strategic marketing key learnings revb
TRANSCRIPT
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Strategic Marketing
Management
Key Learnings
Syndicate Meetings
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Part 1- Marketing Dilemmas
Sections 1 -6
Summaries Evolution of marketingthe move from Producer market power
to Customer Market Power
Influence of technology
Access to knowledge of the consumer
Commoditized products
Introduction of service culture to differentiate
(Marketing Evolution ModelFigure 1.1) pg 11
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Section 1
Figure 1.2 production sales and marketing orientations
To understand this, need to ask the question about your
organisation strategy (Table 1.2) pg 20:Market driverled by the market
Market drivingleading the market
Section 2
Identify the difference between value as percieved by thecustomer and that which is created by the organisation
- Customer-perceived value (Figure 2.1) affect positive or
negative perceptions of value
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Figure 2.2 Value constellation
Value Chainopportunity in each stage of value chain
to add value
Ethical decision-making model Figure 2.4
Consideration moral awareness, moral judgement,
ethical (Org culture; Individual views)
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Section 3 Role of marketing for Product and Service
B2B and B2C
Relationships between supplier & customer
Tangible vs Intangible Section 4
Stakeholder Approach
Figure 4.3 (six market domains)different views of relationshipmarketing; all serve to create value
Table 4.1Situations where relationship marketing may not beappropriate
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Section 5 (Strategy and Tactics) Figure 5.1Hierarchy of Strategies
What strategy does organization implement?link marketingstrategy to Org strategy.
Strategyis a longer term view
Tactical / Operational approachshort term specific actionstaken to operationalise the strategy; may adjust in light of whatcompetition does.changes in marketing mix 4ps (product,price, place, promotion)
ANSOFF Matrix p92 to 96 Kotler textbook
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Section 6All about the Marketing Plan
Figure 6.1 Marketing Planning Cyclelink to own organisationprocess
Structure of the marketing plan
- Figure (6.2) Generic Strategies organisations follow
- Cost leadership
- Differentiation
- Focus
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Structure of marketing plan
AnalysisCorp Strategy PESLIED
Key Issues
SWOT
O. ??
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Marketing Strategy
BCG Matrix
Segmentation
ANSOFF (Product Positioning) Porters Model
ExecutionTactical / Operational
Marketing Mix (7 p)
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Part 2Value Exploration
Sections 7 - 10
Section 7Market research methods (Microenvironment &
Macroenvironment) Fg7.1 & 7.2 and gathering
Figure 7.3
Choose methods used to gather information
Reduce risk in decision making processMarketing Information System (MIS) Figure 7.4
Section 8Market Insight Table 8.1 Micro (Checklist) / Table 8.2 (Macro) PESTLEID
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Section 9 B2C
Internal Factors: Figure 9.2Consumer Decision-makingmodel pg.107 - 110
External factors: Culture/Social/Family
Situation & LifestyleVALS Model (Figure 9.3)
Internal CognitionsPsychological factors
B2B
Figure 9.6
Figure 9.8transactional-relational continuum
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Section 10 Competitor Insight
Recognise the importance of and relevance of competitor
- Table 10.1 - Understand the types of competition
- Analysis using Porters or PESTLEID (Table combining the twoFigure 10.1)
- Key Learning: help understand position in market, inputs intomarketing strategic tools, establish value
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Detailed analysis of immediate competitors (Figure 10.2)
Understand Competition from market point view(other orgs in similar important)
Understand customer point of view (other org
providing same goods & services) Process to gather intelligence of competitors
Good practice to do benchmarking
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Part 3Value Creation
Section 11 - 16
Section 11 Segmentation Analysisdividing market into distinctive groups (specific
needs, characteristics and behaviours)which require different valueofferings
Geographic
Demographical
Psychographical
Behaviour
Product orientation and market orientation view
Benefits based segmentationcustomers perception of value;approach is to determine whether organisations ability to deliver on thatvalue
