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ALL Knowledge Clips and questions Marketing Strategy
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ALL the knowledge clips in one document, including the questions discussed in the lectures.
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KNOWLEDGE CLIPS MARKETING STRATEGY 2022Taught by: Nico Schauern
Table of Contents
Knowledge clip 1: The playing field...................................................................................................................... 2
Questions knowledge clip 1: The playing field...........................................................................................................6
Knowledge clip 2: Price leadership...................................................................................................................... 7
Questions knowledge clip 2: Price leadership..........................................................................................................13
Knowledge clip 3: Quality leadership................................................................................................................. 14
Questions knowledge clip 3: Quality leadership......................................................................................................16
Knowledge clip 4: Hybrid strategies................................................................................................................... 17
Knowledge clip 5: Time leadership..................................................................................................................... 18
Questions knowledge clip 5: Time leadership..........................................................................................................23
Knowledge clip 6: Ethics.................................................................................................................................... 24
Knowledge clip 7: The rules of the game............................................................................................................ 27
Knowledge clip 8: The rules of the game............................................................................................................ 28
Questions knowledge clip 7: The rules of the game & 8: The value proposition.....................................................31
1
,Knowledge clip 1: The playing field
Marketing strategy has 3 clusters of decisions: the playing field, the behavior of the players and
the game.
The playing field:
1) Definition of the relevant
market
2) Market segmentation
Definition of relevant market
The playing field = where to compete
pick what you are good at. The market you compete on is not set in stone. You have a choice.
You can define your relevant market very narrow or very wide track competition, track
potential customers and react to developments.
Where to compete? The right answer of market depends on:
- Subjective substitutability between products
1) This is out of the firm’s hand; it depends on the customers.
2) Look at price features.
- Where the company makes the cut, is the product still relevant?
1) This depends on who you view as a close competitor.
2
, 2) It is a strategic marketing decision. Watch closely, react to their reactions and
match up to your potential market.
Approaches to define your relevant market
C-PE:
Price
changes,
look at the
prices.
SSNIP:
Loyal
customers.
Market segmentation
The whole market market segmentation reduce homogeneity heterogeneity
Market reaction measurement – Customer segmentation
Segmentation: identification of customer groups that respond differently from other groups to
competitive offers. A segmentation strategy couples the identified segments with a (specific)
program to deliver an offering to those segments.
Customer segmentation: marketers cannot satisfy everyone in a market start by dividing the
markets into segments. Identify and profile distinct groups of buyers who might prefer or require
varying products.
There doesn’t Everyone
have to be very gets their
much own product
segmentation messages,
when the product/ customer,
service is a service, etc.
groundbreaking
innovation, it is
something that
3
, everyone wants to have.
Dilemma the most important
segmentations are the most difficult to
measure and target.
Benefits segmentation:
- Assess customer preferences/benefits and additionally also other (easy to observe)
variables such as age, sex, etc.
- Define clusters of customers based on preferences/benefits (e.g., through cluster
analysis).
- Describe clusters based on preferences (identify attributes (preferences/benefits) that are
important) and additional variables (understand customer groups to define segment-
specific strategies.
different clusters might need different approaches.
Competitor segmentation
Can make the market gap obvious and define most important competitors.
Mobility barriers between strategic groups
- Inhibit or prevent businesses from entering or moving from one strategic group to
another.
- Influence profit potential.
Examples: brand reputation, product quality, manufacturing knowledge, customer base.
Strategic groups: identify current and potential future competitors (e.g., through resource-based
concept).
Strategic group: the group of firms in an industry following the same or a similar strategy along
the strategic dimensions.
- Similar competitive strategy (distribution channels,
communication strategy).
4
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