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Strategic Marketing
Rationale
Marketing strategy is fundamental to the development of marketing. The broad direction of the marketing function, the specific delivery of marketing objectives and the dynamic interplay between the various element that lie at the core of marketing management.
The aim of this course are to explore the theoretical and the practical aspects of the topic. Importantly, the aim is to develop a critical awareness and high-level abilities in this key area; to provide a basic introduction to the concepts of the frameworks; to explore - particularly the strategies most likely to deliver value added, sustainable competitive advantage and innovation; to examine implementation issues and apply concepts to real-life situations; to develop critical awareness of some leading concepts and to explore leading-edge issues in marketing strategy, such as the source-based view and emergent strategic processes.
Learning Outcomes
Knowledge
Upon the successful completion of this module, students will have knowledge of:
- The leading concepts and their application
- The strengths, weaknesses and limitation of some leading theories
- The techniques that are particularly suited to delivering innovation, added value and sustainable competitive advantage
- Some leading-edge issues in marketing strategy
Transferable Skills
Upon the successful completion of this module, students will be able to:
- Work in groups (though provision will be made for individual work, where appropriate)
- Write and extensive and well-documented case study report using appropriate support evidence.
Subject Specific Skills
Upon the successful completion of this module, students will be able to:
- Critically evaluate some of the latest thinking in marketing strategy
- Analyse the marketing environment and the organisation's own resources using various models.
- Identify the purpose of the organisation and relate this to the marketing objective of the organisation including those related to innovation
- Develop strategic options and select between them, using logical, learning and innovative techniques
- Differentiate between content, process and context and apply this to marketing strategy
- Know how to explain and manage fast-changing markets
- Acquire a critical awareness of the main marketing strategy concepts
- Develop a marketing strategy and marketing plan.
Today's Videos
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- Google's Playlists
Teaching and Learning Resources
Developing a Global Vision
Tutorials
Innovation is a change in the thought process for doing something or "new stuff that is made useful".[1] It may refer to an incremental emergent or radical and revolutionary changes in thinking, products, processes, or organizations. Following Schumpeter (1934), contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice. In many fields, such as the arts, economics and government policy, something new must be substantially different to be innovative. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
Innovation is an important topic in the study of economics, business, entrepreneurship, design, technology, sociology, and engineering. Colloquially, the word "innovation" is often synonymous with the output of the process. However, economists tend to focus on the process itself, from the origination of an idea to its transformation into something useful, to its implementation; and on the system within which the process of innovation unfolds. Since innovation is also considered a major driver of the economy, especially when it leads to new product categories or increasing productivity, the factors that lead to innovation are also considered to be critical to policy makers. In particular, followers of innovation economics stress using public policy to spur innovation and growth.
Those who are directly responsible for application of the innovation are often called pioneers in their field, whether they are individuals or organizations.
- Introduction
- Market outcome
- Sources of innovation
- Value of experimentation
- Diffusion
- Goals
- Failure
- Measures
- Public awareness
- Academic article on Being a Systems Innovator on SSRN
- "Communication on Innovation policy: updating the Union's approach in the context of the Lisbon strategy" – The European Commission.
- Commission proposes 2009 to become European Year of Creativity and Innovation – The European Commission.
- PRO-INNO Europe - Innovation policy analysis and development throughout Europe (Initiative of the European Commission).
- Jacob-S.NET – Innovation – Articles and resources.
- Innova Pulse non profit/non commercial org promoting strategic innovation – Articles and resources.
- 12 Innovations that Changed the World
- Innovation Strategies
- Marketing Innovation
- Marketing and Innovation
Strategic Planning for Competitive Advantage
Tutorials
Readings
Competitive advantage is a position of a company in a competitive landscape that allows the company earning return on investments higher than the cost of investments. Competitive advantage should be relevant, unique, and sustainable.
