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Global Strategic Marketing Summary
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| Global Strategic Marketing | Summary | Marketing Strategy & Competitive Positioning| Hooley & Piercy | SBM
[Meer zien]Voorbeeld 4 van de 126 pagina's
Voorbeeld 4 van de 126 pagina's
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Great summaries of the chapters
Voorbeeld van de inhoud
Global Strategic Marketing SBM 4aCHAPTER 1 | Market-led strategic management
Shareholder value approach = the long term sustainability of an organisation through the
creation of lasting value. Maximizing shareholder value requires long-term thinking, the
identification of changing opportunities and investment in building a competitive advantage.
Marketing development…
- Supply has outstripped demand
- Vast information available through media
Organizations that don’t have the satisfaction of their customer at their core will find it
increasingly hard to survive.
For nonprofit organizations: Where customers have choice in who provides them with those
services they will choose the providers who serve their needs best.
Marketing concept = 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.
Marketing throughout a company involves the following three elements:
- Organizational culture: marketing may be expressed as the ‘marketing concept’ i.e.
a set of values and beliefs embedded in employees that drives organizational
decision making through a fundamental commitment to serving customers’ needs, as
the path to sustained profitability.
- Strategy: as strategy, marketing seeks to develop effective responses to changing
market environments by defining market segments, and developing and positioning
product offerings for those target markets.
- Tactics: marketing as tactics is concerned with the day-to-day activities of product
management, pricing, distribution and marketing communications such as advertising,
personal selling, publicity and sales promotion.
The challenge of simultaneously building a customer orientation in an organisation (culture),
developing value propositions and competitive positioning (strategy) and developing detailed
marketing action plans (tactics) is complex.
,Market Orientation (Kohli & Jaworski, 199) refers to the organization-wide generation,
dissemination, and responsiveness to market intelligence which involves:
• One or more departments engaged in activities geared towards developing an
understanding of consumers’ current and future needs and the factors affecting them
• Sharing of this understanding across departments
• The Various departments engaging in activities designed to meet select customer
needs
Components of market orientation:
1. Customer Orientation: Understand them enough to continuously create superior
value
2. Competitor Orientation: Awareness of their short and long term capabilities
3. Inter-functional Coordination: Using all company resources to create value
4. Organizational Culture: linking employee and managerial behavior to customer
satisfaction
5. Long Term Creation of Shareholder Value: As the overriding business objective
,Webster created a new marketing concept as a set
of guidelines for creating a customer -focused,
market-driven organisation’ and developed 15
ideas that represent ‘the fabric of the new
marketing concept’:
Michael Porter suggested that some industries
were inherently more attractive than others, and
that the factors driving industry competition were
the key determinants of profitability.
Three main marketing approaches:
1. Resource Based View: Under this new approach, however, the focus of explaining
performance differences shifted from outside the first (the industries) to within the firm
itself (resources and capabilities)
2. Product Push Marketing: Firms center their activities on existing products and
services and look for ways to encourage and even persuade customers to buy
(myopic interpretation of resource based view) (Day, 1999)
3. Customer Led Marketing: Chase customers at all costs, find what they want and give
it to them (Slater, 1998)
Resources-based marketing essentially seeks a long-term fit between the requirements of the
market and the abilities of the organisation to compete in it. This means that the resources of
the organisation need to be continuously developed to enable it to continue to compete, and
indeed to enable it to take advantage of new opportunities.
Organizational stakeholders = people who are involved with the organization is some kind
of way.
, In the context of commercial organizations a number of primary stakeholders can be identified:
Shareholders for profit
organizations:
- Shareholders
• Individuals with emotional and long term personal ties to the business
• Increasingly, they are financial investors (individual and institutional) that are
seeking to maximize the long term value of their investments
- Employees: priorities generally a combination of compensation, job satisfaction and
security (in the form of employment).
- Managers: concerned with personal rewards (salaries) and prestige; can also see their
role as more temporary and a step up their career
- Customers: ultimate source of shareholder value Doyle (2008): Even the most focused
financial manager understands that that the source of a company’s long term cash flow
is its satisfied customers.
- Suppliers & Distributors: Suppliers rely on the firms they serve to ensure their own
goals (may look for security, predictability, and satisfactory margins). For distributors,
the success of the manufacturer or producer impacts them directly and they seek
predictability and continuity at satisfactory margins.
- Possible additional stakeholders
• Society & The Community: CSR
• The Natural or Physical Environment: A proxy for future society!
Stakeholders for non-profit organizations (for whom the identification of stakeholders and their
requirements may be even more complex)
- Owners: more difficult to identify (who owns the Catholic church?)
- Customers: may be defined as who the organization seeks to serve
- Employees: easy to identify but motivations are more complex (why do people
volunteer?)
- Society & the Community: high on the list of priorities for non-profits
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