A summary of all the chapters covered in the Strategic Marketing course, MSc Management, VUB, . Book: Strategic Market Management - Global Perspectives - David A. Aaker Damien McLoughlin
SUMMARY STRATEGIC MARKETING
MASTER MANAGEMENT
VUB
David A. Aaker
Damien McLouglin
Strategic Market Management – Global Perspectives – First Edition
February 2017
Matthijs Delgijer
Table of content
Chapter 1 – Strategic Market Management: An Introduction and Overview......................................3
INTRODUCTION..................................................................................................................................3
WHAT IS A BUSINESS STRATEGY?.......................................................................................................4
1. THE PRODUCT MARKET INVESTMENT STRATEGY (WHERE TO COMPETE)..................................5
2. THE CUSTOMER VALUE PROPOSITION (HOW TO COMPETE)......................................................6
3. STRATEGIC MARKET MANAGEMENT..............................................................................................7
4. MARKETING AND ITS ROLE IN STRATEGY.......................................................................................8
KEY LEARNINGS..................................................................................................................................8
Chapter 2 –Customer Analysis...........................................................................................................9
KEY LEARNING OBJECTIVES................................................................................................................9
1.EXTERNAL ANALYSIS........................................................................................................................9
2. WHEN SHOULD AN EXTERNAL ANALYSIS BE CONDUCTED?..........................................................10
KEY LEARNINGS................................................................................................................................14
Chapter 3 – Competitor Analysis......................................................................................................15
IDENTIFYING COMPETITORS – CUSTOMER-BASED APPROACHES.....................................................15
IDENTIFYING COMPETITORS – STRATEGIC GROUPS.........................................................................15
POTENTIAL COMPETITORS...............................................................................................................16
Competitor Analysis – Understanding Competitors..........................................................................16
Chapter 4 – Market/submarket Analysis..........................................................................................18
EMERGING SUBMARKETS................................................................................................................19
ACTUAL AND POTENTIAL MARKET OR SUBMARKET SIZE.................................................................19
MARKET AND SUBMARKET GROWTH..............................................................................................19
MARKET AND SUBMARKET PROFITABILITY ANALYSIS.......................................................................20
COST STRUCTURE.............................................................................................................................21
DISTRIBUTION SYSTEMS...................................................................................................................21
MARKET TRENDS..............................................................................................................................22
KEY SUCCESS FACTORS.....................................................................................................................22
RISKS IN HIGH-GROWTH MARKETS..................................................................................................22
KEY LEARNINGS................................................................................................................................23
CHAPTER 5 – ENVIRONMENTAL ANALYSIS AND STRATEGIC UNCERTAINTY.......................................23
, KEY LEARNING OBJECTIVES..............................................................................................................23
1.TECHNOLOGY TRENDS...................................................................................................................24
CONSUMER TRENDS........................................................................................................................25
GOVERNMENT/ECONOMIC TRENDS................................................................................................26
DEALING WITH STRATEGIC UNCERTAINTY........................................................................................26
IMPACT ANALYSIS – ASSESSING THE IMPACT OF STRATEGIC UNCERTAINTIES..................................27
SCENARIO ANALYSIS.........................................................................................................................28
Key Learnings...................................................................................................................................28
Chapter 6 – Internal Analysis...........................................................................................................29
FINANCIAL PERFORMANCE – SALES AND PROFITABILITY.................................................................29
LECTURE POWERPOINT SLIDES ON FINANCIAL ASPECTS OF MARKETING MANAGEMENT...............30
PERFORMANCE MEASUREMENT – BEYOND PROFITABILITY.............................................................33
STRENGTHS AND WEAKNESSES........................................................................................................34
THREATS AND OPPORTUNITIES........................................................................................................34
FROM ANALYSIS TO STRATEGY.........................................................................................................34
KEY LEARNINGS................................................................................................................................35
Chapter 7 – Creating advantage, synergy, and commitment versus opportunism versus adaptability
........................................................................................................................................................35
KEY LEARNING OBJECTIVES..............................................................................................................35
THE SUSTAINABLE COMPETITIVE ADVANTAGE.................................................................................36
THE ROLE OF SYNERGY.....................................................................................................................38
STRATEGIC COMMITMENT, OPPORTUNISM, AND ADAPTABILITY.....................................................39
KEY LEARNINGS................................................................................................................................40