Targetingfocusing efforts on customer you idenditified as mostprofitable; involves learning values, needs, wants. And focusingefforts to satisfy these consumersSWOT used to fit strengths etc..tothese segments. Evaluate segments with BCG Matrix, ANSOFF, GEand Porters
Positioningthe unique place that your product/service or organisationhas in the mind of the consumer reltive to competition
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Section 12Brand Management Effectively position and build strong brand presence in the
market
Apply theories to develop and manage an effective brandportfolio
Brand is a valuable asset to org
Need to distinguish between brand and productgoodmix of marketing activities
How does our brand add value to our product/service
(Figure 12.1)
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Brand building
Establish some level brand loyalty
Brand ManagementEstablish RelationshipsConsumption
ExperienceBrand Loyalty
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Section 13 Process of Innovation and new product development
Innovation is in context a processnew product development an ouput
Innovation ultimately drives economic growth
Competitive Impact - Disruptive Innovation Theory: Low-end and New-
market Classification of technology innovationFigure 13.2
Service innovation frameworkFigure 13.3: enables organisations tocreate discontinuous new services and create new markets rather thanincrementally improve existing oneswhere your novelty of your orgexists
Figure 13.1is it new to the market or new to the companydegree ofnovelty
Process of New Product Development (NPD)
Best known models for NPDLinear or relay race (pg 169)
Trott (2005) Snowball modelknowledge developed over time used inNPD
Portfolio Managementhow to manage organisations portfolio
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Section 14Pricing
Role of pricing impacts: Sales volume & market share
Demand
Signals quality
Affects the lunch of new products
Key concepts of pricing (Table 14.1)
Pricing strategy 8 step process Pg 181183
4 types of central pricing strategies
Price skimming Price leadership
Penetration
Follow the leader
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Section 15: Channel management
Its focus is the means by which the good meet the endcustomer
Channel network performs 4 key functions Demand generation
Demand fulfillment
After-sales service
Information or market feedback
Analysis of your value chain (fig 15.1) fit needs to alignwith your channel strategy selection (fig 15.2)Factors to consider when selecting a channel a channel
(pg 190) Conventional ( e.g. tiger brand) & Vertical marketing
(e.g. Woolworths) channel compared (Fig 15.3)
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Section 16: Integrated Marketing (IMC)
5 strategic dimension of a successful IMC
approach (Pg 198)
The aim is understand how & why consumers
respond to some marketing communicationsmessages more positively than others
(consistent marketing communication)
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Section 17: relationship management
A long term (existing) relationship consumersare more profitable than finding new consumers
Transaction VS relationships marketing table
17.1 Fig 17.3 identification of key group or (6 market
network diagram) segments: Establish whereyou are in your existing relationships & where
you want to be. Fig 17.6 customer management model
4 sub process for CRM Fig 17.7 PG 218 - 220
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Section 18: Managing customer service
SERVQUAL: Mechanism to measure intangiblevariables of service
Fig 18.1 service quality gap model
Section 19: Engaging People (fig 19.1 PG 230service profit chain model) Employeesatisfaction has a positive effect on customersatisfaction and revenue
Dependent on the role of leadership to driveemployee satisfaction in terms of e.g. Charisma,contingent reward (pg: 231)
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Section 20: Managing key accounts
B2B: The problem is that every account is
a key/strategic account (Max/optimal of
20-30 accounts per firm). Focus on their
large accounts.
The biggest revenue earners are not
necessary your biggest clients
Key attributes of a successful KAM(Pg
238)
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Section 21: Value based marketing
evaluation
Use of ROI to review impact on marketing
activities & decisions Fig 21.1 PG 246
SECTION 22: Customer lifetime value (CLV):
Monetary value of customer lifetime value focus
on long term considerations rather than short
term profits (focus for marketing activities).RFM technique
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Section 23: Marketing Metrics
Table 23.1 PG 253
Table 23.2 PG 253
Key metrics to use PG 255259ROMI: e.g. how a marketing campaign
builds brand equity, therefore linked to
superior market performance