Summary of Strategic Marketing - Part 1

Strategic Marketing

Lecture part 1

Recources: assets and capapilities

(customer-based assets, supply chain assets, internal marketing support assets, alliance-based marketing assets)

(Advertising, promotion and selling; pricing and tendering; product and service management; distribution and logistics)

Adaptive Marketing Capabilities: Focus Outside-In, Anticipate and respond

Dynamic Marketing Capabilities: Focus Inside-Out, Create new assets

External Factors:

Macro-environment: PESTEL (Political,Economic,Social, Technological, Environmental,Legal)

! Focus on key driving factors of change !

Scenario-Analysis: uncertainty, plausible view of future, danger: not looking at extreme scenarios

(useful when number of key factors limited and high level of uncertainty)

Industry: group of firms that produce same principal product

Sector: concept for public services

Strategic groups:

Scope of activities (e.g. distribution)

Resource commitment (e.g. brands)

knowing strategic groups: + understand competition + analyse opportunities + analyse mobility barriers

→ take into account action and reaction of your competitors

Market segments: groups of customers with similar needs → what is important to reach segment?

→ Importance of relative strenghts

SWOT and TOWS:

strengths, weaknesses, opportunities and threats - with a TOWS analysis, threats and opportunities are examined first and weaknesses and strengths are examined last. After creating a list of threats, opportunistic, weaknesses and strengths, managers examine ways the company can take advantage of opportunities and minimize threats by exploiting strengths and overcoming weaknesses. (Strengths and Opportunities (SO) – How can you use your strengths to take advantage of the opportunities? Strengths and Threats (ST) – How can you take advantage of your strengths to avoid real and potential threats? Weaknesses and Opportunities (WO) – How can you use your opportunities to overcome the weaknesses you are experiencing? Weaknesses and Threats (WT) – How can you minimize your weaknesses and avoid threats?)