Marketing Engineering

Singapore University of Social Sciences

Marketing Engineering (MKT552)

Synopsis

The objective of MKT552 Marketing Engineering is to demonstrate students the benefits of using a systematic and analytical approach to marketing decision-making, and to build their skills and confidence in undertaking such analyses in decision making process. An analytical approach will enable the students to acquire research techniques that provide more detailed insights into customer behaviour. The students will learn how to link changes in marketing activities of the firm to alter customer behaviour and to assign a monetary value to these shifts in customer behaviour. By completing this course, the students will be well on their way to make the ROI case for marketing expenditures that companies are increasingly asking of their executives. The course is designed for students who have extensive understanding of marketing research and marketing principles, and who know or are prepared to learn to use statistical software such as MEXL. Using market related exercises tied to computer based software; students will develop marketing plans in varying decision contexts.

Level: 5
Credit Units: 5
Presentation Pattern: EVERY JULY

Topics

Consumer utility maximization
Choice decision and market share
Consumer choice and multinomial logit model (MNL)
New product development
Conjoint Analysis
Customer segmentation and cluster analysis
New product diffusion
Bass model
Customer lifetime value
Valuation of current customer base
Markov Chain Monte Carlo model (MCMC)
Customer relationship management

Learning Outcome

Develop demand and market share analysis based on consumer utility maximization.
Evaluate and create a product profile that fulfil management goal.
Analyse and profile different consumer segments.
Compare and choose different consumer segments to target.
Explain the trend and make a prediction of the new product diffusion in defined duration.
Assess the value of a current customer base and design targeted marketing for individual consumers.
Apply systematic approach to assist managerial decision making.
Develop a marketing plan with proper ROI of the marketing expenditure.
Formulate a marketing intelligence report with data and market evidences.