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Marketing Strategy MKT 460. Lecture 1: Strategic Marketing and The Marketing Planning Process Taufique Hossain. Learning Objectives. Be able to conceptualise marketing strategy. Appraise the nature and processes of strategic marketing planning.

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marketing strategy mkt 460

Marketing StrategyMKT 460

Lecture 1:

Strategic Marketing and

The Marketing Planning Process

Taufique Hossain

learning objectives
Learning Objectives
  • Be able to conceptualise marketing strategy.
  • Appraise the nature and processes of strategic marketing planning.
  • Assess the importance of marketing strategy/planning to a business and identify the kinds of things that can go wrong!
marketing defined
Marketing Defined
  • Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchange and satisfy individual and organizational objectives (AMA 1985).
  • Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably (CIM 2001).
  • 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 (AMA 2008).
slide4

Mutually Beneficial Exchanges

OFFERS

Products, services etc

CUSTOMER’S Goals

PROVIDER’S

Goals

Survival

Financial

Social

Spiritual

Ecological

etc

Solutions

Benefits

Altruism

Well being

etc

Customer & Provider Satisfaction

Purchases, support RESPONSES

the concept of market orientation
The Concept of Market Orientation
  • Organization wide generation, dissemination, and responsiveness to market intelligence (Kohli and Jaworski 1990).
  • The organizational culture that most effectively and efficiently creates the necessary behaviors for the creation of superior value for buyers and thus, continuous superior performance for the business (Narver and Slater 1990).
slide6

Components and Context of Market Orientation

Customer Orientation

Market-led Organisational Culture

Competitor Orientation

Inter-functional Co-ordination

Focus on the Long Term

fabric of the new marketing concept
Fabric of the New Marketing Concept
  • Create customer focus throughout the business.
  • Listen to the customer.
  • Define and nurture the organization’s distinct competencies.
  • Target customers precisely.
  • Manage for profitability, not sales volume.
  • Make customer value guiding star.
  • Let the customer define loyalty.
fabric of the new marketing concept1
Fabric of the New Marketing Concept
  • Measure and manage customer expectations.
  • Build customer relationships and loyalty.
  • Define the business as a service business.
  • Commit to continuous improvement and innovation.
  • Manage culture along with strategy and structure.
  • Grow with partners and alliances.
  • Destroy marketing bureaucracy.
resource based view of marketing
Resource-Based View of Marketing
  • Follows from work on the resource based view of the firm in strategic management:
    • The locus of interest concerns resources and capabilities possessed by the firm, which can be deployed by its strategy to achieve competitive advantage and superior performance.
    • The source of superior performance lies in the possession and deployment of distinctive, hard to imitate or protected resources.
slide10

Marketing Approaches

Market Needs

Customer-Led Marketing

Resource-Based Marketing

Product Push Marketing

Organisational Capabilities

slide11

Organisational Stakeholders

Customers

Shareholders

Distributors

Focal Organisation

Suppliers

Managers

Employees

slide12

Marketing and Performance Outcomes

Marketing Resources

Market Performance

Assets

Market-Oriented Culture

Customer Satisfaction & Loyalty

Financial Performance

Sales Volume & Market share

Capabilities

summary of marketing fundamentals
Summary of Marketing Fundamentals
  • Focus on the customer.
  • Only compete in markets where you can establish a competitive advantage.
  • Customers do not buy products.
  • Marketing is too important to leave to the marketing department.
  • Markets are heterogeneous.
  • Markets and customers are constantly changing.
slide14

The Role of Marketing in Strategic Management

Identify and communicate customer wants and needs throughout the organisation.

Determine the competitive positioning to match the needs of the customers with company capabilities.

Marshal all relevant organisational resources to deliver customer satisfaction.

marketing planning
Marketing Planning
  • First step is to define the business purpose or mission:
    • What business are we in?
    • What business do we want to be in?
  • Mission statement—A statement of the organization’s purpose and what it wants to accomplish in the wider environment.
slide17

Components of Mission

Strategic Intent

Vision of what you want to be

Mission

Objectives and Strategy

Market Definition

Customer Targets

Company Values

Guiding Principles

Competitive Positioning

Differential Advantage

Distinctive Competencies

Core skills

the marketing strategy process
The Marketing Strategy Process

Business Purpose

Company Analysis

Industry Analysis

Core Strategy

Competitive Positioning

Competitive Advantage

Market Target

Control

Organisation

Implementation

Marketing Mix

establishing the core strategy
Establishing the Core Strategy
  • Analysis of organizational resources.
  • Analysis of the markets served.
  • Analysis of SWOT constituents.
swot analysis
SWOT Analysis

Internal

External

Strengths

What are we good at relative to competitors?

Opportunities

What changes are creating new options for us?

Good Points

Weaknesses

What are we bad at relative to competitors?

Threats

What emerging dangers must we avoid or counter?

Danger Points

swot strategic implications
SWOT Strategic Implications

Opportunities

Threats

Exploit existing strengths in areas of opportunity

Use existing strengths to counter threats

Strengths

Build new strengths first to take advantage of opportunities

Build new strengths to counter threats

Weaknesses

core strategy
Core Strategy

Improve Performance

Improve Productivity

Increase Sales

Expand Market

Increase Share

Increase Margins

Reduce Costs

New uses

New users

Increase use frequency

New products

Win share

Acquire share

Create alliances

Increase price

Add value

Change product mix

Capital costs

Fixed costs

Variable costs

creation of competitive positioning
Creation of Competitive Positioning
  • Market targets
  • Differential advantage:
    • Cost leadership
    • Differentiation
    • Focus
reading
Reading
  • Hooley et al. Chapters1 and 2.
  • Nohria, Joyce, and Robertson (2003), ‘What Really Works’, Harvard Business Review, July, pp. 42-53.
  • Piercy and Morgan (1994), ‘The Marketing Planning Process: Behavioral Problems Compared to Analytical Techniques in Explaining Marketing Plan Credibility’ Journal of Business Research, 3, pp.167-178.