Samenvatting
Summary Advanced Marketing
- Instelling
- Vrije Universiteit Brussel (VUB)
A summary of the lectures 1-7 of the course of Advanced Marketing given in .
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Voorbeeld van de inhoud
Advanced MarketingLecture I+II: Intro + Recap 5
1. Marketing 5
1.1. Conceptualisation 5
1.2. Position in business society 6
1.3. Position in academia 7
2. Strategic Market Management 8
2.1. Defining the business scope 9
2.2. Broadening the business scope 10
2.2.1. Market penetration 10
2.2.2. Product development 10
2.2.3. Market development 10
2.2.4. Diversification 11
2.2.5. Link with Abell diagram 11
2.3. Strategic analysis 11
2.3.1. Environmental analysis 11
2.3.2. Customer analysis 12
1. STP Logic 13
2. Perceptual maps 16
2.3.3. Competitor analysis 17
1. Identifying competitors 17
2. Assessing competitors 18
3. Competitive strategies 18
2.3.4. Market analysis 20
1. Product lifecycle 20
2. Porter’s 5 forces model 21
3. BCG portfolio analysis 22
4. SWOT analysis 22
Lecture III: Customer value 23
1. Conceptualisation 23
2. Operationalisation 23
2.1. Customer value: measurement 23
2.1.1. Highlights of “Assessing the value of commonly used methods for measuring
customer value: a multi-setting empirical study”: 23
2.1.2. Dimensionality/level/relativity? 24
2.1.3. Practicality/actionability of the methods 24
3. Strategic role 25
3.1. Customer value: consequences 25
3.1.1. Importance of customer value 25
3.1.2. Consequences of customer value 25
3.2. Customer value: Hierarchy in dimensions 25
1
, 3.2.1. Differentiation from competitors 25
3.2.2. Brand personality 26
3.2.1. Law of differentiation dynamics 26
3.2.2. The Kano model 27
3.2.1. Identifying value-enhancing service elements 27
Lecture IV: Product + 28
1. Recap: product in the marketing mix 28
1.1. Situation in the marketing mix 28
1.2. Definition 28
1.3. Types of product 29
1.3.1. Consumer product types 29
1.3.2. Types of buying decision behaviour 29
1.3.3. Business product types 30
1.4. Products vs. services 30
1.4.1. Approaches to ‘service quality’ measurement 30
1.5. Product Lifecycle Management 31
2. Advancing on product 31
2.1. Post-modern marketing & symbolic consumption 31
2.1.1. Traditional vs. Postmodern marketing 31
2.1.2. Postmodernity - Image and experience 31
2.1.3. Postmodernity - Individual and tribes 32
2.1.4. Modern and postmodern research approaches 32
2.2. SD-logic & value creation 33
2.3. P2P Economy 33
2.3.1. SD-logic in the sharing economy 33
2.3.2. Consumer issues in online P2P platforms 33
2.4. From market driven to market driving companies 34
Lecture V: Promotion 35
1. Recap ‘Promotion’ in the marketing mix 35
1.1. Marketing Communications 35
1.1.1. Definition 35
1.1.2. Effectiveness: AIDA 35
1.1.3. Promotion tools - Media - Message 36
Tool 1: Advertising 36
Tool 2: Sales promotion 36
Tool 3: PR 36
Tool 4: Direct marketing 36
Tool 5: Personal selling 37
Pro’s and cons for each tool 37
Media 37
Message 37
1.2. Branding 38
2
, 1.2.1. Definition 38
Defining a ‘brand’: expert interpretations 38
Intrinsic vs. extrinsic brand attributes 38
1.2.2. Why brand? 39
1.2.3. Types of brands - Owner based 39
1.2.4. Branding strategies 39
2. Advancing on ‘Promotion’ 40
2.1. Branding: identity vs. image 40
2.2. Brand personality 41
2.3. Brand equity measurement 41
2.3.1. Financial brand equity 42
2.3.2. Customer-based brand equity 42
2.3.3. Brand equity: financial vs. customer based 43
2.3.4. Creating brand equity 43
2.4. Putting brands in perspective 44
2.5. Social media marketing 44
2.6. AI in advertising 45
2.6.1. A dark side of AI possibilities: Cambridge Analytica 45
2.6.2. Situating AI in marketing 46
2.6.3. How does AI work? 46
2.7. Congruence is key - IMC in a social media era 47
Lecture VI: Price+ and Place+ 49
1. Recap ‘Price’ in the marketing mix 49
1.1. Definition 49
1.2. Pricing strategies 49
1.2.1. Price setting methods 49
1.3. Pricing new products 50
2. Advancing on Price 51
2.1. Determining the optimal pricing point 51
2.1.1. Pricing new offerings 51
