Marketing Strategy History

Marketing Strategy History – Marketing Strategy: Based on Initial Principles and Data Analysis All Customers Are Different All Customers Change All Competitors Respond All Resources are Limited Initial Principles: Key concepts or assumptions on which a theory, system or method is based ( Oxford Dictionaries) © Palmatier

Course overview Marketing Strategy Overview First Principles of Marketing Strategy MP#1: All Customers Are Different  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 Exchanges Integrates the First Four Principles of ‘ Markstrat Marketing Strategy Implications © Palmatier

Marketing Strategy History

Two Key Learning Objectives: Understand and effectively use the key frameworks, processes and analytical tools of marketing strategy Use the “first principles” of marketing strategy to solve business problems and improve business performance. based on a system or method (Oxford Dictionaries) This book takes a very different approach to marketing strategy. Instead of increasing its complexity, we try to simplify it by arguing that managers’ marketing decisions should focus on solving the four main “problems” or “complexities” that all organizations face when designing and implementing their marketing strategies. These four issues represent the most critical obstacles to marketing success; they also define the organization for this book. We call them the First Principles of marketing strategy because they reflect the basic assumptions on which marketing strategy is based.2 In short, the most critical decisions of marketing strategists must address the strategy of -following marketing First Principles: 1 All customers are different. 2 All customers are different. 3 All contestants react. 4 All resources are limited. This First Principle approach to marketing strategy is unique because its goal is to align the analysis tools, processes and research techniques presented in many consulting books with existing frameworks and knowledge about the marketing mix (4Ps), competitors and marketing tasks. Their alignment from traditional textbooks, in turn, suggests tactics to “solve” or at least address the underlying First Principles. Organizing various debates around four main principles means that each decision emerges in its meaningful context, including its impact on other decisions. This view and context provide a guiding purpose for strategic marketing efforts. For example, segmentation and customer orientation both try to deal with the First Principle: all customers are different. By adopting a One Principle approach, we provide marketing strategists with a toolbox to address a wide variety of marketing challenges rather than learning unique techniques for each specific marketing event. That is, the guiding framework can solve a wide variety of marketing problems. Conceptually, the practice is similar to using Newton’s laws of motion (i.e. First Principles of Physics) to solve a large number of physics problems, rather than learning different process steps for each kind of a problem. Therefore, this chapter begins with a brief historical overview and description of marketing strategy in order to place marketing strategy in an appropriate temporal context and to define the boundaries of the field in relation to strategy. corporate. We present arguments why marketing is so critical to a firm’s success and provide evidence why managers should invest time and effort in developing effective marketing strategies. In turn, we present the rationale behind the First Principle approach to marketing strategy. With an overview of each of the First Four Principles, we prepare readers to delve deeper into the concepts, analysis, and decisions covered in the rest of this book. Finally, this chapter integrates the four First Principles of marketing strategy to gain insight into how they fit together in a natural order that allows organizations to develop effective marketing strategies. © Palmatier

Red Bull Marketing Strategy: The 9 Ways Red Bull Changed The Marketing Game

Curriculum Assignment deadlines and explanations Help session dates Readings (assigned/optional) and assignments Class slides Everything organized by Markstrat and the Marketing Engineering Software module Book: Robert W. Palmatier and Shrihari Sridhar, Marketing Strategy: First Principles and Based on Data Analytics, ( Palgrave McMillian, 2017) © Palmatier

Lecture and discussion (individual: participation 20%) Problem-specific frameworks and processes Research methods and analysis techniques Class exercises Examples from your experience (help the class) 3 Marketing Engineering Assignment ( individual: 30%) MarkStrat competition simulation (20%) Marketing project 5 one-page written plan (10%) Presentation (10%) Team-based final exam (10% and prizes) © Palmatier

Course overview Marketing Strategy Overview First Principles of Marketing Strategy MP#1: All Customers Are Different  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 Exchanges Integrates the First Four Principles of ‘ Markstrat Marketing Strategy Implications © Palmatier

The strategy emerged from a military context: “The available forces must be used with such skill that even in the absence of an absolute advantage, a relative advantage is obtained at the decisive point.” -Karl von Clausewitz, On War (1832) Management scholars added two elements to applying the concept of strategy to work: making differential advantage a sustainable necessity and the idea that the goal of any strategy ‘business is to improve the performance of the firm (60s and 70s) Marketers argue that it should be from the customer’s point of view (90s) Therefore, five main elements are critical for a marketing strategy: deliver Sustainability Ability to improve firm performance Customer Perspective Guides decisions and actions Brief History and Description of Marketing Strategy To appreciate the First Principle approach to marketing strategy, we must first define the marketing strategy Marketing: What are the main elements and its scope? We highlight five key elements that have been identified as their conceptualization has evolved over time: Decisions and actions Differential advantages over competitors Sustainability Ability to improve firm performance Customer perspective Initially, the concept of strategy emerged from a military context; situational advantage over an enemy. Karl von Clausewitz defines strategy in On War (1832): “As a result, the available forces must be used with such skill that even in the absence of absolute superiority, a relative advantage is obtained at the decisive point (p. 196 ).” From these military roots, the idea of ​​skillfully using resources to establish positions of decisive superiority over rivals began to be applied in the business world in the 50s and 60s. Various forces (for example , rapid and unpredictable changes in customer, competitor, technical and economic environments) vary in size from operational ability. he had begun to challenge the “clumsy companies” of the time. Management scholars and practitioners of this period maintained two elements of military strategy that focused on how decisions and actions can lead to different advantages over adversaries (or rivals). But during the following decades, thought leaders added two elements that they considered necessary to apply the concept of strategy to a business: the need to maintain a differential advantage, and the idea that the goal of any business strategy is to improve the performance of the firm. More recently, marketing strategists have proposed a refined view where the central approach is “outside-in strategy”, where both the sustainable differential advantage and its purpose must be evaluated from the customer’s perspective. © Palmatier

The Use Of Digital Marketing Strategies In The Sharing Economy: A Literature Review

Ultimately, the customer determines the success or failure of the strategy. Shifting the focus from the firm to the customer, incorporating the customer’s perspective, represents a natural progression and in the length in strategy. but the customer is an even smaller unit of analysis. It helps to explain the change in the performance of firms by addressing shrinking units of analysis. As adopted in this book, this perspective argues that t -designing the most effective strategy in the long term begins with the creation of value for the customer. because the customer ultimately determines the success or failure of the strategy. By working backwards from a desired position of advantage among customers, he can be making strategies to make this position a reality and present it with a business model that provides attractive returns to the firm. This customer-centric view contrasts with that of economists, who tend to adopt an industry-level perspective, or that of management academics, who often take a customer-centric view. firm However, the purpose of a marketing strategy cannot be to focus only on the firm’s objectives; it should include the objectives of key stakeholders (ie customers). Any strategy that fails to create long-term customer value is ultimately unsustainable. Therefore, this customer-focused perspective represents the main difference between corporate strategy and marketing strategy. A change of focus, which involves the explicit incorporation of the client’s perspective, also represents a natural and long-term progression. Academics and managers continue to look for ways to explain the change in the performance of firms by addressing the units of analysis that are shrinking: from focusing on industries to individual firms and customers. Each new level of analysis provides another set of variables that help explain more variation.