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Marketing Strategy & Practice summary of tutorials, articles and book chapters
In this summary, all of the tutorials, articles, lectures and book chapters are discussed and summarized.
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SummaryMarketing Strategy
Tutorial 1 - 6 & articles
Book used: Marketing strategy – Based on First
Principles and Data Analytics (2nd edition)
,TUTORIAL 1 – INTRODUCTION TO MARKETING STRATEGY
Readings: Chapter 1
WHAT ARE THE FOUNDATIONS OF MARKETING STRATEGY?
1. Why is the market always changing? Examples?
The market is always changing because customers' needs and preferences
change over time (MP#2: All Customers Change), and competitors quickly
react to what others are doing (MP#3: All Competitors React). Businesses also
have limited resources, so they have to make smart choices about where to
focus their efforts (MP#4: All Resources Are Limited). All of this makes the
market constantly shift and evolve.
2. Can you explain the “First Principles” term using principle number 4?
All Customers Differ : This principle acknowledges that customers have
different needs, preferences, and behaviors. These differences can arise from
factors like demographics, life experiences, and personal values. To manage
this heterogeneity, companies must segment their market, target specific
customer groups, and position their products in ways that appeal to these
segments.
All Customers Change : Over time, customers’ preferences and needs evolve.
These changes can be due to factors like aging, shifts in lifestyle,
technological advancements, or changes in the economic environment.
Firms must constantly adapt to these changes to remain relevant. For
example, a product that once appealed to a younger audience may need
to evolve as that audience ages.
All Competitors React : Competitors are constantly watching and responding
to a firm’s actions. When a company develops a successful strategy,
competitors may imitate it, or even try to improve upon it. Therefore, firms must
build sustainable competitive advantages through unique value propositions,
innovative products, strong brands, or deep customer relationships to stay
ahead of their competition.
All Resources Are Limited : Every company faces resource constraints, whether
it’s budget, time, or manpower. This principle highlights the need to make
trade-offs in how resources are allocated. Firms must prioritize where to invest
their limited resources—whether in marketing, product development, or
customer service—to maximize their impact and achieve the best return on
investment .
,3. What does the chain ratio tell us about how to generate revenue and how
does it influence the marketing strategy development?
The chain ratio helps companies break down the components of their
revenue into manageable parts, such as market demand, market share, and
average selling price. This method allows firms to see how their marketing
strategies influence each of these components. For example, by increasing
market share through better targeting or launching new products, a firm can
directly increase its sales revenue. The chain ratio thus provides a clear view of
how changes in strategy—whether in terms of increasing product awareness
or adjusting pricing—affect revenue growth.
4. Can you find an example of a firm which helps explain how the marketing
principles worked for them (or not)?
An example of a firm where marketing principles worked is Apple, which
successfully managed customer heterogeneity by offering a range of
products that catered to different customer segments (MP#1). Apple
continues to innovate and adapt to changing customer preferences (MP#2),
stays ahead of competitors by building a strong brand and ecosystem
(MP#3), and allocates its resources efficiently across products (MP#4).
On the other hand, Nokia provides an example where marketing principles
did not work effectively. Despite once dominating the mobile phone market,
Nokia failed to anticipate how quickly customer preferences would change
with the advent of smartphones. It was slow to react to competitors like Apple
and Google, who introduced innovative technologies that redefined
customer expectations. This inability to manage customer dynamics (MP#2)
and react to competitors (MP#3) ultimately led to Nokia losing its dominant
position.
, CHAPTER 1 – A FIRST PRINCIPLES APPROACH
LEARNING OBJECTIVES
- Define marketing strategy
- Recognize similarities and differences between corporate and marketing
strategy.
- Explain why marketing strategy is important to a firm’s success.
- Understand the complexity underlying each First Principle.
- Explain the logic behind the First Principle approach to Marketing Strategy.
- Review major approaches for managing each marketing principle.
- Outline key inputs and outputs for each marketing principle.
- Understand how to integrate the 4 Marketing Principles for marketing strategy.
INTRODUCTION
The marketing discipline keeps changing, and in this process, managers are
overwhelmed by a huge range of analysis tools, processes, and research techniques
that suggest ways to evaluate business topics and implement new marketing
strategies (e.g., customer centricity, big data, net promoter scores).
Although many of these new approaches offer some value, a marketing strategist is
left with unanswered questions:
1. When should I use each specific approach?
2. How does each new marketing approach improve my firm’s performance?
3. Which approaches are worth my firm’s time and investment to implement?
First Principles: The fundamental concepts or assumptions on which a theory, system,
or method is based.
We argue that managers can make marketing decisions by trying to solve four
underlying problems or complexities that all organizations face when designing and
implementing their marketing strategies.
These four problems represent the most critical hurdles to marketing success; they
also define the organization for this book. We refer to them as the First Principles of
marketing strategy, because they reflect the foundational assumptions on which
marketing strategy is based.
In short, marketing strategists’ most critical decisions must address the following First
Principles of marketing strategy:
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