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Summary Strategic Marketing MGS
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Summary "A Framework for Marketing Management" chapters 1 to 9, 11 to 12, 14 to 18.
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Lecture notes marketing UVA 2023
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Chapter 1: Scope of marketing for new realitiesCore marketing concepts
Not everyone likes the same cereal, restaurant, university, or movie. Marketers therefore
identify distinct segments of buyers, they then decide which segment(s) present the greatest
opportunities. For each of these target markets, the firm develops a market offering that it
positions in target buyers’ minds as delivering some key benefit(s).
1. Segmentation.
2. Target markets.
3. Positioning.
Holistic marketing
Holistic marketing acknowledges that everything matters in marketing—and that a broad,
integrated perspective is often necessary. Figure 1.2 can be found on page 35 of the book.
Chapter 2: Marketing strategies and plans
Sources for strategic options
Strategic options come from:
- Reformulation of business definition (Abell).
- Strategies of Porter, Treacy & Wiersema, Kotler and Ansoff.
- Choice of “outsourcing or do-it-yourself”.
- Value-chain analysis.
- Profit increase.
- Confrontation matrix (most important source).
Porter’s generic strategies
- Overall cost leadership
- Differentiation
- Focus
Value discipline model by Treacy & Wiersema
,Assessing strategic options
Option 1 Option 2 Option 3
Suitability * * ***
• Central problem ** *
• Connected goals * **
• In line with the SWOT
Feasibility *** * **
• Return on investment *** * *
(ROI)
• Financial risk
Acceptability ** * *
• Personnel * ** *
• Current/potential
customers
• Other stakeholders
Score options 10 7 11
Chapter 3: Marketing Research and Analysis
Research instruments
Marketing researchers have a choice of three main research instruments in collecting
primary data:
- Questionnaires
- Qualitative measures
- Technological devices
Forecasting and demand measurement
Market demand measures:
- Potential market
- Available market
- Target market
- Penetrated market
The potential market is the set of consumers with a sufficient level of interest in a market
offer.
The available market is the set of consumers who have interest, income, and access to a
particular offer.
, The target market is the part of the qualified available market the company decides to
pursue.
The penetrated market is the set of consumers who are buying the company’s product.
Chapter 4: Building Long-Term Customer Relationships
Customer perceived value
Customer perceived value (page 79 of the book) is:
The difference between the prospective customer’s evaluation of all the benefits and costs of
an offering and the perceived alternatives or total customer benefit vs. total customer cost.
Customer-perceived value framework suggests that the seller must assess the total
customer benefit and total customer cost associated with each competitor’s offer in order to
know how its own offer rates in the buyer’s mind. It also implies that the seller at a
disadvantage has two alternatives: increase total customer benefit or decrease total
customer cost.
Maximizing customer lifetime value
Customer lifetime value (CLV) is:
The net present value of the stream of future profits expected over the customer’s lifetime
purchases.
Average Transaction x Annual Purchase Frequency x Expected Years of Relationship = CLV
Chapter 5: Buying Dynamics of Consumers and Businesses
Model of consumer behaviour
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