This course is a rigorous examination of the key analytical frameworks, technical tools, and concepts that are essential in building an effective marketing strategy. Peter Drucker, the father of business consulting once famously remarked, "Because the purpose of business is to create a customer, the business enterprise has two--and only two--basic functions: marketing and innovation." In today's highly competitive business environment these words ring even more true: a well-designed marketing strategy can make all the difference between success and failure in the marketplace.

While marketing is commonly associated with consumer goods companies (e.g., Unilever) it would be myopic to restrict the relevance of marketing to such instances alone. Marketing, ultimately, is about understanding and shaping behavior. Accordingly, banks and other financial institutions, as well as governmental, medical, and not-for-profit organizations--from those that design and sell financial products, to those that implement public policy (e.g., those dedicated to reducing drunk driving, increasing literacy, and encouraging safe contraception), have all found that a well-thought out marketing strategy can be a critical arbiter of success even in this "ideas marketplace."

This course combines LSE's premier standing in the social sciences with cutting-edge management practices. By using a wide range of quantitative as well as qualitative methods, interactive lectures, videos, hands-on exercises, and case studies, we will share key analytical frameworks and tools that are essential to a good marketing strategy. The aim is to develop an analytical tool-kit that will be applicable to a wide range of industries and functions.

COURSE BENEFITS

In five intensive days, we will discuss and apply the core analytical frameworks and tools found in most marketing MBA programs. In particular, we will look at the following:

• Customer Analysis: We begin by looking at how customers make decisions, acquaint ourselves with models that capture and predict their decisions, as well as understand when these models break down.

• Customer Lifetime Value (CLV): The presence of a customer, in itself, is not the end goal of a business; it is the "value" that the customer brings in that matters more. We therefore proceed by looking at CLV analysis, which is a valuation technique widely used by organizations in their marketing planning, and in valuations during mergers and acquisitions.

• Segmenting, Targeting, & Positioning: Critical to most successful marketing efforts is a clear understanding of (a) segmenting (i.e., the task of clustering customers into homogenous sub-groups), (b) targeting (i.e., the task of evaluating which segments to approach), and (c) positioning (i.e., the task of developing a unique image for the firm's offering).

• Marketing Research: Integral to customer analysis, segmentation, targeting, and positioning, is a thorough understanding of marketing research. To that end, we survey some essential qualitative and quantitative methods of marketing research.

• Pricing: We look at methods of setting a price, how prices vary over the life of a product, and behavioral pricing effects (e.g., factors that determine if customers perceive a price to be "fair").

• New Product Decisions: We acquaint ourselves with the steps involved in developing a new product and the analytical techniques that help in increasing the likelihood of success of the new product (e.g., Conjoint analysis, Simulated Test Marketing, and the Bass Diffusion model).

• Managing Existing Products: We also look at common analytical tools used to manage existing products and the inevitable trade-offs between growth and customer satisfaction/brand equity.

• Distribution Channels: We go through the major factors to be considered when deciding how a product is distributed and made available to customers.

• Promotion decisions: Finally, we look at how to effectively promote a product, service, or idea. This involves looking at qualitative and quantitative frameworks that apply to both traditional media (e.g., TV, radio, etc.) and new media (e.g., Internet advertising, Buzz Marketing, etc.).

The course is intended to be beneficial for executives across an organization (in engineering, R&D, operations, finance, product development, accounting, sales, public relations, and other areas), managers who are assuming marketing responsibilities for the first time, as well as managers already in a marketing capacity but without significant formal education in this discipline.