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Strategic Marketing Lecture Notes
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Lecture notes from the course strategic marketing EBM081C05
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Strategic MarketingEBM081C05
,Table of Contents
Lecture 1 2
Lecture 2 8
Lecture 3 16
Lecture 4 23
Lecture 5 33
1
,Lecture 1
Resources: Assets & Capabilities
Resource-based view (RBV) of competitive advantage
● Management of strategic capability is central for achieving competitive advantage
○ Importance of building on core competencies to gain competitive advantage
Basic questions
● What are our strengths and weaknesses?
○ Overall
○ But also relative to competitors (continuous comparison) → most important
● What is your resource base?
○ Skills and processes in which you excel
○ Ability to produce next generation products or services
● What are your exploitable marketing assets?
○ Current
○ Potential
○ Emphasis on those with a defensible uniqueness
Marketing Resources
Marketing Capabilities ←→ Marketing assets
● Capabilities - the processes that deploy the assets to create a competitive advantage
● Assets- resource endowments the firm has built or acquired over time
How to use the assets to create competitive advantage in the best possible way?
Marketing Assets
● Resource endowments the firm has built or acquired over time
● 4 main types
○ Customer based assets - e.g. loyal customers
○ Supply chain assets - having consistent supply
○ Internal marketing support assets - colleagues within
○ Alliance based marketing assets - having connections with other agencies
Marketing capabilities
● Enable a firm to build sustainable relationships with its customers
● Different capabilities
○ Advertising, promotion and selling
○ Pricing and tendering
○ Product and service management
○ Distribution and logistics
Increasing market complexity
● Development such as:
2
, ○ Increasing number and types of media
○ Empowered customers
○ Data availability
● Requires
○ Vigilant marketing learning
○ Early warning systems
○ Adaptive market experimentation
○ Targeted experiments
○ Open marketing (networks of partners)
Due to the changing nature of marketing you have to switch to dynamic & adaptive marketing
capabilities
Adaptive marketing capabilities → the processes that allow for the anticipation of new
developments and rapid reconfiguration of activities (outside in, anticipate and respond)
(experiential learning)
Dynamic marketing capabilities → the process that create new assets or capabilities to help
sustain the competitive advantage (inside out, effectiveness)
The business environment
The macro-environment
(PESTEL analysis)
● Political
● Economic
● Social (& cultural)
● Technological
● Environmental legal
● Allows for numerous factors to be
distinguished and listed
● Opportunities and threats
● Focus on key driving factors of change:
○ High impact factors likely affect significantly the success or failure of strategy
○ Must be addressed with priority
○ Many other changes will depend on these key drivers
How to deal with this? → Scenario Analysis
● High levels of uncertainty associated with rapid change
3
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