2.1.2. Exam question 52
2.2. Topical pricing methods 52
3. Recap ‘Place in the marketing mix 53
3.1. Definition 53
3.2. Role of intermediation 53
3.3. Distribution intensity and congruence with MM 53
4. Advancing on ‘Place’ 54
4.1. The Long-Tail theory 54
4.2. Shopper marketing 55
4.3. The age of Omnichannel & Phygital Commerce 55
3
, 4.4. How COVID affected retailing and shopping experiences 56
Lecture VII: Customer equity 57
1. Customer Equity 57
1.1. Definition 57
1.2. Formulas 57
1.3. Strategies 57
2. Customer Equity management 58
2.1. Overview 58
2.2. Drivers 58
2.3. Data collection 58
2.4. Performance evaluation 59
2.5. Improvement initiatives 59
2.6. Evaluate 59
3. Aerosphere Case 61
4
,Lecture I+II: Intro + Recap
1. Marketing
1.1. Conceptualisation
Marketing is 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.
(American Marketing Association, 2012 online dictionary)
Marketing is the management process of anticipating, identifying and satisfying customer
requirements profitably. (The Chartered Institute of Marketing, 2001)
Marketing as an exchange: marketing
is a two-way (dyadic) process
Marketing isn’t only used for physical
goods, it’s also used for services,
political branding, city branding or
country branding, ...
Marketing ≠ sales:
Marketing Sales
Tends towards short-term satisfaction of customer
Tends towards long-term satisfaction of customer needs. It’s a part of the value delivery process as
needs opposed to the design and development of
customer value processes
Tends to greater input into customer design of Tends to lesser input into customer design of
offering (co-creation) offering (co-creation)
Tends to low focus on stimulation of demand, more
Tends to high focus on stimulation of demand
focused on meeting existing demand
Marketeers uses their marketingmix to communicate the value of their product:
Marketing isn’t only used for profit. Marketing is readily used by local government, churches,
museums, charities, universities, political parties, zoos, and public hospitals, all of which operate
without profit as a central goal.
5
,The customer in marketing does not necessarily equate the consumer:
Customer Consumer
Buyers, purchaser, patron, client, shopper Consumer
Buys, purchases, obtains a product/service from a
shop, website, business, another customer (e.g. Consumers, uses the product or service
Ebay)
E.g. a mother buys toys E.g. the child plays with the toys
1.2. Position in business society
Marketing historians:
• Keith (1960):
- Marketing was largely developed in the 20th century (1920s)
• Enright (2002):
- Entrepreneurship in the 16th century
- Mass consumption in England already in the 17th century
- Market for insurance in the 18th century
• Fullerton (1988):
- Advertising by soap firms in the 19th century
- Self-service supermarket in the US in the 1930s
- Consumer engineering to design products in the 1930s
Porter’s value chain:
Marketing management philosophies:
Production concept:
• 1890s - 1915
• After the industrial revolution, at the start of mass production
• The focus was on physical production and distribution
• The demand exceeded the supply, this created a little competition due to the scarcity of
products
• Limited range of products
• Consumers favour products that are available and highly affordable
• The goal was to make more efficient assembly lines
6
,Product concept:
• 1915 - 1920s
• After the industrial revolution, the assembly lines were quite efficient and there was a bigger
supply
• Consumers favour products that offer the most quality, performance and innovative features.
Sales concept:
• 1930s - 1950s
• After WW II
• There was a focus on personal selling, the first self service supermarket opened in the 1930s
• Market research and advertising
• Consumers will buy products only if the company promotes/sells these products.
Marketing concept:
• 1950s - 1980s
• After WW II
• Focus on customer needs
• Focuses on the needs/wants of target markets and delivering satisfaction better than
competitors.
