Full summary of Marketing Planning given by M. Kotschedoff. The summary contains all slides from the asynchronous and interactive lectures + own notes. The summary does not include the case studies. If you want these notes, you can always send me a message.
Introduction ..................................................................................................................................................... 29
Approaches for Managing Customer Dynamics ............................................................................................... 31
What is the difference between a choice model and a classification model? .................................................. 44
Framework for Managing Customer Dynamics ............................................................................................... 45
Takeaways ....................................................................................................................................................... 46
Brand Strategies............................................................................................................................................... 63
Three Steps to Building Brand Equity ............................................................................................................... 73
Research Approaches to Understanding and Measuring Brand Equity .......................................................... 73
Survey design ................................................................................................................................................... 74
Takeaways ....................................................................................................................................................... 76
Implementing marketing principles and data analytics .............................................................................. 126
Introduction ................................................................................................................................................... 126
Synergistic Integration of the Four Marketing Principles ............................................................................... 127
Building Marketing Analytics Capabilities...................................................................................................... 128
Executing Marketing Strategies ..................................................................................................................... 129
Recap of first market principles ................................................................................................................. 131
Overview of Marketing Principles’ problems and solution ............................................................................. 131
Executing a marketing strategy using first principles and data-analytics...................................................... 134
Takeaways ..................................................................................................................................................... 136
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,INTRODUCTION TO MARKETING PLANNING
MARKETING PLANNING
Marketing = the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large
Planning = the act or process of making plans for something
- A plan involves following a certain strategy (strategic planning)
- That is why we shift the focus of the course more to strategic marketing
Objectives (2)
- Identify marketing strategies based on first principles
1. All customers differ
2. All customers change
3. All competitors react
4. All resources are limited (trade-off between resources)
è First principles = the foundational concepts or assumptions on which a theory,
system, or method is based
- Make marketing decisions based on insights from data analytics
MARKETING STRATEGY
MARKETING STRATEGY OVERVIEW
Brief history and definition of marketing strategy
- Strategy arose from a military context: “The forces available must be employed
with such skill that even in the absence of absolute superiority, relative superiority is
attained at the decisive point” – Karl von Clausewitz, On War (1832)
- Management scholars added two elements to apply the strategy concept to
business: the need to make the differential advantage sustainable and the idea that
the objective of any business strategy is to enhance firm performance (60 and 70s)
- Marketers argue that it must be from the perspective of the customer (90s)
- Thus, five key elements are critical to marketing strategy:
1. Leads to a differential advantage over competitors
2. Sustainability
3. Ability to enhance firm performance
4. Customer perspective
5. Guides decisions and actions
3
, Customer-centricity is key to an effective marketing strategy
-Customer ultimately determines strategy’s success or failure
-The shift in focus from firm to customer by incorporating the customer’s perspective
represents a natural, long-term progression in strategy
o Economists tend to take an industry-level perspective, and management
scholars adopt a firm-centric perspective, but customer is an even smaller
unit of analysis
o Helps explain variation in firms’ performance by addressing smaller and
smaller units of analysis
è Look at the problem from the customer’s perspective
Marketing strategy consists of decisions and actions focused on building a sustainable
differential advantage, relative to competitors, in the minds of customers, to create value
for stakeholders.
Differences between corporate strategy and marketing strategy
Corporate strategy = the overall scope and direction of a firm and the way in which its
various business operations work together to achieve particular goals
- The larger the organization, the more likely its corporate-level strategic plan is distinct
from any marketing strategy
- Domains: legal, taxes and finance
Marketing strategy = decisions and actions focused on building a sustainable differential
advantage, relative to competitors, in the minds of customers, to create value for
stakeholders
-The marketing strategy focuses specifically on the interplay of the firm with its
customers
- Domains: promotions and pricing
è Determines long-term success for most firms
Both corporate and marketing strategy influence human resources, operations, and R&D
Why is marketing strategy key to long-term financial performance
Large amount of research documents its impact on financial performance, but many people
don’t realize the scope of influences on sales and profits
- Grow market size (new products and services, lower prices)
- Grow share (better products and services than competition, higher loyalty to retain,
and/or steal customers with acquisition strategies)
- Better prices and margins (improve loyalty, brand image, relationships, products,
targeting of high margin customers)
- Reduce costs (WOM, brand, relationships, retain with loyalty)
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