The Course: - Columbia Business School
A syllabus for New Elective Course for EMBAs.Professor Joseph T. PlummerThe Value of Brand and Customer Equity in M&A (6 week course)The Course:Some sources estimate the intangible asset value of the Fortune 500 is as high as 60% of total market capitalization. Intangible assets can be intellectual property like patents, trademarks, brands, and contractual relationships. Some often include customer lists or customer loyalty as assets. Others suggest that management/high pro?le leaders or special talents can be considered intangible assets. These intangible assets values are often created via smart marketing.In the past 10 years or so ?rms specializing in measuring or calculating brand value have emerged from a small niche practice to mainstream research or consulting ?rms reported regularly in the business press and often utilized in investment banking transactions. For example, Inter brand. Brand valuations rankings are reported annually by The Financial Times.Finally, many people who have studied the failures that happen with major mergers or acquisitions point to a “Clash of Cultures” and a failure to achieve desired synergies – the classic hope of 1+1=3. These factors of the importance of intangible assets like brands the value of customers, and the blend (or lack of blending) of cultures brands play a major role in creating successful transactions alone with the usual ?nancial consideration such as balance strength, cash ?ow, EBITA track record and pro- forma forecast of a merged entity.The objective of this course will be to examine in some depth over the six-week course the role that marketing concepts and tools can play to improve the strategy and due diligence process in creating a successful merger or acquisition. Simple concepts like market share, brand awareness, and strength of customer loyalty can inform the buyer in meaningful ways about the potential for the future as well as current reality beyond revenue and pro?t results. A company that is losing market share in a growing category is not very attractive if the overall goal of the transaction/acquisition is future growth even if the target company is pro?table.The course will also examine more complex and “softer” marketing concepts around the idea of brand equity or brand value. This can be for single brands or for a portfolio of brands.The course will also attempt to have application for large as well as mid-sized M & A e?orts.Often the large transactions gather the general and business press headline but the majority of transactions in any given year are mid-sized transactions.The course assignments will be one short paper and four case studies (Colgate,Marvel-Disney; In-Bev: AB, Brita-Clorox) that students will write up as well as discuss in class. Class participation will also be an important element of the ?nal grade.One section of each of the six classes will have an outside speaker from investment banking or the marketing discipline.There will not be a textbook, but instead the course will rely on a series of articles, chapters from books and journal publications. One possibility to be explored as background is the new book (2017) Capitalists Arise! By Peter Georgescu and the possibility of the author speaking to the class as the book o?ers an enlightened perspective on the limitations complications of a myopic focus on shareholder value.About the Professor: Professor Plummer has been an adjunct professor of marketing at the Columbia Business School since 2003. He is currently an advisor to Media Advisory Partners, a boutique- investment banking partnership in New York. Professor Plummer was also a Managing Director at Paine Webber/Y & R Ventures in 1988 and 1999. The majority of Dr. Plummer’s career was with major global advertising agencies Leo Burne`. Y & R, DMB & B, and McCann Worldgroup. Professor Plummer is also currently a senior advisor to Olson Zaltman, a deep dive consulting and research ?rm with major clients such as Kimbery-Clark, Pepsico, Miller-Coors, Yum Brands, Whirlpool and Liberty Mutual. Finally, Professor Plummer has consulted with a wide range of start-ups in the media and market research industries. Dr. Plummer has a BA degree from Westminster College and an MA and PhD degrees from The Ohio State University. The professor was a founding director of MASB, an association committed to the integration of marketing and ?nance.Course Objectives:The course will help non-marketing students see the value of combining marketing concepts and tools to investment banking ?nance skills.The course will help marketing student see an expanded or new role for marketing concepts, tools and experience to M & A activity by the ?rm.The course will highlight the value of “Holistic thinking” and/or “pattern recognition” in major strategic investments or decisions companies confront on the path of growth.Gain are in-depth appreciation of