MSOL Student Handbook V22a

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Student HandbookThe Alfred H. Heineken Chaired Professor of Marketing INSEAD

Jean-Claude Larrch

The Claude Janssen Chaired Professor of Business Administration and Professor of Marketing INSEAD

Hubert Gatignon

Partner, Director of R&D STRATX International

Rmi Triolet

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Publisher: STRATX International

Production: Coptech, Inc., Woburn, Massachusetts

Cover Design: Synergy Network, Waltham, Massachusetts

Marketing Team - Americas: Paul Ritmo, Andra Hernandez Patricia Huber

Marketing Team - Europe, Middle-East, Asia, Africa Stphanie Zanon, Development Team - Rmi Triolet, Aurlien Dauvergne, Annie Houde, Copyright 2003 by Jean-Claude Larrch, Hubert Gatignon MARKSTRAT is a registered trademark of STRATX International ALL RIGHTS RESERVED Software 2003 by STRATX International Christophe Pottier

No part of this book may be reproduced in any form, electronic or mechanical, without the prior permission of the publisher. PURCHASE OF USED BOOKS

Used books should not be purchased or sold. Each Student Handbook comes with a unique serial number that is to be used by the person who purchased the book only. If the registration card in the back of this book has been tampered with, return the book because you will not be able to use the serial number ISBN# 0-9743063-0-4

Edited 2009

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ContentsIntroduction _________________________________________________________ vii Questions and Technical Support ______________________________________ ix About STRATX _________________________________________________________ xi

1. Registration and Software Setup _____________________ 11.1 1.2 1.3 The Registration Process _______________________________________ 1 Downloading and Installing the Team Software __________________ 3

The PRACTICE Industry _________________________________________ 5

2. The Interface Menu ________________________________ 72.1 2.2 2.3 Markstrat Online Overview ______________________________________ 8 Opening a Markstrat Online Session _____________________________ 9 Closing a Markstrat Online Session _____________________________ 13

3. Overview of the MARKSTRAT World _________________ 173.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 Your Role _____________________________________________________ 17 Overview of the MARKSTRAT World ____________________________ 17 Sonite Products _______________________________________________ 18 Vodite Products _______________________________________________ 19 Naming Conventions __________________________________________ 21 Vodite Customers _____________________________________________ 23

Sonite Customers _____________________________________________ 21 Distribution Channels _________________________________________ 23

4. Managing Your Firm ______________________________ 274.1 4.2 4.3 4.4 4.5 4.6 Production ____________________________________________________ 28 Communication _______________________________________________ 30 Pricing ________________________________________________________ 29 Sales Force ____________________________________________________ 31 Research & Development ______________________________________ 32 iii

Ordering Market Research Studies _____________________________ 31

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Marketing Budget _____________________________________________ 33

5. Understanding Your Annual Report _________________ 355.1 5.2 5.3 Industry Newsletter ___________________________________________ 35 Company Report ______________________________________________ 36 Market Research Studies _______________________________________ 41

6. Making Decisions ________________________________ 456.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 The Simulation Process ________________________________________ 45 Group Dynamics ______________________________________________ 45 Markstrat Online Main Screen __________________________________ 46

Brand Portfolio Decisions ______________________________________ 47 Production, Price & Advertising ________________________________ 49 Market Research Studies _______________________________________ 52 Research & Development ______________________________________ 54

Sales Force and Distribution ___________________________________ 53 Checking your Decisions ______________________________________ 56

6.10 Validating your decisions with the Marketing Plan Tool__________ 59

7. Positioning and Research & Development ____________ 677.1 7.2 7.3 7.4 7.5 Semantic Scales & Multidimensional Scaling ____________________ 67 Positioning with Advertising ___________________________________ 74 Positioning through Research & Development __________________ 75 Research & Development ______________________________________ 77 Repositioning Strategies _______________________________________ 72

8. Sample Decision Form ____________________________ 83 9. Sample Annual Report ____________________________ 879.1 9.2 9.3 Newsletter ____________________________________________________ 88 Company Report ______________________________________________ 93 Market Research Studies ______________________________________ 102

10. Frequently Asked Questions ________________________ 117 Administration ___________________________________ 118iv

Data Transfer ___________________________________ 120 Research & Development ___________________________ 123 Manufacturing __________________________________ 124 Errors and Warnings _____________________________ 124 Default Decisions _______________________________ 125 Technical ______________________________________ 125

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Table of IllustrationsFigure 1 Sample Markstrat Online ID card ____________________________________ 2 Figure 2 Markstrat Online overview __________________________________________ 9 Figure 3 Open session assistant Source selection __________________________ 11 Figure 5 Open session assistant Industry and team selection _______________ 13 Figure 4 Open session assistant Authentication ____________________________ 12 Figure 6 Close session assistant Target selection __________________________ 14 Figure 7 Sonite main physical characteristics ________________________________ 19 Figure 8 A typical list of marketed brands ___________________________________ 20 Figure 10 Inventory and production plan versus market demand _____________ 28 Figure 9 Vodite main physical characteristics________________________________ 20 Figure 11 From retail price to unit contribution _____________________________ 30

Figure 12 Available market research studies ________________________________ 32

Figure 13 Company results Company performance ________________________ 38 Figure 14 Brand results Brand Contributions_______________________________ 39 Figure 15 R&D Project list ________________________________________________ 40 Figure 17 Brand Portfolio decision screen ___________________________________ 48 Figure 19 Market Research Study decision screen ___________________________ 52

Figure 16 Markstrat Online Main Screen _____________________________________ 47 Figure 18 Production, Price & Advertising decision screen ___________________ 50 Figure 20 Sales Force and Distribution decision screen ______________________ 54 Figure 21 Research & Development decision screen _________________________ 55 Figure 23 Decisions Brand management summary _________________________ 57 Figure 22 Decisions Overall marketing budget _____________________________ 57 Figure 24 Decisions Research and development summary __________________ 58 Figure 25 Decisions Errors & Warnings ____________________________________ 58 Figure 26 Semantic scales study: Ideal values and brand perceptions _________ 69 Figure 27 Relationship between attributes and semantic scales ______________ 70 Figure 28 Perceptual map __________________________________________________ 72 Figure 29 Relationship between attributes and MDS perceptions _____________ 72 Figure 30 Interface with R&D department ___________________________________ 81 vi

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IntroductionMarkstrat Online is the latest version of the MARKSTRAT simulation. The original MARKSTRAT simulation was developed more than twenty years ago by JeanClaude Larrch, Alfred H. Heineken Professor of Marketing at INSEAD, and Hubert Administration and Professor of Marketing at INSEAD. Used in combination with Gatignon, The Claude Janssen Chaired Professor of Business

traditional training methods such as conceptual sessions or case studies,

Markstrat Online is a highly effective tool to learn strategic marketing concepts, such as brand portfolio strategy or segmentation and positioning strategy, as well as operational marketing. Similar to a flight simulator, this marketing simulation allows students and managers to practice new skills in an intensive time frame and in a risk-free environment before trying them out in their real business environment.

The mathematical model of MARKSTRAT, MARKSTRAT3 and Markstrat Online is based on solid theoretical foundations, and the underlying formulas have been number of students and executives from many universities and organizations. extensively tested. These simulations have been used to successfully train a large

You and your team will be given a company and product portfolio to manage in a required but it is important to prepare by reading this handbook prior to putting your team at a competitive disadvantage!

dynamic and interactive environment. No previous computer experience is beginning your course. If you do not read it carefully, you will run the risk of

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Questions & Technical SupportWe have done our best to make this manual as clear and complete as possible. But the Markstrat On