Marketing in the New Economy
Tutorials
Readings
The New Economy was an evolution of developed countries from an industrial/manufacturing-based wealth producing economy into a service sector[2] asset-based economy[3], brought about by globalization and currency manipulation by governments and their central banks, following strategic changes influenced by writers such as Kevin Kelly[4]. Some analysts claimed that this change in the economic structure of the United States had created a state of permanent steady growth, low unemployment, and immunity to boom and bust macroeconomic cycles[5]. They believed that the change rendered obsolete many business practices[6].
Account balance in 2006[1]
Critics of these ideas felt vindicated when the stock market bubble burst. Many of the more exuberant predictions proved to be wrong. Some pundits continue to use the term New Economy to describe contemporary developments in business and the economy[7].
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- 10 big trends that points to Strategic Alternative Marketing®
- Key Features of the New Rapidly Globalizing and Changing Knowledge Economy
Activities
Strategic Marketing Planning
Tutorials
Readings
A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. Marketing plans cover between one and five years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.
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External links
Strategic Marketing Plan
Welcome to the Strategic Marketing Plan for the OpenOffice.org Marketing Project. Copies of the marketing plan are available at marketing.openoffice.org in a variety of formats.
The Power of Vision and Business Concept
One focused vision made Dell the world's leading direct computer systems company. One bold concept – direct customer contact – has made Dell one of the most successful companies in the world.
Activities
Situation Analysis: Collecting and Analysing Marketing Information
Tutorials
Readings
Situation analysis is a marketing term, and involves evaluating the situation and trends in a particular company's market. Situation analysis is often called the "three c's", which refers to the three major elements that must be studied:
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The number of "c's" is sometimes extended to four, five, or even six, with "Collaboration", "Company", and "Competitive advantage".
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See also
References
SWOT Analysis: A Framework for Developing Marketing Strategy
Tutorials
Readings
SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.
A SWOT analysis must first start with defining a desired end state or objective. A SWOT analysis may be incorporated into the strategic planning model. Strategic Planning, has been the subject of much research.
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- Strengths: attributes of the person or company that are helpful to achieving the objective(s).
- Weaknesses: attributes of the person or company that are harmful to achieving the objective(s).
- Opportunities: external conditions that are helpful to achieving the objective(s).
- Threats: external conditions which could do damage to the objective(s).
Identification of SWOTs are essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs.
First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated.
The SWOT analysis is often used in academia to highlight and identify strengths, weaknesses, opportunities and threats. It is particularly helpful in identifying areas for development.
- Matching and converting
- Internal and external factors
- Use of SWOT Analysis
- SWOT - landscape analysis
- Corporate planning
Activities
Managing Customer Relationship
Tutorials
Readings
Customer relationship management (CRM) is a broadly recognized, widely-implemented strategy for managing and nurturing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.
The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. [1] CRM denotes a company-wide business strategy embracing all client-facing departments and even beyond. When an implementation is effective, people, processes, and technology work in synergy to increase profitability, and reduce operational costs.[2] It is important to emphasize that CRM is a specialty within marketing, and to implement CRM in a company, you can use tools as CRM systems, mailers, databases etc. CRM is commonly misunderstood, thinking it is an IT system.
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Market Segmentation, Target Marketing, and Positioning
Tutorials
Readings
Market segmentation is a concept in economics and marketing. A market segment is a sub-set of a market made up of people or organizations sharing with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following criteria: it is distinct from other segments (different segments have different needs), it is homogeneous within the segment (exhibits common needs); it responds similarly to a market stimulus, and it can be reached by a market intervention. The term is also used when consumers with identical product and/or service needs are divided up into groups so they can be charged different amounts. These can broadly be viewed as 'positive' and 'negative' applications of the same idea, splitting up the market into smaller groups.
Examples:
- Age
- Gender
- Price
- Interests
While there may be theoretically 'ideal' market segments, in reality every organization engaged in a market will develop different ways of imagining market segments, and create Product differentiation strategies to exploit these segments. The market segmentation and corresponding product differentiation strategy can give a firm a temporary commercial advantage.
