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Complete Summary Strategic Marketing Management Lectures + Notes 2022
Strategic Marketing Management summary of all lectures with additional notes to each lecture.
[Meer zien]Voorbeeld 3 van de 60 pagina's
Voorbeeld 3 van de 60 pagina's
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Door: cecileseebregts • 1 jaar geleden
Voorbeeld van de inhoud
Strategic marketing managementLECTURE 1: Introduction
Example of a company that has a good marketing strategy; Rolex :
– product placement
– scarcity
– have a strong coherent marketing strategy
so what make brands stand out:
→ marketing strategy
a thoughtful plan by a company to produce desired outcomes in the marketplace vis-a-vis customers
channel members and competitors
What makes these firms (brands different)?
Marketing strategy
- Distinctive - Similar characteristics or decisions as competing firms
- Coherent VS. - Set of (uncoordinated) tactics
- Dynamic - Poor implementation of activities
→To create a sustainable competitive advantage
best marketing strategies are
– Distinctive (different from competitors, ideally not easy to copy)
– Coherent (they have lots of different pieces that fit together, e.g. if Rolex says there are
expensive but available everywhere does not fit together)
– Dynamic (need to change over time and be able to adapt, e.g. apple introducing apple pay; it
is not another iPad but still fits with their strategy)
vs. bad marketing strategy
– Instinctive: similar characteristics or decisions as competing firms
Marketing strategy
strategic marketing decisions
Long-term holistic decision concerning the future directions for the organizations features
– entail major resources commitments spread over long periods
– impact over long time periods
– results in a distinguishable competitive advantage
– irreversible or difficult to reverse
– entails trade-offs (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 organisation
vs.
tactical marketing decisions (is the opposite of strategic decisions)
Example 1: setting up a loyalty program → strategic marketing decisions
Some benefits:
- Access to business lounges
- Priority boarding
- Dedicated contact number
- Free seat selection at bookings
- Member only offers
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,Example 2: establish a strategic partnership with apple pay → strategic marketing decisions
- as this a long-time thing
- should be coherent
- is a new partnership
other examples of strategic marketing decisions:
marketing strategy
- Strategic marketing decisions / strategy
- Tactical marketing decisions / execution
o Short term (annual or quarterly) decisions to execute the strategic directions within the
firm; filling in the marketing mix of the individual product or brand to realize the
company strategic goals
e.g., brand price level, advertising by brand, sales force allocation
LECTURE 2: Strategic Social Responsibility
Redefining the “purpose” of corporations
- There is more and more debate around the need to redefine the purpose of the corporation
- The Business Roundtable* (2019) issued a statement on the “the purpose of corporations”
From focus on shareholders => To an inclusive approach to Customers, employees,
suppliers, communities, and shareholders.
- The redefined purpose represents a significant shift from the BRT’s previous statements, first
authored in 1997, that the purpose of the company is solely to maximize shareholder return
- New business concepts are required to create and lead purposeful businesses
*Business Roundtable is an association of chief executive officers of America’s leading companies
working to promote a thriving U.S. economy and expanded opportunity for all Americans through
sound public policy.
A new strategy concept for purposeful business: “Creating Shared Value” *
- Shared Value strategies simultaneously create value for the business and for society
- Meeting Societal needs that expand opportunities (addressable defined market) for the business
- Scalable societal impact because shared value is self-sustaining
Creating shared value; moving beyond philanthropy and corporate social responsibility…
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, CSR goes beyond philanthropy, but still has a lot to do with protecting the core of the business. Csv
is creating a different concept and is challenging the problems of our time which allows you to dive
into a new field op opportunity and not about protecting the business.
Can for example become a B-corp such as Danone, their cfo was fired as they were not happy with
this development
The “Value Spectrum” and its key actors…
Next to traditional business, new types of entrepreneurs emerge aligned with the Value Spectrum
Example: Interface
- ‘Waste as value, not cost’
- ‘Zero waste and zero impact by 2020’
- From ‘selling carpets’ to ‘provision of comfort’
➔ Monthly fee to refurbish there home every 3 to 5 years, old carpet is changed to new carpet
or disposed in an ecological way.
Example: Grameen Danone Ltd.
- “Bring health through food to as many people as possible” Franck Riboud, former CEO Danone
- Teaming up with Grameen Bank to reach malnourished communities through inclusive
➔ Danone saw malnourished people in communities, they sell Danone yoghurts via agents,
lower price to malnourished people, agents get a part of the profit so you create
employment.
Example: Unilever
- Pioneering the role of business in the SDGs
- Embracing Universal access to safe drinking water, sanitation and hygiene as a key business
goal
- “We have the scale, influence and resources to make a big difference” Paul Polman, CEO
Value creation by acting responsibly;
“doing well by doing good”
- The Business & Sustainable Development Commission, a group led by 35 CEOs and civil
society leaders, released a report in January 2018:
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