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Strategic Marketing ManagementIntroduction Lesson
Why is Rolex known more than the other watch brands? They have a strong marketing strategy.
A good Marketing Strategy:
- Distinctive (different from comparators and not easy to copy)
- Coherent (they have a lot of different pieces that fit together)
- Dynamic
To create a sustainable competitive advantages
Strategic Marketing Decisions
Long-term holistic decisions concerning the future directions for the organizations
- Entail major resources commitments spread over long periods
- Impact over longer time periods
- Result in a distinguishable competitive advantage
- Irreversible or difficult to reverse
- Entails tradeoffs
- Made in the context of other strategic decisions (interdependencies)
- Made at a higher level of the organization
Tactical decisions are the opposite of this. More short-term to execute the strategic directions within
the firm: filling the marketing mix of the individual product or brand to realize the company strategic
goals.
Example 1: setting up a loyalty program – British Airlines
People who are flying with British Airlines: Upper class, Business people
Some benefits:
- Access to business lounges
- Priority boarding
- Dedicated contact number
- Free seat selection at bookings
- Member only offers
Other examples of strategic marketing decisions
,The Marketing Strategy Domain in 2022
Lecture 2: Strategic Social Responsibility – Guest Lecture Ronald
Social Responsibility = maatschappelijke verantwoordelijkheid
Global Challenges
What is the issue here? All those people on the planet will require a living: food, healthcare, water.
This results in some challenges. We will need the resources of 3 planets by 2050!
Global challenges are complex and interdependent. The COVID crises made thing worse…
- More inequality!
- Gender Parity
- Inequality between countries
➔ Governments lending a lot of money to support economy
➔ In NL more than 80 billion euros to support the economy
➔ Global challenges: isn’t their a bigger threat coming up?
➔ We all focus on short term (covid crisis: health economy) but their might be bigger things!
,The UN Sustainable Development Goals
= set of goals → practical framework: it this framework only relevant for governments?
The purpose of organizations have been in debate in a lot of time.
- Social responsibility → need money/profit → but increasingly we see that stakeholder
kapitalism is going to a revival. Don’t only focus on shareholders.
- Focus on all stakeholders (customers, emplyees, suppliers)! Don’t define value creating only
as maximization of your profit.
- A lot of company’s have a big (positive but also negative) impact on the environment.
o Working conditions
o Human rights not respected
o Are you only responsible for what happens in your company? Or also for everything
in the value chain!
Redefining the “purpose” of corporations
- There is more and more debate around the need to redefine the purpose of the corporation
- The Business Roundtable* (2019) issued a statement on the “the purpose of corporations”
From focus on shareholders → To an inclusive approach to customers, employees, suppliers,
communities, and shareholders
- “We should be there to embrace inclusive approach” You see that companies are
increasingly living up to these.
- The redefined purpose represents a significant shirt from the BRT’s previous statements, first
authored in 1997, that the purpose of the company is solely to maximize shareholder return
- New business concepts are required to create and lead purposeful businesses
Companies are increasingly living up to these. “Purpose” is not yet uniquely defined, there are a lot
of different views → Danone, Novartis, DSM, BASF, MOVAlex → all different purposes
You see that companies are embracing the concept by Michael Porter.
- Danone, Novartis, DSM, BASF, MOVAlex → all different purposes
, “Creating Shared Value”
Creating shared value: moving beyond philanthropy and corporate social responsibility. Companies
want the acceptance in the society. CSR goes beyond that: ethical standards etc. but still has a lot to
do with creating financial return on the short term + protect reputation. Creating shared value is
being innovative, in doing so you dive in to a new field of opportunity! It’s about balance:
shareholders + stakeholders
Next to traditional business, new types of entrepreneurs emerge aligned with the Value Spectrum:
Probably that middle square of
"purpose driven business", at least
for the carpet one. Danone getting
certified as a "B-corp" is about as
far as you can go to the left of that
figure while still making profit.
- Right = traditional business: financial value putted first
- Charities = all about creating social value
- New players entering to claim own position → social enterprise
Interface example
- Carpet waste is enormous
- Change this model into another system → recycled or disposed in ecological way
- Started small → turned in a very big company
- Innovation, entrepreneurship, relevant for society, huge opportunity!
Danone example
- Danone visited Bangladesh
- Yogurt sold via agents: they get a commission for it
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