strategic marketing key learnings revb

8/12/2019 Strategic Marketing Key Learnings RevB

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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. ??

----------

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

strategic marketing key learnings revb

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