service designed to generate a positive customer response • Promotion (Marketing) Decisions include: • Promotional strategy (push, pull, etc.) • Advertising • Personal selling & sales force • Sales promotions • Public relations & publicity • Marketing communications budget NetMBA.com. (2007). The marketing mix: The 4P’s of marketing. Retrieved from http://www.netmba.com/marketing/mix/
Customer Relationship Management (CRM) • Definition • Strategies within an organization to attract new customers and retain current customers (generating repeat business) • Online Example: • Amazon.com
Developing a Positive Customer Experience • 3 D’s of Customer Experience • Design the right products and services (and offers) to the customers • Deliver value to the customer by focusing the entire company on this goal • Develop the capabilities to deliver the positive experience again and again • Problems with a negative customer experience • Bad publicity • Power of word of mouth • Customer Experience Manager (or Customer Relationship Manager)
Branding Campaigns • Designed to develop: • Brand recognition • Get people to know your brand name – they may not buy or need your product, but word of mouth can create other customers • Brand loyalty • Get a customer and keep that customer. • This can span generations of a family or friends • Gaining New Customers vs. building Customer (Brand Loyalty)
Top Brands of 2009 (Globally) • Coca Cola • IBM • Microsoft • GE • Nokia • McDonalds • Google • Toyota • Intel • Disney • Biggest Gainer = Amazon • 43 (2009) / 58 (2008) • Biggest Loser = UBS (Switzerland - Wealth Mgmt. / Investment Banking) • 72 (2009) / 41 (2008) Bloomberg L.P. (2009). 100 best global brands. Retrieved from http://bwnt.businessweek.com/interactive_reports/best_global_brands_2009/
Ethics in Marketing (Benefits) • Social Benefits: • Develop products that meet customer needs, including products that enhance quality of life • Create a competitive environment that helps lower product prices • Develop product distribution systems that offer access to products to a large number of customers and many geographic regions • Build demand for products that require organizations to expand their labor force • Offer techniques that have the ability to convey messages that change societal behavior in a positive way (e.g., anti-smoking advertising) Know This LLC. (2010). The role of marketing. Retrieved from http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/role-of-marketing/
Ethics in Marketing (Criticism) • Criticism of Marketing: • Encourages people to buy something they don’t need • Embellishes product claims/capabilities • Discrimination in customer selection • Adds to environmental waste (non-biodegradable products/packaging) • Encroaches on rights to privacy (Amazon.com’s CRM model) • Do Marketers have a Social Responsibility? Know This LLC. (2010). The role of marketing. Retrieved from http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/criticisms-part-1/ Know This LLC. (2010). The role of marketing. Retrieved from http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/criticisms-part-2/ Know This LLC. (2010). The role of marketing. Retrieved from http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/criticisms-part-3/
Marketing and You • Thoughts on the role of marketing • Super Bowl Ads • Have become almost as popular as the Super Bowl itself • Are any of the 4 P’s (product, price, place, promotion) more important than the others? • Your Own Customer Experiences (positive or negative) • CRM – Ethical or Not? • Anything else that you want to share . . .