- have understood fundamental strategic marketing concepts,
- be able to use essential marketing tools such as perceptual maps as well as conjoint, regression, and portfolio analysis,
- know how to balance between long‐term versus short‐term objectives,
- have prepared a strategic marketing plan, appreciating the challenges involved in implementing this plan,
- have analyzed consumer needs, attitudes, and decision strategies whilst relating consumer behavior knowledge to marketing programs.
- communicate their insights into consumer behavior that lead to strategic decisions to third parties,
- work effectively in a team setting, make decisions under conditions of uncertainty and time constraints.
- understand better the decision-making heuristics and thought processes of marketing managers.
For the individual appointments, compulsory attendance is mandatory! In the case of an absence of three or more hours, a negative overall assessment is to be expected. Compensation work is not planned!
The course is taught using a blend of interactive lectures, reading assignments, and the computer simulated marketing strategy game Markstrat. It emphasizes learning-by-doing with the objective that students internalize rather than memorize marketing strategy related issues, concepts, and tools related to STP marketing and new product design.
The Markstrat challenge involves a substantial amount of work in teams. The strategic marketing planning teams are competing with each other for the long-term success of their companies. As the game lasts over eight planning periods (years), the teams need to adopt a strategic perspective on their marketing decisions because a focus on short-term gains (quick wins) may counteract the long run success. Here you are also expected to learn how to present persuasive oral and written reports. Parallel to the decisions per simulation period the teams are also required to deliver reports and critical reflections on their strategic choices. If written assignments are requested, they need to be submitted via the learn@wu plattform within the indicated deadline (see timetable below). Preparation and active participation in team work and class discussions is essential to the course and will be part of the grading.
Grading of this course is based on the following components: exam (20%), initial report - strategy memo (15%), Markstrat performance (15%), final presentation (20%), discussant during final presentation (10%), and final report - key learnings (20%).
The percentages will be used to arrive at a weighted final grade percentage. To successfully pass this course, your weighted final grade needs to exceed 60%.
This course is designed for students of the WU Master's Program (MSc) in Marketing. Admittance to the program is a prerequisite for successful participation of the course.
This course is part of the portfolio of elective courses of the Master of Science in Marketing program at WU. The course imparts in-depth knowledge in one or multiple selected specialized fields of marketing. The course builds on a strong foundation in marketing knowledge and skills which students acquire during the first year of WU's MSc Marketing program (this first year comprises 62.5 ECTS credits in total).
For MSc Marketing students, the successful completion of the following courses is a prerequisite for the admission to this elective course:
- Customer-Centric Management (7.5 ECTS)
- Consumer and Buyer Behavior (5 ECTS)
- Marketing Research Design and Analysis (7.5 ECTS)
Additionally, MSc Marketing students are prepared for this elective course by taking courses in the following fields during their first year:
- Global Marketing Strategy (5 ECTS)
- Marketing Communications (7.5 ECTS)
- New Product Development and Brand Management (7.5 ECTS)
- Marketing Engineering and Marketing Models (5 ECTS)
- Marketing Metrics and Performance Measurement (5 ECTS)
Moreover, this elective course builds on 45 ECTS credits in business administration which students had completed in order to be admitted to WU's MSc Marketing program.