Chapter 8 – Alternative Value Propositions......................................................................................41
Key learning objectives.....................................................................................................................41
BUSINESS STRATEGY CHALLENGES...................................................................................................41
ALTERNATIVE VALUE PROPOSITIONS................................................................................................42
SUPERIOR QUALITY..........................................................................................................................44
VALUE...............................................................................................................................................45
KEY LEARNINGS................................................................................................................................46
Chapter 9 – Building and Management Brand Equity.......................................................................46
KEY LEARNING OBJECTIVES..............................................................................................................47
BRAND AWARENESS.........................................................................................................................47
BRAND LOYALTY...............................................................................................................................48
BRAND ASSOCIATIONS.....................................................................................................................48
BRAND IDENTITY..............................................................................................................................49
CHAPTER 10 – ENERGYZING THE BUSINESS......................................................................................53
INNOVATING THE OFFERING............................................................................................................54
ENERGIZE THE BRAND AND MARKETING.........................................................................................55
INCREASING THE USAGE OF EXISTING CUSTOMERS.........................................................................56
CHAPTER 11 – LEVERAGING THE BUSINESS......................................................................................56
WHICH ASSETS AND COMPETENCIES CAN BE LEVERAGED?.............................................................57
BRAND EXTENSIONS........................................................................................................................57
NEW MARKETS.................................................................................................................................58
EVALUATING BUSINESS LEVERAGING OPTIONS................................................................................59
CHAPTER 12 – CREATING NEW BUSINESS.........................................................................................59
THE NEW BUSINESS.........................................................................................................................60
THE INNOVATOR’S ADVANTAGE.......................................................................................................62
2
, CREATING NEW BUSINESS ARENAS..................................................................................................63
FROM IDEAS TO MARKET.................................................................................................................64
CHAPTER 13 - GLOBAL STRATEGIES..................................................................................................64
EXPANDING THE GLOBAL FOOTPRINT..............................................................................................66
STRATEGIC ALLIANCES......................................................................................................................67
CHAPTER 14 – SETTING PRIORITIES FOR BUSINESSES AND BRANDS................................................68
THE BUSINESS PORTFOLIO...............................................................................................................69
DIVESTMENT OR LIQUIDATION........................................................................................................69
THE MILK STRATEGY.........................................................................................................................71
PRIORITISING AND TRIMMING THE BRAND PORTFOLIO..................................................................71
Chapter 1 – Strategic Market Management: An Introduction and
Overview
Course objectives
Understand and apply the strategic marketing concepts, models, and jargon introduced
in this course.
Comprehend the role that marketing can play in the strategy of a business
Real-life business cases
o Recognize and identify strategic marketing problems
o Set up a plan to conduct the necessary strategic analyses
o Formulate strategic marketing advice to businesses
o Present an integrated business case
Chapter learning objectives
Understanding what strategic marketing is
Understanding why it is important
Understanding what is a business strategy (and its components) is
Defining a business scope
Defining business scope dynamics
Understanding what strategic analysis is
Understanding why it is important
INTRODUCTION
‘’The aim of marketing is to know and understand the customer so well the product or service
fits him and sells itself’’ Peter Drucker.
3
, Marketing is challenging. Strategists need new and refined perspectives, tools, and concepts.
In particular, they need to develop competencies around five management tasks:
Strategic analysis. The need for information about customers, competitors and trends
affecting the market is now higher than ever. Resources need to be invested and
competencies created in terms of getting information, filtering it, and converting it into
actionable analysis.
Innovation. The ability to innovate is one key to successfully winning in dynamic
markets. But innovation has a lot of dimensions.
o Organizational challenge of creating a context that supports innovation
o Brand portfolio challenge of making sure that the innovation is owned
o Strategic challenge of developing the right mix (incremental – radical)
o Execution challenge
Multiple businesses. Autonomous business units can lead to the misallocation of
resources, redundancies, a failure to capture crossbusiness potential synergies, and
confused brands.
Creating sustainable competitive advantages (SCAs). Creating strategic advantages
that are truly sustainable in the context of dynamic markets and disperses business
units is challenging. What leads to SCAs? Development of assets, competencies and
expertise. It’s about the perception.
Developing growth platforms. Growth is imperative for the vitality and health of any
organization.
WHAT IS A BUSINESS STRATEGY?
A business
4
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