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SMM course notes
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Course notes of SMM course
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MANAGEMENT DECISION MAKINGAccumulate organizational knowledge
Key concepts
Explicit knowledge
Tacit knowledge
Single-loop learning (adaptive learning)
Double-loop learning (generative learning)
Learning process
Information acquisition
o Exploitation
o Exploration
Information dissemination
o Formal
o Informal
Information shared interpretation (conflict resolution)
Information utilization (behavioral change)
o Action oriented
o Knowledge-enhanced
o Affective use
Culture
Market orientation
Entrepreneurship
Climate
Facilitate leadership
Organic structure
Decentralized strategic planning
Get help
Marketing management support systems (MMSS)
Marketing problem-solving modes (MPSM)
Optimizing (MMSS)
Reasoning
Analogizing
Creating
Be responsive
Business cycles (recession)
Impact on consumer behavior
Impact on managerial behavior
Impact on marketing effectiveness
Competition
Game theory
Implementation intentions
Goal intentions
Implementation intentions
Think and decide rationally
Rational decision making
Cognitive biases
o Self-interested bias
, o Affect heuristic
o Groupthink
o Saliency bias
o Confirmation bias (dissonance theory)
o Availability bias
o Anchoring bias
o Halo effect
o Sunk cost
o Overconfidence
o Disaster neglect (minimax regret)
o Loss aversion
Questions that decision makers should ask themselves
Questions that decision makers should ask the team making recommendations
Questions focused on evaluating the proposal
INNOVATION
Strategic options
Pioneer vs early follower strategy
Contingency perspectives (innovator strategy, imitator strategy)
Product vs process innovation
Breakthrough vs incremental innovation
Innovation typology (newness of technology, customer need fulfillment) (waves of innovation)
Innovation development
Idea generation
In house R&D development
o Firm size
o Willingness to cannibalize
o Market power
o Organizational culture
Outsourcing NPD
o Minority equity participation (high technological uncertainty)
o Prior tie selection (high cultural uncertainty)
Co-developing with consumers
Idea selection
Innovation commercialization
Consumer innovativeness and adoption
Consumer characteristics
Innovation characteristics
Distribution (role of retailers)
Diffusion
Product life cycle
ONLINE MARKETING STRATEGY
Multi-channel marketing vs omni-channel marketing
Impact of digital on the marketing mix
Product
o Augmentation of core product with digital services
o Renting products instead of buying
o Products/services becoming digital
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