speci?c tools such as (1) brand valuation, (2) positioning, and (3) archetypes.Connection to the Core at Columbia Business SchoolLeadership Development1. Importance of marketing in strategy2. Need to bring marketing sales expertise together with ?nancial skillsDecision Models1. Use of research in key decisions2. Value of pattern recognition (connecting the dots) in decisions related to M & A.Managerial Economics1. The approach to intangible assets such as brand valuationFocus on the goals of the M & A strategyEvaluation of outcomes as well as inputs/?nancial metrics.Managing Marketing Programs1. Appreciation for the crucial value of marketing inM&A.2. Realization by marketers of the integration of ?nance with marketing.Assignments:Case Write-up of AB/Inbev (Week 2)Case write up of acquisition of Brita by Clorox (Week 3)Case write up of the Colgate global strategy (Week 4)Case write up of acquisition of Marvel by Disney (Week 6)Method of Evaluation:Written case study analysis of 4 casesDiscussion of case studies in classClass participation beyond case discussionShort Written PaperCourse Schedule: - The Value of Brand Equity and Customer Franchise in M&A StrategySession 1: Framework for Partnership: A) High Intangible asset Valuation, B) Expansion of Stakeholders C) Shift to Customer empowerment.Part 1: Example of Sunstar-Going GlobalPart 2: Expanding to Stakeholders from singular focus or shareholder returnsGuest Speaker, Peter Georgescu, author of “Capitalists Arise” Session 2: Part 1: Brand discussion of AB/Inbev case (paper due)Part 2: Strategic M&A Goals and Brand Customer EquityA).Valuation framework History & Application Guest Speaker: Joanna Seddon, Ogilvy Red ConsultingSession 3: Part 1: Discussion of Brita by Clorox Case Study-Paper DuePart 2: Brand equity measured and comparison of brand valuation servicesSession 4: Marketing Concepts and Tools for Due Diligence1. Market research in due diligence before the o?er: Setting the goals and speci?c targets- expand current business, enter new business, acquire new technology and/pr talent. 2. Discussion of Colgate global strategy- Paper due 3. Guest Speaker Jim Figura- Cloud 9 consulting, former global VP, Colgate and EVP Richardson Vicks Session 5: The Value of Insights and Customer Franchise in AcquisitionValue of customer equity and need to understand strategic role-enhance current base, engage new customers Role of “positioning” for successful transactions Guest speaker: Mark Holdreith, founder of Media Advisory PartnersSession 6: The Importance of Culture in a Successful Merger-JV or AcquisitionThe application value of talent and of company culture types developed by Desponder of HBS.Application of Jung Archetypes to cultural ?t or cultural clash.Readings for Course“Value of Brand & Customers Equity in M&A” Professor Joe PlummerSession 1:“Shareholder Value gets Lean & Mean”, Chapter 5 in Capitalist Arise! By Peter Georgescu, 2017. HYPERLINK "" “The Knotty Problem of Brand Valuation” Whitepaper for MASB by Neil Bendle, Ivey Business School,Western University”“Brand Value, Accounting Standards and M&A”. Roger Sinclair and Kevin Keller, Journal of Brand Management, 2017Session 2:“Brand Equity From a Systems Dynamics & Decision-Making Perspective”, Nazier Ahmed, SDG. 1998 “Brand Keys Loyality Leaders List 2017”, Brand Keys Press Release, 2018.“The Discovery-Scripps Merger: What’s wrong with this picture?” , 8/2/17 Adam Buckman.“Measuring Brand Equity Across Products and Markets", Building Strong Brands, David Aaker, 1996AB/InbevSession 3:“The Roots of Organic Growth: McKinsey Company Whitepaper 8/12/17 by Liz Segel and Jesko Perrey.“The Metrics Imperative: Making Marketing Matter”, Donald Lehmann and David Reibstein, Marketing Metric and Financial Performance, MSI, 2006 (Reading Folder)“Measuring Marketing”, McKinsey Quarterly, 2009The Brita Products CompanySession 4:“Brand Personality Research Goes on Line” Joseph Plummer and Ping-y: Lee, ESOMAR paper, 2004. (Reading Folder) “Think Emotional Identity”, Emotional Branding, Marc Gobe, 2003 (Reading Folder)Colgate Global StrategySession 5:“CoCreation: Harvesting the Unconscious Mind to Create Value for Business and Society”, Rotman Magazine, 2011“Creating Blue Oceans” Chapter 1 in Blue Ocean Strategy 2006. Chan Kim and Renee Mauborgne. “A Voyage to New Frontiers”, How Customers Think, Gerald Zaltman, 2003 (Reading Folder).“How Adaptive Managers Think”, Adaptive Enterprise, Stephan Haeckel, 2016 (Reading Folder)“Networks Have Big Advantages”, The Network Imperative Libert, Beck, Wind, 2016 (Reading Folder)Session 6:“Archetypes and Corporate Culture” Chapter 5 in Heroes and Outlaws; 2005. Margaret Mark and Carol Pearson. (Reading folder)“Marketing Strategy and Organizational Culture” Journal of Marketing Management; 1999 Thomas Backer, Jon Nawes. Marvel By Disney (Reading folder) ................
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