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Volledige samenvatting Marketing Planning KULeuven MBA ()

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Marketing Planning

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Katholieke Universiteit Leuven (KU Leuven)

Volledige samenvatting van Marketing Planning gegeven door M. Kotschedoff. De samenvatting bevat alle slides uit de asynchronous en interactive lectures aangevuld met eigen notities. De samenvatting is exclusief de case studies. Moest je deze notities willen, kan je altijd een berichtje sturen.

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TABLE OF CONTENTS

Introduction to marketing planning ............................................................................................................... 3
marketing planning ............................................................................................................................................ 3

marketing strategy......................................................................................................................................... 3
marketing strategy overview ............................................................................................................................. 3
first principles of marketing strategy ................................................................................................................. 6
Integrating the four first principles of marketing strategies ............................................................................ 12
Markstrat ......................................................................................................................................................... 13
Takeaways ....................................................................................................................................................... 14

Managing customer heterogeneity .............................................................................................................. 15
introduction...................................................................................................................................................... 15

approaches for managing customer heterogeneity ......................................................................................... 17
Framework for managing customer heterogeneity ......................................................................................... 25
Takeaways ....................................................................................................................................................... 28

Managing Customer Dynamics ..................................................................................................................... 29

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

Managing Sustainable COmpetitive Advantage ............................................................................................ 48

Introduction ..................................................................................................................................................... 48
Approaches for Managing Sustainable Competitive Advantage ..................................................................... 50
Framework for Managing Competitive Advantage.......................................................................................... 58
marketing experiments .................................................................................................................................... 60
Takeaways ....................................................................................................................................................... 62

Managing brand-based sustainable competitive advantage (sca) ................................................................. 63

Brand Strategies............................................................................................................................................... 63
Three Steps to Building Brand Equity ............................................................................................................... 73
Research Approaches to Understanding and Measuring Brand Equity .......................................................... 73
Survey design ................................................................................................................................................... 74
Takeaways ....................................................................................................................................................... 76

1

,Managing Offering-based Sustainable Competitive Advantage .................................................................... 77
Introduction ..................................................................................................................................................... 77

Offering and Innovation Strategies .................................................................................................................. 79
Managing Offering-Based Sustainable Competitive Advantages .................................................................... 91

conjoint analysis............................................................................................................................................... 92
Takeaways ..................................................................................................................................................... 101

Relationship-based sca .............................................................................................................................. 102
Introduction ................................................................................................................................................... 102
Relationship Marketing Strategy ................................................................................................................... 104
Managing Relationship-Based Sustainable Competitive Advantage ............................................................. 111

Methods to analyse your relationship management ..................................................................................... 112
Takeaways ..................................................................................................................................................... 115

managing resource trade-offs .................................................................................................................... 116
Introduction ................................................................................................................................................... 116

Approaches for managing resource trade-offs .............................................................................................. 117
framework for managing resource trade-offs................................................................................................ 124

takeaways ...................................................................................................................................................... 125

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

Takeaways ..................................................................................................................................................... 130

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

2

,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)

4

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