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Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Click to edit Master title style,Click to edit Master text styles,Second level,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,#,Palmatier,1,Marketing Strategy:,Based on First Principles and Data Analytics,All Customers Differ,All Competitors React,All Resources are Limited,All Customers Change,First Principles,:The foundational concepts or assumptions on which a theory,system,or method is based(Oxford Dictionaries),Agenda,Overview,Course Overview,Marketing Strategy Overview,First Principles of Marketing Strategy,MP#1:All Customers Differ,Managing Customer Heterogeneity,MP#2:All Customers Change,Managing Customer Dynamics,MP#3:All Competitors React,Managing Sustainable Competitive Advantage,MP#4:All Resources Are Limited,Managing Resource Trade-Offs,Integrating the Four First Principles of Marketing Strategy,Markstrat,Takeaways,2,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Course Focus:Strategically Analyzing and Solving Marketing Problems,Two Key Learning Objectives,:,Understand and effectively use the fundamental frameworks,processes,and analysis tools of marketing strategy,Use the“first principles”of marketing strategy to solve business problems and improve business performance,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,First Principles,:The foundational concepts or assumptions on which a theory,system,or method is based(Oxford Dictionaries),3,Course Materials,Course Pack(Canvas),Syllabus,Assignment due dates and descriptions,Help session dates,Readings(assigned/optional)and assignments,Class slides,Everything is organized by module,Markstrat and Marketing Engineering Software,Book:,Robert W.Palmatier and Shrihari Sridhar,Marketing Strategy:Based on First Principles and Data Analytics,(Palgrave McMillian,2017),4,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Course Content and Deliverables,Lectures and discussion(individual:participation 20%),Problem-specific frameworks and processes,Research methods and analysis techniques,In class exercises,Examples from your experience(helpful to class),3,Marketing Engineering,assignments(individual:30%),MarkStrat,competitive simulation(20%),Marketing project,5-page written plan(10%),Presentation(10%),Team-based final exam(10%and prizes),Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,5,Agenda,Overview,Course Overview,Marketing Strategy Overview,First Principles of Marketing Strategy,MP#1:All Customers Differ,Managing Customer Heterogeneity,MP#2:All Customers Change,Managing Customer Dynamics,MP#3:All Competitors React,Managing Sustainable Competitive Advantage,MP#4:All Resources Are Limited,Managing Resource Trade-Offs,Integrating the Four First Principles of Marketing Strategy,Markstrat,Takeaways,6,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Brief History and of Marketing Strategy,Strategy arose from a military context:“The forces available must be,employed,with such skill that even in the absence of absolute superiority,relative superiority,is attained at the,decisive point,”-Karl von Clausewitz,On War(1832),Management scholars added two elements to apply the strategy concept to business:the need to make the differential advantage,sustainable,and the idea that the objective of any business strategy is to,enhance firm performance,(60 and 70s),Marketers argue that it must be from the perspective of the,customer(90s),Thus,five key elements are critical to marketing strategy:,Leads to a differential advantages over competitors,Sustainability,Ability to enhance firm performance,Customer perspective,Guides decisions and actions,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,7,Customer-Centricity is Key to an Effective Marketing Strategy,Customer ultimately determines strategys success or failure,The shift in focus from firm to customer by incorporating the customers perspective represents a natural,long-term progression in strategy,Economists tend to take an industry-level perspective,and management scholars adopt a firm-centric perspective,but customer is an even smaller unit of analysis,Helps explain variation in firms performance by addressing smaller and smaller units of analysis,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,8,Marketing strategy consists of decisions and actions focused on building a sustainable differential advantage,relative to competitors,in the minds of customers,to create value for stakeholders.,Example:Philips(Netherlands),Netherlands-based technology company,Over past 125 years,Philips innovated its marketing strategy many times to remain competitive,Company builds a strong presence in each market to understand the local market and customer desires,Innovates continually;created“technology incubator”to develop new technologies,Customer-centric view,success,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,9,Exercise:What is Your Firms Marketing Strategy,Take 5 minutes and answer these three questions:,What is your firm doing to build a relative advantage petitors in the minds of your targeted customers?