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Complete Strategic Marketing Management Lecture Summary 2022
- Instelling
- Tilburg University (UVT)
A complete summary of all the given lectures in the 2022 master program. Including web-lectures
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Voorbeeld van de inhoud
Msc Strategic Marketing ManagementTilburg University (TiSEM)
Lecture summary Winter 2022
1. Introduction
Marketing strategy: “A thoughtful plan by a company to produce desired outcomes in the
marketplace vis-a-vis customers, channel members and competitors”
Best strategy is distinctive (different), coherent (stringed together), dynamic (change)
Strategic marketing decisions:
Entail major resources commitments spread over long periods
Impact over longer time periods
Result in a distinguishable competitive advantage
Irreversible or difficult to reverse
Entails tradeoffs (e.g., if strategy A -> strategy B & C foregone...)
Made in the context of other strategic decisions (interdependencies)
Made at a higher level of the organization
Tactical decisions = execution
- Short term (annual or quarterly) decisions to execute the strategic
directions within the firm
2. Strategic Social Responsibility
History
Milton Friedman = Shareholder capitalism -> The social responsibility of a business is to
increase profits (from profit comes taxes)
Klaus Schwab = Stakeholder capitalism -> Society’s goal is increase well-being of people
and planet
Today
“The purpose of corporations”
From focus on shareholders -> To an inclusive approach to customers, employees, suppliers,
communities, and shareholders (to stakeholder capitalism).
- New business concepts are required to create and lead purposeful businesses
- Creating shared value
o Shared Value strategies simultaneously create value for the business and for
society
o Meeting Societal needs that expand opportunities (addressable defined
market) for the business
1
,Why is CSV (creating shared value) increasingly a business imperative (necessary)?
legitimacy: creating value at the expense of instead of in harmony with
Big societal issues are so complex that they require expertise and scalable business
models of private sector
What are the five key conditions for success in driving collective impact?
Common agenda
Shared measurement system
Mutually reinforcing activities
Constant communication
Dedicated backbone support
Why is it so difficult and why do many businesses miss the opportunity?
Legitimacy and importance of trust
Competitive free riders
Justification of investment
o Expertise required in both societal and business issues
o Long term commitment needed
o Ring-fenced budgets required
Responsible leadership
Definition: Responsible leaders build and cultivate sustainable relationships with stakeholders
to achieve mutually shared objectives based upon a vision of business as a force of good for
the many
What are the key elements in “responsible leadership”?
Respect, honesty, responsibility, accountability, morality, trust, driven by ethical
principles
Compassion towards rest of society; social responsibility (triple P&L, CSV)
Multi stakeholder approach: ecosystems
3. Strategic Social Responsibility #2
ESG = a report where business express their (good) influences.
- Environmental, social, governance (employee/management)
- Companies with ESG and high sustainability perform better in stock market
2
, Corporate Social Responsibility
Definition: The voluntary integration of social and environmental concerns in their
companies’ operations and in their interactions with stakeholders
- Increasing awareness that companies shape society. Increasing focus on
how to do CSR strategically, versus just throwing money at a good cause.
- Strategic CSR: It’s about firm’s social welfare responsibilities that benefits both
the corporations and the stakeholders.
- Organizations focus on the social-responsibility concerns of its stakeholders.
Company benefits
- Access to capital (more to invest)
- Customer loyalty / Customer satisfaction
- New customer segment
- Enhances market value
Doing CSR right: Communicate your CSR effectively. Communicate shared concern for the
issue and stimulate interaction between stakeholders. Gather awareness, minimize skepticism,
storytelling.
Greenwashing: Conveying a false impression or providing misleading information about
how a company’s products are environmentally sound.
Cause Related Marketing (CRM)
Definition: A mutually beneficial collaboration between a corporation and a nonprofit
designed to promote the former's sales and the latter's cause
- A specific type of CSR (Corporate Social Responsibility)
- Example: Starbucks Netherlands: We’ll donate 5 cents for every festive drink sold
- Success depends on the fit
Two strategic approaches to sustainability (in business)
Restraint: The world is growing too fast; resources are not sustainable. We need to restraint
people and companies. Executed by governance
Innovation: Not restraint, but innovation. By innovation we will overcome not sustainable
resources. Oil running out -> green energy. Innovation will also make production more
efficient which will cause a need for less resources.
3
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