Week 1 - Strategy

Question 1

Define Marketing Strategy

Answer 1

A market-oriented strategy that establishes a profitable & sustainable market position for the firm against all forces that determine industry competition

-Continuously creating & developing a competitive advantage from the potential resources that exist in a firm’s value chain.

Question 1

4 Ways of Approaching Competitive Marketing Strategy

Answer 1

• Thinking First
• Seeing first
• Doing First
• Simple Rules

Question 2

What is thinking first?

Answer 2

Cognitively analysing a strategic marketing problem & developing the solution (the strategy) through a carefully thought-out process. (Rationality).

Question 3

What can thinking first help with?

Answer 3

• It can help to see the big picture occasionally throughout the process.
• It can involve some inspiration & insight but largely the process is one of painstakingly doing your homework.

Question 4

What is Seeing First?

Answer 4

• It is a cognitive process with an overview of the whole picture
• Insight often only comes after a period of preparation, incubation, illumination & verification in the cold light of day

Question 5

What is doing first?

Answer 5

(1) Do something (2) make sense of it (3) repeat successful parts & discard the rest.
- Instead of marketing strategy - the reality is often that ‘doing’ drives.
- Many companies have successfully diversified their business by a process of figuring out what worked & what did not.

Question 6

What are the 5 simple rules?

Answer 6

• How-to rules: Keeping managers organised to be able to seize opportunities.
• Boundary rules: Help managers to pick the best opportunities based on geography, customers and technology.
• Priority rules: are about allocating resources amongst competing opportunities.
• Timing rules: relate to the rhythm of key strategy processes.
• Exit Rules: Are about pulling out from past opportunities