_,How is your firm building barriers to competitors copying this advantage to make it sustainable?_,How is your firm“selling”this relative advantage?_,10,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Differences Between Corporate Strategy and Marketing Strategy,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,11,HR,Operations,R&D,Marketing Strategy,Corporate Strategy,Decisions and actions focused on building a sustainable differential advantage,relative to competitors,in the minds of customers,to create value for stakeholders.,The overall scope and direction of a firm and the way in which its various business operations work together to achieve particular goals.,Both corporate and marketing strategy influence human resources,operations,and R&D.,Legal,Tax&Finance,Sales&Marketing,Why is Marketing Strategy Key to Long-Term Financial Performance?,Large amount of research documents its impact on financial performance,but many people don,t realize the scope of influences on sales and profits,Grow market size(new products and services,lower prices),Grow share(better products and services than competition,higher loyalty to retain,and/or steal customers with acquisition strategies),Better prices and margins(improve loyalty,brand image,relationships,products,targeting of high margin customers),Reduce costs(WOM,brand,relationships,retain with loyalty),Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,12,Market,Demand,1,000,000,Firms,Market Share,10%,Firms Average Selling Price,$5,Firms,Sales Revenue,$500,000,=,x,x,Firms,Sales Revenue,$500,000,Firms,Gross Margin,20%,Firms,Profit,$30,000,=,x,-,Firms G&A Expenses,$20,000,Firms Sales&Marketing Expenses,$50,000,-,Example of Chain Ratios:Apple(US),Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,13,Launch of Apples iPhone catalyzed explosive growth of smartphone market,Market grew from 109 million units than 486 million in 5 years,iPhones market share increased from 3.3%to 18.4%.,Apple maintains premium price,Year,iPhone,Sales Revenue(millions),Cell Phone Market Size in Units(millions),iPhone Market Share(%),iPhone,Unit Price($),2007,$1,841.40,=,109.21,x,3%,x,$558.00,2008,$6,749.22,=,126.51,x,9%,x,$591.00,2009,$14,934.00,=,163.14,x,15%,x,$600.00,2010,$28,426.00,=,285.23,x,16%,x,$610.00,2011,$55,341.20,=,486.34,x,18%,x,$620.00,Agenda,Overview,Course Overview,Marketing Strategy Overview,First Principles of Marketing Strategy,MP#1:All Customers Differ,Managing Customer Heterogeneity,MP#2:All Customers Change,Managing Customer Dynamics,MP#3:All Competitors React,Managing Sustainable Competitive Advantage,MP#4:All Resources Are Limited,Managing Resource Trade-Offs,Integrating the Four First Principles of Marketing Strategy,Markstrat,Takeaways,14,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Why a First Principles Approach to Marketing Strategy?,Managers are being overwhelmed with more and more analysis tools,processes,and research techniques,but hard to know when to apply each one,Why not just use“case”examples?,Hard to find a case example for every marketing problem,Often what works for“case firm”will not work for your firm because:,Different customers,Different stage of product or industry lifecycle,Different competitive situation,Different resources,Thus,a key requirement for making good marketing decisions is to identify underlying factors on which the decisions depend,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,15,First Principles approach argues that marketing strategy is the pursuit of solutions to four fundamental marketing problems and organizes all frameworks,processes,and analyses to solve these problems.,Marketing Principles:Aligning Key Marketing Decisions with the First Principles of Marketing Strategy,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,16,Managing,customer heterogeneity,All customers differ,First Principles of Marketing Strategy,Key Marketing Decisions,Managing,customer dynamics,All customers change,Managing,sustainable competitive advantage,All