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Summary Notes on Lectures for exam - Strategic Marketing EBM081C05
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These are my notes for the Strategic Marketing exam (Msc Marketing Management)
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Strategic MarketingLecture 1- The primer
Understanding Strategic Marketing
• Strategic marketing is like a domain of studies where they try to understand the behaviour and
interaction of the firms with the ecosystem and how they create, communicate, and deliver value.
• Where to compete?
o Market segments to serve
▪ Which market segments are available for me
▪ Which are the most effective for me to target
o Internationalization
• How to compete?
o Marketing mix
o Branding/positioning
• When to enter/exit a product-market?
o Order of entry
o Sequential vs. simultaneous entry into international markets
o Entry: Internal vs External sourcing of product innovations
o Exit: Spin-off vs sell-off vs phase-out
• What is the overarching strategy?
o How influenced are we by the market dynamics
▪ Market-driven
• We look at the market and react to it
▪ Market-driving
• We take some proactive steps to shape the market in a different way that it’s
operating at the moment
o Primary demand stimulation (Ex: increase the size of the market) vs. Selective demand
simulation (Ex: increase the market-share of the product)
o Superior value (differentiation) vs. Lower costs (cost-leadership) vs. Dual-focus
• Organization’s 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
value to customers in exchanges with the organization and thereby enables the organization to achieve
specific objectives.
,Building Marketing Strategies
Marketing Strategy: Strategic Decisions in Response to Strategic Marketing Issues
• Resource-based View (RBV) of the firm
o Resources are the tangible and intangible entities available to the firm that enable it to produce
efficiently and/or effectively a market offering that has value for some market segments.
• RBV: Inside-out Perspective
o The firm tries to maximize the utilization of those resources to be successful in the environment.
▪ Environment: The firm has little to no influence on
• Macro-environment
• Micro-environment
• Marketing Resources
o Marketing Assets
▪ Types
• Intellectual
o Understanding of the market dynamics
o Market intelligence
o Knowing what is going on in the markets
, • Relational
o Relationships with customers, partners, etc..
▪ Market base processes
• New product development
o How we create value
• Supply chain management
o How we deliver value
• Marketing resources
o How we communicate value
o Marketing capabilities
▪ Use the marketing assets efficiently, making sure that the process is repeatable and
sustainable
• Use minimum resources to generate maximum output
o Dynamic Marketing Capabilities
▪ Understand the resources and assets that the firm has and how the environment is
changing in order to respond to the environmental changes using the resources
available to the firm
▪ The firm has to have the 3 capabilities
• Market sensing
• Market scanning
• Sense-making
• Strategic Firm Capabilities
o R&D/Tech
▪ How to create value with new products
o Marketing
▪ Try to create a fit between the market need and the new products
▪ Push
• Take what is given to us by R&D and communicate the value
▪ Pull
• Interact with customers and understand the future needs and send that
information to R&D for them to develop a new value to meet the needs of the
customers
, o Operations
▪ Operation efficiency
▪ How the value is delivered to the stakeholders
• Types of Marketing Capabilities
o Customer Relationship Management
o Brand Management
o Product Management
o Advertising Management
o Pricing Management
o Distribution Management
• External Forces at Play
o Customer Preferences
o Emerging Technologies
o Competitive forces
o Economic Forces
o Government Regulations
o Environmental/Natural Resources
• External Forces at Play: Pestel
o Political
▪ Government
▪ Corruption
▪ Taxes
o Economic
▪ Growth
▪ Inflation
▪ Interest rate
o Social
▪ Age
▪ Health
▪ Lifestyle
o Technological
▪ Innovation
▪ Automation
▪ R&D
o Environmental
▪ Climate
▪ CO2
▪ Pollution
o Legal
▪ Antitrust
▪ Trading Laws
▪ Consumer Law
• RBV: Outside-in Perspective
o Become more adaptive to the environment, prepare, and predict the changes that could happen
in the new environment.
o Understand the environment and prepare the changes according to the environment situation.
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