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Summary Marketing Strategy: lectures | MSc Marketing Management | Erasmus University - RSM

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Marketing Strategy (BM04MM)

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Erasmus Universiteit Rotterdam (EUR)

Summary of all the lectures of Marketing Strategy. This summary includes lecture notes and screenshots of the most important figures from the slides. I have updated the summary after the exam, so all important information is covered. The course Marketing Strategy was taught by Steven Sweldens a...

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MARKETING STRATEGY
Lectures

SESSION 1 | INTRODUCTION
 Freud’s iceberg metaphor: conscious thoughts (small) and unconscious thoughts (big)
o Why we think we buy things vs. why we really buy things
 Dual process theories: system 1 vs. system 2
o System 1: fast, automatic, unconscious, emotional & system 2: conscious, slow, rational
o But does system 1 actually exist? Still not sure - not two systems but a continuum
 Creating brand associations: a continuous trinity model linking associations to learning processes

  Marketing = interference between company and customers
o Marketing strategy = highest form of marketing
o Marketing as cost vs. investment: accountability and accounting problem
o Marketing as philosophy: putting the customer at the center of all you do
 Marketing = Strategy - How are we going to deliver?
o Goal = Profitable growth > change management > market forces
 Porter’s 5 forces: competition, new entrants, suppliers, customers, substitute products
 5 C’s: customers, competitors, company, collaborators, context
 Marketing is changing - but market forces stay the same
o 1960: stream of products to customer - product-oriented
o 1990: satisfying wants and needs - customer-oriented
 Don’t need a drill to make holes (average of 0 holes per year), but to feel independent
 Drill didn’t sell to professional segment: bad inter-segment dynamics
o Now: resources are not unlimited – system-orientation: shared value
 Shared value > change management > market forces
 Mini-Case study: Danone – One Planet. One Health
o Mission statement: bringing health through food to as many as possible
o Entreprise-à-mission: take social, societal, and environmental impacts into account
o Financial innovation, product innovation, packaging innovation, and consistent communication
o However profits went down, lagged behind competitors, and chairman got fired
 Mission statement: give purpose to company, identity to brand, and act as catalyst for innovation
 Purpose needs to be strong – only work when strong and consistent with brand
o E.g. Gillette receiving criticism on pink tax and sexism in controversial ad
 Financial benefits of shared value: better reputation, more stakeholders, risk mitigation, innovative
o Purpose can and will cost money though – never boosts profit

1

, SESSION 2 | GROWTH SHARE & BRAND RENEWAL MATRIX
 Market forces  Change management  profitable growth / shared value
o Manage forces in such a way to get a profitable growth
 Change management: resource allocation - market-driven vs. market-driving
 Two dimensions of resource allocation
o Horizontal = strategic – different brands
o Vertical = 4 Ps – price, promotion, place, product
 Disadvantages of large brand portfolio’s
o Fragmentation of resources and attention, brand blurring, destroying economies of scale
o The Branded House: e.g. Virgin – main brand on everything: use resources, halo effects
o The House of Brands: e.g. Unilever, P&G – complex (forgot trademark), risk management
 Advantage is diverse positioning possibilities
 Boston Consulting Group (BCG) Growth-Share Matrix
o X-as: subject to definitions - relative market share or segment share
 perfect duopoly = market share equal to largest competitor, middle: 1
 Monopoly = infinite, left bottom corner
o Y-as: market growth rate - how much market where a brand is in, is growing
 Same products always on the same y-as but different x-as
o Advantages: easy to perform, quick overview, good starting point, known, expected
o Disadvantages: no dynamic info, brands on boundaries, share & growth ≠ profit
 Brand Renewal Matrix
o Watch out for attentional blindness! Don’t neglect older, struggling or partner brands
o Brand contribution: overhead, bad PR, hidden costs, hidden benefits
o Brand traction: how strong is the brand today? Awareness, loyalty, purchase int., market share
o Brand momentum: where is the brand heading?

 Vertical resource allocation – more tactical
o Where & when: the buying process – customer journey and marketing funnel
o Generic funnel with marketing mix – 4Ps

2

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