In marketing, positioning has come to mean the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization.
Re-positioning involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
De-positioning involves attempting to change the identity of competing products, relative to the identity of your own product, in the collective minds of the target market.
The original work on Positioning was consumer marketing oriented, and was not as much focused on the question relative to competitive products as much as it was focused on cutting through the ambient "noise" and establishing a moment of real contact with the intended recipient. In the classic example of Avis claiming "No.2, We Try Harder", the point was to say something so shocking (it was by the standards of the day) that it cleared space in your brain and made you forget all about who was #1, and not to make some philosophical point about being "hungry" for business.
The growth of high-tech marketing may have had much to do with the shift in definition towards competitive positioning.
Product Strategy and Quality
Tutorials
Readings
Product management is an organisational lifecycle function within a company dealing with the planning or forecasting or marketing of a product or products at all stages of the product lifecycle.
Product management (inbound focused) and product marketing (outbound focused) are different yet complementary efforts with the objective of maximizing sales revenues, market share, and profit margins. The role of product management spans many activities from strategic to tactical and varies based on the organisational structure of the company. Product management can be a function separate on its own and a member of marketing or engineering.
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While involved with the entire product lifecycle, product management's main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products - ones that deliver unique benefits and superior value to the customer - is the number one driver of success and product profitability.[1]
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Activities
Pricing Strategy
Tutorials
Readings
There are many ways in which the price of a product can be determined. The following are the foremost pricing strategies that businesses are likely to use.
- Competition-based pricing
- Cost-plus pricing
- Creaming or skimming
- Limit pricing
- Loss leader
- Market-oriented pricing
- Penetration pricing
- Price discrimination
- Premium pricing
- Predatory pricing
- Contribution margin-based pricing
- Psychological pricing
- Dynamic pricing
- Price leadership
- Target pricing
- Absorption pricing
- High-low pricing
- Marginal-cost pricing
- References
Distribution and Supply Chain Management
Tutorials
Readings
Supply chain management (SCM) is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers (Harland, 1996).[1] Supply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption (supply chain).
Another definition is provided by the APICS Dictionary when it defines SCM as the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand, and measuring performance globally."
Integrated Marketing Communications
Tutorials
Readings
Promotion is one of the four elements of marketing mix (product, price, promotion, distribution). It is the communication link between sellers and buyers for the purpose of influencing, informing, or persuading a potential buyer's purchasing decision.[1]
The following are two types of Promotion:
Above the line promotion: Promotion in the media (e.g. TV, radio, newspapers, Internet, Mobile Phones, and, historically, illustrated songs) in which the advertiser pays an advertising agency to place the ad Below the line promotion: All other promotion. Much of this is intended to be subtle enough for the consumer to be unaware that promotion is taking place. E.g. sponsorship, product placement, endorsements, sales promotion, merchandising, direct mail, personal selling, public relations, trade shows. The specification of five elements creates a promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.[2] A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate image. Fundamentally, however there are three basic objectives of promotion. These are: 1.) To present information to consumers as well as others 2.)To increase demand 3.)To differentiate a product.[3] |
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There are different ways to promote a product in different areas of media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product.
The term "promotion" is usually an "in" expression used internally by the marketing company, but not normally to the public or the market - phrases like "special offer" are more common. An example of a fully integrated, long-term, large-scale promotion are My Coke Rewards and Pepsi Stuff.
See also
Marketing Implementation and Control
Tutorials
Readings
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Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be estimation of the expected value for some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgemental methods. Usage can differ between areas of application: for example in hydrology, the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period. |
Risk and uncertainty are central to forecasting and prediction; it is generally considered good practice to indicate the degree of uncertainty attaching to forecasts. The process of climate change and increasing energy prices has led to the usage of Egain Forecasting of buildings. The method uses Forecasting to reduce the energy needed to heat the building, thus reducing the emission of greenhouse gases.
