Summary
SMM summary lectures
- Course
- Institution
SMM summary lectures
[Show more]
Seller
Follow
k12i
Reviews received
Content preview
Strategic marketing management lecturesLecture 1
In this course we will look at strategic marketing management (strategy) and tactical marketing
management (implementation/execution on short term within firm).
How do we know which logo belongs to which industry? This is because of strategic marketing.
Consumers will associate certain things with your firm based on your strategic marketing decisions.
Marketing strategy is an organizations integrated pattern of decisions that specify its crucial choices
concerning products, markets, marketing activities and marketing resources in the creation,
communication, and/or delivery of product that offer value to customers in exchanges with the
organization and thereby enables the organization to achieve specific objectives (paper Varadarajan
2010).
Strategic marketing decisions are a matter of making choices. There is no correct decision.
Marketing strategy:
Unique
Distinctive
Coherent
Dynamic
To create a sustainable competitive advantage
Not good:
Set of (uncoordinated) tactics
Similar characteristics or decisions as competing firms
Poor implementation of activities
Strategic marketing decisions = long-term holistic decisions concerning the future directions for the
organizations. Features:
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 trade-offs
Made in the context of other strategic decisions (interdependencies)
Made at a higher level of the organisation.
Vertaal dit naar tactical marketing decisions
Essence of strategic marketing is to create competitive advantage.
Examples: loyalty program British Airlines, Apple Pay app. Other examples of strategic marketing
decisions: launching a new product, new product line, loyalty program, social media campaign,
rebranding, etc.
,Lecture 2 en 3: Management Decision Making
How to make good strategic decisions
1. Accumulate organizational knowledge
Organizational learning
Enhancing culture and climate
2. Get help
Compiling opinions: The wisdom of the crowd
Obtaining and using data
Marketing Management Support Systems
3. Be responsive
Business cycles
To competition
Implementation intentions
4. Think and decide rationally
Rational decision making (weblecture)
Cognitive biases in decision making
1. Accumulate organizational knowledge (dit gaat allemaal over Slater en Narver artikel)
Nature of organizational knowledge
Bijv. je leert iemand in een bedrijf hoe een moeilijke machine werkt. Maar je vergeet om diegene ook
weer aan andere mensen te laten leren hoe de machine werkt. Als de ene persoon opstapt, is er nog
steeds niemand die de machine snapt.
Organizational learning = the process of improving organizational action through better knowledge
and understanding or as the outcome of such a process.
Key concepts:
Individual learning vs organizational learning
Organizational knowledge = accumulation of the knowledge bases of all the individuals
within an organization and the social knowledge embedded in the relationships between
those individuals.
Organizational learning assumes individual learning, but individual learning is an
insufficient condition for organizational learning –without sharing or transferring the
knowledge, the organization will not learn.
Is also about exchanging and sharing individual assumptions, models, knowledge across
the organization at various levels: individual > group > organization > inter organizational
Geef informatie door! Deel individuele kennis binnen verschillende levels in de
organisatie.
Explicit vs tacit knowledge
Firms formalize their explicit or ‘tangible’ knowledge through representations like
manuals, minutes, operating procedures, administrative forms, work routines…
Tacit knowledge = Low codifiability (= to what extent is it possible for the organization to
structure knowledge into a set of identifiable rules and relationships that can easily be
communicated). ‘know-how’ ‘how things get done’. Often high complexity (science-‘how things get done’. Often high complexity (science-
, based). Transfer of tacit knowledge requires frequent social interaction, education,
training. Difficult to transfer, but therefore also difficult to imitate!
Single-loop learning vs double-loop learning
o Single-loop learning (adaptive learning) occurs within a set of recognized and
unrecognized constraints (i.e., the learning boundary) that reflect the
organization’s assumptions about its environment and itself. This type of learning
solves problems but ignores the question of why the problem arose in the first
place. Short term assumptions.
o Double-loop learning (generative learning) occurs when the organization is
willing to question long-held assumptions about its mission, customers,
capabilities, or strategy. It uses feedback from past actions to question
assumptions underlying current views. Long term assumptions.
Students exam failure: example of single loop learning. I have to do better next time,
more to class and more learning. Double loop learning zet zijn vraagtekenen bij het
hard studeren de dag voor een examen omdat je dan niet echt leert, maar meer
dingen opneemt in je korte termijn geheugen.
The learning process
1. Information acquisition: from experience, from others, formal market research, competitive
intelligence, informal collection of information, experiments, satisfaction surveys, etc.
Exploitation=learning from internal experience, Exploration=learning from external.
2. Information dissemination (verspreiding): formal or informal. Informal best for uncertain
problems/opportunities.
3. Information shared interpretation: need agreement on meaning. Conflict resolution and
information exchange by organizing formal meetings, discussing alternative options.
4. Information utilization: behavioural change
a. Action oriented: direct application of knowledge to solve problems
b. Knowledge-enhanced: influences managerial perspectives on problems
c. Affective use: increases satisfaction with a change, subtle.
Culture & climate for organizational learning
How to organize organizational learning good within your firm? You need the following:
Culture = deeply rooted values and beliefs that provide norms. Necessary for
organizational learning. Exists of entrepreneurship and market orientation.
Climate = structure and processes that facilitate achievement of desired behaviours. Exists
of organic structure, facilitate leadership and decentralized strategic planning.
These two need to be complementary. And then outcomes of organizational learning are for example
sales growth or customer satisfaction.
Organizational learning: culture & climate
(individual) learning effectiveness
o Learning = acquiring, storing and remembering info
o Some techniques: stories, examples
o Learning trough elaboration works better than rehearsal
, Social interaction and communication skills
o Companies that foster social interaction enhance organizational learning and success
o Individuals that are skilled at social interaction are more successful and more happy
and healthy
Conflict resolution
o Conflict is inevitable and positive, if managed correctly
o Organizational learning requires skilful conflict resolution
o Even the best arguments and information can lead to conflicts
o Organizational solutions: give someone in the group the role of the Devil’s advocate
(degene die continu lasting is en doorvraagt).
o Personal solutions: argue better, practice and learn
Facilitation/helpfulness
o Organizational solution 1: create a clime of knowledge sharing: incentivize it
o Organisational solution 2: create a culture of knowledge sharing:
facilitation/helpfulness
Psychological T-accounts = register the gives and takes of relationships
such as co-workers who occasionally help others. Balance of account is
the expected value, which determines motivation for continuing the
exchange (relationship of behaviour). T-accounts are biased. Givers do
it really well, or really bad. The majority are takers.
Conclusion organizational learning:
Being a learning organization is key to competitive advantage
Not just a marketing issue
But marketing can (and should) lead the process
o Always be listening and responding to customers
o Seek information outside and inside the organization
o Share information freely
o Seek input of others and respect their opinions.
o The marketing world changes fast. Change with it.
Managers can (and should) cultivate life-changing learning skills within themselves and
within their organizations.
2. Get help
Wisdom of a crowd: follow your gut, analysis, expert, compromise, take advantage, take a
weighted average. These only work if the leader hasn’t already formed an opinion.
Obtaining and using data: know what you want to
do with data before you collect it.
o Primary data: collected specially for the
current purpose
o Secondary data: collected for another
purpose
o Look into secondary data first, then primary
data because secondary is cheaper.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller k12i. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.96. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now