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Chapter 3 4 (Re)Thinking Marketing2
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Chapter 3 4 (Re)Thinking Marketing2

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This was made for my professor I was a Teacher\'s Assistant for. It is from chapters 3-4 of the book Rethinking Marketing.

This was made for my professor I was a Teacher\'s Assistant for. It is from chapters 3-4 of the book Rethinking Marketing.

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Chapter 3 4 (Re)Thinking Marketing2 Chapter 3 4 (Re)Thinking Marketing2 Presentation Transcript

  • STRATEGIC MARKETING OVERVIEW
  • WHAT IS MARKETING STRATEGY?? The primary focus of marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firm’s objectives within a specific product market. - Walker, Mullin, Boyd, Larreche
  • EVOLVING VIEWS OF MARKETING’S ROLE a. Marketing as an equal function Finance Production Marketing Human resources
  • EVOLVING VIEWS OF MARKETING’S ROLE
  • EVOLVING VIEWS OF MARKETING’S ROLE e. The customer as the controlling function and marketing as the integrative function Customer Marketing Production Human Resources Finance
  • STRATEGIC MANAGEMENT OVERVIEW
  • STRATEGIC MANAGEMENT Strategy Formulation From Schermerhorn Management 8e Strategy Implementation
    • Identify & analyze:
    • Mission
    • Objectives
    • Strategies
    • Internal & External Envir :
    • Org. resources
    • & capabilities
    • Industry &
    • external environ.
    • Revise Mission, Obj, Strategy:
    • Corporate
    • Business
    • Functional
    • Implement:
    • Corp. governance
    • Mgt. systems
    • Strategic leadership
    • Evaluate Results:
    • Strategic control
    • Renew strategic
    • mgt. process
  • STRATEGIC MANAGEMENT PROCESS From Kreitner Management 5E Strategic Management Process Kreitner Figure 7.2
  • PORTER’S GENERIC COMPETITIVE STRATEGIES Michael Porter, 1984. Competitive Scope Competitive Advantage Narrow Target Broad Target Differentiation Lower Cost
  • PORTER’S GENERIC COMPETITIVE STRATEGIES Competitive Scope Competitive Advantage Narrow Target Broad Target Differentiation Lower Cost
  • BUSINESS MODEL OVERVIEW
  • WHAT IS A BUSINESS MODEL?
    • Purpose: Describes the opportunity and how the company will generate revenue .
    • Business Offerings: Identifies the products/services that it will provide.
    • Strategies: Core strategy of a firm that defines its place in the market.
    • Infrastructure : The way the business will provide the product/service to the marketplace .
    • Organizational structures
    • Organizational processes and policies
    “ Description of the value a company offers to one or several segments of customers and of the architecture of the firm and its network of partners for creating, marketing, and delivering this value and relationship capital, to generate profitable and sustainable revenue streams. ”   — Osterwalder, Pigneur and Tucci, 2005
  • CORE COMPONENTS OF A BUSINESS MODEL Morris, M., Schindehutte, M “Teaching Entrepreneurship Students the Concept of a Business Model”
    • How do we create value (factors related to the offering )
    • Who do we create value for (market factors )
    • What is our source of competence/advantage ( internal capability factors )
    • How do we differential ourselves (competitive strategy factors )
    • How do we make money (economic factors )
    • What are our time, scope and size ambitions ( personal/investor factors )
  • CORE COMPONENTS OF A BUSINESS MODEL
    • Simply put : What problem does this business solve and how does it do so profitably?
    Walker, O. C., Jr., Mullins, J. W., & Boyd, H. W., Jr. (2007). Marketing Strategy . McGraw-Hill Companies. Infrastructure Offer Customer Finance Core Capabilities Value Configuration Partner Network Value Proposition Distribution Channel Customer Relationship Target Customer Revenue Streams Cost Structure
  • EXAMPLES OF B-MODELS
  • ECONOMIC MODEL: HOW THE BUSINESS MAKES MONEY Morris, M., Schindehutte, M “Teaching Entrepreneurship Students the Concept of a Business Model” Operating Leverage : High/medium/low Revenue Sources : fixed/mixed/flexible Margins : high/medium/low THE ECONOMIC MODEL OF THE BUSINESS Volumes : high/medium/low
  • THE CUSTOMER OF THE FUTURE Chapter 3 INNOVATE OR DIE: CREATING MARKETS AND LEADING CUSTOMERS
  • THE PATHS THAT OFFERINGS CAN TAKE Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 46. An Offering Evolves Either by an… An Offering Evolves Either by an… An Offering Evolves Either by an… Extension New and Improved Subversion Use at Odds with Original Intention Diversion Change Use of the Offering Through Social Means Emersion Offering has a Primary Change Effect on People Aspersion Offering Produces Secondary (“side”) Effects
  • CREATIVE CONSUMERS…
    • … work with all types of offerings
    • … don’t necessarily face needs that will become general
    • … need not benefit directly from their innovations
    • … rarely ask permission to experiment with a firm’s offering
    Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 53-54.
  • FIRMS’ STANCES TOWARD CREATIVE CONSUMERS Active Passive Negative Positive Firm’s Actions Toward Creative Customers Firm’s Attitude Toward Creative Customers Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 57.
    • Complex interplay between offerings and customers:
      • Offerings can shape and change customers
      • Customers will shape and change offerings in ways that marketers never intended
    Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 60.
  • DO THE DOGS LIKE THE DOG FOOD? ENTREPRENEURIAL MARKET RESEARCH Chapter 4
  • MARKETING RESEARCH REVIEW The Set-Up The Measurement The Measurement The Management Decision Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 69.
  • A BACKWARD APPROACH The Set-Up The Set-Up The Measurement The Management Decision Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 69.
  • GUIDE THE ENTREPRENEURIAL RESEARCH PROCESS
    • Think Like a Guerrilla
    • Make Use of Your Surroundings
    • Find Insights in the Ordinary
    • Explore the Unconscious
    • Build Research into Daily Operations
    • Use Technology Creatively
    • Create and Mine Databases
    Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 72-75.
  • Low-Cost But Effective Research Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 77. Techniques That Tend to Be More Qualitative Techniques That Tend to Be More Quantitative Natural Observation Survey Research
    • Real-time Observation
    • Mail
      • Unobtrusive
    • Telephone
      • Obtrusive
    • Face-to-face (e.g. mail intercepts)
    • Protocols
    • Internet Surveys
    • Trace Studies
    • Consumer Panels
    • Garbology
    Experimentation In-depth Interviews
    • Laboratory Experiments
    • Individuals
    • Field Experiments
    • Focus Groups
    • Quasi-Experiments
    Projective Techniques Archival Studies (Secondary Data)
    • Collage
    • Internal Archives (company records)
    • Picture Completion
    • External Archives
    • Metaphors and Analogies
    • Psycho Drawing
    • Personalization
  • Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 81.
  • EMBRACING THE ENTREPRENEURIAL RESEARCH PERSPECTIVE
    • Continually Ask Questions
    • Seek Opportunities
    • Experiment in the Marketplace
    • Learn From Customers and Competitors
    • Discover New Ways to Create Value
    Schindehutte, M. & Morris, M. H. & Pitt, L. (2008). Rethinking Marketing . Upper Saddle River, NJ: Pearson. 82. “ Marketing Research Makes Possible the Calculated Part of Calculated Risk-Taking!”
    • Theme for the Course
    The more you read, the more you know. The more you know, the smarter you grow. The smarter you grow, the stronger your voice. When you speak your mind or make your choice .