3.1 Overview marketing strategy Flashcards
- Value identification
internal and external analysis 5C
- Value definition
value proposition (or STP)
- Value delivery
action plan: marketing mix
Strategic management vs strategic marketing (3)
Decisions on corporate level vs all levels
All functional domains vs marketing functional domain
Focus on sustainable competitive advantage vs Distinctive customer value as prerequisite for sustainable competitive advantage
Strategic marketing is about
creating sustainable value to customers that is both superior (relevant) and differentiated from the value offered by others in the market.
Strategic marketing This means delivery of value that 2
1) customers deem important in the long run (relevance)
2) that competitors cannot easily imitate (based on unique capabilities)
Marketing strategy is value proposition (or STP)
Basically on 2 decisoin you need to make
targeting and positioning.
Segmenting
- Process of dividing the market into groups of consumers with a common need
- Segments must be: 5
Identifiable, with measurable characteristics
Substantial, large enough to serve profitably
Differentiable, similar needs that differ from other groups
Stable, be around to approach them before the need ends
Actionable - internally clear how to find them and what to do
Targeting
Selecting the segment(s) to target in order to reach the firm’s overall objectives
Positioning
- The position you want to claim in people’s minds
- 3 elements of positioning statement
o Frame of reference – how you define your market
Product category or customer need
o Point of difference – what sets you apart from the players in that market
Unique and relevant
o Reason to believe – what is proof of pudding
Frame of reference is most important because
You can choose your competitors by positioning in the mind of customers
3 different levels marketing strategy
Corporate level
Within corporate level brand level
Within brand level you have product level
Main criteria for success of a value proposition is
- Relevance for customer
- Differentiation (from existing alternatives)
Marketing strategy effectiveness
Goal of marketing strategy is to develop a value proposition that will…
3
- Attract customers
- Keep customers
- Grow customers
value of Customer equity
: What is whole customer base that you attracted worth for the longer term. Tells u profitability that you gain from your customers (lemon, rust, Zeithaml)
three drivers for customer equity are
value, brand and relationship equity
- value equity and drivers(3)
Objective assessment of utility of an offering/ brand
o Drivers: quality, price and convenience
- brand equity and drivers (3)
Subjective assessment of brand above its objectively perceived value
o Drivers: brand awareness, brand attitude/image and corporate ethics
relationship equity: drivers
Tendency to stick with the brand beyond customer’s objective and subjective assessment of the brand
o Loyalty programs, special recognition&treatment, affinity programs, community
programs, knowlegde programs
Marketing mix is the
is the execution of your strategy
Morgan 2012:
Marketing Tactics
value delivery, action plan, Marketing mix (product, pricing,
promotion, placement, …, …,…16 P’s)
Dolan’s 5C of analysis (3 external, 2 internal)
External
- Context (macro) analysis Industry analysis (5 forces)
- Competitive analysis
- Customer (Segment)analysis
Internal
- Company (internal) analysis
- Collaborator analysis
