Master Meetings

16.05.2023

Market System Dynamics

How do markets emerge and change? The standard economics answer points to the emergence and change of demand and supply. This generic answer is not essentially wrong. Its only problem is that it does not address the questions that really matter: of where the ‘preferences’ driving demand and supply come from and why they change. These questions, in turn, have long been the focus of economic sociology, organizational theory, sociology of consumption and more recently, marketing scholarship on market dynamics. These approaches analyse market actors as social agents, whose ‘preferences’ and motivations are shaped by cultural and social structures – organizations, institutions, groups and society. They explain market emergence and change as socio-cultural processes, unfolding through struggles and negotiations across different social groups, ideas and practices.

This course introduces students, first, to key theoretical approaches in the field, covering theories that address the organizational side (e.g. institutionalism, field theory) and the consumer side (e.g. practice theory, theories of taste) of market dynamics, as well as recent developments that bring these two sides of the market together (e.g. performativity, inter-disciplinary market studies and the market system dynamics approach). Second, through its practical elements of case discussions and a group project, the course equips students with the skills to carry out socio-cultural analysis of market dynamics.

Quantitative Marketing Research and Statistical Data Analysis

Marketing professionals rely on information gathered through marketing research to determine the course of action of a marketing plan. Leveraging upon research to know more about customers, consumers, and citizens is crucial for effective marketing decisions. In the first part of this course (“Quantitative Marketing Research”), students will learn how to be smart producers and consumers of information, when it comes to marketing research. They will also learn to be more effective marketing decision makers. The course is organized interactively, with lectures, in-class exercises, group and individual assignments.

In the second part (“Statistical Data Analysis”), the course will address market research data interpretation based-upon quantitative data and techniques. The course will familiarise participants with statistical data analysis - the art of examining, summarising and drawing conclusions from data. This includes the organisation of a coherent database and its use to produce statistical summaries and inference. Statistical software is essential in this respect. While building on students’ prior knowledge of introductory level statistics, such as frequency, distribution and correlation, the course will introduce new topics, including hypothesis testing on means, percentage and regression, multiple regression, logistic regression, factor analysis and cluster analysis.