Weeks 1 -3 - The marketing process (Understanding the marketing problem and situation analysis) Flashcards
What is the marketing process?
first four steps is about creating value and building relationships
last step is about reap the award
Write at the strategic marketing framework
- Strategic analysis
- internal (size, a&c, image and positioning) - strategic analysis output
- customer, competitor, market/sub market & environment analysis - creating and adapting strategy
- product market invest decision
- VP
- a&C
- functional area strategies and programs - implementing strategy and producing firm value
- implement strategy
- measure performance
What are the sources of marketing information?
- internal datebase
- market research (primary & secondary)
- market intelligence (competitors)
What is the role of marketing information?
- to gain insights
- uncover motive
- provide right information
To ultimately inform decision making that’s consumer centric.
Consumer Analysis
- P&G Pampers case study
* Customer analysis is essential to the marketing of existing products and NPD
* Decided to expand the Pampers brand into China.
* Prioritised price over quality = failed to resonate with consumer
* Quality-based attributes such as dryness and softness as much as low cost.
* drove the establishment of “delight don’t dilute” - Need to think about: how to segment market, customer motivations and unmet needs
What framework to use for customer value and explain it
- Bain & Co pyramids
- more value the better
- functional value best
- e. g. NFTs - tech sarvy, reflection on con identity
Competitor Analysis
Analysis should focus on understanding how competitors are positioned, their sources of value, and the identification of threats or opportunities created by emerging or potential competitor strengths or weaknesses.
Market/sub-market Analysis
- To determine the attractiveness of a market to current and potential participants
- Understand the dynamics of the market to understand what it takes to win in the space.
- Considerations: emerging submarkets by lower price, what markets are growing, driving forces, profitability (porters 5 forces)
Profitability (Porter’s 5 Forces)
- Threat of potential entrants
- Bargaining power of suppliers
- Consumer bargaining power
- Threat of substitutes
- Competitive rivalry
Environmental Analysis
- Broader environmental trends surrounding a market.
- PESTLE
Be aware that we can use the PESTLE to inform the opportunities and threats in a SWOT analysis and then a TOWS.
Internal Analysis
Objectives of internal analysis are to determine if:
1. Our existing assets and competencies are adequate to win?
2. What are our strengths and weaknesses?
Strengths and weaknesses are something we have control over as a company
State elements of PESTLE
not everything - > informs SWOT/TOWS
SWOT
- Strengths + Weakness = What we can control - assets + competencies
- Opportunities + Threats = What we influence
Find what we care + where to play
What is the strategic outputs
The goal is to develop a strategy that exploits our strengths and competitor’s weaknesses, and neutralises our weaknesses and competitor strengths.
SWOT vs TOWS
- Swot gathers info . Tows can inform strategy
- TOWS clashes opportunities/strengths etc.
Write out TOWS framework
SO option might be:
Leverage the firm’s effective NPD processes and culture of innovation to develop a phone app alternative
to our web platform.
What is the purpose of analysis?
is to develop an insightful and useful information base from which to formulate strategy.
Name for the four levels of strategy and brief description about each.
- Corporate strategy:
- highest level of strategy and involves decisions that affect the entire organization.
- Concerned with the overall direction and scope of the entire organization.
- Key decisions = diversification, mergers and acquisitions, strategic alliances, and the allocation of resources among different business units. - Business strategy:
- focuses on how a business competes within a specific industry or market.
- It involves decisions related to positioning the organization in the marketplace, targeting specific customer segments, and gaining a competitive advantage.
- Common business level strategies include cost leadership, differentiation, and focus/niche strategies. - Functional strategy:
- are developed and implemented by various functional departments within the organisation, such as marketing.
- For example, a marketing strategy might focus on promoting a product’s unique features to support a differentiation business level strategy. - Portfolio and Brand Strategy
- Functional/brand strat should fulfil business strat
- Goals are longer range , objectives help you achieve goal
object short term
↳e. g. grow 100followers -> more brand awareness
What is strategy?
- A plan of action that addresses where we want to be.
- In a marketing context, it’s about identifying where we play and how we win.
Define Sustainable Competitive Advantage (SCA)
Utilising assets and competencies to create an advantage that is truly sustainable over time.
What are assets and competencies?
Assets: can be physical and financial assets but also marketing assets such as brand
strength, customer relationships and knowledge of markets.
Competencies: unique capabilities and advantages that set an organisation apart from its competitors. Core competencies are often related to specific skills, technologies, or processes that give a company a competitive edge.
In the third section of strategic marketing framework, state the two questions and four dimensions.
- Where to compete
- The product investment decisions - How to people
- VP
- a&c
- function area strategies and programs
What framework to use for: Where to compete?
- Ansoff matrix
Please state the Ansoff matrix
- Market penetration
- Product development
- Market development
- Diversification