Societal marketing concept:
• 1980s - present
• During the information revolution of the late 20th century
• Focus on social and ethical concerns in marketing
• Focuses on needs/wants of target markets and delivering customer satisfaction better than
competitors and on society’s well-being
Sustainable marketing concept (future)
1.3. Position in academia
Marketing is influenced by other disciplines, such as:
• Economics
- Matching supply and demand (micro-economics)
- Price setting under perfect competition/monopoly/ …
- Theory of income distribution
- Behavioural economics
• Psychology
- Consumer behaviour (motivations, attitudes, perceptions, information processing, emotion
vs. ratio, …)
• Sociology
- Group behaviour (e.g. demographics, social class, habits, culture)
• Anthropology
- Behaviour of subgroups (observation)
7
,2. Strategic Market Management
A business strategy defines:
- Where to compete: the product-market investment decision
- How to compete: value proposition, assets & competencies, function area strategies and
programs
The micro environment involves an intricate threesome that includes the customer, the company
and the competition.
External analysis:
• Customer analysis: segments, motivations, unmet needs
• Competitor analysis: types, understanding the competition
• (Sub)market analysis: analysis of the market in which you operate, emerging submarkets, the
attractiveness of (sub)markets
• Environmental analysis: technological, economic, governmental, … factors
8
,Internal analysis:
• Performance analysis: financial performance, non-financial performance and their interrelations
• Determinants of strategic options: have we got what it takes for a specific strategic optino or
don’t we?
The strategic context:
• Resources and capabilities
• Competitors
• Target customers
• The external environment
2.1. Defining the business scope
Where to compete - The product-market investment strategy
The scope of a business is defined by its products, markets, competitors, level of vertical
integration.
There are 2 types of vertical integration:
- Forward vertical integration: e.g. Nike was originally only a manufacturer. Afterwards it created
its Nike flagship stores operated and owned by Nike. They integrated forward in the supply
chain to include retail.
- Backwards vertical integration: e.g. Delhaize was originally only a retailer. It later started
producing its own goods under the Delhaize brand. They integrated backwards in the supply
chain to include manufacturing.
Abell diagram:
9
, Example: Exki restaurants:
- Products: natural, fresh and ready to consume food products (not: french fries)
- Market: people who want to have a quick healthy meal (not: people who want to have an
extensive dinner served by waiters)
- Competition: sandwich bars, fastfood chains (not: restaurants awarded with a Michelin star)
- Make or buy: Exki has controlled suppliers (not: prepare all the food in the restaurant’s kitchen
from scratch)
2.2. Broadening the business scope
Where to compete - The product-market investment strategy
The Ansoff matrix is about scope dynamics. It is composed
of two dimensions. The first dimensions is existing or new
products and services and the second dimension is existing
or new markets. We arrive at a two-by-two matrix with four
potential growth strategies that a company can pursue. The
first growth strategy is called market penetration, this
means that you're expanding your business scope or
growing your business by getting more out of the given
target segments, the existing market that you're targeting.
With your existing offering of products and services you
penetrate that market deeper by doing the same but
getting more out of it. A second growth strategy is product
development this means that you're still targeting the same
customers and existing markets but you develop a new product or service for that target segment
which allows you to expand your business scope. As a third strategy, there is market development,
this means that given your current offering of existing products and services, you're also going to
offer those things to a new customer segment, a new market that you did not target before. And
lastly, we have to most risky growth strategy that is diversification, this means you don't have solid
ground on any of the two dimensions. You offer a new product or service and you go with this
offering to a new customer segment that you did not target before.
2.2.1. Market penetration
Market penetration = growing by getting more out of the market the company is already targeting,
with a product/service the company is already offering.
A product/service can be considered new to the company when it requires a substantial (not a
mere incremental) adaptation in its current way of working, R&D, logistics, …
2.2.2. Product development
Product development = growing by getting more out of the market the company is already
targeting by offering new products/services.
2.2.3. Market development
Market development = growing by getting more out of the existing product/services offering, by
targeting it to customer segment (markets) that the company did not target before.
A market can be considered ‘new’ to the company, when it did not target this customer segment
before. Cf. Lecture II on segmentation criteria.
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