Forecasting is used in the practice of Customer Demand Planning in every day business forecasting for manufacturing companies. The discipline of demand planning, also sometimes referred to as supply chain forecasting, embraces both statistical forecasting and a consensus process. An important, albeit often ignored aspect of forecasting, is the relationship it holds with planning. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like.[1] There is no single right forecasting method to use. Selection of a method should be based on your objectives and your conditions (data etc.).[2] A good place to find a method, is by visiting a selection tree. An example of a selection tree can be found here.[3].
- References
- External
links
- Forecast and plan your sales
- How to achieve an effective marketing mix
- Marketing plan implementation and control
- Marketing Planning, Implementation and Control
- Forecasting Principles: "Evidence-based forecasting"
- Introduction to Time series Analysis (Engineering Statistics Handbook) - A practical guide to Time series analysis and forecasting
- Time Series Analysis
- Global Forecasting with IFs
- Earthquake Electromagnetic Precursor Research
Assessing the Financial Impact of the Marketing Plan
Tutorials
Readings
Managerial finance is the branch of the finance that concerns itself with the managerial significance of finance techniques. It is focused on assessment rather than technique.
The difference between a managerial and a technical approach can be seen in the questions one might ask of annual reports. One concerned with technique would be primarily interested in measurement. They would ask: are moneys being assigned to the right categories? Were generally accepted accounting principles GAAP followed?
One concerned with management though would want to know what the figures mean.
1. They might compare the returns to other businesses in their industry and ask: are we performing better or worse than our peers? If so, what is the source of the problem? Do we have the same profit margins? If not why? Do we have the same expenses? Are we paying more for something than our peers?
2. They may look at changes in asset balances looking for red flags that indicate problems with bill collection or bad debt.
3. They will analyse working capital to anticipate future cash flow problems.
4. Managerial finance is an interdisciplinary approach that borrows from both managerial accounting and corporate finance.
Sound financial management creates value and organisational agility through the allocation of scarce resources amongst competing business opportunities. It is an aid to the implementation and monitoring of business strategies and helps achieve business objectives.
Marketing Ethics and Social Responsibility
Tutorials
Readings
Marketing ethics is the area of applied ethics which deals with the moral principles behind the operation and regulation of marketing. Some areas of marketing ethics (ethics of advertising and promotion) overlap with media ethics.
- Fundamental issues in the ethics of marketing
- Specific issues in marketing ethics
- Regulation and enforcement
- Social responsibility
- Consumerism
- Customer relationship management
- Ethical marketing
- False advertising
- List of business ethics, political economy, and philosophy of business topics
- Marketing
- Marketing warfare strategies
- Media ethics
- Propaganda
- References
- Bibliography
- External links
Recommended Texts
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Marketing (with
InfoTrac) 8th Edition Charles W. Lamb - Texas Christian University Joseph F. Hair - Louisiana State University Carl McDaniel - University of Texas, Arlington 032422155X 768 pages HB 8 1/2 x 10 7/8 Check the availability and buy your books from our Bookshop. |
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Marketing, 6th Ed Berkowitz, Kerin, Hartley, Rudelius
Check the availability and buy your books from our Bookshop.
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Strategic
Marketing Management
Check the availability and buy your books from our Bookshop. |
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Strategic
Market Management,
7th Edition
Check the availability and buy your books from our Bookshop.
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Marketing
Strategy 3rd Edition O. C. Ferrell - Colorado State University Michael Hartline - Florida State University 0324201400 648 pages Paper Bound 8 X 10 Check the availability and buy your books from our Bookshop. |
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The
Journal of Marketing Communications
Editor:
Prof Philip J. Kitchen,Chair in Strategic Marketing,
The Business School, The University of Hull,
Hull HU6 7RX, UK |
Case Studies
Resources
