Major Module Selected Issues in Marketing
Lecture with integrated practical (14266.0104)
Become an entrepreneur and test your business skills! The aim of this course is to learn how to make strategic business decisions in a team. Using a strategic marketing simulation game you will develop, execute, and refine marketing strategies over eight simulated rounds each lasting a week in real time. You will create a portfolio of brands and products to target segments based upon their needs, market potential, price sensitivity and the competitive pressures in the market. You will launch your new products to the market and manage the entire product life cycle, from introduction to growth to maturity by setting prices and promoting and distributing your brand portfolio. You will also learn the essentials of internet and social media marketing.To get the knowledge you need, you will need to conduct literature analyses and apply the knowledge from the literature to the business simulation. After three rounds and at the end (after all eight rounds) you will present your decisions including the reasoning and marketing theory behind them as well as an outlook on what you are planning to do next. Your grade will not only depend on your team’s performance in the market but also on how well you apply the theory covered in the lecture.
Basic knowledge in Marketing (recommended)
At the end of this course you should be able to make successful strategic business decisions with a focus on marketing decisions for your brand and to react to changes in the market.
You should be able to:
- transfer knowledge from the literature to an applied setting
- develop of a brand portfolio based upon analyzing information about your target segment
- set prices, promote and distribute your portfolio of brands
- make use of internet and social media marketing strategies
- create a global expansion strategy based on market potential, costs, and available resources
- manage your resources in the face of dynamic market conditions
- plan current period expenses based upon projected sales and planned marketing activities