competitors react,Managing,resource tradeoffs,All resources are limited,Marketing Principle(#1),Marketing Principle(#2),Marketing Principle(#3),Marketing Principle(#4),First Principles,:The foundational concepts or assumptions on which a theory,system,or method is based(Oxford Dictionaries),Agenda,Overview,Course Overview,Marketing Strategy Overview,First Principles of Marketing Strategy,MP#1:All Customers Differ,Managing Customer Heterogeneity,MP#2:All Customers Change,Managing Customer Dynamics,MP#3:All Competitors React,Managing Sustainable Competitive Advantage,MP#4:All Resources Are Limited,Managing Resource Trade-Offs,Integrating the Four First Principles of Marketing Strategy,Markstrat,Takeaways,17,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,First Principle#1:All Customers Differ,For most products and services customers vary widely on desires/needs,Over 9000 mutual fund options,Grocery stores carry 60,000+SKUs,Even for“commodities”(e.g.,coffee,water),Thus,firms are targeting smaller&smaller segments,Mass marketing,niche marketing,1-to-1 marketing,Competitive race as firms target smaller segments,Retail(Sears vs.Eurosport),cars(Model T vs.today),Why?,Matches inherent customer desires(real,perceived),Faster response to customer trends and changes,Technology enabled(more economical to target/customize),Only limited by tradeoff in efficiency(cost)versus benefit of better match to need(solution),18,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,Example:Godiva(Belgium),Addressed MP#1 by developing different products for different consumers,3 reasons people buy chocolate,1.To gift to others,2.To share with a group,3.To eat by themselves,Expanded product line to meet all these needs(individually wrapped candies for candy dishes,fondue baskets for sharing with a group,packaged candy bars for people to eat themselves),Sales have increased by more than 10%per year for many years,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,19,Input-Output Framework for Managing Customer Heterogeneity,Three key inputs to the framework are required to conduct segmentation,targeting,and positioning of potential customers,The second and third inputs are similar,but one focuses on the focal company and the other involves the companys competitors,The inputs to managing customer heterogeneity entail the 3Cs of situation analysis:,C,ustomers,C,ompany,and,C,ompetitors,In turn,the framework generates outputs,which then provide the inputs for subsequent First Principles,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,20,Marketing Principle#1:All Customers Differ,Managing Customer Heterogeneity,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,21,Managing Customer Heterogeneity,Approaches&Processes,Segmenting,targeting,and positioning(STP),Perceptual/positional maps,Customer-centric view,Analyses,Factor analysis,Cluster analysis,GE matrix,Discriminant analysis,Classification,Inputs(3Cs),Outputs(STP),All Potential Customers,Needs,Demographics,Size,growth,perceptions,Your Company,Strengths and weaknesses,Opportunities and threats,Your Competitors,Strengths and weaknesses,Opportunities and threats,Industry Segmentation,Customer segments,Needs,demographics,and opportunity of each segment,Target Segment,Detailed needs,demographics,and value of target segment(s),Discriminant function,Relative perceptions,Positioning Statement,Who(target segments),What needs/benefits,Why(relative advantage&support),First Principle#2:All Customers Change,Customers desires/needs for most products and services change overtime or due to specific events,Consumer needs change,:cars(Buick),clothes,food,financial services,and healthcare as consumers age,Trigger events,:marriage,kids,job change,finances,move,graduation,acquisition,new managers,legal changes,Industries/markets change,:experience curve,diffusion,competitive responses,overproduction,Customers needs vary not only due to inherent differences in people(heterogeneity)but also as people and markets change(dynamics),Thus,segmentation and targeting needs to account for lifecycle changes/customer dynamics,Palmatier,2017,Marketing Strategy,Palgrave.ISBN:9781137526236.,22,Input-Output Framework for Managing Customer Dynamics,Whereas MP#1 focuses on the market as a whole,MP#2 narrows the scope to the firms existing customers,challenging the firm to understand how its customers change over time,There are three categories of inputs for managing customer dynamics:,Your customers,Past marketing programs,Lost cust
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