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Strategic Marketing - Summary Lectures&Articles
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ContentsLecture 1 Basics of Strategic Marketing.................................................................................................1
Lecture Summary:..............................................................................................................................1
Montgomery Reasoning about competitive reactions: Evidence from Executives..........................17
Rust - Getting Return on Quality: Revenue Expansion, Cost Reduction, or Both?...........................26
Lecture 2 STP.......................................................................................................................................32
Lecture Summary:............................................................................................................................32
Wedel - Is segmentation history?....................................................................................................46
Lecture 3 Marketing Mix......................................................................................................................48
Lecture Summary:............................................................................................................................48
Attaman - The Long-Term Effect of Marketing Strategy on Brand Sales..........................................65
Heskett - Putting the service-profit chain to work...........................................................................71
Lecture 4 Omnichannel Metrics...........................................................................................................76
Lecture summary.............................................................................................................................76
Leone - Measuring brand strategy: can brand equity and brand score be a tool to measure the
effectiveness of strategy?................................................................................................................96
Morgan - Brand portfolio strategy and Firm Performance............................................................103
Srinivasan - Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions.........111
Lecture 5 Interfaces, role, future of Marketing..................................................................................121
Lecture Summary...........................................................................................................................121
Verhoef - Understanding the Marketing Department’s influence within the firm.........................138
Rust - The future of marketing.......................................................................................................150
Lecture 1 Basics of Strategic Marketing
Lecture Summary:
Internal Factors
,Resources: assets & capabilities
Resource-based view (RBV) of competitive advantage
o Management of strategic capability is central for achieving competitive advantage
Importance of building on core competencies to gain competitive advantage
Emerged early 1990s
Basic questions
o What are your strengths and weaknesses?
Overall
Vis-à-vis the competition
Perhaps even more important
The absolute level of your performance is less important than your relative
performance to your competitors
Relevant strengths and weaknesses are more important
o What is your resource base?
Skills and processes in which you excel
Ability to produce next generation of products or services
o What are your exploitable marketing assets?
Current
Potential
Emphasis on those with a defensible uniqueness
Marketing resources
Marketing assets:
o Resource endowments the firm has built or acquired over time
o 4 main types
Customer-based assets
Supply chain assets: consistent supply at right quality and right amount
, Internal marketing support assets: good colleagues which provide you
with useful insights to implement in your strategy
Alliance-based marketing assets: Outsourced: The stuff you don’t do
yourselves, but good contact with communication agencies who help
you to connect with customers
Marketing capabilities
Marketing capabilities enable a firm to build sustainable relationships with customers
o Advertising, promotion and selling.
o Pricing and Tendering:
Charge the right price, that appeals to the customer while still giving
sufficient margins. Tendering is that if you buy products from a supplier
that you get a good price there
o Product and service management
What the customer is actually looking for
o Distribution and logistics:
Should be available at what channel whatso ever.
Which capability has strongest impact on performance?
Meta-analytical results
R&D and Operations capabilities have a lower impact on business
performance than Marketing capabilities
Not always holds
Disentangling profits
What is driving profits?
o Revenue growth and margin growth as the two primary components of profit
growth
o
, o Marketing capabilities influence both revenue growth and margin growth, although
CRM capabilities and brand management have opposing effects
Brand management vs CRM spending
o
o Dip in marketing spending in corona crisis
Increasing market complexity
Developments such as:
o increasing number and types of media,
o empowered customers, and
o data availability
requires
o ‘vigilant market learning’ (alertness, curiousness); early warning systems;
o adaptive market experimentation; small, targeted experiments; “failures have a
therapeutic role”; and
o ‘open marketing’ (networks of partners).
Is easier in the online world nowadays.
Dynamic & adaptive marketing capabilities
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