College aantekeningen
BM04MM MARKETING STRATEGY SUMMARY
- Instelling
- Erasmus Universiteit Rotterdam (EUR)
Result: 9.0 Includes good notes on every lecture and guest lecture.
[Meer zien]Voorbeeld 4 van de 83 pagina's
Voorbeeld 4 van de 83 pagina's
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Voorbeeld van de inhoud
BM04MM MARKETING STRATEGYLECTURE SESSION 1
Marketing as tactics
- Sales promotion and coupons
- Advertising, logos, brochures
Marketing as cost (vs. Investment)
- The accountability problem – are the returns really linked back to marketing?
- The accounting problem – marketing can never generate profit in the accounting
works due to the system (not reflected in the benefits)
Surrendered decisions to other dept
- Pricing, CRM, digital,…
From marketers to marketing
What manages customer touchpoints? → the importance of breaking corporate silos
Marketing as a philosophy
Putting the customer at the center of all you do
“Marketing is not only much broader than selling, it is not a specialized activity at all. It
encompasses the entire business. It is the whole business seen from the point of view of the
final results, that is, from the customer’s point of view” – Peter Drucker
Marketing versus strategy?
Definition of marketing?
Marketing – the process of identifying and profitably satisfying customers’ wants and needs
Definition of strategy?
Business strategy – a clear set of plans, actions and goals that outline how a business will
compete in a particular market, or markets, with a product or number of products or services
→ figuring are how you will compete in markets
Marketing as strategy
- If companies are bundles of processes designed to deliver customer value and
capture it → marketing = strategy
,The goal & how to get there – CMO
Ultimate Goal = profitable growth
It can never be the goal to grow sales/market share → you can buy market
share by acquiring your competitors → only goal is profitable growth by
navigating that change in your market better than the competition does →
excel in change management by managing market force (Porter’s 5 forces)
4 P’s = tactical
Porter’s 5 forces/5 Cs = strategical
Porter’s 5 forces: 5Cs:
1. Competition in the industry - Customers
2. Potential of new entrants into the industry - Competitors
3. Power of suppliers - Company
4. Power of customers - Collaborators
5. Threat of substitute products - Context
Product-orientation
1960: Marketing is the execution of business activities aimed at navigating a stream of
products
Product-centric orientation – got a product and want to sell it → e.g. wine manufacturers:
produce a quality product and find ways to sell them → lack of customer-orientation, they do
not know how to satisfy the customer → they assume what grapes are in the wine when you
see the region
Customer-Orientation
1990: Marketing is the process of identifying and profitably satisfying customer wants and
needs
Customer-oriented – satisfy needs of customer
Black & Decker Example
Product-oriented perspective – it’s a drill
Consumer-oriented perspective - a hole (need), drill (solution to the need)
→ people buy a drill for the need (make a hole) to feel independent
→ Focus on the benefits to the customer
Understanding customer-orientation
1. What is the need?
2. Does the need explain the sales? → e.g. not in the case of drills as people drill 0 holes
per year on average
→ People buy drills to feel independent
,Contractors don’t buy Black & Decker drills, as it is used by common people and does not
look professional enough → brand extension to DeWalt for professional products
Largest segment: men moving out, because they want to feel independent
Fastest-growing: women moving out, because they want to feel independent
Where are we heading: innovation and environmental concerns → sustainable profitable
growth
Implicit assumption at the heart of traditional marketing thought
“As long as consumption creates value for both consumers and companies, we should
encourage unlimited consumption”
We need to rethink this assumption… to a system-orientation
From sustainable to the company to sustainable profitable growth for the company, now
creating shared value
Danone – One planet, one health
Transformed the company to a purpose-driven company (company with a mission)
Financial innovation – first company to introduce carbon-adjusted earnings-per-share (EPS)
→ we need to have new measures of profit and they need to account for how much carbon
you are producing → how much are they making after the carbon-footprint that we generate
Mission statement – should give purpose to the company, identity to the brand and act as a
catalyst for innovation at all levels
→ gives you an idea what you should do with the mission and what you should innovate
Packaging innovation
Consistent communication
- Dua lipa (global brand ambassador for Evian) acapella → if you want to be a purpose-
driven company, the most important thing is consistency in everything you do →
vision of purity that underlines Evian, Dua Lipa singing pure (acapella) → things are
going apart when there is inconsistency in your mission/story
, Purpose needs to be ‘strong’
- Powerful yet problematic if its not congruent with the outcome
Gillette campaign
- This might not resonate with anyone, but it is bold that they are doing it, benefit for
change perspective
- Consistency of execution lacks – they do not commit to the changes that they are
telling → at the same time they change more for women razors (pink tax)
Doing well by doing good
Financial performance benefits of shared value (strong purpose):
1. Enhanced firm reputation
2. Stakeholder endorsement
→ Both internal and external satisfied
3. Risk mitigation – future societal regulations
4. Improved innovative capacity
→ via access to knowledge and internal capabilities
➔ Purpose can and will cost money
e.g. Danone lost 10% value, playing with other people’s money
- CEO of Danone was fired because of the loses of the company
Business case
- A description of a business situations where something is currently or potentially
problematic
- The task of the case analyst (i.e., you) is to diagnose and analyze the case problems
and answer the case questions
- Case solving: learn about a business case, consider a specific issue propose a solution
Why studying and discussing cases?
- Developing problem-solving skills → skills can only be learned by doing
- Learn to deal with complexity and ambiguity
- Learn about concrete organizational contexts
- Case solving increasingly important in recruiting → consulting, consumer goods, tech
KEY TAKE-AWAYS
- Marketing vs. strategy, a false dichotomy
- How marketing is changing:
Product orientation → consumer orientation → system orientation
- Rethinking marketing for sustainable development
- How to develop your case solving skills
- If companies are bundles of processes designed to deliver customer value
- Marketing is bottom up and strategy more top down, but in the middle they need to
meet each other, otherwise there will not be any created value for the consumers
Market forces → Porter’s 5 forces (5 C’s) → customers, competitors, company, collaborators,
context
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