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Mktg 7542 - Intro to Retail Marketing Strategy


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Powerpoint slides to accompany introductory lecture for MKTG 7542-Retail Marketing Strategy (The Univ. of Memphis)

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Mktg 7542 - Intro to Retail Marketing Strategy

  1. 1. Introduction to Course
  2. 2. <ul><li>Professional v. Trade </li></ul><ul><li>Word Games … </li></ul><ul><ul><li>Retail … </li></ul></ul><ul><ul><li>Marketing … </li></ul></ul><ul><ul><li>Strategy … </li></ul></ul>
  3. 3. <ul><li>When we talk about “strategy” … where do most of our metaphors and role models come from? </li></ul>
  4. 5. <ul><li>Military and sport analogies … </li></ul><ul><li>Imply the necessity of opponents. </li></ul><ul><ul><li>Strong focus on competition may lead organization to focus on short term success (e.g. “win the game”). </li></ul></ul><ul><ul><li>Ignore larger questions relating to structure, mission and opportunity. </li></ul></ul><ul><li>Focus on goal/objective attainment. </li></ul><ul><ul><li>“ very nature of goals implies temporary success.” </li></ul></ul><ul><ul><li>Leads to view that strategy itself is about goal achievement. </li></ul></ul>
  5. 6. <ul><li>Corporate Strategy </li></ul><ul><ul><li>“ a fuzzy discipline” </li></ul></ul><ul><ul><li>“ Scholars, execs and consultants know its problematic to explain … which decisions are strategic choices and which are just operational options.” </li></ul></ul>
  6. 7. <ul><li>We can generally agree strategy is … </li></ul><ul><ul><li>an elaborate and systematic plan of action. </li></ul></ul><ul><li>More specifically, … </li></ul><ul><ul><li>business strategy is … “a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organization with markets, competitors and other environmental factors.” </li></ul></ul>
  7. 8. <ul><li>Hierarchy </li></ul><ul><ul><li>Mission  Goals  Objectives  Strategy </li></ul></ul><ul><li>Strategy is the roadmap – how do we get there? </li></ul>
  8. 10. A. Corporate Strategy C. Functional (e.g., Marketing) Strategy B. Business Strategy AC ABC BC
  9. 11. <ul><li>1985 – Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. </li></ul>
  10. 12. <ul><li>2004 - A function (little “m”) and a set of processes (big “M”) for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. </li></ul>
  11. 14. <ul><li>Customer relationships … only? </li></ul>
  12. 15. <ul><li>True need or bizarre hybrid? </li></ul><ul><ul><li>What “things” make strategy in the retail context unique? Or, more specifically … </li></ul></ul>
  13. 16. <ul><li>Old saw … </li></ul>