SYLLABUS COURSE Syracuse University
Entrepreneurial Marketing EEE 682 Class Meets: 7 - 9:45 p.m. Room C102 Wednesday evenings Spring 2005 Dr. Michael Morris Office: SOM 215 Phone: [phone] E-mail: [e-mail] Office Hours: M, 9-11 and T, Th 2-4 and by appointment (gladly!)
Pre-requisites: Admittance to MBA Program Course Overview: A new form of marketing is emerging. Recent years have witnessed the use of such terms as subversive marketing, disruptive marketing, radical marketing, guerrilla marketing, viral marketing, and expeditionary marketing. Each reflects an alternative approach to conventional marketing. This course represents an attempt to bring together these perspectives by providing an integrative framework called entrepreneurial marketing (EM). With EM, marketing is approached not as a set of tools (a technology) for facilitating transactions or responding to change, but as a vehicle for fundamentally redefining products and markets in ways that produce sustainable competitive advantage. EM represents a strategic type of marketing built around six core elements: innovation, calculated risk-taking, resource leveraging, strategic flexibility, customer intensity, and the creation of industry change. A continuum is involved, where marketing efforts can be less entrepreneurial or more. Conditions in the firms external environment drive the need for entrepreneurial marketing (turbulence, discontinuities, rapid changes in technology, economics, etc.), while organizational factors can hinder or facilitate the firm's ability to demonstrate high levels of EM. Further, it is argued that organizations "cycle" back and forth between periods of entrepreneurial marketing (creating the future) and periods of more traditional marketing (managing the present). During the former, major new directions are taken in terms of new products, markets and marketing processes. During the latter, the focus is more on penetration of existing products and markets and the achievement of higher levels of marketing efficiency. Further, EM manifests itself in different ways as organizations evolve through stages of development. In this course, we will explore how marketing and entrepreneurship affect and are affected by one another. We will examine concepts from each of these two areas to determine how they apply to, and how they can aid the practice of, the other. Attention will be devoted to understanding why marketers resist entrepreneurship as well as the common mistakes entrepreneurs make when it comes to marketing. The distinct challenges confronting marketers in entrepreneurial ventures will be reviewed, and a number of approaches for addressing these challenges will be identified. Implications will be drawn from the latest trends in marketing and in entrepreneurship. A number of hands-on cases will be used to assess real world problems at the marketing-entrepreneurship interface. Students will either conduct a marketing audit of an entrepreneurial venture or create marketing inventions for existing businesses.
Course Objectives: Upon completion of this course, students should be able to: Recognize the fundamental changes taking place in markets and marketing today, and draw implications for companies large and small; Define how marketing can be an entrepreneurial activity within organizations; Apply the concepts of risk analysis and risk-taking to marketing decisions; Identify entrepreneurial opportunities from the emerging trends occurring in marketing practice around the world; Identify the role of marketing in each stage of the entrepreneurial process; Understand the roles of networking and resource leveraging in entrepreneurial ventures, and ways that marketing can facilitate both of these activities; Develop inexpensive yet reliable and valid approaches to identifying customer needs and conducting market research for entrepreneurial concepts; Apply entrepreneurial thinking to market segmentation and targeting decisions; Demonstrate entrepreneurial approaches to formulating product, price, promotional and distribution strategies and action programs; Identify ways in which marketing inputs can enhance the new product/service development process; Design creative approaches to marketing communications under conditions of severe resource limitations;
Textbooks (all required):
1) L. Lodish, H.L. Morgan and A. Kalianpur, (2001), Entrepreneurial Marketing: Lessons from
Whartons Pioneering MBA Course, New York: Wiley.
2) S. Hall And G. Rifkin (1999), Radical Marketing, New York: HarperCollins.
3) Case Packet available at Orange Bookstore Student Evaluation (see also note below regarding extra credit): Class participation/contribution Case presentation** Mid-term examination* Final examination* Marketing inventions or audit*** 10% 20% 20% 25% 25% 100%
*The midterm and final examinations will be long-answer essay tests in which students must demonstrate a) their understanding of the key frameworks, perspectives, concepts, ideas and tools introduced in the course, b) their ability to relate these frameworks, perspectives, concepts, ideas, and tools to one another, and c) their ability to creatively apply these frameworks, perspectives,
concepts, ideas, and tools in differing contexts. The midterm will cover material from the first half of the course, while the final will cover the second half of the course. Study questions will be provided prior to both the midterm and the final. **The case presentation is an oral group presentation. Students will form into groups, and each group will present one case. All cases are in the course pack, and specific cases are presented on the date indicated in the Assignments section below. An outline to guide your case presentation will be provided in class. ***Students working in teams of three must either do an entrepreneurial marketing audit of an existing firm or must put together a set of five marketing inventions. For the audit, students must critique in detail all of the operations marketing and activities of a firm from an entrepreneurial vantage point. A set of issues to be addressed in the audit will be provided in class. With the inventions, each invention must be for a particular real-world business. Inventions do not have to all be for different businesses, but at least two different businesses must be represented among the five inventions each student team comes up with. An invention will be defined as a truly unique and innovative approach to one element of the marketing mix. Thus, it could be a totally new approach to pricing or a completely different method for distribution. Each team must come up with inventions for at least three of the four elements of the marketing mix. A detailed explanation, justification and implementation plan must be put together for each invention. It should include costs and the estimated impact of the invention. Extra Credit: Students can earn up to 5 points on their course grade for completing a detailed critique (not a summary) of one of a set of books. You will be provided with a list of acceptable titles. A set of questions that must be addressed in the critique will be handed out in class. Attendance Policy: Attendance is required. Your contribution is an important part of the learning experience gained by each of your peers. Absence means you are taking away from the class dynamic and evolving culture of the class. You are allowed a maximum of two unexcused absences. Missing more than this total will mean the forfeiture of your class participation grade. Course Format: The learning method will involve a mix of interactive lectures, class discussions, and case presentations. The emphasis will be on developing an understanding of key concepts at the marketing and entrepreneurship interface and applying them in a wide variety of contexts. Students are expected to come to class prepared and to make a contribution to the discussions that occur in the classroom. Contributions include asking questions, answering questions, providing examples from your own life experiences and your other courses, expressing opinions, taking positions, disagreeing with points made by the instructor or your peers, and so forth.
Course Schedule and Assignments: Key: RM: Radical Marketing EM: Entrepreneurial Marketing R: reading/case packet
The new marketing: 21st century conceptualizations of the marketing function; The changing role of marketing in organizations; Emerging trends in marketing; What are guerrilla and entrepreneurial marketing? Unique aspects of marketing in entrepreneurial ventures; The role of marketing in entrepreneurship; The role of entrepreneurship in marketing; Read: RM, Introduction and Chapter 1, EM, Chapter 2 Case One: Howard Head and Prince Linking marketing orientation to entrepreneurial orientation; Marketing as an entrepreneurial activity; Why marketers resist innovation; Sinking and missing the boat: marketing and risk; Marketing and resource leveraging; From mass marketing to relationship marketing to one-to-one marketing; From transaction to partnerships; From sales to customer equity; Read: Read RM, Chapter 2, EM Chapter 11 Case Two: IceDelights (written hand-in)
Week One
Week Two
Week Three
The entrepreneurial customer; Innovation diffusion and the window of opportunity: innovators, laggards and the rest; Crossing the chasm; Leading customers rather than following them; Other perspectives on the buyer and the segment: standardizing while customizing; Managing relationships; Read: RM, Chapter 3 (The Grateful Dead) and EM, Chapter 13 Case Three: Eastwind Trading Com...